PHARMARON(300759) 东方证券·2025-04-08 09:52Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 24.38 CNY based on a PE valuation method, reflecting a 23x earnings multiple for 2025 [3][12]. Core Insights - The company achieved a revenue of 12.276 billion CNY in 2024, representing a year-on-year growth of 6.4%, and a net profit attributable to the parent company of 1.793 billion CNY, up 12.0% year-on-year [12]. - The company has shown resilience with stable growth in its core segments, particularly in laboratory services, which generated 7.047 billion CNY in revenue, a 5.8% increase [12]. - New order signings have rebounded significantly, with a year-on-year growth exceeding 20%, indicating strong future revenue potential [12]. Financial Performance Summary - Revenue projections for the company are as follows: 13.809 billion CNY in 2025, 15.721 billion CNY in 2026, and 17.988 billion CNY in 2027, with respective growth rates of 12.5%, 13.8%, and 14.4% [9]. - The company's net profit is expected to reach 1.893 billion CNY in 2025, 2.287 billion CNY in 2026, and 2.719 billion CNY in 2027, with growth rates of 5.6%, 20.8%, and 18.8% respectively [9]. - The earnings per share (EPS) forecast is 1.06 CNY for 2025, 1.29 CNY for 2026, and 1.53 CNY for 2027 [9]. Market Position and Competitive Landscape - The company operates in the pharmaceutical and biotechnology industry, facing increasing competition but also benefiting from a recovering investment environment in the sector [12]. - The integrated platform model of the company is expected to enhance its ability to meet global pharmaceutical innovation demands, supporting long-term growth [12].