PHARMARON(300759) 民生证券·2025-04-29 06:21Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [4][10]. Core Insights - The company achieved a revenue of 3.099 billion yuan in Q1 2025, representing a year-on-year increase of 16.03%, and a net profit attributable to shareholders of 306 million yuan, up 32.54% year-on-year [1][2]. - The company continues to strengthen its technological advantages in small molecule research and production services, establishing an integrated service platform that serves numerous global clients [3]. - New order growth exceeded 10% year-on-year in Q1 2025, with laboratory services and CMC (small molecule CDMO) services both showing strong performance [2]. Summary by Sections Financial Performance - In Q1 2025, domestic revenue grew by 15.71%, accounting for 87.74% of total revenue, while overseas revenue increased by 18.33%, making up 12.26% of total revenue [1]. - The gross margin for Q1 2025 was 66.34%, showing a year-on-year decrease of 1.01 percentage points but an increase of 1.51 percentage points from the previous quarter [1]. - The company expects revenues of 13.715 billion yuan, 15.539 billion yuan, and 17.388 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11.7%, 13.3%, and 11.9% [3][5]. Business Segments - Revenue from laboratory services reached 1.857 billion yuan, up 15.74% year-on-year; CMC services generated 693 million yuan, up 19.05%; clinical research services brought in 447 million yuan, up 14.25%; and large molecule and cell and gene therapy services totaled 987 million yuan, up 7.94% [2]. Future Outlook - The company is projected to achieve net profits of 1.756 billion yuan, 2.177 billion yuan, and 2.471 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 24, 19, and 17 [3][5].