PHARMARON(300759) 申万宏源证券·2025-04-29 14:15Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company reported a strong recovery in Q1 2025, with revenue and profit both achieving double-digit growth. Q1 revenue reached 3.099 billion, a year-on-year increase of 16.03%, while net profit attributable to shareholders was 306 million, up 32.54% year-on-year [4][6] - All major business segments experienced growth, with laboratory services revenue at 1.857 billion (up 15.74% year-on-year) and a gross margin increase to 45.54%. CMC (small molecule CDMO) services revenue was 693 million (up 19.05% year-on-year) with a significant gross margin improvement to 30.44% [7] - The company is seeing strong growth from European clients, with revenue from North America and Europe increasing by 16.81% and 26.57% year-on-year, respectively. Revenue from global top 20 pharmaceutical companies grew by 29.05% year-on-year [7] - New orders are accelerating, with Q1 2025 new orders up over 10% year-on-year, and the company maintains its full-year guidance of 10%-15% revenue growth for 2025 [7] Financial Data and Profit Forecast - The company forecasts total revenue of 13.795 billion for 2025, with a year-on-year growth rate of 12.4%. The net profit attributable to shareholders is projected to be 1.819 billion, reflecting a growth rate of 1.4% [6][9] - The earnings per share (EPS) is expected to be 1.02 for 2025, with a gross margin forecasted to improve to 35.8% [6] - The return on equity (ROE) is projected to be 12.1% for 2025, with corresponding price-to-earnings (PE) ratios of 23, 20, and 17 for the years 2025, 2026, and 2027, respectively [6][7]