Tigermed(300347) 开源证券·2024-03-30 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is experiencing temporary pressure on performance, but is expected to gradually recover in 2024. The revenue for 2023 was CNY 7.384 billion, a year-on-year increase of 4.21%, while the net profit attributable to shareholders was CNY 2.025 billion, a year-on-year increase of 0.91%. The decline in performance is attributed to reduced COVID-19 related business and fluctuations in downstream market demand [5][6] - The company has a solid order backlog of CNY 14.08 billion, which is expected to support stable growth in 2024. The profit forecasts for 2024-2026 have been adjusted downwards due to slowing downstream demand, with net profits projected at CNY 2.240 billion, CNY 2.491 billion, and CNY 2.819 billion respectively [5][6] Summary by Sections Financial Performance - In Q4 2023, the company achieved revenue of CNY 1.734 billion, a year-on-year increase of 3.22%, but the net profit dropped by 63.86% to CNY 145 million. The decline in net profit is primarily due to the decrease in COVID-19 related business [5] - The company’s clinical trial technical services generated revenue of CNY 4.168 billion in 2023, a year-on-year increase of 1.04%. The number of ongoing drug clinical research projects reached 752, an increase of 72 projects year-on-year [6] Business Development - The statistical business and SMO (Site Management Organization) business are both developing steadily. By the end of 2023, the number of global clients for the statistical business reached 340, a year-on-year increase of 31.27%. The number of SMO projects increased from 1,621 at the end of 2022 to 1,952 [7] - The company is actively expanding into emerging business areas such as medical device clinical research and drug safety monitoring, enhancing its global service capabilities [6][7] Financial Projections - The projected revenue for 2024 is CNY 8.195 billion, with a year-on-year growth of 11.0%. The projected net profit for 2024 is CNY 2.240 billion, reflecting a year-on-year increase of 10.6% [8][9] - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 20.7, 18.6, and 16.5 respectively, indicating a favorable valuation outlook [8][9]