Tigermed(300347) 东吴证券·2024-04-01 16:00Investment Rating - The report assigns a "Buy" rating for the company for the first time [1] Core Views - The company's revenue for 2023 reached 7.384 billion yuan, a year-on-year increase of 4.21%, while the net profit attributable to shareholders was 2.025 billion yuan, up 0.91% year-on-year. However, the non-recurring net profit decreased by 4.05% to 1.477 billion yuan, and operating cash flow fell by 15.25% to 1.15 billion yuan [2][3] - The company demonstrated resilience and sustainability in business growth and profitability during the industry's downturn, with a slight revenue increase despite challenges from the COVID-19 pandemic and a decline in the biopharmaceutical investment climate [3] - Domestic business showed steady growth, while the overseas platform capabilities are continuously strengthening, which is expected to become a new growth point. The company executed 752 drug clinical trial projects by the end of 2023, a 10.59% increase year-on-year [3] - The report forecasts the company's revenue for 2024-2026 to be 8.015 billion, 9.238 billion, and 10.910 billion yuan, respectively, with net profits of 2.165 billion, 2.555 billion, and 3.156 billion yuan. The current market valuation corresponds to P/E ratios of 21, 18, and 15 for 2024-2026 [3] Summary by Sections Financial Performance - In 2023, the total revenue was 7.384 billion yuan, with a year-on-year growth of 4.21%. The net profit attributable to shareholders was 2.025 billion yuan, reflecting a slight increase of 0.91% year-on-year. However, the non-recurring net profit decreased by 4.05% to 1.477 billion yuan [2][3] - The operating cash flow for the year was 1.15 billion yuan, down 15.25% from the previous year [2] Business Segments - Clinical trial technical service revenue was 4.168 billion yuan, up 1.04% year-on-year, with a gross profit of 1.592 billion yuan and a gross margin of 38.21%, which increased by 0.58 percentage points year-on-year [3] - Revenue from clinical trial-related services and laboratory services reached 3.116 billion yuan, an increase of 8.63%, but the gross profit slightly decreased by 0.10% [3] Market Position and Growth Potential - The company has established a strong presence in both domestic and international markets, with significant growth in clinical trial services in the U.S. and ongoing projects in various regions, including Europe and Australia [3] - The report highlights the acquisition of Nucro-Technics, which enhances the company's service capabilities in analytical chemistry and microbiology [3] Valuation and Future Outlook - The report anticipates a gradual increase in revenue and net profit over the next few years, with a focus on the company's low valuation and the potential contribution from its expanding overseas business [3]