Tigermed(300347) 中泰证券·2024-04-29 03:00Investment Rating - Buy rating maintained for Tigermed (300347 SZ) [2] Core Views - Multiple factors impacted Q1 performance, but recovery is expected as innovative drug policies take effect [2] - Vaccine project base effects and investment fluctuations affected Q1 results [4] - Favorable policies for innovative drugs in Beijing and Guangzhou are expected to drive business recovery [4] - Gross margin showed sequential improvement in Q1 2024, reaching 37 83% (up 5 01pp QoQ) [4] - Operating cash flow rebounded sharply in Q1 2024, reaching 144 million yuan (+405 84% YoY) [4] Financial Performance - Q1 2024 revenue was 1 66 billion yuan, down 8 00% YoY [4] - Q1 2024 net profit attributable to shareholders was 235 million yuan, down 58 65% YoY [4] - 2024-2026 revenue forecast: 8 55 billion, 10 30 billion, and 12 83 billion yuan, with YoY growth of 15 80%, 20 50%, and 24 49% respectively [5] - 2024-2026 net profit forecast: 2 30 billion, 2 73 billion, and 3 44 billion yuan, with YoY growth of 13 52%, 18 86%, and 25 82% respectively [5] Valuation Metrics - 2024-2026 EPS forecast: 2 63, 3 13, and 3 94 yuan [5] - 2024-2026 P/E ratios: 21 90x, 18 43x, and 14 64x [5] - 2024-2026 P/B ratios: 2 13x, 1 91x, and 1 69x [5] Industry Position - Tigermed is a leading domestic clinical CRO company with significant competitive advantages [5] - The company's global layout is taking shape, though overseas business integration faces challenges [13]