Tigermed(300347) 华创证券·2024-05-12 23:32Investment Rating - The report assigns a "Recommended" rating to the company, with a target price of 75 yuan based on a discounted cash flow valuation method, resulting in an overall valuation of 650 billion yuan [2][9]. Core Insights - The company is positioned as a leading domestic clinical CRO, expected to benefit significantly from the industry's transition towards both volume and price increases. The improving overseas investment environment and the growing number of foreign pharmaceutical companies conducting clinical trials in China are key factors driving this growth [2][8]. - The company has a robust competitive edge, covering the entire R&D value chain and providing integrated research solutions, supported by extensive project experience and a loyal customer base [2][8]. Summary by Sections Company Overview - The company has developed a strong competitive position through comprehensive development capabilities, global operational management, and a wide network of collaborations with research institutions [2][8]. - The core business is clinical trial technical services, with significant growth potential in related services and laboratory services, creating a high barrier to entry through business synergy [2][8]. Industry Outlook - The domestic pharmaceutical market is improving, with a stable recovery in the investment environment. The demand for innovative drugs is increasing, supported by favorable domestic policies [2][8]. - The company is well-positioned to act as a bridge between the Chinese and global clinical research markets, with opportunities in four key market segments: domestic clinical trials for local companies, overseas clinical trials for local companies, domestic clinical trials for foreign companies, and overseas clinical trials for foreign companies [2][8]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 83.2 billion yuan, 94.3 billion yuan, and 107.5 billion yuan, respectively, with year-on-year growth rates of 12.7%, 13.4%, and 14.0% [2][9]. - Net profit forecasts for the same years are 17.05 billion yuan, 20.18 billion yuan, and 24.26 billion yuan, with changes of -15.8%, +18.3%, and +20.2% respectively [2][9].