Tiger Pharmaceuticals has strong competitiveness in comprehensive development: 1. It covers the entire R&D industry chain, provides integrated R&D solutions, and has rich project experience; 2. It has simultaneous global operation and management capabilities, and a wide cooperative network with global research institutions; 3. Excellent quality standards and project delivery capabilities; 4. A broad, high-quality and loyal customer base. Multi-business collaboration builds a moat: Clinical trial technology services are the company's core business. Clinical trial-related services and laboratory services have great potential for development and collaborate with clinical trial technical services.
Tiger Pharmaceuticals is expected to fully benefit the industry towards a double increase in volume and price.
The overseas investment and financing environment has shown an improving trend, and more and more overseas pharmaceutical companies are expected to conduct clinical trials in China. The development momentum of domestically produced innovative drugs continues to improve, the domestic pharmaceutical market environment is also improving. The investment and financing environment is expected to recover steadily. Overseas licensing and acquisitions continue to inject new impetus into industry capital, domestic policies are also strongly supporting the development of innovative drugs, and demand in the industrial chain is expected to warm up.
The company is expected to act as a bridge between China and the global clinical research market, making great achievements in the four markets of domestic pharmaceutical companies, the overseas clinical market of domestic pharmaceutical companies, the domestic clinical market of overseas pharmaceutical companies, and the overseas clinical market of overseas pharmaceutical companies.
1. Domestic pharmaceutical companies have great potential for domestic clinical recovery, and Biotech is more flexible. Tiger Pharmaceuticals is the absolute leader in clinical CRO in the region. It has rich experience. It has a very good foundation with several major participants in clinical trials, as well as a good domestic customer base.
2. Domestic pharmaceutical companies are also going global, and Tiger is also the preferred clinical CRO in China for domestic pharmaceutical companies. Going overseas is expected to drive the company's overseas business expansion and accelerate the improvement of the company's global service capabilities to achieve a positive cycle.
3. Introduction of overseas pharmaceutical companies: The company has been deeply involved for many years. At the same time, every undertaking of such a project is an excellent opportunity for overseas pharmaceutical companies to increase their trust in the company.
4. Overseas projects for overseas customers: The company will go out with domestic pharmaceutical companies to enhance its global service capabilities and continuously help overseas pharmaceutical companies bring in to enhance customer trust, and hopefully form a joint effort to help the company seek overseas projects for overseas customers.
Investment advice: We expect the company's 24-26 revenue to be 83.2, 94.3, and 10.75 billion yuan, respectively, up 12.7%, 13.4%, and 14.0% year-on-year; net profit to mother will be 17.05, 20.18, and 2,426 billion yuan respectively, with year-on-year changes of -15.8%, +18.3%, and +20.2%; EPS of 1.95, 2.31, and 2.78 yuan. As a local clinical CRO leader, Tiger Pharmaceuticals has strong overall development competitiveness, and is expected to fully benefit from the industry's rise in volume and price. According to the cash flow discount valuation method, the company will be given an overall valuation of 65 billion yuan, corresponding to the target price of 75 yuan. Covered for the first time, giving it a “Recommended” rating.
Risk warning: 1. Demand recovery is slow; 2. Industry competition is intensifying; 3. Overseas market development is affected by geography.