TIGERMED(300347):ORDER GROWTH IN 1H24 SIGNALS REDUCED UNCERTAINTIES IN DEMAND RECOVERY
TIGERMED(300347):ORDER GROWTH IN 1H24 SIGNALS REDUCED UNCERTAINTIES IN DEMAND RECOVERY
Advancing globalization efforts. Despite a reduction in employee number in 1H24 compared with end-2023, Tigermed expanded its overseas headcount by 90, mainly in North America and EMEA, indicating its persistent investment in global markets. In July, Tigermed acquired Japan- based Medical Edge to strengthen its DMSA capabilities for the Asia-Pacific region and to further explore business opportunities in the Japanese market.Tigermed reported 1H24 revenue of RMB3,358mn, down 9.5% YoY, and attributable recurring net income of RMB640mn, down 19.3% YoY. 1H24 revenue/attributable recurring net income accounted for 40.9%/ 38.7%, respectively, of our previous full-year estimates, both falling moderately short of historical average levels. However, Tigermed delivered satisfactory QoQ growth in the bottom-line. Bolstered by an early recovery of customer demand across domestic and international markets as well as cost control initiatives, mgmt. aims to achieve sequential earnings growth in 2H24.
泰格醫藥報告了1H24的營業收入爲33.58億元人民幣，同比下降9.5%，淨利潤爲6.4億元人民幣，同比下降19.3%。1H24的營業收入/淨利潤佔我們之前全年預期的40.9%/38.7%，分別都略低於歷史平均水平。然而，泰格醫藥在淨利潤方面實現了令人滿意的環比增長。在國內外市場的需求早期恢復以及成本控制措施的推動下，管理層的目標是在2H24實現連續盈利增長。
Solid order growth indicative of market recovery. Tigermed booked significant YoY growth in both the volume and value of new orders in 1H24, driven by multiple positive structural shifts in the China market. These include increasingly favorable policy support and active BD transactions with MNC companies. According to mgmt., the growth of new orders in 2Q24 accelerated from 1Q24, with this trend extending into July and August. Although domestic order pricing was relatively soft, Tigermed has observed pricing enhancements in certain regions within China. Together with healthy pricing of overseas orders, the company's overall order pricing remained stable.
訂單增長強勁，顯示市場正在復甦。泰格醫藥在1H24的新訂單量和價值均實現了顯著的同比增長，這是由中國市場的多個積極結構性轉變推動的。這些轉變包括政策支持越來越有利，以及與跨國公司積極進行的BD交易。根據管理層的說法，2Q24的新訂單增長從1Q24開始加速，並延續到7月和8月。儘管國內訂單定價相對較弱，但泰格醫藥觀察到了中國特定地區訂單定價的提升。加上境外訂單的良好定價，公司的整體訂單定價保持穩定。
Focus on cost structure optimization in 2H24. The gross profit margin (GPM) reached 41.5% in 2Q24, up from 37.8% in 1Q24, primarily due to the GPM recovery in Clinical related and lab services (CRLS) segment. Within the CRLS segment, both SMO and lab services experienced sequential GPM improvements in 2Q24, while the GPM of Data management and statistical analysis (DMSA) remained stable at a high level. Additionally, the company is taking steps to enhance the GPM of Clinical trial solution (CTS) segment. Combined with efforts to control SG&A expenses, we expect the net margin to sequentially improve in 2H24.
着重優化成本結構的2H24。2Q24的毛利潤率（GPM）達到41.5%，高於1Q24的37.8%，主要是由於臨床相關和實驗室服務（CRLS）領域的GPm恢復。在CRLS領域內，2Q24的SMO和實驗室服務都實現了毛利潤率的環比提升，而數據管理和統計分析（DMSA）的毛利潤率保持在較高水平。此外，公司正採取措施提高臨床試驗解決方案（CTS）領域的毛利潤率。加上控制銷售和行政費用的努力，我們預計淨利潤率在2H24將有所改善。
Advancing globalization efforts. Despite a reduction in employee number in 1H24 compared with end-2023, Tigermed expanded its overseas headcount by 90, mainly in North America and EMEA, indicating its persistent investment in global markets. In July, Tigermed acquired Japan- based Medical Edge to strengthen its DMSA capabilities for the Asia-Pacific region and to further explore business opportunities in the Japanese market.
推進全球化努力。儘管1H24的員工數比2023年底減少，但泰格醫藥在北美和歐洲、中東、非洲地區的員工數量增加了90人，表明其在全球市場持續投資。7月，泰格醫藥收購了日本的醫療邊緣公司，以加強其在亞太地區的數據管理和統計分析能力，並進一步探索日本市場的商機。
Maintain BUY. Given there are still uncertainties over the pace of demand recovery, we cut our TP from RMB66.82 to RMB58.88, based on a 10-year DCF model (WACC: 10.95%, terminal growth: 2.0%). We forecast Tigermed's revenue to grow +0.2%/ +13.2%/ +16.4% YoY and attributable recurring net income to grow -3.9%/ +6.8%/ +19.9% YoY in 2024E/ 25E/ 26E, respectively.
繼續買入。鑑於需求恢復速度仍存在不確定性，我們基於10年DCF模型（WACC：10.95%，終端增長率爲2.0%）將目標價從66.82人民幣調整爲58.88人民幣。我們預測泰格醫藥的營業收入在2024E/25E/26E分別同比增長0.2%/+13.2%/+16.4%，歸屬於持續經營淨利潤在2024E/25E/26E分別同比增長-3.9%/+6.8%/+19.9%。
譯文內容由第三人軟體翻譯。
