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研报掘金丨国泰君安：泰格医药23年短期利润有所扰动，海外业务持续拓展

Research Nuggets丨Cathay Pacific Junan: Tiger Pharmaceuticals' short-term profits have been disrupted in 23 years, and overseas business continues to expand

Gelonghui Finance ·  Apr 7 05:25

According to the Guotai Junan Research Report, Tiger Pharmaceuticals (300347.SZ)'s short-term profit in 23 years has been disrupted, and overseas business continues to expand. Considering that the company has a certain premium as a CRO leader, the 2024 PE 26X was given, and the target price was lowered to 67.08 yuan to maintain the “gain” rating. Fresh orders continued to increase in 23 years, and new orders from multinational pharmaceutical companies continued to grow. At the end of 23, the total contract amount to be executed was 14.08 billion yuan (+2.1%), 752 clinical projects were underway (680 at the end of '22), the number of overseas single-center clinical trials was 194 (188 at the end of '22), and continued to build teams and actively cooperate with local institutions in the US, Europe, Southeast Asia, etc. It is expected that in the context of continued development of global business, overseas sales will increase.

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