2025-06-13-花旗集团-药明康德（300759）_药石科技（300759.SZ）_基于估值将A股评级上调至买入；前景乐观_12页_443kb

报告摘要

Citigroup Research: Pharmaron (300759.SZ) - Upgrade to Buy

Key Takeaway

Citigroup upgrades Pharmaron's A-shares to Buy from Neutral and maintains a Buy rating on H-shares, citing valuation improvements and strong positive outlook.

Reasons for Upgrade

Valuation: Shares corrected to 1.2-1.3x 2025E PEG, presenting attractive upside from target prices.
Positive Outlook: Driven by better order trends (10%+ YoY new orders growth in 1Q25), innovative drug business development deals, secondary market enthusiasm, and potential easing of funding constraints for biotech.
Fundamentals: Expected steady revenue growth (10-15%) and improved profitability in 2025 based on management guidance.

Target Prices and Financial Expectations

A-Shares Target Price: RMB30, with expected total return of 17.8%.
H-Shares Target Price: HK$33, with expected dividend yield of 0.9% and total return not specified.
Key Metrics: Revenue growth of 12.4% in 2023A to a projected 13.0% in 2026E; net profit margin stable around 14-15%; valuation ratios show declining P/E and P/B.

Company Description

Pharmaron is a global leader in pharmaceutical R&D services, operating in China, US, and UK. It provides integrated contract research, development, and manufacturing services across drug discovery and development, aiming to build a fully-integrated platform.