> **来源：[研报客](https://pc.yanbaoke.cn)** # Pharmaron Beijing (300759 CH) Summary ## Core Business Performance Pharmaron Beijing reported strong financial results for 2025, with revenue growing by **14.8% YoY** to **RMB14.10bn**, and non-IFRS adjusted net profit increasing by **13.0% YoY** to **RMB1.82bn**. Both metrics showed meaningful acceleration compared to 2024, with revenue and profit coming in slightly above expectations. The company expects **12-18% YoY revenue growth in 2026**, though this guidance includes a **3% negative FX impact**. The company's **global Top20 pharma clients** drove **29.4% YoY revenue growth**, significantly outperforming the overall growth. **European clients** also contributed **27.4% YoY growth**, reflecting the effectiveness of go-to-market strategies and progress in CDMO projects. **Newly signed orders increased by over 14% YoY**, continuing the robust growth trend that saw a **>20% YoY increase in 2024**. - **Lab services** new bookings grew by **~12% YoY**. - **Small molecule CDMO** new orders increased by **~13% YoY**. - **Clinical development segment** saw new orders outpacing the company's average, indicating stabilization and early recovery in domestic clinical demand and growing market share. ## Key CDMO Breakthroughs Pharmaron made a **pivotal breakthrough in small molecule CDMO** with a **commercial DP agreement with Eli Lilly** for the oral GLP-1 drug **Orforglipron**, a potential blockbuster. Under this agreement, **Eli Lilly will invest USD200mn** to support Pharmaron's technical capabilities, which could further expand collaboration. This partnership is a significant endorsement of the company's CDMO platform and is expected to generate **incremental revenue in the future**. Pharmaron has also established **commercial API capabilities**, with its API facilities in **Shaoxing and Ningbo** passing **FDA inspections** and the first **innovative API project in the US approved in 4Q25**. These developments are expected to drive **faster growth in small molecule CDMO** compared to other business lines over the next three years. ## Investment Recommendation - **Maintain BUY** rating. - **Target Price** raised from **RMB38.08 to RMB39.00** (based on DCF model, WACC of **9.32%**, terminal growth of **2.0%**). - **Current Price**: **RMB27.98**. - **Up/Downside**: **39.4%**. ## Financial Projections (FY26E–FY28E) | Metric | FY26E (RMB mn) | FY27E (RMB mn) | FY28E (RMB mn) | |-----------------------|---------------|---------------|---------------| | Revenue | 16,410 | 19,019 | 21,855 | | Adjusted Net Profit | 2,156 | 2,537 | 2,955 | | EPS (Adjusted) | 1.17 | 1.38 | 1.61 | | P/E (Adjusted) | 23.8 | 20.3 | 17.4 | ## Valuation and Sensitivity Analysis - **DCF Valuation (RMB mn)**: **73,836** (based on 2026E–2028E projections and terminal value of **122,306**). - **Sensitivity Analysis** shows that the **target price** is sensitive to changes in **WACC** and **terminal growth rate**. | Terminal Growth Rate | Target Price (RMB) | |----------------------|-------------------| | 4.00% | 64.26 | | 3.50% | 58.66 | | 2.00% | 47.18 | | WACC | Target Price (RMB) | |----------------------|-------------------| | 8.32% | 50,194 | | 8.82% | 50,194 | | 9.32% | 50,194 | | 9.82% | 50,194 | | 10.32% | 50,194 | ## Financial Highlights - **Gross margin** increased from **34.8% (2025A)** to **37.5% (2028E)**. - **Operating margin** rose from **15.2% (2025A)** to **15.2% (2028E)**. - **Adjusted net profit margin** improved from **12.9% (2025A)** to **13.5% (2028E)**. - **ROE** increased from **11.6% (2025A)** to **14.3% (2028E)**. ## Liquidity and Leverage - **Net debt to equity ratio** decreased from **0.3 (2024A)** to **0.0 (2028E)**. - **Current ratio** improved from **0.9 (2025A)** to **1.2 (2028E)**. - **Receivable turnover days** remained stable at **66.5**. - **Inventory turnover days** remained stable at **51.4**. - **Payable turnover days** remained stable at **51.6**. ## Shareholding and Stock Data - **Market Cap**: **RMB51,407.2 mn**. - **Avg 3 mths t/o**: **RMB678.9 mn**. - **52w High/Low**: **RMB35.90 / RMB22.06**. - **Total Issued Shares**: **1,837.3 mn**. - **HK investors**: **20.0%**. - **De Facto Controllers**: **18.2%**. ## Risk and Disclaimer - The report contains **investment risks** and is **not tailored** for all investors. - **Past performance does not guarantee future results**. - **CMBIGM is not liable** for any loss or damage arising from reliance on the report. - The report is for **informational purposes only** and does not constitute an offer or solicitation to buy or sell any security. ## Analyst Certification - The analyst certifies that the views expressed reflect **personal opinions** and are **not influenced by compensation**. - The analyst confirms **no trading** in the stock **30 days prior** to the report's issue and **no trading for 3 business days** after. - No financial interest in the companies discussed. ## CMBIG Ratings - **BUY**: Stock with potential return of over **15%** over the next 12 months. - **HOLD**: Stock with potential return of **+15% to -10%** over the next 12 months. - **SELL**: Stock with potential loss of over **10%** over the next 12 months. - **NOT RATED**: Stock not rated by CMBIGM. - **OUTPERFORM**: Industry expected to outperform the market. - **MARKET-PERFORM**: Industry expected to perform in line with the market. - **UNDERPERFORM**: Industry expected to underperform the market. ## CMB International Global Markets Limited - **Address**: 45/F, Champion Tower, 3 Garden Road, Hong Kong. - **Tel**: (852) 3900 0888. - **Fax**: (852) 3900 0800. - CMBIGM is a **wholly owned subsidiary** of **CMB International Capital Corporation Limited**, which is a **wholly owned subsidiary of China Merchants Bank**.