> **来源：[研报客](https://pc.yanbaoke.cn)** # Pharmaron Beijing (300759 CH) 1Q26 Summary ## Core Content Pharmaron Beijing (300759 CH) reported strong 1Q26 results, with revenue increasing by 15.5% YoY to RMB3.58bn and adjusted non-IFRS attributable net profit rising by 16.2% YoY to RMB406mn. The results reflect a robust start to the year, with new orders surging over 30% YoY, outperforming the 14% YoY growth in 2025. Management maintained its full-year revenue growth guidance of 12%–18%. ## Key Financial Highlights | Metric | 1Q26 | FY24A | FY25A | FY26E | FY27E | FY28E | |--------|-----|------|------|------|------|------| | Revenue (RMB mn) | 3,580 | 12,276 | 14,095 | 16,426 | 19,084 | 21,930 | | YoY growth (%) | 15.5 | 6.4 | 14.8 | 16.5 | 16.2 | 14.9 | | Adjusted Net Profit (RMB mn) | 406 | 1,607 | 1,816 | 2,158 | 2,541 | 2,950 | | YoY growth (%) | 16.2 | -15.6 | 13.0 | 18.8 | 17.8 | 16.1 | | EPS (Adjusted) (RMB) | 0.91 | 1.17 | 1.38 | 1.61 | 1.38 | 1.61 | | P/E (Adjusted) (x) | 32.8 | 25.3 | 21.5 | 18.5 | - | - | ## Main Drivers of Performance 1. **CDMO Services Growth** - Revenue from small molecule CDMO surged by 25.0% YoY to RMB866mn, significantly outperforming other segments. - The segment's strong performance is attributed to a major DP contract with Eli Lilly for its GLP-1 drug Orforglipron. - Management expects the small molecule CDMO segment to continue outpacing overall growth due to strong demand and capacity expansion plans. - Capital expenditure for 2026 is expected to be around RMB3.0bn, with a strategic focus on late-stage projects and new modalities. 2. **Clinical Services** - Revenue from clinical services increased by 11.8% YoY, accelerating from 7.1% in 2025. - Segment GPM dropped to 7.1% in 1Q26, down 4.7ppts YoY, mainly due to revenue mix changes and pricing competition in the Chinese market. - Despite improved SMO pricing and reduced CRO price pressure, the segment is still executing low-priced orders from the previous year. - Management expects the segment to remain in a loss-reduction phase in 2026, with performance likely to improve in 2027 as higher-priced orders convert into revenue. ## Investment Outlook - **Target Price**: Maintained at RMB39.00. - **Valuation**: Based on a DCF model with a WACC of 9.32% and terminal growth of 2.0%, the target price remains unchanged. - **Outlook**: The company is rated as **BUY**, indicating potential return of over 15% over the next 12 months. - **Market Position**: The company is well-positioned to capture major manufacturing orders due to its broad coverage of promising targets and molecules, and its strong relationships with MNC clients. ## Financial Structure and Performance - **Capital Expenditure**: Expected to be RMB3.0bn in 2026, up 12.4% YoY. - **Net Debt to Equity**: At 0.0x in 2026E, indicating a strong balance sheet. - **Current Ratio**: Increased to 1.1x in 2026E, reflecting improved liquidity. - **Gross Margin**: Improved to 35.53% in 1Q26, with a trend of growth over the forecast period. - **Operating Margin**: Expected to remain stable at around 15.0% in 2026E. - **Net Margin**: Projected to rise slightly to 13.45% in 2026E. - **ROE**: Expected to increase to 13.8% in 2026E, showing improved profitability. ## Shareholding and Stock Performance - **Market Cap**: RMB54,659.2mn. - **Shareholding Structure**: - HK investors: 21.8% - De Facto Controllers: 17.6% - **Share Performance**: - 12-mth price performance: Absolute 12.6%, Relative 7.6%. - 3-mth: Absolute -1.6%, Relative 5.4%. - 6-mth: Absolute -12.6%, Relative -11.8%. ## Valuation and Sensitivity Analysis - **DCF Valuation**: Equity value is projected to be RMB71,650mn, with a target price of RMB39.00. - **Sensitivity Analysis**: - Terminal growth rate: RMB39.00 at 2.00%. - WACC: RMB39.00 at 9.32%. - The valuation is sensitive to changes in terminal growth rate and WACC, with lower growth rates and higher WACC reducing the value. ## Analyst Certification and Disclaimer - The analyst certifies that the views expressed accurately reflect their personal views. - No part of their compensation is related to the specific views expressed. - There are risks involved in transacting in any securities, and the information may not be suitable for all investors. - The report is for informational purposes only and should not be construed as an offer or solicitation to buy or sell any security. - CMBIGM is not liable for any loss or damage incurred from relying on the information. - The report is based on publicly available and reliable information, and the analyses are subject to change without notice. ## CMBIGM Ratings - **BUY**: Potential return of over 15% over the next 12 months. - **HOLD**: Potential return of +15% to -10%. - **SELL**: Potential loss of over 10%. - **NOT RATED**: Not rated by CMBIGM. - **OUTPERFORM**: Industry expected to outperform the relevant broad market benchmark. - **MARKET-PERFORM**: Industry expected to perform in-line with the relevant broad market benchmark. - **UNDERPERFORM**: Industry expected to underperform the relevant broad market benchmark. ## Conclusion Pharmaron Beijing is showing strong performance in the first quarter of 2026, driven by robust demand in CDMO services, particularly in small molecule CDMO. The company is well-positioned for future growth with ongoing capacity expansions and strategic client relationships. While the clinical services segment is still in a loss-reduction phase, the overall financial health and growth trajectory of the company support a **BUY** rating. Investors are advised to consult with a professional financial advisor for personalized investment decisions.