研報掘金丨華興證券:維持泰格醫藥“買入”評級,現金流改善,經驗效率有所提升
華興證券研報指出,2024年泰格醫藥業績受公允價值損失影響,1Q25業績仍受行業週期影響;1Q25公司新簽訂單恢復增長,現金流改善,經驗效率有所提升;維持“買入”評級,下調DCF目標價至人民幣68.05元。根據公司1Q25 報告,公司經營活動淨現金流達1.98億元,同比增長37.26%,反映出回款優化與訂單執行效率的提升。認爲泰格醫藥作爲國內領先的臨牀CRO龍頭,且行業基本面處於復甦通道,理應獲得估值溢價。
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