证券研究报告·A 股公司简评 化学制药 原料药业务韧性凸显， 看好制剂及 CDMO 加速 核心观点 公司 2024 年收入端在核心板块带动下保持平稳，利润端预计受 到 API 品种价格和制剂行业趋势等因素略有扰动。原料药业务韧 性凸显，产能释放有望带来增量。CDMO 能力升级，项目增长趋 势良好。制剂品种扩充，盈利能力提升。研发投入保持高强度， 搭建完善技术平台。展望 2025，我们认为值得关注：1）原料药 板块医美、合成生物学等新兴业务贡献业绩增量；2）CDMO：D 端 M 端齐发力；3）制剂管线扩充拉动增速；4）兽药品种价格见 底回升，需求端兽药使用量预计有望边际向上，关注兽药弹性。 事件 公司发布 2024 年年度报告及分红预案 公司 2024 年实现营业总收入 120.22 亿元，同比增长 4.77% ； 归母净利润 10.31 亿元，同比下降 2.29%；扣非归母净利润 9. 84 亿元，同比下降 4.09%。 分红预案：拟每 10 股派发现金红利 3.56 元（含税），合计 派发现金红利 4.12 亿元，现金分红比例 40%。2024 年度公司回 购股份注销总金额 2 亿元，现金分红和回购注销金额 ...

证券代码：000739 证券简称：普洛药业 公告编号：2025-19 普洛药业股份有限公司 关于举行 2024 年年度报告网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 普洛药业股份有限公司（以下简称"公司"）已于 2025 年 3 月 11 日在《证 券时报》和巨潮资讯网（www.cninfo.com.cn）披露公司 2024 年年度报告。为进 一步加强与投资者的深入交流，使投资者更加全面、深入地了解公司情况，公司 将于 2025 年 3 月 27 日（星期四）下午 15：00-16：00 通过易董价值在线平台 （www.ir-online.cn）举行 2024 年度业绩说明会。 一、说明会类型 本次业绩说明会以网络方式召开，公司将针对 2024 年度业绩和经营情况相 关事宜与投资者进行互动交流，在信息披露允许的范围内就投资者普遍关注的问 题进行回答。 （3）投资者可于 2025 年 3 月 27 日 13:00 前通过小程序进行会前提问，公 司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行 回答。 ...

原料药短期承压，CDMO 发展向好 普洛药业(000739) ——普洛药业 2024 年年报点评 | [table_Authors] 丁丹(分析师) | 吴晗(分析师) | | 上次评级: | 增持 | | --- | --- | --- | --- | --- | | 0755-23976735 | 010-83939773 | [Table_Target] 目标价格： | | 19.55 | | dingdan@gtjas.com | wuhan024878@gtjas.com | | 上次预测: | 19.55 | | 登记编号 S0880514030001 | S0880523080005 | Table_CurPrice] [当前价格： | | 15.27 | 本报告导读： 原料药阶段性承压，CDMO 项目数及客户数持续扩容，一体化增长可期 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 11,474 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The CDMO segment is expected to become a new growth driver despite short-term pressure on the raw materials business. The CDMO segment is projected to achieve revenue of 1.884 billion yuan in 2024, a decrease of 6.05%, with a gross profit of 773 million yuan and a gross margin of 41.06% [3] - The pharmaceutical segment is experiencing rapid gross profit growth due to a differentiated competitive strategy, with expected revenue of 1.256 billion yuan in 2024, an increase of 0.51%, and a gross profit of 764 million yuan, reflecting a growth of 15.02% [3] - The overall revenue for the company in 2024 is projected to be 12.022 billion yuan, a year-on-year increase of 4.77%, while the net profit attributable to the parent company is expected to be 1.031 billion yuan, a decrease of 2.29% [9] Summary by Relevant Sections Financial Performance - In 2024, the company is expected to achieve total revenue of 12.022 billion yuan, with a year-on-year growth of 4.77%. The net profit attributable to the parent company is projected to be 1.031 billion yuan, down 2.29% [9] - The company’s gross margin is anticipated to improve as the revenue share from the raw materials business declines and the shares from the CDMO and pharmaceutical segments increase [9] CDMO Segment - The CDMO segment is expected to see a revenue of 1.884 billion yuan in 2024, down 6.05%, but the number of projects is increasing significantly, with 1,601 quoted projects (up 77%) and 996 ongoing projects (up 35%) [3] - The growth in projects is expected to create a funnel model that will drive profit growth in the future [3] Pharmaceutical Segment - The pharmaceutical segment is projected to generate revenue of 1.256 billion yuan in 2024, with a gross profit of 764 million yuan, leading to a gross margin of 60.81%, an increase of 7.67 percentage points [3] - The company is focusing on differentiated competition by developing unique products and improving production efficiency [3] Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down to 1.175 billion yuan and 1.392 billion yuan, respectively, due to pressures in the raw materials business and potential foreign exchange losses [3] - The current market valuation corresponds to P/E ratios of 15, 13, and 11 times for the years 2024, 2025, and 2026, respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The CDMO segment is expected to become a new growth driver despite short-term pressure on the raw materials business. The CDMO segment is projected to achieve revenue of 1.884 billion yuan in 2024, a decrease of 6.05%, with a gross profit of 773 million yuan and a gross margin of 41.06% [3] - The pharmaceutical segment is experiencing rapid gross profit growth due to a differentiated competitive strategy, with expected revenue of 1.256 billion yuan in 2024, an increase of 0.51%, and a gross profit of 764 million yuan, reflecting a growth of 15.02% [3] - The overall revenue for 2024 is projected to be 12.022 billion yuan, a year-on-year increase of 4.77%, while the net profit attributable to the parent company is expected to be 1.031 billion yuan, a decrease of 2.29% [9] Summary by Sections Financial Forecasts and Valuation - The company’s revenue is forecasted to grow from 11.474 billion yuan in 2023 to 12.022 billion yuan in 2024, with a compound annual growth rate (CAGR) of 4.77% [1] - The net profit attributable to the parent company is expected to decline from 1.055 billion yuan in 2023 to 1.031 billion yuan in 2024, with a projected recovery to 1.175 billion yuan in 2025 [1] - The P/E ratio is projected to decrease from 17.22 in 2023 to 15.47 in 2025, indicating a more attractive valuation over time [1] Operational Insights - The company has formed a preliminary funnel model for its CDMO business, with 1,601 quoted projects in 2024, a 77% increase, and 996 ongoing projects, a 35% increase [3] - The pharmaceutical segment's gross margin is expected to improve significantly, reaching 60.81% in 2024, up by 7.67 percentage points, due to adjustments in sales models and increased production efficiency [3] - The overall gross margin of the company is anticipated to improve as the revenue share from the lower-margin raw materials business declines and the higher-margin CDMO and pharmaceutical businesses grow [9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The CDMO segment is expected to become a new growth driver despite short-term pressure on the raw materials business. The CDMO segment is projected to achieve revenue of 1.884 billion yuan in 2024, a decrease of 6.05%, with a gross profit of 773 million yuan and a gross margin of 41.06% [3] - The pharmaceutical segment is experiencing rapid gross profit growth due to a differentiated competitive strategy, with expected revenue of 1.256 billion yuan in 2024, an increase of 0.51%, and a gross profit of 764 million yuan, reflecting a growth of 15.02% [3] - The overall revenue for 2024 is projected at 12.022 billion yuan, a year-on-year increase of 4.77%, while the net profit attributable to the parent company is expected to be 1.031 billion yuan, a decrease of 2.29% [9] Summary by Sections Financial Performance - The company reported total revenue of 12.022 billion yuan for 2024, with a net profit of 1.031 billion yuan, reflecting a decrease of 2.29% year-on-year. The fourth quarter alone saw revenue of 2.732 billion yuan, down 8.15%, and a net profit of 161 million yuan, down 20.85% [9] - The gross margin is expected to improve as the revenue share from the raw materials business declines and the shares from the CDMO and pharmaceutical segments increase [9] Revenue and Profit Forecast - Revenue is forecasted to grow to 13.272 billion yuan in 2025, 14.816 billion yuan in 2026, and 16.624 billion yuan in 2027, with corresponding net profits of 1.175 billion yuan, 1.392 billion yuan, and 1.693 billion yuan respectively [1][10] - The report anticipates a significant increase in the number of projects in the CDMO segment, with 1,601 projects quoted in 2024, a 77% increase, and 996 ongoing projects, a 35% increase [3] Valuation Metrics - The current market capitalization corresponds to a P/E ratio of 17.62 for 2024, decreasing to 10.73 by 2027 [1][10] - The report highlights that the company is expected to maintain a competitive edge through continuous product innovation and improvements in production efficiency [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady revenue growth in 2024, with a projected revenue of 12.022 billion yuan, representing a year-on-year increase of 4.77%. However, the net profit attributable to the parent company is expected to decline by 2.29% to 1.031 billion yuan [4][5] - The CDMO (Contract Development and Manufacturing Organization) projects are rapidly increasing, with 1,601 quoted projects, a year-on-year growth of 77%, and 996 ongoing projects, a year-on-year growth of 35% [5] - The company has adjusted its profit forecasts for 2025 and 2026 downwards due to weak demand in the antibiotic sector, with expected net profits of 1.177 billion yuan and 1.374 billion yuan for 2025 and 2026, respectively [4][5] Financial Summary - In 2024, the company achieved a revenue of 12.022 billion yuan, with a gross margin of 23.85% and a net margin of 8.57% [4] - The CDMO business revenue for 2024 was 1.884 billion yuan, with a gross margin of 41.06% [5] - The raw material drug intermediate business revenue was 8.651 billion yuan, showing an increase of 8.3% year-on-year, while the formulation business revenue was 1.256 billion yuan, with a slight increase of 0.5% [6] - The company’s projected earnings per share (EPS) for 2025 is 1.01 yuan, with a price-to-earnings (P/E) ratio of 15.4 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady revenue growth in 2024, with a projected revenue of 120.22 billion yuan, representing a year-on-year increase of 4.77%. However, the net profit attributable to shareholders is expected to decline by 2.29% to 10.31 billion yuan [4][5] - The CDMO (Contract Development and Manufacturing Organization) business is experiencing rapid growth, with the number of projects increasing significantly. The company has 1,601 quoted projects, a 77% year-on-year increase, and 996 ongoing projects, a 35% increase [5] - The company has adjusted its profit forecasts for 2025-2026, now expecting net profits of 11.77 billion yuan and 13.74 billion yuan, respectively, while maintaining a high valuation attractiveness with a current PE ratio of 15.4 for 2025 [4][5] Financial Summary - In 2024, the company achieved a revenue of 120.22 billion yuan, with a net profit of 10.31 billion yuan and a gross margin of 23.85% [4] - The CDMO business generated 18.84 billion yuan in revenue, with a gross margin of 41.06% [5] - The raw material drug intermediate business saw revenue of 86.51 billion yuan, an increase of 8.3%, while the formulation business generated 12.56 billion yuan, a slight increase of 0.5% [6] - The company’s projected revenues for 2025, 2026, and 2027 are 136.51 billion yuan, 155.40 billion yuan, and 177.18 billion yuan, respectively, with corresponding net profits of 11.77 billion yuan, 13.74 billion yuan, and 16.52 billion yuan [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady revenue growth in 2024, with a projected revenue of 12.02 billion yuan, reflecting a year-on-year increase of 4.77%. However, the net profit attributable to the parent company is expected to decline by 2.29% to 1.03 billion yuan [4][5] - The CDMO (Contract Development and Manufacturing Organization) projects are growing rapidly, with a total of 1,601 quoted projects, a year-on-year increase of 77%, and 996 ongoing projects, a 35% increase year-on-year [5] - The company has adjusted its profit forecasts for 2025 and 2026 downwards, now expecting net profits of 1.18 billion yuan and 1.37 billion yuan respectively, while maintaining a high valuation attractiveness with a current PE ratio of 15.4 for 2025 [4][5] Financial Summary - In 2024, the company achieved a revenue of 120.22 billion yuan, with a gross margin of 23.85% and a net margin of 8.57% [4] - The CDMO business revenue for 2024 is reported at 18.84 billion yuan, with a gross margin of 41.06% [5] - The raw material drug intermediate business revenue is 86.51 billion yuan, showing an 8.3% increase year-on-year, while the formulation business revenue is 12.56 billion yuan, a slight increase of 0.5% [6] - The company’s projected revenues for 2025, 2026, and 2027 are 136.51 billion yuan, 155.40 billion yuan, and 177.18 billion yuan respectively, with corresponding net profits of 1.18 billion yuan, 1.37 billion yuan, and 1.65 billion yuan [8]

Financial Performance - In 2024, the company achieved a revenue of CNY 12.022 billion, a year-on-year increase of 4.77% [3] - Net profit for the same period was CNY 1.031 billion, a decrease of 2.29% compared to the previous year [3] - The raw material drug segment generated revenue of CNY 8.651 billion, up 8.32% year-on-year, with a gross profit of CNY 1.295 billion [3] - The CDMO segment's revenue was CNY 1.884 billion, down 6.05%, with a gross profit of CNY 0.773 billion [3] - The pharmaceutical segment reported revenue of CNY 1.256 billion, a slight increase of 0.51%, with a gross profit of CNY 0.764 billion [3] R&D and Project Development - R&D investment for 2024 was CNY 641 million, a 2.66% increase year-on-year [4] - The company quoted 1,601 projects in the CDMO segment, a 77% increase, with 996 ongoing projects, up 35% [4] - There are 116 API projects, with 22 already in production and 15 in the verification stage [4] Shareholder Returns - The total amount for share repurchase and cash dividends in 2024 was CNY 6.126 billion, representing 59.41% of the net profit attributable to shareholders [6] - The company has already distributed CNY 2.259 billion in dividends prior to the annual report [7] Market Strategy and Outlook - The company plans to increase the number of API DMF filings by 30-50 over the next three years to support stable growth in the API business [5] - The pharmaceutical strategy focuses on multiple products and channels, with 25 formulation projects initiated annually [5] - The company aims to enhance its CDMO capabilities and expects to reach 3,000 operational projects in 2-3 years [8] Cost and Expense Management - Employee compensation expenses increased by CNY 80 million in 2024, and fixed asset depreciation rose by CNY 120 million, impacting gross profit by approximately CNY 200 million [7] - Sales expense ratio is expected to increase with business scale expansion, while R&D expenses are projected to grow by around 10% [14] Industry Challenges and Responses - The company anticipates continued pressure on raw material prices in early 2025, with a potential recovery in the latter half of the year [11] - The competitive landscape for generic drugs is expected to intensify, but the company is focusing on differentiated products to mitigate risks [13]