苑东生物2024年报解读：营收增长20.82%，研发资本化率大幅提升

Core Insights - In 2024, Chengdu Yuandong Biopharmaceutical Co., Ltd. achieved a revenue of 1.35 billion yuan, representing a year-on-year growth of 20.82% and a net profit of 238 million yuan, up 5.15% year-on-year [1][2][3] Financial Performance - Revenue growth was driven by the successful launch of new formulation products and the expansion of the raw material drug market [2] - Chemical preparations revenue reached 1.08 billion yuan, growing by 22.25%, while chemical raw materials revenue was 121 million yuan, up 28.65% [2] - CMO/CDMO business revenue surged by 111.59% to 65 million yuan, indicating improved business structure and market competitiveness [2] Profitability Analysis - Net profit attributable to shareholders was 238 million yuan, with a 5.15% increase; excluding stock incentive expenses, net profit growth was 13.47% [3] - The net profit excluding non-recurring gains and losses was 174 million yuan, reflecting a 10.90% increase, and a 22.87% increase when excluding stock incentive expenses [4] Earnings Per Share - Basic earnings per share rose to 1.36 yuan, a 6.25% increase, while the diluted earnings per share, excluding non-recurring gains and losses, was 1.00 yuan, up 12.36% [5] Expense Analysis - Sales expenses increased by 15.92% to 445 million yuan, attributed to higher marketing service fees and sales personnel salaries due to increased product sales [6] - Management expenses grew by 8.37% to 107 million yuan, primarily due to stock incentive plans [7] - Financial expenses showed a negative value of -14 million yuan, indicating increased interest income from bank deposits [8] Research and Development - R&D expenses totaled 263 million yuan, a 10.64% increase, with R&D investment accounting for 21.31% of revenue [9][10] - Capitalized R&D investment rose significantly by 212.86% to 24 million yuan, with the capitalization rate increasing from 3.09% to 8.26% [10] - The number of R&D personnel decreased slightly to 418, but average salaries increased, which may help retain core talent [11] Cash Flow Insights - Operating cash flow net amount was 263 million yuan, a decrease of 4.36%, but cash received from sales increased by 22.08% [12] - Investment cash flow net amount turned positive at 196 million yuan, indicating more active asset allocation [13] - Financing cash flow net amount decreased significantly to -262 million yuan due to debt repayment and share buybacks [14]