研报掘金丨开源证券：普洛药业估值性价比高，维持“买入”评级

Core Viewpoint - Pro Pharmaceutical's performance in the first half of 2025 shows a decline, while its CDMO business is experiencing rapid growth [1] Group 1: CDMO Business Performance - CDMO business revenue reached 1.236 billion yuan, an increase of 20.32% [1] - Gross margin for CDMO business was 44.04%, up by 3.95 percentage points [1] - The company has 1,180 ongoing projects, a year-on-year increase of 35%, with 377 projects in the commercialization stage, up 19% [1] - Among the ongoing projects, there are 279 human drug projects, 49 veterinary drug projects, and 49 other projects [1] - There are 803 projects in the research and development stage, reflecting a 44% year-on-year growth [1] Group 2: Other Business Segments - Revenue from the raw material drug intermediate segment was 3.603 billion yuan, a decrease of 23.41% [1] - Gross margin for the raw material drug intermediate segment was 13.7%, down by 2.52 percentage points [1] - The formulation segment generated revenue of 583 million yuan, a decline of 14.2%, with a gross margin of 61.03%, an increase of 0.73 percentage points [1] Group 3: Valuation Metrics - The current stock price corresponds to a PE ratio of 16.1/13.8/11.5 times, indicating high valuation attractiveness [1] - The company maintains a "buy" rating based on its valuation metrics [1]