APELOA(000739) 开源证券·2024-08-16 06:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3][10] Core Views - The company achieved revenue of 6.429 billion yuan in the first half of 2024, representing a year-on-year increase of 7.96%. The net profit attributable to shareholders was 625 million yuan, up 3.96% year-on-year [3] - The report highlights strong growth in the API segment and a positive outlook for the company's long-term development, maintaining profit forecasts for 2024-2026 [3][4] Financial Performance Summary - Revenue and Profit: - 2024 H1 revenue: 64.29 billion yuan (+7.96% YoY) - 2024 H1 net profit: 6.25 billion yuan (+3.96% YoY) - 2024 H1 gross margin: 24.70% (-1.90 percentage points) [3] - Segment Performance: - API and intermediates revenue: 47.04 billion yuan (+11.89% YoY) - CDMO revenue: 10.28 billion yuan (-9.82% YoY) [5] - Future Projections: - Expected net profit for 2024-2026: 1.238 billion yuan, 1.462 billion yuan, and 1.700 billion yuan respectively [6] Business Development - The formulation business achieved revenue of 680 million yuan in H1 2024, with a gross margin of 60.30% (+9.92 percentage points) [4] - The company has 51 projects under research, with 9 projects completed and 6 submitted for approval, covering various therapeutic areas [4] Market Position and Competitiveness - The company added 15 new API customers in H1 2024 and completed the construction of high-end API production workshops [5] - The CDMO business has 731 quoted projects (+51%) and 876 ongoing projects (+44%) [5]