APELOA(SZ:000739) Donghai Securities·2024-08-19 14:30Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved strong performance in H1 2024, with revenue of 6.429 billion yuan, a year-on-year increase of 7.96%, and a net profit attributable to shareholders of 625 million yuan, up 3.96% year-on-year [2] - The raw material drug segment showed steady growth, with sales revenue of 4.704 billion yuan, a year-on-year increase of 11.89%, although gross profit decreased by 1.99% [2] - The CDMO business saw a significant increase in project numbers, with 731 quoted projects, a 51% year-on-year increase, and 876 ongoing projects, a 44% increase [3] - The formulation segment experienced rapid growth, achieving revenue of 680 million yuan, an 18.37% year-on-year increase, and gross profit of 410 million yuan, a 41.67% increase [3] - The company expects revenue for 2024-2026 to be 12.679 billion, 14.317 billion, and 16.014 billion yuan respectively, with net profits of 1.180 billion, 1.466 billion, and 1.747 billion yuan [3] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 6.429 billion yuan and a net profit of 625 million yuan, with Q2 alone achieving a revenue of 3.231 billion yuan, marking a 12.61% increase year-on-year [2] - The gross profit margin for the raw material drug segment was 16.22%, down 2.30 percentage points year-on-year [2] Business Segments - The raw material drug intermediate segment's sales revenue was 4.704 billion yuan, with multiple products achieving record sales [2] - The CDMO segment's revenue was 1.028 billion yuan, with a gross profit margin of 40.09% [3] - The formulation segment's revenue was 680 million yuan, with a gross profit margin of 60.30%, reflecting a significant increase in production capacity and cost control [3] Future Outlook - The company anticipates a steady increase in market share for core antibiotic products and expects new product launches and capacity expansions to contribute to performance [2] - The projected earnings per share (EPS) for 2024-2026 are 1.01, 1.25, and 1.49 yuan, with corresponding price-to-earnings (P/E) ratios of 15.43, 12.42, and 10.42 [3]