普洛药业：业绩创新高，原料&CDMO&制剂竞争力增强

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on financial performance and growth projections. Core Insights - The company achieved a revenue of 6.429 billion yuan in H1 2024, representing a year-on-year increase of 7.96%, with a net profit attributable to shareholders of 625 million yuan, up 3.96% year-on-year [1] - The report highlights improvements in gross margin and a decrease in expense ratios, with a gross margin of 24.70% in H1 2024, down 1.90 percentage points year-on-year, and a net profit margin of 9.72%, down 0.37 percentage points year-on-year [1] - The API business is showing steady progress, with revenue from raw material intermediates reaching 4.704 billion yuan in H1 2024, an increase of 11.89% year-on-year, and the company added 15 new clients during the first half of the year [1] - The CDMO business is undergoing transformation, with a reported revenue of 1.028 billion yuan in H1 2024, a decrease of 9.82% year-on-year, but the number of ongoing projects has increased significantly [1] - The formulation business has seen high growth, with revenue of 680 million yuan in H1 2024, up 18.37% year-on-year, and the company has a robust pipeline of products under development [1] Financial Summary - The company is projected to achieve revenues of 12.48 billion yuan, 13.96 billion yuan, and 15.54 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 8.8%, 11.9%, and 11.3% [2] - The net profit attributable to shareholders is expected to be 1.234 billion yuan, 1.472 billion yuan, and 1.708 billion yuan for the years 2024, 2025, and 2026, reflecting growth rates of 16.9%, 19.3%, and 16.0% [2] - The gross margin is projected to be 25.2% in 2024, with a gradual increase to 25.9% by 2026 [3] - The company’s P/E ratios are forecasted to be 14.1, 11.9, and 10.2 for the years 2024, 2025, and 2026, indicating a potentially attractive valuation [2][3]