APELOA(SZ:000739) Shanghai Securities·2024-08-22 14:30Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 6.429 billion yuan for H1 2024, representing a year-on-year growth of 7.96%, and a net profit attributable to shareholders of 625 million yuan, up 3.96% year-on-year [2][3] - The raw material drug intermediate business shows signs of recovery, with revenue of 4.704 billion yuan in H1 2024, a year-on-year increase of 11.89% [3] - The CDMO segment's revenue was 1.028 billion yuan in H1 2024, a decrease of 9.82% year-on-year, but the number of projects and clients continues to grow significantly [3] - The formulation business achieved revenue of 680 million yuan in H1 2024, with a year-on-year growth of 18.37% and a gross margin of 60.30%, an increase of nearly 10 percentage points [3] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 6.429 billion yuan, with a quarterly revenue of 3.231 billion yuan in Q2, reflecting a 12.61% year-on-year growth [2][3] - The net profit for H1 2024 was 625 million yuan, with Q2 net profit at 381 million yuan, showing a 5.35% increase year-on-year [2][3] Business Segments - The raw material drug intermediate segment's revenue was 4.704 billion yuan, with a gross margin of 16.22%, a decrease of 2.30 percentage points year-on-year [3] - The CDMO segment reported a revenue of 1.028 billion yuan, with a gross margin of 40.09%, down 4.68 percentage points year-on-year [3] - The formulation segment's revenue was 680 million yuan, with a gross margin of 60.30%, reflecting a significant improvement [3] Future Projections - The company is expected to achieve net profits of 1.191 billion yuan, 1.356 billion yuan, and 1.571 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 12.84%, 13.86%, and 15.88% [4] - The projected PE ratios for 2024, 2025, and 2026 are 15, 13, and 11 times respectively [4]