APELOA(000739) 东吴证券·2024-10-18 13:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 9.29 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.30%, with a net profit attributable to shareholders of 870 million yuan, up 2.15% [2] - In Q3 alone, the company achieved a revenue of 2.862 billion yuan, an increase of 12.41%, while the net profit attributable to shareholders was 245 million yuan, down 2.19% [2] - The significant decrease in sales expense ratio is attributed to enhanced cost control and optimized market strategies, while the increase in financial expenses is mainly due to exchange losses [2] - The company is progressing well in integrated development, with over 25 formulation projects initiated annually, and is expected to see growth in related products by 2025 [2] - The profit forecast for 2024-2026 has been adjusted to 11.9 billion, 13.8 billion, and 15.6 billion yuan respectively, with a current market value corresponding to P/E valuations of 16, 14, and 12 times [2] Summary by Sections Financial Performance - Total revenue for 2022 was 10.545 billion yuan, with a year-on-year growth of 17.92%, and for 2023, it was 11.474 billion yuan, with a growth of 8.81% [1] - The net profit attributable to shareholders for 2022 was 989.17 million yuan, with a growth of 3.52%, and for 2023, it was 1,055.34 million yuan, with a growth of 6.69% [1] - The latest diluted EPS for 2024 is projected to be 1.02 yuan per share, with a P/E ratio of 15.69 [1] Cost Management - The sales expense ratio for Q3 was 4.16%, down 2.2 percentage points, while the management expense ratio was 4.54%, up 0.06 percentage points [2] - The R&D expense ratio was 5.31%, up 0.13 percentage points, and the financial expense ratio was 1.12%, up 1.86 percentage points due to exchange losses [2] Strategic Development - The company is enhancing its technical platforms and has signed a strategic cooperation framework agreement to strengthen its capabilities in synthetic biology and enzyme catalysis [2] - The integrated development strategy is expected to support the growth of the company's various business segments [2]