APELOA(SZ:000739) Guotai Junan Securities·2024-10-20 10:09Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company has shown stable revenue growth with a 9.30% increase in revenue to 9.29 billion yuan for Q1-Q3 2024, and a 2.15% increase in net profit to 870 million yuan. Q3 revenue reached 2.86 billion yuan, up 12.41%, while net profit decreased by 2.21% due to foreign exchange losses [1][2] - The gross margin is under short-term pressure, with a gross margin of 24.23% for Q1-Q3 2024, down 2.55 percentage points year-on-year. The Q3 gross margin was 23.18%, down 4.02 percentage points year-on-year, primarily due to high base prices of raw materials in the same period last year and an increase in low-margin foreign trade products [1][2] - The company is expanding its project and customer base, with a significant increase in CDMO projects and ongoing projects. As of H1 2024, the company has registered two API varieties and submitted 20 new DMF applications, with a 51% year-on-year increase in CDMO project quotes [1][2] Financial Summary - For the financial year 2024E, the company forecasts revenue of 12.66 billion yuan, a 10.4% increase, and a net profit of 1.15 billion yuan, an 8.8% increase. The EPS is projected to be 0.98 yuan for 2024, 1.15 yuan for 2025, and 1.42 yuan for 2026 [7][8] - The company’s total assets are projected to reach 14.79 billion yuan by 2024, with total liabilities of 7.93 billion yuan, resulting in a net asset value of 6.85 billion yuan [8]