APELOA(000739) 天风证券·2024-12-18 13:06Investment Rating - The report gives a "Buy" rating for the company with a target price of 20.20 yuan [6] Core Views - The company is a comprehensive API leader transitioning to CDMO and formulation development, leveraging its API foundation to build a global CDMO service platform [1] - The company's CDMO business has formed a funnel-shaped structure, with rapid growth in project numbers and clients, indicating strong future performance potential [4] - The company's API business is stable, with new product layouts enhancing competitiveness, especially in the medical aesthetics and cosmetics sector [2] - The formulation business is optimizing, with a diversified product pipeline and stable sales growth [3] - The company is expected to achieve revenue of 12.403 billion yuan in 2024, with a year-on-year growth of 8.10%, and net profit of 1.111 billion yuan, with a year-on-year growth of 5.29% [5] Business Segments API Business - The company is a leading domestic API manufacturer with a strong market position in products like cefixime, bupropion hydrochloride, and amoxicillin side chain series [2] - The company has established a medical aesthetics and cosmetics API division, focusing on synthetic biology, chemical synthesis, and peptide technologies [2] - The API business is expected to maintain stable growth due to good international certifications and accelerated synthetic biology layout [5] Formulation Business - The company has over 120 formulation products, covering anti-infective, cardiovascular, central nervous system, and other therapeutic areas [3] - The formulation business is accelerating a "multi-product" strategy, with 25 new projects underway, focusing on anti-infective, cardiovascular, and central nervous system drugs [3] - The formulation business is expected to benefit from the company's API integration advantage and centralized procurement processes [5] CDMO Business - The CDMO business has seen double-digit growth in revenue and profit, with project structure optimization [4] - In H1 2024, the company had 731 quoted projects, a 51% year-on-year increase, and 876 ongoing projects, a 44% year-on-year increase, including 317 commercial-stage projects [4] - The CDMO business is expected to achieve rapid growth in the future, leveraging its global R&D centers and funnel-shaped project structure [5] Financial Projections - The company is expected to achieve revenue of 12.403 billion yuan in 2024, 13.739 billion yuan in 2025, and 15.194 billion yuan in 2026, with year-on-year growth rates of 8.10%, 10.77%, and 10.59% respectively [5] - Net profit is expected to be 1.111 billion yuan in 2024, 1.243 billion yuan in 2025, and 1.392 billion yuan in 2026, with year-on-year growth rates of 5.29%, 11.88%, and 11.99% respectively [5] - The company's P/E ratio is expected to be 16.77 in 2024, 14.99 in 2025, and 13.39 in 2026 [5] Strategic Developments - The company has established a medical aesthetics and cosmetics API division, focusing on synthetic biology, chemical synthesis, and peptide technologies [2] - The company has formed a strategic partnership with BaiKuiRui to advance synthetic biology applications in biopharmaceuticals, APIs, and intermediates [90] - The company is investing in new production lines and expanding its API and intermediate product portfolio to meet market demand [89]