APELOA(000739) 开源证券·2025-03-12 02:59Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady revenue growth in 2024, with a projected revenue of 120.22 billion yuan, representing a year-on-year increase of 4.77%. However, the net profit attributable to shareholders is expected to decline by 2.29% to 10.31 billion yuan [4][5] - The CDMO (Contract Development and Manufacturing Organization) business is experiencing rapid growth, with the number of projects increasing significantly. The company has 1,601 quoted projects, a 77% year-on-year increase, and 996 ongoing projects, a 35% increase [5] - The company has adjusted its profit forecasts for 2025-2026, now expecting net profits of 11.77 billion yuan and 13.74 billion yuan, respectively, while maintaining a high valuation attractiveness with a current PE ratio of 15.4 for 2025 [4][5] Financial Summary - In 2024, the company achieved a revenue of 120.22 billion yuan, with a net profit of 10.31 billion yuan and a gross margin of 23.85% [4] - The CDMO business generated 18.84 billion yuan in revenue, with a gross margin of 41.06% [5] - The raw material drug intermediate business saw revenue of 86.51 billion yuan, an increase of 8.3%, while the formulation business generated 12.56 billion yuan, a slight increase of 0.5% [6] - The company’s projected revenues for 2025, 2026, and 2027 are 136.51 billion yuan, 155.40 billion yuan, and 177.18 billion yuan, respectively, with corresponding net profits of 11.77 billion yuan, 13.74 billion yuan, and 16.52 billion yuan [8]