APELOA(000739) 开源证券·2025-03-12 03:23Investment 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 12.022 billion yuan, representing a year-on-year increase of 4.77%. However, the net profit attributable to the parent company is expected to decline by 2.29% to 1.031 billion yuan [4][5] - The CDMO (Contract Development and Manufacturing Organization) projects are rapidly increasing, with 1,601 quoted projects, a year-on-year growth of 77%, and 996 ongoing projects, a year-on-year growth of 35% [5] - The company has adjusted its profit forecasts for 2025 and 2026 downwards due to weak demand in the antibiotic sector, with expected net profits of 1.177 billion yuan and 1.374 billion yuan for 2025 and 2026, respectively [4][5] Financial Summary - In 2024, the company achieved a revenue of 12.022 billion yuan, with a gross margin of 23.85% and a net margin of 8.57% [4] - The CDMO business revenue for 2024 was 1.884 billion yuan, with a gross margin of 41.06% [5] - The raw material drug intermediate business revenue was 8.651 billion yuan, showing an increase of 8.3% year-on-year, while the formulation business revenue was 1.256 billion yuan, with a slight increase of 0.5% [6] - The company’s projected earnings per share (EPS) for 2025 is 1.01 yuan, with a price-to-earnings (P/E) ratio of 15.4 [8]