APELOA(000739) 浙商证券·2025-03-17 14:23Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to enter a trend of improving profitability due to the increasing revenue share from high-margin businesses such as CDMO and formulations, along with rising capacity utilization and production efficiency [1][10] - The financial performance shows short-term profit pressure but maintains high operational quality, with 2024 revenue at 12.022 billion yuan, a year-on-year increase of 4.77%, and a net profit of 1.031 billion yuan, down 2.29% year-on-year [1][2] Financial Performance Summary - In 2024, the company achieved revenue of 12.022 billion yuan, with a net profit of 1.031 billion yuan, reflecting a decline in profitability [1] - The cash flow from operating activities was 1.209 billion yuan, up 17.20% year-on-year, indicating strong operational quality [1] - The overall gross margin for 2024 was 23.85%, a decrease of 1.81 percentage points year-on-year, primarily due to a decline in the gross margin of the raw material and intermediate business [4] Growth Potential Summary - The raw material and intermediate business saw stable growth, with sales revenue of 8.651 billion yuan in 2024, an increase of 8.32% year-on-year [2] - The CDMO business maintained strong growth, with 1,601 quoted projects, a 77% increase year-on-year, and 996 ongoing projects, a 35% increase year-on-year [3] - The pharmaceutical business generated revenue of 1.256 billion yuan in 2024, with a focus on a multi-variety development strategy and a pipeline of 64 projects [4] Profitability Outlook - The company is expected to enter a period of improving profitability as the revenue share from high-margin businesses increases [10] - The projected earnings per share (EPS) for 2025-2027 are 1.00, 1.13, and 1.36 yuan, respectively, indicating a positive growth trajectory [11]