APELOA(000739) 招商证券·2025-03-18 15:17Investment Rating - The report maintains a "Strong Buy" investment rating for the company [4][8]. Core Insights - The company reported a revenue of 12.022 billion yuan in 2024, representing a year-on-year growth of 4.77%, while the net profit attributable to shareholders decreased by 2.29% to 1.031 billion yuan [1][3]. - The CDMO (Contract Development and Manufacturing Organization) segment continues to show robust growth, with a significant increase in project numbers, indicating a strong future growth potential [2][4]. - The report highlights that the company's short-term performance is under pressure due to changes in the business environment, particularly in the raw material and formulation sectors, but the long-term competitive strength remains intact [1][4]. Financial Performance Summary - In 2024, the company achieved a total revenue of 12.022 billion yuan, with a year-on-year growth of 4.77% [1]. - The net profit attributable to shareholders for 2024 was 1.031 billion yuan, down 2.29% from the previous year [1]. - The CDMO segment generated revenue of 1.884 billion yuan, a decrease of 6.05% year-on-year, but the number of ongoing projects increased significantly [2]. - The raw material segment reported revenue of 8.651 billion yuan, with an 8.32% year-on-year growth, while the formulation segment achieved revenue of 1.256 billion yuan, growing by 0.51% [4][8]. Project and Market Dynamics - The company has a total of 1,601 quoted projects, a 77% increase year-on-year, with 996 ongoing projects, up 35% [2]. - The number of commercialized projects reached 355, reflecting a 25% increase, while the R&D phase projects grew by 42% to 641 [2]. - The API (Active Pharmaceutical Ingredient) projects also saw a 40% increase, with 22 projects already in production [2]. Valuation Metrics - The report projects net profits for 2025, 2026, and 2027 to be 1.129 billion yuan, 1.290 billion yuan, and 1.530 billion yuan, respectively, with year-on-year growth rates of 10%, 14%, and 19% [3][8]. - The current PE ratio is 16.9, with projections of 15.8, 13.8, and 11.6 for the following years [10].