皓元医药：前端业务保持高速增长，后端业务有望边际改善-20250328

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong performance relative to the benchmark index [13]. Core Insights - The company has demonstrated significant growth in its front-end business, with a notable increase in revenue and net profit for 2024, achieving total revenue of 2.27 billion and a net profit of 202 million, representing year-on-year growth of 20.75% and 58.17% respectively [1][2]. - The front-end business, which includes building blocks, tool compounds, and biochemical reagents, has shown robust growth, with revenue reaching 1.499 billion, a year-on-year increase of 32.41% [2][4]. - The back-end business, focusing on APIs and formulations, has also seen growth, albeit at a slower pace, with revenue of 755 million, reflecting a year-on-year increase of 2.49% [2][5]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 2.27 billion, with a net profit of 202 million, and a significant improvement in cash flow from operating activities, reaching 382 million [1][2]. - Quarterly revenue trends show consistent growth, with Q4 2024 revenue surpassing 600 million, marking a year-on-year increase of 29.21% [2][3]. Business Segmentation - The front-end business has a strong product reserve, with over 139,000 life science reagents developed, and a well-established logistics system supporting global competitiveness [4]. - The back-end business has a solid project and order reserve, particularly in the high-growth ADC sector, with over 110 ADC projects underway [5]. Regional Performance - Domestic revenue reached 1.392 billion, growing by 18.25%, while international revenue was 862 million, up by 24.66%, indicating a balanced growth strategy [3]. Future Projections - The company is projected to achieve revenues of 2.678 billion, 3.255 billion, and 4.012 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 252 million, 316 million, and 401 million [7].