APELOA(SZ:000739) Guoxin Securities·2025-04-18 02:40Investment Rating - The investment rating for the company is "Outperform the Market" [6][39]. Core Views - The company achieved a steady revenue growth of 4.77% in 2024, with total revenue reaching 12.022 billion yuan, while net profit slightly declined by 2.29% to 1.031 billion yuan [9][39]. - The report highlights that excluding the impact of large CDMO projects, all three major business segments showed comprehensive growth [2][39]. - The company is focusing on deepening its international strategy and optimizing quality management to ensure stable supply in its raw materials and CDMO business [3][39]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 12.022 billion yuan, a growth of 4.77%, and a net profit of 1.031 billion yuan, down 2.29% year-on-year [9][39]. - The overall gross margin for 2024 was 23.85%, a decrease of 1.81 percentage points, while the net margin was 8.57%, down 0.63 percentage points [18][39]. Business Segments - The revenue from the raw material drug intermediates, CDMO, and formulation segments were 8.651 billion yuan (+8.32%), 1.884 billion yuan (-6.05%), and 1.256 billion yuan (+0.51%), respectively [2][39]. - The gross profit margins for these segments were 14.97% (-2.59pp), 41.06% (-1.23pp), and 60.81% (+7.67pp) [2][39]. Research and Development - The company increased its R&D expenses to 641 million yuan in 2024, a rise of 2.66% year-on-year, supporting the rapid growth of project numbers [3][39]. - The company has a rich pipeline with 1,601 CDMO quotation projects (+77% YoY) and 996 ongoing projects (+35% YoY) [31][39]. Market Strategy - The company is advancing its international strategy by establishing BD offices in key global markets such as Boston, Frankfurt, Tokyo, and Mumbai [3][39]. - The company aims to enhance its global supply chain and has successfully passed 265 audits in 2024 [3][39]. Profit Forecast - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 1.123 billion yuan, 1.257 billion yuan, and 1.399 billion yuan, reflecting growth rates of 8.9%, 11.9%, and 11.4%, respectively [4][39].