APELOA(SZ:000739) Guoxin Securities·2025-04-20 08:30Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company's revenue in Q1 2025 faced pressure, with a reported revenue of 2.73 billion yuan, down 14.63% year-on-year, while the net profit attributable to shareholders slightly increased by 1.98% to 249 million yuan [4][8] - The raw material drug and intermediate segment experienced a significant decline in revenue and gross margin, while the CDMO segment showed resilience with steady growth [5][18] - The company aims to enhance its competitiveness in the raw material drug segment through overseas market expansion and optimization of production processes [4][18] Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 2.73 billion yuan, a decrease of 14.63%, and a net profit of 249 million yuan, an increase of 1.98% [4][8] - The cash flow from operating activities was negative at -15 million yuan, down 105.35% [4][8] Raw Material and Intermediate Segment - This segment reported revenue of 1.88 billion yuan, down 20.08%, with a gross profit of 255 million yuan, down 34.95%, and a gross margin of 13.52%, a decrease of 3.10% [4][18] - The domestic antibiotic market is facing weak demand and overcapacity, leading to intensified competition [4][18] CDMO Segment - The CDMO segment achieved revenue of 549 million yuan, an increase of 9.58%, with a gross profit of 222 million yuan, up 19.35%, and a gross margin of 40.4%, an increase of 3.30% [5][18] - Growth is driven by an expanding project pipeline and improved customer structure [5][18] Formulation Segment - The formulation segment reported revenue of 298 million yuan, down 12.87%, with both gross profit and margin declining [5][19] - The company plans to strengthen its competitive advantage in key products and expand international registrations and sales [5][19] Profit Forecast - The company maintains its profit forecast, expecting net profits of 1.12 billion, 1.26 billion, and 1.40 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 8.9%, 11.9%, and 11.4% [6][19]