APELOA(SZ:000739) Shanghai Securities·2024-03-09 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by more than 20% within the next six months [2]. Core Insights - The company reported a revenue of 11.474 billion yuan for 2023, representing a year-on-year growth of 8.81%. The net profit attributable to shareholders was 1.055 billion yuan, with a year-on-year increase of 6.69%. The net profit after deducting non-recurring items was 1.026 billion yuan, showing a growth of 22.73% [6][10]. - The company is expected to achieve net profits of 1.228 billion yuan, 1.458 billion yuan, and 1.731 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 16.40%, 18.68%, and 18.76% [10]. - The report highlights the company's strong performance in its CDMO (Contract Development and Manufacturing Organization) business, which generated revenue of 2.005 billion yuan in 2023, reflecting a year-on-year growth of 27.10% [12]. Financial Summary - The company's revenue is projected to grow from 11.474 billion yuan in 2023 to 16.888 billion yuan in 2026, with annual growth rates of 8.8%, 12.0%, 14.3%, and 15.0% respectively [9]. - The gross profit margin is expected to improve from 25.7% in 2023 to 28.4% in 2026, while the net profit margin is projected to increase from 9.2% to 10.3% over the same period [19]. - The earnings per share (EPS) is forecasted to rise from 0.90 yuan in 2023 to 1.47 yuan in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 14.82 to 9.03 [19].