APELOA(SZ:000739) Guoxin Securities·2024-03-16 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company achieved steady growth in both revenue and profit in 2023, with total revenue of 11.474 billion yuan (+8.81%) and net profit of 1.055 billion yuan (+6.69%) [4][3] - The three main business segments showed comprehensive growth, with the CDMO segment experiencing significant growth [3][21] - The company continues to enhance its international strategy and optimize quality management, with a focus on transitioning to a global manufacturing supply model [3][31] Financial Forecasts and Key Metrics - Revenue projections for 2024-2026 are 12.808 billion yuan, 14.259 billion yuan, and 15.772 billion yuan, respectively, with year-on-year growth rates of 11.6%, 11.3%, and 10.6% [2] - Net profit forecasts for the same period are 1.221 billion yuan, 1.402 billion yuan, and 1.595 billion yuan, with growth rates of 15.7%, 14.9%, and 13.7% [2] - The company's PE ratio is projected to decrease from 13.3 in 2024 to 10.2 in 2026, indicating an attractive valuation [3][2] Business Segment Performance - The revenue from the raw material intermediate segment was 7.987 billion yuan (+3.23%), the CDMO segment was 2.005 billion yuan (+27.1%), and the formulation segment was 1.249 billion yuan (+15.69%) [3][21] - The gross profit margins for these segments were 17.56%, 42.29%, and 53.14%, respectively, showing improvements across all segments [3][21] Research and Development - The company invested 585 million yuan in R&D in 2023, representing 5.10% of total revenue, with a 9.42% increase year-on-year [30] - The number of ongoing projects increased significantly, with 736 projects in progress (+40%) and 905 quoted projects (+10%) [25][30] Strategic Partnerships and Collaborations - The company signed a strategic cooperation agreement with Zhenge Bio to develop a one-stop ADC CDMO service platform, which is expected to boost the CDMO business [21]