证券研究报告 | 公司深度报告 2025 年 07 月 17 日 普洛药业（000739.SZ）CDMO 四问四答 华丽蜕变，跻身国内 CDMO 头部梯队 消费品/生物医药 我们曾于 2021 年发布《三问普洛药业 CDMO：结构、兽药、优势》，时隔四 年，我们再用四问四答更新普洛药业 CDMO 业务近年进展，并看好公司 CDMO 业务的高潜力驱动公司持续发展。 强烈推荐（维持） 目标估值：NA 当前股价：14.8 元 基础数据 | 总股本（百万股） | 1158 | | --- | --- | | 已上市流通股（百万股） | 1158 | | 总市值（十亿元） | 17.1 | | 流通市值（十亿元） | 17.1 | | 每股净资产（MRQ） | 6.0 | | ROE（TTM） | 14.8 | | 资产负债率 | 44.9% | | 主要股东 | 横店集团控股有限公司 | | 主要股东持股比例 | 28.3% | 股价表现 % 1m 6m 12m 绝对表现 2 -0 13 相对表现 -2 -6 -1 -20 -10 0 10 20 30 40 Jul/24 Nov/24 Mar/25 Jun/25 ( ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company reported better-than-expected performance in Q4 2024, with a focus on optimizing the supply chain for its plant protection business [5][6]. - The company's revenue for 2024 was 5.68 billion yuan, a decrease of 11.88% year-on-year, but it achieved a net profit of 103 million yuan, marking a return to profitability [5][6]. - The plant protection business experienced a revenue decline due to falling pesticide prices, but gross margins improved due to technological innovation and management optimization [6][7]. - The company is expanding its supply chain layout with a new production base in Malaysia, enhancing its service offerings across the product lifecycle [7]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 1.32 billion yuan, down 7.44% year-on-year, but net profit reached 70.64 million yuan, a significant increase of 285% quarter-on-quarter [5]. - For Q1 2025, revenue was 1.51 billion yuan, up 3.02% year-on-year and 14.55% quarter-on-quarter, with a net profit of 49.72 million yuan, reflecting a year-on-year growth of 1747% [5]. Business Segments - The pharmaceutical segment generated 1.29 billion yuan in revenue, down 13.3% year-on-year, but gross margin improved by 13.1 percentage points to 48.0% [6]. - The plant protection segment had a revenue of 3.59 billion yuan, down 15.4% year-on-year, with a gross margin increase of 5.8 percentage points to 20.1% [6]. Future Outlook - The company has revised its profit forecasts for 2025-2027, expecting net profits of 305 million yuan, 415 million yuan, and 536 million yuan respectively, reflecting a positive outlook based on industry recovery and improved margins [8][9]. - The report highlights the company's ongoing projects in the pharmaceutical sector, including six validation projects, with a focus on API and innovative drug intermediates [7][8].