前三季度 CDMO 业务收入 16.9 亿元，同比增长近 20%，预计全年将保持 20%以上增长；毛利率 44.5%，较去年同期的 40.8%明显提升；业务地位：毛利总额已超越原料药，成为公司第一大业务。 公司未来 2-3 年需交付的在手订单金额达 52 亿元（不含今年 Q4 即将交付部分），主要为商业化订单 和二供转商业化生产订单，MNC 项目与国内客户项目比重相当。订单结构：DS（原料药）项目占比提 升，订单金额随 DS 项目增加而放大；多肽项目 114 个（含9 个 DS 项目）；GLP-1 项目 4 条管线已启 动，2 条管线在洽谈中。 近日，普洛药业发布三季度业绩公告，公司2025年前三季度营收约77.64亿元，同比减少16.43%；归属 于上市公司股东的净利润约7亿元，同比减少19.48%。 同日发布的投资者关系活动记录显示，今年前三季度CDMO 业务营收 16.9 亿元，API 业务营收 51.9 亿 元，药品业务营收 8.3 亿元。今年前三季度经营情况主要是API 业务板块中低毛利率业务的主动收缩和 部分品类市场需求疲软所致。 公告中同样提到，MNC 客户前 20 名中约 60%已开展研发阶段 ...

Group 1: Financial Performance - The company achieved a revenue of 7.76 billion CNY in the first three quarters, a year-on-year decrease of 16% [3] - Net profit for the same period was 700 million CNY, down 19% year-on-year [3] - Gross margin stood at 25%, showing a slight increase compared to the previous year [3] Group 2: Business Segment Performance - CDMO business revenue reached 1.69 billion CNY, with a year-on-year growth of nearly 20% [4] - API business revenue was 5.19 billion CNY, with a gross margin of approximately 20%, at a historical low [5][7] - Pharmaceutical business revenue was 830 million CNY, down about 10% year-on-year, with a gross margin maintained at 50%-60% [6] Group 3: Order and Project Status - The company has 391 commercial projects (+15%) and 853 clinical projects (+41%) [4] - The total amount of orders to be delivered in the next 2-3 years is 5.2 billion CNY, primarily from commercial orders [4] - The number of CDMO clients reached 670 in Q3, expected to exceed 700 by year-end [10] Group 4: Strategic Initiatives - The company plans to expand its R&D team to 2,000 personnel within 2-3 years, currently having about 900 in the CDMO sector [4][6] - The company is focusing on differentiating its pharmaceutical products and expanding into international markets, with U.S. generic drug shipments starting in Q4 [6] - The company is actively pursuing new projects in the peptide and ADC fields, with significant potential for growth [8][10] Group 5: Market Outlook - The company anticipates that the third quarter will be the lowest point for overall performance, with a recovery expected in Q4 [7] - The gross margin for CDMO is projected to remain between 40%-50% in the future, while API margins are expected to improve next year [7] - The company is managing exchange rate risks effectively, with 70% of exposure hedged [13]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The CDMO segment is expected to become a new growth driver despite short-term pressure on the raw materials business. The CDMO segment is projected to achieve revenue of 1.884 billion yuan in 2024, a decrease of 6.05%, with a gross profit of 773 million yuan and a gross margin of 41.06% [3] - The pharmaceutical segment is experiencing rapid gross profit growth due to a differentiated competitive strategy, with expected revenue of 1.256 billion yuan in 2024, an increase of 0.51%, and a gross profit of 764 million yuan, reflecting a growth of 15.02% [3] - The overall revenue for 2024 is projected at 12.022 billion yuan, a year-on-year increase of 4.77%, while the net profit attributable to the parent company is expected to be 1.031 billion yuan, a decrease of 2.29% [9] Summary by Sections Financial Performance - The company reported total revenue of 12.022 billion yuan for 2024, with a net profit of 1.031 billion yuan, reflecting a decrease of 2.29% year-on-year. The fourth quarter alone saw revenue of 2.732 billion yuan, down 8.15%, and a net profit of 161 million yuan, down 20.85% [9] - The gross margin is expected to improve as the revenue share from the raw materials business declines and the shares from the CDMO and pharmaceutical segments increase [9] Revenue and Profit Forecast - Revenue is forecasted to grow to 13.272 billion yuan in 2025, 14.816 billion yuan in 2026, and 16.624 billion yuan in 2027, with corresponding net profits of 1.175 billion yuan, 1.392 billion yuan, and 1.693 billion yuan respectively [1][10] - The report anticipates a significant increase in the number of projects in the CDMO segment, with 1,601 projects quoted in 2024, a 77% increase, and 996 ongoing projects, a 35% increase [3] Valuation Metrics - The current market capitalization corresponds to a P/E ratio of 17.62 for 2024, decreasing to 10.73 by 2027 [1][10] - The report highlights that the company is expected to maintain a competitive edge through continuous product innovation and improvements in production efficiency [3]