Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [2][33]. Core Insights - The company reported a revenue of 12.022 billion yuan for 2024, reflecting a year-on-year growth of 4.77%. However, the net profit attributable to shareholders decreased to 1.031 billion yuan, down 2.29% year-on-year [2][5]. - The CDMO (Contract Development and Manufacturing Organization) segment is expected to be a significant growth driver, with revenue projected at 1.884 billion yuan for 2024, despite a decline of 6.05% [3][4]. - The API (Active Pharmaceutical Ingredients) segment is anticipated to generate 8.651 billion yuan in revenue for 2024, showing an increase of 8.32% [4]. - The formulation segment is expected to achieve revenue of 1.256 billion yuan in 2024, with a slight growth of 0.51% [4]. Financial Performance Summary - The company achieved a total revenue of 11.474 billion yuan in 2023, with a year-on-year growth rate of 8.81% [2]. - The projected revenues for 2025, 2026, and 2027 are 12.815 billion yuan, 14.218 billion yuan, and 15.941 billion yuan, respectively, with growth rates of 6.59%, 10.95%, and 12.12% [2][5]. - The net profit attributable to shareholders is forecasted to be 1.119 billion yuan in 2025, reflecting an 8.55% year-on-year growth [2][5]. Business Segment Analysis - The CDMO segment has shown a rapid increase in project numbers, with 1,601 quoted projects (+77%) and 996 ongoing projects (+35%) [3]. - The API segment is expanding its production capacity with the completion of new high-end production facilities and plans for additional projects [4][12]. - The formulation segment is also set to enhance its production capabilities with new facilities under design, aiming to improve overall production efficiency [4][12].

Investment Rating - The report maintains a "Buy" rating for Prolo Pharmaceutical (000739) [1] Core Views - Prolo Pharmaceutical is accelerating its integrated layout of raw materials and formulations, with CDMO expected to enter a new inflation era [1] - The company has established a 2030 development strategy focusing on refining raw materials, strengthening CDMO, enhancing pharmaceuticals, and expanding into medical aesthetics [4][19] - The company has demonstrated long-term development confidence through stock buybacks, with a total repurchase amount of 1.53 billion yuan planned for cancellation [4][23] Summary by Sections Company Overview - Prolo Pharmaceutical, founded in 1989 and listed in 2001, is a leading pharmaceutical manufacturer in China, focusing on raw materials, CDMO, pharmaceuticals, and medical aesthetics [18] - The company has undergone significant strategic adjustments since 2017, implementing a unified management model and achieving its strategic goals by 2023 [19] Raw Material and Medical Aesthetics Business - The company is a leading domestic player in specialty raw materials, with a focus on oral cephalosporins, penicillins, and veterinary raw materials [5] - Prolo has increased the number of API projects significantly, with plans to add 30-50 new DMFs in the next 3-5 years [5] CDMO Business Outlook - The CDMO sector is expected to enter a new inflation era, driven by supportive policies for innovative drugs and a significant increase in project numbers [6][8] - The company has seen a 42% year-on-year increase in projects, indicating a robust growth trajectory for its CDMO business [8] Revenue Growth and Business Segmentation - Prolo's revenue has grown from 78.80 billion yuan in 2020 to an estimated 120.22 billion yuan in 2024, with a compound annual growth rate (CAGR) of 11.14% [32] - The revenue contribution from CDMO and formulation businesses has increased, with CDMO revenue growing at a CAGR of 15.60% from 2020 to 2024 [34] Profitability and Financial Metrics - The company's gross margin has decreased from 27.96% in 2020 to 23.85% in 2024, while the net margin has also declined [38] - Despite the decline in margins, the company continues to invest in R&D, with R&D expenses increasing from 4.44% to 5.34% of total revenue [38]

普洛药业(000739) 昨收盘:15.28 医药生物 原料药制剂一体化布局加速，CDMO 有望迎来新通胀时代 走势比较 (20%) (8%) 4% 16% 28% 40% 24/3/18 24/5/29 24/8/9 24/10/20 24/12/31 25/3/13 股票数据 2025 年 03 月 17 日 公司深度研究 买入/维持 | 总股本/流通(亿股) | 11.69/11.69 | | --- | --- | | 总市值/流通(亿元) | 178.67/178.61 | | 12 个月内最高/最低价 | 18.96/12.23 | | (元) | | 相关研究报告 <<普洛药业（000739）2021 年一季报 点评：Q1 业绩超预期，产能建设进入 提速期>>--2021-04-20 <<普洛药业（000739）2020 年年报点 评：全年业绩略预期，CDMO 业务进入 加速期>>--2021-03-12 <<普洛药业（000739）2020 年三季报 点评：Q3 业绩符合预期，公司业务结 构改善明显>>--2020-10-22 证券分析师：周豫 E-MAIL：zhouyua@tpyzq.com ...

Investment Rating - The report maintains a "Buy" rating for Prolo Pharmaceutical (000739) [1] Core Views - Prolo Pharmaceutical is accelerating its integrated layout of raw materials and formulations, with CDMO expected to enter a new inflation era [1] - The company has established a 2030 development strategy focusing on refining raw materials, strengthening CDMO, enhancing pharmaceuticals, and expanding into medical beauty [4][19] - The company has demonstrated long-term development confidence through stock buybacks, with a total repurchase amount of 1.53 billion yuan planned for cancellation [4][23] Summary by Sections Company Overview - Prolo Pharmaceutical, founded in 1989 and listed in 2001, is a leading pharmaceutical manufacturer in China, focusing on raw materials, CDMO, pharmaceuticals, and medical beauty products [18] - The company has seven raw material production plants and two formulation plants, with a complete industrial chain from intermediates to sales channels [18][19] Raw Material and Medical Beauty Business - The company is a leading domestic player in specialty raw materials, with significant market positions in oral cephalosporins and other key products [5] - Prolo has increased the number of API projects significantly, with plans to add 30-50 new DMFs in the next 3-5 years [5] - The medical beauty division is expanding, focusing on cosmetic raw materials and collagen products, with future plans for botulinum toxin [5] CDMO Business Outlook - The CDMO sector is expected to enter a new inflation era, driven by supportive policies for innovative drugs and a significant increase in project numbers [6][8] - The company has seen a 42% year-on-year increase in projects, indicating a strong growth trajectory for its CDMO business [8] Revenue Growth and Business Segmentation - Prolo's revenue has grown from 78.80 billion yuan in 2020 to an estimated 120.22 billion yuan in 2024, with a compound annual growth rate (CAGR) of 11.14% [32] - The revenue contribution from CDMO and formulation businesses is increasing, with CDMO revenue growing at a CAGR of 15.60% from 2020 to 2024 [34] Financial Projections - The company forecasts revenues of 130.58 billion yuan, 143.93 billion yuan, and 159.58 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 11.53 billion yuan, 13.24 billion yuan, and 15.48 billion yuan [10][12]

证券研究报告·A 股公司简评 化学制药 原料药业务韧性凸显， 看好制剂及 CDMO 加速 核心观点 公司 2024 年收入端在核心板块带动下保持平稳，利润端预计受 到 API 品种价格和制剂行业趋势等因素略有扰动。原料药业务韧 性凸显，产能释放有望带来增量。CDMO 能力升级，项目增长趋 势良好。制剂品种扩充，盈利能力提升。研发投入保持高强度， 搭建完善技术平台。展望 2025，我们认为值得关注：1）原料药 板块医美、合成生物学等新兴业务贡献业绩增量；2）CDMO：D 端 M 端齐发力；3）制剂管线扩充拉动增速；4）兽药品种价格见 底回升，需求端兽药使用量预计有望边际向上，关注兽药弹性。 事件 公司发布 2024 年年度报告及分红预案 公司 2024 年实现营业总收入 120.22 亿元，同比增长 4.77% ； 归母净利润 10.31 亿元，同比下降 2.29%；扣非归母净利润 9. 84 亿元，同比下降 4.09%。 分红预案：拟每 10 股派发现金红利 3.56 元（含税），合计 派发现金红利 4.12 亿元，现金分红比例 40%。2024 年度公司回 购股份注销总金额 2 亿元，现金分红和回购注销金额 ...

证券代码：000739 证券简称：普洛药业 公告编号：2025-19 普洛药业股份有限公司 关于举行 2024 年年度报告网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 普洛药业股份有限公司（以下简称"公司"）已于 2025 年 3 月 11 日在《证 券时报》和巨潮资讯网（www.cninfo.com.cn）披露公司 2024 年年度报告。为进 一步加强与投资者的深入交流，使投资者更加全面、深入地了解公司情况，公司 将于 2025 年 3 月 27 日（星期四）下午 15：00-16：00 通过易董价值在线平台 （www.ir-online.cn）举行 2024 年度业绩说明会。 一、说明会类型 本次业绩说明会以网络方式召开，公司将针对 2024 年度业绩和经营情况相 关事宜与投资者进行互动交流，在信息披露允许的范围内就投资者普遍关注的问 题进行回答。 （3）投资者可于 2025 年 3 月 27 日 13:00 前通过小程序进行会前提问，公 司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行 回答。 ...

原料药短期承压，CDMO 发展向好 普洛药业(000739) ——普洛药业 2024 年年报点评 | [table_Authors] 丁丹(分析师) | 吴晗(分析师) | | 上次评级: | 增持 | | --- | --- | --- | --- | --- | | 0755-23976735 | 010-83939773 | [Table_Target] 目标价格： | | 19.55 | | dingdan@gtjas.com | wuhan024878@gtjas.com | | 上次预测: | 19.55 | | 登记编号 S0880514030001 | S0880523080005 | Table_CurPrice] [当前价格： | | 15.27 | 本报告导读： 原料药阶段性承压，CDMO 项目数及客户数持续扩容，一体化增长可期 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 11,474 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [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 the company in 2024 is projected to be 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 Relevant Sections Financial Performance - In 2024, the company is expected to achieve total revenue of 12.022 billion yuan, with a year-on-year growth of 4.77%. The net profit attributable to the parent company is projected to be 1.031 billion yuan, down 2.29% [9] - The company’s gross margin is anticipated to improve as the revenue share from the raw materials business declines and the shares from the CDMO and pharmaceutical segments increase [9] CDMO Segment - The CDMO segment is expected to see a revenue of 1.884 billion yuan in 2024, down 6.05%, but the number of projects is increasing significantly, with 1,601 quoted projects (up 77%) and 996 ongoing projects (up 35%) [3] - The growth in projects is expected to create a funnel model that will drive profit growth in the future [3] Pharmaceutical Segment - The pharmaceutical segment is projected to generate revenue of 1.256 billion yuan in 2024, with a gross profit of 764 million yuan, leading to a gross margin of 60.81%, an increase of 7.67 percentage points [3] - The company is focusing on differentiated competition by developing unique products and improving production efficiency [3] Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down to 1.175 billion yuan and 1.392 billion yuan, respectively, due to pressures in the raw materials business and potential foreign exchange losses [3] - The current market valuation corresponds to P/E ratios of 15, 13, and 11 times for the years 2024, 2025, and 2026, respectively [3]

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 to be 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 Forecasts and Valuation - The company’s revenue is forecasted to grow from 11.474 billion yuan in 2023 to 12.022 billion yuan in 2024, with a compound annual growth rate (CAGR) of 4.77% [1] - The net profit attributable to the parent company is expected to decline from 1.055 billion yuan in 2023 to 1.031 billion yuan in 2024, with a projected recovery to 1.175 billion yuan in 2025 [1] - The P/E ratio is projected to decrease from 17.22 in 2023 to 15.47 in 2025, indicating a more attractive valuation over time [1] Operational Insights - The company has formed a preliminary funnel model for its CDMO business, with 1,601 quoted projects in 2024, a 77% increase, and 996 ongoing projects, a 35% increase [3] - The pharmaceutical segment's gross margin is expected to improve significantly, reaching 60.81% in 2024, up by 7.67 percentage points, due to adjustments in sales models and increased production efficiency [3] - The overall gross margin of the company is anticipated to improve as the revenue share from the lower-margin raw materials business declines and the higher-margin CDMO and pharmaceutical businesses grow [9]

证券研究报告·公司点评报告·化学制药 普洛药业（000739） 2024 年年报点评：原料药业务短期承压，看 好 CDMO 成为新增长极 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 11474 | 12022 | 13272 | 14816 | 16624 | | 同比（%） | 8.81 | 4.77 | 10.40 | 11.63 | 12.20 | | 归母净利润（百万元） | 1055 | 1031 | 1175 | 1392 | 1693 | | 同比（%） | 6.69 | (2.29) | 13.92 | 18.50 | 21.61 | | EPS-最新摊薄（元/股） | 0.90 | 0.88 | 1.00 | 1.19 | 1.45 | | P/E（现价&最新摊薄） | 17.22 | 17.62 | 15.47 | 13.05 | 10.73 | [Table_Tag] [Table_Su ...