Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady revenue growth in 2024, with a projected revenue of 12.022 billion yuan, representing a year-on-year increase of 4.77%. However, the net profit attributable to the parent company is expected to decline by 2.29% to 1.031 billion yuan [4][5] - The CDMO (Contract Development and Manufacturing Organization) projects are rapidly increasing, with 1,601 quoted projects, a year-on-year growth of 77%, and 996 ongoing projects, a year-on-year growth of 35% [5] - The company has adjusted its profit forecasts for 2025 and 2026 downwards due to weak demand in the antibiotic sector, with expected net profits of 1.177 billion yuan and 1.374 billion yuan for 2025 and 2026, respectively [4][5] Financial Summary - In 2024, the company achieved a revenue of 12.022 billion yuan, with a gross margin of 23.85% and a net margin of 8.57% [4] - The CDMO business revenue for 2024 was 1.884 billion yuan, with a gross margin of 41.06% [5] - The raw material drug intermediate business revenue was 8.651 billion yuan, showing an increase of 8.3% year-on-year, while the formulation business revenue was 1.256 billion yuan, with a slight increase of 0.5% [6] - The company’s projected earnings per share (EPS) for 2025 is 1.01 yuan, with a price-to-earnings (P/E) ratio of 15.4 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady revenue growth in 2024, with a projected revenue of 120.22 billion yuan, representing a year-on-year increase of 4.77%. However, the net profit attributable to shareholders is expected to decline by 2.29% to 10.31 billion yuan [4][5] - The CDMO (Contract Development and Manufacturing Organization) business is experiencing rapid growth, with the number of projects increasing significantly. The company has 1,601 quoted projects, a 77% year-on-year increase, and 996 ongoing projects, a 35% increase [5] - The company has adjusted its profit forecasts for 2025-2026, now expecting net profits of 11.77 billion yuan and 13.74 billion yuan, respectively, while maintaining a high valuation attractiveness with a current PE ratio of 15.4 for 2025 [4][5] Financial Summary - In 2024, the company achieved a revenue of 120.22 billion yuan, with a net profit of 10.31 billion yuan and a gross margin of 23.85% [4] - The CDMO business generated 18.84 billion yuan in revenue, with a gross margin of 41.06% [5] - The raw material drug intermediate business saw revenue of 86.51 billion yuan, an increase of 8.3%, while the formulation business generated 12.56 billion yuan, a slight increase of 0.5% [6] - The company’s projected revenues for 2025, 2026, and 2027 are 136.51 billion yuan, 155.40 billion yuan, and 177.18 billion yuan, respectively, with corresponding net profits of 11.77 billion yuan, 13.74 billion yuan, and 16.52 billion yuan [8]

医药生物/化学制药 普洛药业（000739.SZ） 2024 年业绩稳健增长，CDMO 项目数快速增长 2025 年 03 月 12 日 投资评级：买入（维持） | 日期 | 2025/3/11 | | --- | --- | | 当前股价(元) | 15.54 | | 一年最高最低(元) | 18.96/12.23 | | 总市值(亿元) | 181.71 | | 流通市值(亿元) | 181.65 | | 总股本(亿股) | 11.69 | | 流通股本(亿股) | 11.69 | | 近 3 个月换手率(%) | 47.0 | 股价走势图 -24% -12% 0% 12% 24% 36% 2024-03 2024-07 2024-11 普洛药业 沪深300 数据来源：聚源 相关研究报告 《2024 年前三季度业绩稳健增长，汇 兑损失有所上升—公司信息更新报 告》-2024.10.18 《2024 上半年业绩超预期，原料药板 块强劲增长—公司信息更新报告》 -2024.8.16 余汝意（分析师） 阮帅（分析师） yuruyi@kysec.cn 证书编号：S0790523070002 原料药业绩维持增长，司 ...

Financial Performance - In 2024, the company achieved a revenue of CNY 12.022 billion, a year-on-year increase of 4.77% [3] - Net profit for the same period was CNY 1.031 billion, a decrease of 2.29% compared to the previous year [3] - The raw material drug segment generated revenue of CNY 8.651 billion, up 8.32% year-on-year, with a gross profit of CNY 1.295 billion [3] - The CDMO segment's revenue was CNY 1.884 billion, down 6.05%, with a gross profit of CNY 0.773 billion [3] - The pharmaceutical segment reported revenue of CNY 1.256 billion, a slight increase of 0.51%, with a gross profit of CNY 0.764 billion [3] R&D and Project Development - R&D investment for 2024 was CNY 641 million, a 2.66% increase year-on-year [4] - The company quoted 1,601 projects in the CDMO segment, a 77% increase, with 996 ongoing projects, up 35% [4] - There are 116 API projects, with 22 already in production and 15 in the verification stage [4] Shareholder Returns - The total amount for share repurchase and cash dividends in 2024 was CNY 6.126 billion, representing 59.41% of the net profit attributable to shareholders [6] - The company has already distributed CNY 2.259 billion in dividends prior to the annual report [7] Market Strategy and Outlook - The company plans to increase the number of API DMF filings by 30-50 over the next three years to support stable growth in the API business [5] - The pharmaceutical strategy focuses on multiple products and channels, with 25 formulation projects initiated annually [5] - The company aims to enhance its CDMO capabilities and expects to reach 3,000 operational projects in 2-3 years [8] Cost and Expense Management - Employee compensation expenses increased by CNY 80 million in 2024, and fixed asset depreciation rose by CNY 120 million, impacting gross profit by approximately CNY 200 million [7] - Sales expense ratio is expected to increase with business scale expansion, while R&D expenses are projected to grow by around 10% [14] Industry Challenges and Responses - The company anticipates continued pressure on raw material prices in early 2025, with a potential recovery in the latter half of the year [11] - The competitive landscape for generic drugs is expected to intensify, but the company is focusing on differentiated products to mitigate risks [13]

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 12.022 billion yuan, a year-on-year increase of 4.77% [1] - The net profit attributable to shareholders was 1.031 billion yuan, a decrease of 2.29% year-on-year, while the net profit after deducting non-recurring gains and losses was 984 million yuan, down 4.09% [1] - Operating cash flow was 1.209 billion yuan, reflecting a strong performance with a year-on-year growth of 17.20% [1] - The company plans to distribute a cash dividend of 3.56 yuan per 10 shares, totaling approximately 412 million yuan [1] Group 2: Business Strategy and Market Position - The company focuses on refining its raw materials business strategy, aiming to supply high-quality and competitive APIs to global pharmaceutical companies [1] - The API business showed steady progress, with a sales revenue of 8.651 billion yuan, an increase of 8.32% year-on-year [1] - The company has developed over 50 new clients, enhancing its market share in strategic products [1] Group 3: CDMO Development - Since establishing the CDMO division, the company aims to become a leading global innovative drug R&D and production enterprise [2] - The number of quoted projects reached 1,601, a year-on-year increase of 77%, with ongoing projects totaling 996, up 35% [2] - The CDMO R&D center in Boston commenced operations in September 2024, enhancing service capabilities in the North American market [2] Group 4: Pharmaceutical Business - The pharmaceutical business generated revenue of 1.256 billion yuan, a slight increase of 0.51% year-on-year, with a gross profit of 764 million yuan, reflecting a growth of 15.02% [2] - The gross margin for the pharmaceutical business was 60.81% [2] - The company is advancing a multi-product strategy, with over 120 formulation varieties and 64 projects under research [2] Group 5: R&D Investment - R&D investment reached 641 million yuan in 2024, a year-on-year increase of 2.66%, accounting for 5.34% of revenue [3] - The company has received approvals for 12 API varieties and 5 formulations domestically, with 2 formulations approved by the FDA [3] - A new international high-end formulation workshop is planned to enhance production capacity, currently in the design phase [3]

Group 1 - The latest institutional holding trends are becoming clearer as the earnings report season unfolds [1] - The Basic Pension Insurance Fund's 808 combination has emerged as the eighth largest shareholder of Prologis, holding 11.8004 million shares, which accounts for 1.01% of the circulating shares [1]

非经营性资金占用及其他关联资金往来情况的 专项说明 和信专字（2025）第 000016 号 关于普洛药业股份有限公司 | 目 | 录 | 页 | 码 | | --- | --- | --- | --- | | 一、非经营性资金占用及其他关联资金往来情况的专项说明 | | 1-2 | | | 二、非经营性资金占用及其他关联资金往来情况汇总表 | | 3 | | 和信会计师事务所（特殊普通合伙） 二〇二五年三月七日 普洛药业股份有限公司 报告正文 关于普洛药业股份有限公司 非经营性资金占用及其他关联资金往来情况的 专项说明 和信专字（2025）第 000016 号 普洛药业股份有限公司全体股东： 我们接受委托，审计了普洛药业股份有限公司（以下简称普洛药业）2024 年度 财务报表，包括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及 公司利润表、合并及公司现金流量表、合并及公司所有者权益变动表以及相关财务 报表附注，并于 2025 年 3 月 7 日出具了和信审字（2025）第 000730 号标准无保留 意见审计报告。 根据中国证券监督管理委员会等四部委联合发布的《上市公司监管 ...

普洛药业股份有限公司 审计报告 和信审字（2025）第 000730 号 | 目 录 | 页 码 | | --- | --- | | 一、审计报告 | 1-6 | | 二、财务报表 | | | 1、合并及公司资产负债表 | 7-10 | | 2、合并及公司利润表 | 11-12 | | 3、合并及公司现金流量表 | 13-14 | | 4、合并及公司所有者权益变动表 | 15-18 | | 三、财务报表附注 | 19-114 | 和信会计师事务所（特殊普通合伙） 二○二五年三月七日 普洛药业股份有限公司 报告正文 审 计 报 告 和信审字（2025）第 000730 号 普洛药业股份有限公司全体股东： 一、审计意见 我们审计了普洛药业股份有限公司（以下简称普洛药业）财务报表，包括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及公司利润表、合并及公司现金流量 表、合并及公司所有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映 了普洛药业 2024 年 12 月 31 日的合并及公司财务状况以及 2024 年度的合并及公 ...

普洛药业股份有限公司 内部控制审计报告 一、企业对内部控制的责任 和信审字（2025）第 000731 号 和信会计师事务所（特殊普通合伙） 二〇二五年三月七日 普洛药业股份有限公司 报告正文 内部控制审计报告 和信审字（2025）第 000731 号 按照《企业内部控制基本规范》、《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是普洛 药业董事会的责任。 普洛药业股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了普洛药业股份有限公司（以下简称"普洛药业"）2024 年 12 月 31 日的财 务报告内部控制的有效性。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告 ...

普洛药业股份有限公司 2024 年度独立董事述职报告 2024 年度本人作为普洛药业股份有限公司（以下简称"公司"）第九届董事 会独立董事， 严格按照《公司法》、《证券法》、《上市公司治理准则》、《上市公 司独立董事管理办法》等法律、行政法规、部门规章、规范性文件的有关规定， 诚信、勤勉、忠实地履行职责，认真审议董事会各项议案，对重大事项发表独立 意见，积极维护公司整体利益和全体股东尤其是中小股东的合法权益。现就本人 2024 年度履行职责情况述职如下： 一、出席公司会议及投票情况 本报告年度内公司召开董事会 6 次，本人出席 6 次，其中现场召开 3 次， 现场与通讯召开 2 次，以通讯方式召开 1 次。本人对各次董事会会议审议的相 关议案均投了赞成票。本报告年度内召开股东大会 1 次，出席 1 次。 二、任职董事会专门委员会工作情况 作为董事会审计委员会委员，本人认真履行职责，严格按照公司《上市公司 独立董事管理办法》、《董事会审计委员会工作细则》等规定，出席审计委员会 会议，讨论审议公司定期财务报告、内部控制评价报告等议案，履行审计委员会 的职责。 作为董事会薪酬与考核委员会委员，报告期内，本人参与了薪 ...