APELOA(000739)2024-10-18 08:13Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11]. Core Views - The company achieved steady revenue growth in the first three quarters of 2024, with revenue reaching 9.29 billion yuan (up 9.3% year-on-year) and net profit attributable to shareholders of 870 million yuan (up 2.15% year-on-year) [3]. - The company has signed a strategic cooperation agreement with Baikuirui to enhance its research and production capabilities in protein and peptide drugs [5]. Financial Performance Summary - For the first three quarters of 2024, the company reported: - Revenue: 9.29 billion yuan (up 9.3%) - Net profit: 870 million yuan (up 2.15%) - Non-recurring net profit: 831 million yuan (up 0.4%) - Gross margin: 24.23% (down 2.55 percentage points) - Net margin: 9.36% (down 0.66 percentage points) [3]. - In Q3 2024, the company recorded: - Revenue: 2.862 billion yuan (up 12.41%) - Net profit: 245 million yuan (down 2.19%) - Non-recurring net profit: 229 million yuan (down 1.75%) - Gross margin: 23.18% (down 4.02 percentage points) - Net margin: 8.55% (down 1.28 percentage points) [3]. - The company maintains its profit forecast, expecting net profits of 1.238 billion yuan, 1.462 billion yuan, and 1.700 billion yuan for 2024, 2025, and 2026 respectively, with current price-to-earnings ratios of 15.3, 12.9, and 11.1 times [3]. Financial Ratios and Projections - Key financial metrics for 2024E: - Revenue: 13.029 billion yuan (up 13.6%) - Net profit: 1.238 billion yuan (up 17.3%) - Gross margin: 26.0% - Net margin: 9.5% - Return on equity (ROE): 17.5% - Earnings per share (EPS): 1.06 yuan [6]. - The company’s financial expenses increased by 74 million yuan year-on-year due to exchange losses, compared to exchange gains in the same period last year [4].