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普洛药业：业绩符合预期，Q3淡季收入表现稳健
000739APELOA(000739)2024-10-19 00:00

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 met expectations, with stable revenue growth during the off-peak season. The revenue for the first three quarters reached 10.54 billion yuan, a year-on-year increase of 17.92% [1] - The growth in revenue is primarily driven by the rapid expansion of the formulation segment due to centralized procurement, along with an increasing market share of core API products and a growing number of clients and projects in the CDMO business [1][2] - The company is expected to maintain robust growth in revenue and profit, with projected net profits of 1.14 billion yuan for 2023, reflecting a year-on-year growth of 7.90% [1][2] Financial Performance Summary - Revenue (Million Yuan): - 2022A: 10,544.91 - 2023A: 11,474.16 (YoY growth: 8.81%) - 2024E: 12,716.23 (YoY growth: 10.82%) - 2025E: 14,004.28 (YoY growth: 10.13%) - 2026E: 15,477.21 (YoY growth: 10.52%) [1] - Net Profit (Million Yuan): - 2022A: 989.17 - 2023A: 1,055.34 (YoY growth: 6.69%) - 2024E: 1,138.72 (YoY growth: 7.90%) - 2025E: 1,271.50 (YoY growth: 11.66%) - 2026E: 1,478.92 (YoY growth: 16.31%) [1] - Earnings Per Share (Yuan): - 2022A: 0.84 - 2023A: 0.90 - 2024E: 0.97 - 2025E: 1.08 - 2026E: 1.25 [1] - Market Capitalization (Million Yuan): - As of October 17, 2024, the market capitalization is 18,896.27 [1] Quarterly Financial Data - Q1-Q3 2024 Revenue: 9,290.22 million yuan, a year-on-year increase of 9.30% [2] - Q1-Q3 2024 Net Profit: 869.65 million yuan, a year-on-year increase of 2.15% [2] - Operating Cash Flow: 1,165.71 million yuan, a year-on-year increase of 37.38% [2] Future Outlook - The company is expected to continue its growth trajectory, with revenue projected to reach 12.72 billion yuan in 2024 and net profit expected to grow to 1.14 billion yuan [1][2] - The company maintains a strong competitive position in the industry, supported by its diversified business strategy and continuous improvement in operational efficiency [1][2]