APELOA(000739) 浙商证券·2025-03-17 14:28Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to enter a trend of improving profitability due to the increasing revenue share from high-margin businesses such as CDMO and formulations, along with rising capacity utilization and production efficiency [1][10] - The financial performance shows short-term profit pressure but maintains high operational quality, with 2024 revenue reaching 12.022 billion yuan, a year-on-year increase of 4.77%, and a net profit of 1.031 billion yuan, a decline of 2.29% year-on-year [1][2] Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of 12.022 billion yuan, with a net profit of 1.031 billion yuan, reflecting a year-on-year decline of 2.29% [1] - The cash flow from operating activities was 1.209 billion yuan, showing a strong operational quality with a year-on-year increase of 17.20% [1] Growth Potential - The raw material and intermediate business saw stable growth, with sales revenue of 8.651 billion yuan in 2024, an increase of 8.32% year-on-year [2] - The CDMO business reported revenue of 1.884 billion yuan in 2024, despite a year-on-year decline of 6.05%, with a significant increase in project numbers, indicating strong growth potential [3] Profitability - The overall gross margin for 2024 was 23.85%, a decrease of 1.81 percentage points year-on-year, primarily due to the decline in gross margin from the raw material and intermediate business [4] - The company is expected to enter a period of improving profitability as high-margin business revenues increase and production efficiency improves [10] Earnings Forecast and Valuation - The earnings per share (EPS) for 2025-2027 are projected to be 1.00, 1.13, and 1.36 yuan respectively, with a price-to-earnings (P/E) ratio of 15 times for 2025 [11] - The company is anticipated to enter a new cycle of high-quality growth driven by supply upgrades as capacity is gradually released [11]