Investment Rating - The report maintains a "Buy" rating for the company [14]. Core Views - The company is expected to achieve a significant profit increase in the first half of 2024, with net profit projected between 180 to 250 million yuan, representing a year-on-year growth of 330% to 497% [13]. - The growth is primarily driven by the strong performance of peptide raw materials, particularly GLP-1 raw materials, which are in high demand [13]. - The report highlights the company's proactive expansion in production capacity and its strategic focus on business development (BD) to enhance market share [13]. Financial Summary - **Revenue**: - 2022: 651 million yuan - 2023: 1,034 million yuan - 2024E: 1,995 million yuan (growth rate of 93.0%) - 2025E: 2,872 million yuan (growth rate of 44.0%) - 2026E: 4,079 million yuan (growth rate of 42.0%) [3][13] - **Net Profit**: - 2022: 129 million yuan - 2023: 163 million yuan - 2024E: 374 million yuan (growth rate of 129.6%) - 2025E: 539 million yuan (growth rate of 44.1%) - 2026E: 827 million yuan (growth rate of 53.5%) [3][13] - **EPS**: - 2022: 0.61 yuan - 2023: 0.76 yuan - 2024E: 1.75 yuan - 2025E: 2.53 yuan - 2026E: 3.88 yuan [3][13] - **ROE**: - 2022: 6.4% - 2023: 7.6% - 2024E: 15.4% - 2025E: 18.4% - 2026E: 22.3% [3][13] - **Valuation Ratios**: - P/E: - 2022: 101.3 - 2023: 80.3 - 2024E: 35.0 - 2025E: 24.3 - 2026E: 15.8 [3][13] - P/B: - 2022: 6.8 - 2023: 6.4 - 2024E: 5.6 - 2025E: 4.6 - 2026E: 3.6 [3][13]

[Table_Title] 评级：买入(维持) 市场价格：76.90 [Table_Finance] 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 651.29 1033.55 1567.03 2252.94 3211.10 增长率 yoy% 1.15% 58.69% 51.62% 43.77% 42.53% 净利润（百万元） 129.11 162.94 352.05 462.57 605.28 增长率 yoy% 11.89% 26.20% 116.07% 31.39% 30.85% 每股收益（元） 0.61 0.76 1.65 2.17 2.84 每股现金流量 0.14 1.64 1.46 0.15 -0.12 净资产收益率 6.76% 7.51% 14.93% 16.32% 17.51% P/E 126.98 100.62 46.57 35.44 27.08 PEG 10.68 3.84 0.40 1.13 0.88 P/B 8.58 7.55 6.95 5.78 4.74 备注：截止 2024 年 06 月 23 日 执业证书编号：S07405 ...

Investment Rating - The report maintains a "Recommended" rating for the company [11][12]. Core Views - The company is expected to achieve significant growth in its financial performance, with a projected revenue increase from 1,034 million yuan in 2023 to 1,602 million yuan in 2024, representing a growth rate of 55% [2][11]. - The net profit attributable to shareholders is forecasted to rise from 163 million yuan in 2023 to 391 million yuan in 2024, indicating a remarkable growth rate of 140.2% [2][11]. - The company has established multiple advantages in the peptide raw material drug sector, including quality, production capacity, cost efficiency, and sales strategies [11]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 1,602 million yuan, 2,303 million yuan, and 3,141 million yuan, respectively, with growth rates of 55.0%, 43.8%, and 36.4% [2][11]. - The net profit attributable to shareholders is expected to be 391 million yuan in 2024, 590 million yuan in 2025, and 828 million yuan in 2026, with corresponding growth rates of 140.2%, 50.7%, and 40.4% [2][11]. - The earnings per share (EPS) are projected to increase from 0.76 yuan in 2023 to 1.84 yuan in 2024, 2.77 yuan in 2025, and 3.88 yuan in 2026 [2][11]. Business Developments - The company has received approval for the launch of Oseltamivir Phosphate Granules, expanding its product offerings and enhancing its market position [11]. - The demand for peptide raw materials is robust, with a significant increase in revenue from this segment, which grew by 141% in 2023 [11]. - The company has successfully upgraded its production facilities, enhancing its capacity to meet growing global demand for peptide raw materials [11].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 80.49 CNY per share, indicating a potential upside from the current price of 72.80 CNY [25][24]. Core Insights - The company has a competitive advantage in the peptide drug sector due to its innovative synthesis strategies, which have significantly reduced production costs. For instance, the average sales cost of its liraglutide products decreased from 450.35 thousand CNY/kg in 2018 to 68.76 thousand CNY/kg in 2020 [22]. - The company is well-positioned in the peptide market, having established a comprehensive supply chain from intermediates to active pharmaceutical ingredients (APIs) and formulations [22][40]. - Future revenue growth is expected as the company's core peptide products gain traction with end customers, with projected net profits of 381 million CNY, 530 million CNY, and 695 million CNY for 2024, 2025, and 2026, respectively [24][51]. Financial Summary - The company reported a revenue of 1,034 million CNY in 2023, with a growth rate of 58.7% compared to the previous year. The projected revenues for the next three years are 1,887 million CNY in 2024, 2,441 million CNY in 2025, and 3,074 million CNY in 2026 [51]. - The net profit for 2023 was 163 million CNY, with an expected increase to 381 million CNY in 2024, reflecting a growth rate of 134% [51]. - The earnings per share (EPS) are projected to be 1.79 CNY in 2024, 2.49 CNY in 2025, and 3.26 CNY in 2026, with corresponding price-to-earnings (P/E) ratios of 40.70, 29.27, and 22.34 [24][51]. Industry Position - The company is recognized as the only listed entity among CDE registered enterprises in its sector, highlighting its unique market position [50]. - The company has successfully registered multiple products with the FDA, including liraglutide and semaglutide, which enhances its credibility and market access [50][42].

| 证券代码：688076 | 证券简称：诺泰生物 公告编号：2024-045 | | --- | --- | | 转债代码：118046 | 转债简称：诺泰转债 | 江苏诺泰澳赛诺生物制药股份有限公司 关于可转债投资者适当性要求的风险提示公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《募集说明书》的约定，公司本次发行的可转债转股期限自发行结束之 日（2023 年 12 月 21 日）起满六个月后的第一个交易日（2024 年 6 月 21 日）起 至可转债到期日（2029 年 12 月 14 日）止（如遇法定节假日或休息日延至其后 的第 1 个交易日；顺延期间付息款项不另计息）。 二、不符合科创板股票投资者适当性要求的公司可转债投资者所持本次可 转债不能转股的风险 公司为科创板上市公司，参与本次可转债转股的投资者，应当符合科创板股 票投资者适当性管理要求。参与科创板可转债的投资者，可将其持有的可转债进 行买入或卖出操作。但不符合科创板股票投资者适当性管理要求的投资者，不能 将其所持的可转债转换为公司股票。投资者需关 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders for the first half of 2024 to be between 180 million and 250 million CNY, representing an increase of 138.15 million to 208.15 million CNY compared to the same period last year, a year-on-year increase of 330.08% to 497.34%[4] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses for the first half of 2024 is also projected to be between 180 million and 250 million CNY, reflecting an increase of 136.99 million to 206.99 million CNY year-on-year, which corresponds to a growth of 318.59% to 481.38%[4] - In the same period last year, the total profit was 47.88 million CNY, with a net profit attributable to shareholders of 41.85 million CNY and a net profit after deducting non-recurring gains and losses of 43.00 million CNY[6] Performance Drivers - The significant growth in the company's performance is attributed to the continuous increase in the volume and revenue share of self-selected products[7] Audit and Risks - The performance forecast has not been audited by a registered accountant, indicating preliminary estimates[5] - There are risks associated with the recognition of revenue due to potential delays in shipping and logistics, which may affect some orders[9] - The forecast data is preliminary and the final financial data will be disclosed in the official 2024 semi-annual report[10]

| 证券代码：688076 | 证券简称：诺泰生物 | 公告编号：2024-043 | | --- | --- | --- | | 转债代码：118046 | 转债简称：诺泰转债 | | 江苏诺泰澳赛诺生物制药股份有限公司 关于可转债投资者适当性要求的风险提示公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 根据相关法律规定及江苏诺泰澳赛诺生物制药股份有限公司（以下简称 "公司"）《向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集说 明书》"）的约定，公司发行的"诺泰转债"自 2024 年 6 月 21 日起可转换为本公 司股份。 公司现就本次向不特定对象发行可转换公司债券，对不符合科创板股票投资 者适当性要求的公司可转债投资者所持"诺泰转债"不能转股的风险，提示性公 告如下： 一、可转债发行上市概况 根据中国证券监督管理委员会《关于同意江苏诺泰澳赛诺生物制药股份有限 公司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕2506 号）， 公司于 2023 年 12 月 15 日向 ...

| 证券代码：688076 | 证券简称：诺泰生物 公告编号：2024-042 | | --- | --- | | 转债代码：118046 | 转债简称：诺泰转债 | 江苏诺泰澳赛诺生物制药股份有限公司 关于可转债投资者适当性要求的风险提示公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为"诺泰转债"，转债代码为"118046"。 根据《募集说明书》的约定，公司本次发行的可转债转股期限自发行结束之 日（2023 年 12 月 21 日）起满六个月后的第一个交易日（2024 年 6 月 21 日）起 至可转债到期日（2029 年 12 月 14 日）止（如遇法定节假日或休息日延至其后 的第 1 个交易日；顺延期间付息款项不另计息）。 二、不符合科创板股票投资者适当性要求的公司可转债投资者所持本次可 转债不能转股的风险 公司为科创板上市公司，参与本次可转债转股的投资者，应当符合科创板股 票投资者适当性管理要求。参与科创板可转债的投资者，可将其持有的可转债进 行买入或卖出操作。但不符合科创板股票投资者适当性管理要求的投资者，不 ...

| 证券代码：688076 | 证券简称：诺泰生物 公告编号：2024-040 | | --- | --- | | 转债代码：118046 | 转债简称：诺泰转债 | 江苏诺泰澳赛诺生物制药股份有限公司 根据《募集说明书》的约定，公司本次发行的可转债转股期限自发行结束之 日（2023 年 12 月 21 日）起满六个月后的第一个交易日（2024 年 6 月 21 日）起 至可转债到期日（2029 年 12 月 14 日）止（如遇法定节假日或休息日延至其后 的第 1 个交易日；顺延期间付息款项不另计息）。 二、不符合科创板股票投资者适当性要求的公司可转债投资者所持本次可 转债不能转股的风险 关于可转债投资者适当性要求的风险提示公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 根据相关法律规定及江苏诺泰澳赛诺生物制药股份有限公司（以下简称 "公司"）《向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集说 明书》"）的约定，公司发行的"诺泰转债"自 2024 年 6 月 21 日起可转换为本公 司股份。 ...

| 证券代码：688076 | 证券简称：诺泰生物 | 公告编号：2024-039 | | --- | --- | --- | | 转债代码：118046 | 转债简称：诺泰转债 | | 江苏诺泰澳赛诺生物制药股份有限公司 关于 2023 年年度权益分派调整可转债转股价格 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 经中国证券监督管理委员会《关于同意江苏诺泰澳赛诺生物制药股份有限公 司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕2506 号） 同意注册，江苏诺泰澳赛诺生物制药股份有限公司（以下简称"公司"）于 2023 年 12 月 15 日向不特定对象发行了 4,340,000 张可转换公司债券，并于 2024 年 1 月 18 日在上海证券交易所上市交易（转债简称"诺泰转债"，转债代码"118046"）。 根据《募集说明书》的约定，公司本次发行的可转债转股期限自发行结束之日 （2023 年 12 月 21 日）起满六个月后的第一个交易日（2024 年 6 月 21 日）起至 ...