南京证券股份有限公司 关于江苏诺泰澳赛诺生物制药股份有限公司 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》等有关法律法规的要求，南京证券股份有限公司（以下简称"南京证券" 或"保荐机构"）作为江苏诺泰澳赛诺生物制药股份有限公司（以下简称"诺泰 生物"或"公司"）持续督导工作的保荐机构，负责诺泰生物上市后的持续督导 工作，并出具本持续督导跟踪报告。 | 一、持续督导工作情况 | | --- | | 序号 | | 工作内容 | 持续督导情况 | | --- | --- | --- | --- | | 保荐机构已建立并有效执行了持 | | | | | 建立健全并有效执行持续督导工作制度，并针对 | 1 | | 续督导工作制度，并制定了相应 | | 具体的持续督导工作制定相应的工作计划 | | | 的工作计划 | | 根据中国证监会相关规定，在持续督导工作开始 | 2 | | 保荐机构已与诺泰生物签订保荐 | | 前，与上市公司或相关当事人签署持续督导协 | | | 协议，该协议明确了双方在持续 | | 议，明确双方在持续督导期间的权利义务，并报 | | | 督导期间的权利和义务，并报上 ...

公 司 研 究 医 药 生 物 诺泰生物 沪深300 公 司 简 评 [Table_Reportdate] 2024年08月27日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn [Table_QuotePic] -56% -15% 26% 66% 107% 148% 189% 230% 23-08 23-11 24-02 24-05 [相关研究 Table_Report] 《诺泰生物（688076）：业绩强劲增 长，产销研齐头并进——公司简评报 告》 2024.04.02 《诺泰生物（688076）：业绩超预期， 自主产品为主要增长引擎——公司 简评报告》 2023.10.23 | --- | --- | |-----------------------------|-------------| | [ 数据日期 Table_cominfo] | 2024/08/26 | | 收盘价 | ...

华福证券 司 研 诺泰生物（688076.SH） 业绩表现亮眼，产能加速布局，拥抱趋势 投资要点： 公司发布 2024 年上半年年度报告 2024H1：实现收入 8.3 亿，同比增长 107.5%，实现归母净利润 2.3 亿，同比增长 442.8%，实现扣非归母净利润 2.3 亿，同比增长 433.5%； 2024Q2：实现收入 4.8 亿，同比增长 146.8%，实现归母净利润 1.6 亿，同比增长 671.8%，实现扣非归母净利润 1.6 亿，同比增长 735.9%。 多肽原料药业务客户众多，25 年上半年将新落地 10 吨产能 从收入结构看：2024 年上半年实现收入 8.3 亿，其中：1）自主选 择产品：实现收入 5.5 亿元，同比增长 119.8%；2）定制类产品及服务： 实现收入 2.9 亿元，同比增长 88.2%。 原料药业务两个领先：时间领先，25 年上半年将新落地 10 吨多 肽产能：1）新建 601 多肽车间：提前完成封顶，预计 2024 年底完成 安装调试，实现多肽产能 5 吨/年；2）新建 602 多肽车间：预计 2025 年上半年完成建设、安装及调试，将再释放多肽产能 5 吨/年；3 ...

Investment Rating - The report assigns a "Buy - A" investment rating to the company with a target price of 72.80 CNY for the next six months [2][4]. Core Views - The company has reported strong financial performance with a revenue of 831 million CNY and a net profit of 227 million CNY for the first half of 2024, representing year-on-year growth of 107.47% and 442.77% respectively [2][4]. - The growth is attributed to the continuous increase in self-selected products and the CDMO business, which generated revenues of 545 million CNY and 281 million CNY respectively in the same period [2][4]. - The company is actively expanding its peptide raw material production capacity, which is expected to benefit from the growing demand for GLP-1 products [2][4]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 831 million CNY, a 107.47% increase year-on-year, and a net profit of 227 million CNY, a 442.77% increase year-on-year [2][4]. - The revenue forecast for 2024-2026 is projected to be 1.64 billion CNY, 2.22 billion CNY, and 2.96 billion CNY respectively, with year-on-year growth rates of 58.7%, 35.5%, and 33.4% [9][14]. Profitability and Valuation - The expected net profits for 2024-2026 are 400 million CNY, 544 million CNY, and 711 million CNY, with growth rates of 145.5%, 36.0%, and 30.7% respectively [9][14]. - The report indicates that the company's current PE ratio is 34.12, which is considered to be at a mid-low valuation level [11][14]. Business Segments - The self-selected products segment is expected to generate revenues of 1.20 billion CNY, 1.73 billion CNY, and 2.43 billion CNY for 2024-2026, with growth rates of 90%, 45%, and 40% respectively [9][14]. - The CDMO business is projected to achieve revenues of 430 million CNY, 473 million CNY, and 520 million CNY for the same period, with a consistent growth rate of 10% [9][14].

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来源：公司年报、国金证券研究所 诺泰生物(688076.SH) 买入(维持评级) 公司点评 证券研究报告 业绩简评 2024 年 8 月 22 日，公司发布 2024 半年报，1H24 营收/归母/扣非 净利润分别为 8.31/2.27/2.29 亿元，分别同比增长 107%/443%/ 433%；2Q24 营收/归母/扣非净利润分别为 4.75/1.67/1.64 亿元， 分别同比增长 147%/698%/672%。业绩好于预期。 经营分析 前瞻布局技术与产线，多肽产线持续发力，业绩爆发性成长。 （1）业绩：公司 1H24 营收翻倍，归母净利润增长 7 倍；综合毛 利率达 67.32%，再创公司历史新高。 （2）认证与产线：公司于 2023 年先后取得利拉鲁肽、司美格鲁肽 等原料药的 FDA DMF First Adequate Letter。2024 年 2 月，公 司替尔泊肽原料药取得全球首家美国 FDA DMF。在产能方面：①新 建 601 多肽车间提前完成封顶，预计 2024 年底完成安装调试，实 现多肽产能 5 吨/年，新建 602 多肽车间预计 2025 年上半年完成 建设、安装及调试，将再释放 ...

医药生物 证 券 研 究 报 告 2024 年 08 月 22 日 诺泰生物 (688076) —— 双轮驱动高景气增长，2024H1 业绩增长符合预期 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 22 日 | | 收盘价（元） | 62.09 | | 一年内最高 / 最低（元） | 81.50/27.49 | | 市净率 | 6.4 | | 息率（分红/股价） | 0.64 | | 流通 A 股市值（百万元） | 13,548 | | 上证指数/深证成指 | 2,848.77/8,162.18 | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 10.60 | | 资产负债率 % | 39.72 | | 总股本/流通 A 股（百万） | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2]. Core Views - The company's performance has exceeded expectations, with multiple strategic collaborations established and accelerated capacity release, indicating a sustained high growth trajectory [2][5]. - The revenue forecast for 2024-2026 has been adjusted to 16.67 billion, 23.53 billion, and 35.65 billion yuan, reflecting growth rates of 61.29%, 41.15%, and 51.52% respectively [2][4]. - The net profit forecast for the same period is adjusted to 4.13 billion, 5.65 billion, and 8.01 billion yuan, with growth rates of 153.62%, 36.68%, and 41.84% respectively [2][4]. Financial Performance Summary - In the first half of 2024, the company achieved revenue of 8.32 billion yuan, a year-on-year increase of 107.47%, and a net profit of 2.27 billion yuan, up 442.77% [4][5]. - The second quarter of 2024 saw revenue of approximately 4.76 billion yuan, representing a 146.82% increase, and a net profit of about 1.61 billion yuan, up 671.78% [5][6]. - The company has established several strategic partnerships, contributing to a robust growth in its self-selected product line, particularly in the peptide and specialty raw materials sectors [5][6]. Earnings Forecast and Valuation - The earnings per share (EPS) is projected to increase from 0.76 yuan in 2023 to 3.76 yuan in 2026 [1][2]. - The price-to-earnings (P/E) ratio is expected to decrease from 81.24 in 2023 to 16.52 in 2026, indicating improved valuation metrics over time [1][2]. - The return on equity (ROE) is forecasted to rise from 7.51% in 2023 to 21.11% in 2026, reflecting enhanced profitability [1][2]. Strategic Developments - The company has made significant advancements in its C(D)MO technology platform, establishing long-term partnerships with major pharmaceutical companies, which is expected to drive future revenue growth [5][6]. - New production facilities are being developed, with a multi-peptide workshop expected to be operational by the end of 2024, further enhancing production capacity [5][6].

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Viewpoints - The company achieved significant growth in revenue and net profit in the first half of 2024, with revenue reaching 831 million yuan, a year-on-year increase of 107.5%, and net profit of 227 million yuan, up 442.8% [2]. - The company has successfully expanded its global business development (BD) efforts, resulting in a notable increase in orders for its GLP-1 products across various international markets [2]. - The company is accelerating the construction of its ten-ton level peptide production capacity, leveraging advanced production technology to meet strong downstream demand [2]. Financial Performance Summary - For the first half of 2024, the company reported a revenue of 831 million yuan, with a year-on-year growth of 107.5%, and a net profit of 227 million yuan, reflecting a 442.8% increase [2]. - The company's CDMO revenue reached 286 million yuan, growing by 88.2%, while self-selected product revenue was 545 million yuan, up 119.8% [2]. - The projected revenues for 2024, 2025, and 2026 are 1.602 billion yuan, 2.303 billion yuan, and 3.211 billion yuan, respectively, with growth rates of 55.0%, 43.8%, and 39.4% [5]. Production Capacity and Technological Advancements - The company has established a large-scale peptide production technology platform, with single-batch production exceeding 10 kg for several long-chain modified peptide drugs [2]. - The company is expanding its production capacity with the completion of the 601 peptide workshop expected by the end of 2024, which will add an annual capacity of 5 tons [2]. - The new oral solid dosage form production line has passed GMP inspection, with an annual capacity of 4.5 billion capsules for oseltamivir [2].

| 证券代码：688076 | 证券简称：诺泰生物 公告编号：2024-076 | | --- | --- | | 转债代码：118046 | 转债简称：诺泰转债 | 本次利润分配以实施权益分派股权登记日总股本为基数，具体日期将在 权益分派实施公告中明确。 江苏诺泰澳赛诺生物制药股份有限公司 关于 2024 年半年度利润分配方案的公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 每股分配比例：每 10 股派发现金红利 1.00 元（含税），本次利润分配不 送红股，不以公积金转增股本。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分 配比例不变，相应调整分配总额，并将另行公告具体调整情况。 一、利润分配方案内容 根据公司 2024 年半年度财务报告（未经审计），截至 2024 年 6 月 30 日，公 司实现归属于母公司所有者的净利润 227,161,523.34 元，其中母公司实现净利 润 181,810,474.00 元，累计期末可供分配利润为人民币 298,809,614.19 元。经 ...