Jiangsu Sinopep-Allsino Biopharmaceutical (SH:688076) Minsheng Securities·2024-06-21 05:01Investment 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].