诺泰生物：业绩超预期，多肽领域优势不断兑现，高增态势延续

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 76.90 [1]. Core Insights - The company is expected to maintain a high growth trajectory, particularly in the peptide sector, with significant revenue and profit increases projected for the upcoming years [6][24]. - The company anticipates achieving a net profit of 2.15 billion yuan in the first half of 2024, representing a year-on-year growth of approximately 413.71% [6][23]. - The growth is attributed to the commercialization of key peptide products and a recovering demand in the global peptide supply chain [6][24]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are 15.67 billion yuan, 22.53 billion yuan, and 32.11 billion yuan, with growth rates of 51.62%, 43.77%, and 42.53% respectively [2][24]. - Net profit forecasts for the same period are 3.52 billion yuan, 4.63 billion yuan, and 6.05 billion yuan, with growth rates of 116.07%, 31.39%, and 30.85% respectively [2][24]. - The company’s P/E ratio is expected to decrease from 100.62 in 2023 to 27.08 in 2026, indicating improved valuation over time [2][24]. Company Overview - The total share capital of the company is 213.18 million shares, with a market capitalization of 16,393.54 million yuan [5]. - The company has a strong focus on peptide and small molecule CDMO (Contract Development and Manufacturing Organization) services, which are expected to drive future growth [6][24].