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]
诺泰生物：2024半年度业绩预告发布，利润持续爆发式增长，大超市场预期