圣诺生物：多肽新产能释放在即，出口放量值得期待

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has a comprehensive layout in peptide drugs, demonstrating stable revenue growth, leading technology, and a rich variety of reserves. The first half of 2024 saw revenue of 199 million RMB, a year-on-year increase of 14.44%, driven by sales growth from somatostatin and Atorvastatin after winning bids in the June 2023 centralized procurement [4] - The company has invested significantly in R&D, with expenses increasing by nearly 10 million RMB year-on-year, primarily due to collaborations and new product developments [4] - The global peptide market is rapidly growing, with high international market prices for major raw materials, indicating a significant opportunity for the company's CDMO services [4] Summary by Relevant Sections Financial Performance - Revenue (in million RMB): 396 in 2022, projected to grow to 539 in 2024E, 687 in 2025E, and 850 in 2026E, with growth rates of 2.38%, 9.93%, 23.86%, 27.41%, and 23.88% respectively [2] - Net profit attributable to the parent company (in million RMB): 64 in 2022, projected to reach 120 in 2024E, 150 in 2025E, and 186 in 2026E, with growth rates of 5.28%, 9.08%, 70.14%, 25.21%, and 23.82% respectively [2] - Diluted earnings per share (in RMB): 0.806 in 2022, expected to increase to 1.068 in 2024E, 1.338 in 2025E, and 1.656 in 2026E [2] Valuation Metrics - Price-to-Earnings (P/E) ratio: 27.57 in 2022, projected to decrease to 19.33 in 2024E, 15.44 in 2025E, and 12.47 in 2026E [2] - Price-to-Book (P/B) ratio: 2.15 in 2022, expected to decline to 2.36 in 2024E, 2.07 in 2025E, and 1.78 in 2026E [2] Production Capacity and Market Outlook - The company has completed the main construction of several projects related to peptide raw material production and is currently in the equipment debugging phase [4] - The global peptide market is expected to grow significantly, with the CDMO market being a multi-billion dollar opportunity [4]