诺泰生物：2024年半年报点评：新签多个全球重磅原料药项目，十吨级产能加速建设中

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].