诺泰生物：业绩超过预告中枢，多项战略合作落地，产能释放加速，持续高增有望延续

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2]. Core Views - The company's performance has exceeded expectations, with multiple strategic collaborations established and accelerated capacity release, indicating a sustained high growth trajectory [2][5]. - The revenue forecast for 2024-2026 has been adjusted to 16.67 billion, 23.53 billion, and 35.65 billion yuan, reflecting growth rates of 61.29%, 41.15%, and 51.52% respectively [2][4]. - The net profit forecast for the same period is adjusted to 4.13 billion, 5.65 billion, and 8.01 billion yuan, with growth rates of 153.62%, 36.68%, and 41.84% respectively [2][4]. Financial Performance Summary - In the first half of 2024, the company achieved revenue of 8.32 billion yuan, a year-on-year increase of 107.47%, and a net profit of 2.27 billion yuan, up 442.77% [4][5]. - The second quarter of 2024 saw revenue of approximately 4.76 billion yuan, representing a 146.82% increase, and a net profit of about 1.61 billion yuan, up 671.78% [5][6]. - The company has established several strategic partnerships, contributing to a robust growth in its self-selected product line, particularly in the peptide and specialty raw materials sectors [5][6]. Earnings Forecast and Valuation - The earnings per share (EPS) is projected to increase from 0.76 yuan in 2023 to 3.76 yuan in 2026 [1][2]. - The price-to-earnings (P/E) ratio is expected to decrease from 81.24 in 2023 to 16.52 in 2026, indicating improved valuation metrics over time [1][2]. - The return on equity (ROE) is forecasted to rise from 7.51% in 2023 to 21.11% in 2026, reflecting enhanced profitability [1][2]. Strategic Developments - The company has made significant advancements in its C(D)MO technology platform, establishing long-term partnerships with major pharmaceutical companies, which is expected to drive future revenue growth [5][6]. - New production facilities are being developed, with a multi-peptide workshop expected to be operational by the end of 2024, further enhancing production capacity [5][6].