诺泰生物：多肽原料药订单充足，业绩有望持续高增长

Investment Rating - The report assigns a "Buy - A" investment rating to the company with a target price of 72.80 CNY for the next six months [2][4]. Core Views - The company has reported strong financial performance with a revenue of 831 million CNY and a net profit of 227 million CNY for the first half of 2024, representing year-on-year growth of 107.47% and 442.77% respectively [2][4]. - The growth is attributed to the continuous increase in self-selected products and the CDMO business, which generated revenues of 545 million CNY and 281 million CNY respectively in the same period [2][4]. - The company is actively expanding its peptide raw material production capacity, which is expected to benefit from the growing demand for GLP-1 products [2][4]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 831 million CNY, a 107.47% increase year-on-year, and a net profit of 227 million CNY, a 442.77% increase year-on-year [2][4]. - The revenue forecast for 2024-2026 is projected to be 1.64 billion CNY, 2.22 billion CNY, and 2.96 billion CNY respectively, with year-on-year growth rates of 58.7%, 35.5%, and 33.4% [9][14]. Profitability and Valuation - The expected net profits for 2024-2026 are 400 million CNY, 544 million CNY, and 711 million CNY, with growth rates of 145.5%, 36.0%, and 30.7% respectively [9][14]. - The report indicates that the company's current PE ratio is 34.12, which is considered to be at a mid-low valuation level [11][14]. Business Segments - The self-selected products segment is expected to generate revenues of 1.20 billion CNY, 1.73 billion CNY, and 2.43 billion CNY for 2024-2026, with growth rates of 90%, 45%, and 40% respectively [9][14]. - The CDMO business is projected to achieve revenues of 430 million CNY, 473 million CNY, and 520 million CNY for the same period, with a consistent growth rate of 10% [9][14].