诺泰生物：业绩表现亮眼，产能布局领先

Investment Rating - The investment rating for the company is "Outperform the Market" [4][10]. Core Views - The company has demonstrated impressive performance with revenue growth of 107.47% year-on-year, reaching 831 million yuan in the first half of 2024, while net profit increased by 442.77% to 227 million yuan [5][9]. - The growth is attributed to significant increases in sales of self-selected and customized products, with the profit growth outpacing revenue growth due to scale effects and a higher proportion of high-margin products [5][9]. - The company is well-positioned in the market with a leading capacity layout, particularly in peptide raw materials, with production capacity reaching ton-level [9]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 831 million yuan (+107.47%) and net profit of 227 million yuan (+442.77%), with a quarterly revenue of 476 million yuan (+146.82%) and net profit of 161 million yuan (+671.78%) in Q2 [5][9]. - The revenue from self-selected products was 545 million yuan (+120%), while customized products and services generated 286 million yuan (+88%) [5][9]. Capacity and Production - The company has a current production capacity of 1.25 million liters at its JianDe factory, with an additional 220,000 liters expected to be operational this year [9]. - The company is expanding its peptide production capacity, with plans to reach 10 tons per year by the end of 2024 [9]. Profitability and Forecast - The gross margin improved to 67.32% (+9.73 percentage points), driven by scale effects and an increase in high-margin peptide products [9]. - The company has raised its revenue forecasts for 2024-2026 to 1.634 billion, 2.280 billion, and 3.036 billion yuan, respectively, with net profit forecasts of 432 million, 589 million, and 790 million yuan [2][9].