Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 performance shows significant improvement, with a notable increase in revenue and net profit, driven by the growing demand for peptide synthesis reagents in both domestic and international markets [4][5] - The company is positioned as a leader in the peptide synthesis reagent industry, with a strong customer base that includes over 1,900 pharmaceutical research and production enterprises [5] - The establishment of self-owned production capacity is expected to enhance the company's long-term development and competitiveness [6] Financial Performance Summary - In H1 2024, the company achieved revenue of 225 million yuan, a year-on-year increase of 7.12%, and a net profit of 65.81 million yuan, up 12.04% year-on-year [4] - Q2 2024 revenue reached 134 million yuan, reflecting a year-on-year growth of 57.64% and a quarter-on-quarter increase of 46.69% [4] - The company forecasts net profits for 2024-2026 to be 117 million, 150 million, and 189 million yuan respectively, with corresponding EPS of 1.08, 1.39, and 1.75 yuan [4] Business Overview - The sales of peptide synthesis reagents amounted to approximately 183 million yuan in H1 2024, marking an 11.62% year-on-year increase [5] - The company has a production capacity of over 160 types of products, accounting for 75% of its total offerings, with a significant market share in ion-type coupling reagents [5] - The company is actively expanding its production capacity, with new projects underway in Anhui and Jiangsu provinces [6] Valuation Metrics - The current stock price is 36.47 yuan, with a market capitalization of 39.39 billion yuan [1] - The projected P/E ratios for 2024-2026 are 33.7, 26.3, and 20.8 times respectively, indicating a favorable valuation in light of the industry's growth potential [4][7]
昊帆生物：公司信息更新报告：Q2业绩环比改善明显，自有产能落地突破供给瓶颈