Jiangsu Sinopep-Allsino Biopharmaceutical (SH:688076) Minsheng Securities·2024-10-23 02:00Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company achieved rapid growth in Q3 2024, with revenue reaching 1.252 billion yuan, a year-on-year increase of 76.51%, and net profit attributable to shareholders of 350 million yuan, up 281.90% [2]. - The peptide API business is expanding quickly, with multiple significant API orders secured globally, including collaborations in South America, the US, Europe, and India [2]. - The company is enhancing its production capacity, with the 601 and 602 peptide workshops under construction, expected to add 10 tons/year of peptide production capacity by 2025 [2]. - Future revenue projections for 2024-2026 are 1.748 billion, 2.339 billion, and 3.147 billion yuan, with corresponding net profits of 456 million, 616 million, and 877 million yuan, indicating strong growth potential [5][6]. Financial Summary - For Q3 2024, the company reported a revenue of 421 million yuan, a 36.31% increase year-on-year, and a net profit of 123 million yuan, up 146.86% [2]. - The projected revenue growth rates for 2024, 2025, and 2026 are 69.1%, 33.8%, and 34.5%, respectively [5]. - The company's PE ratios for the forecasted years are 31, 23, and 16, indicating a favorable valuation trend [5][6].