Jiangsu Sinopep-Allsino Biopharmaceutical (SH:688076) Soochow Securities·2024-10-23 04:30Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported a revenue of 1.252 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 76.51%, with a net profit attributable to shareholders of 350 million yuan, up 281.90% [2] - Gross margin improved further, with Q3 gross margin at 73.27%, an increase of 8.55 percentage points year-on-year and 5.91 percentage points quarter-on-quarter [2] - The company is expected to continue benefiting from the rapid growth of its peptide API products, with production capacity projected to reach 11.6 tons by the end of 2025, making it the leader in the domestic market [2][3] Financial Performance Summary - Total revenue (in million yuan) is forecasted to grow from 1,034 in 2023 to 1,653 in 2024, 2,355 in 2025, and 3,106 in 2026, with year-on-year growth rates of 59.90%, 42.49%, and 31.88% respectively [1][10] - Net profit attributable to shareholders is projected to increase from 438 million yuan in 2024 to 551 million yuan in 2025 and 711 million yuan in 2026, with a significant year-on-year growth of 174.14% in 2024 [1][10] - The latest diluted EPS is expected to rise from 0.74 yuan in 2023 to 2.03 yuan in 2024, 2.54 yuan in 2025, and 3.23 yuan in 2026 [1][10] Growth Drivers - The company is experiencing a rapid increase in the volume of peptide products, with a strong pipeline of orders for various peptide APIs and CDMO projects [2][3] - The demand for Oseltamivir is anticipated to rebound in Q4, further supporting revenue growth [3]