诺泰生物：多肽发力持续，前三季度净利润同比增3倍

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company reported significant growth in revenue and net profit for the first three quarters of 2024, with revenue, net profit attributable to the parent, and net profit excluding non-recurring items reaching 1.252 billion, 350 million, and 355 million RMB respectively, representing year-on-year growth of 76%, 282%, and 301% [2][3]. - The growth in revenue is primarily driven by a substantial increase in orders for peptide products, with the gross profit margin reaching a historical high of 73.27% in Q3 2024 [3]. - The company has secured FDA DMF approvals for several raw materials and has ample production capacity, with plans to increase peptide production capacity to 10 tons per year by the end of 2025 [3]. - The company has established long-term supply contracts with major pharmaceutical companies, indicating strong future growth potential [3]. Summary by Sections Performance Analysis - The company achieved a 301% year-on-year increase in net profit excluding non-recurring items for the first three quarters of 2024, following a doubling of revenue in the first half of the year [3]. - Q3 2024 revenue and net profit attributable to the parent decreased by 11.55% and 23.47% respectively compared to the previous quarter, but still showed strong year-on-year growth [3]. Growth Potential - The company has a robust pipeline with multiple long-chain modified peptide drugs, and its production efficiency is among the industry's best [3]. - The company is expanding its production capacity and has initiated projects to enhance the quality and scale of peptide production [3]. Financial Forecasts - The revenue forecasts for 2024, 2025, and 2026 have been adjusted downwards by 30%, 41%, and 44% to 1.7 billion, 2.4 billion, and 3 billion RMB respectively, while net profit forecasts have been reduced by 5%, 37%, and 43% to 450 million, 580 million, and 760 million RMB respectively [3].