Jiangsu Sinopep-Allsino Biopharmaceutical (SH:688076) Huafu Securities·2024-10-23 08:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% compared to the market benchmark index within the next six months [12]. Core Insights - The company reported impressive performance in Q3 2024, with revenues reaching 1.25 billion, a year-on-year increase of 76.5%, and a net profit attributable to shareholders of 350 million, up 281.9% year-on-year [1]. - The gross margin reached a historical high of 73.3% in Q3 2024, reflecting an increase of 8.6 percentage points year-on-year [1]. - The company is accelerating its capacity expansion, with plans to add 10 tons of peptide production capacity by mid-2025, which includes the completion of two new peptide workshops [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 1.25 billion, with a net profit of 350 million, and a non-recurring net profit of 355 million, marking significant growth rates of 76.5%, 281.9%, and 301.4% respectively [1]. - In Q3 2024 alone, the company generated 420 million in revenue, a 36.3% increase year-on-year, and a net profit of 120 million, reflecting a 146.9% year-on-year growth [1]. - The company’s R&D investment in Q3 2024 reached 60 million, a 32% increase year-on-year, indicating a strong commitment to innovation [1]. Earnings Forecast and Valuation - The company is projected to achieve net profits of 420 million, 590 million, and 830 million for the years 2024, 2025, and 2026 respectively, maintaining previous forecasts [2]. - The corresponding price-to-earnings (P/E) ratios are expected to be 33, 23, and 16 for the same years [2]. - The revenue forecast for 2024 is set at 1.814 billion, with a growth rate of 76% [10].