诺泰生物：公司信息更新报告：前三季度业绩维持高增长，多肽API业务持续发力

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has maintained high growth in the first three quarters, with a revenue increase of 76.51% year-on-year, reaching 12.52 billion yuan, and a net profit of 3.55 billion yuan, up 301.43% [1][2] - The gross profit margin improved to 61.0%, and the net profit margin increased to 28.01%, reflecting strong profitability [2] - The company is actively expanding its global market presence, having signed significant strategic cooperation agreements in various regions, including Europe, North America, and India, which will support future growth [3] - The company is advancing its production capacity for peptide APIs, with a new facility expected to reach a capacity of 10 tons per year by the end of 2025 [4] Financial Performance Summary - Revenue for 2024 is projected to be 1.738 billion yuan, with a year-on-year growth of 68.1% [5] - The net profit for 2024 is estimated at 461 million yuan, representing a year-on-year increase of 182.7% [5] - The earnings per share (EPS) for 2024 is forecasted to be 2.10 yuan, with a price-to-earnings (P/E) ratio of 28.9 [5] - The company’s total market capitalization is 133.25 billion yuan, with a circulating market capitalization also at 133.25 billion yuan [2]