Investment Rating - The investment rating for the company is "Accumulate" [3][16]. Core Views - The report highlights that the peptide products are experiencing continuous growth, and capacity construction is accelerating, indicating a positive long-term growth outlook [2]. - The revenue for Q1-Q3 2024 reached 1.252 billion yuan, representing a year-on-year increase of 76.51%, while the net profit attributable to the parent company was 350 million yuan, up 281.90% year-on-year [7]. - The report anticipates that the demand for terminal peptide products will exceed expectations, leading to an upward revision of the EPS forecasts for 2024-2026 [7]. Financial Summary - Revenue for 2024 is projected to be 1.653 billion yuan, with a year-on-year growth of 59.9% [8]. - The net profit attributable to the parent company for 2024 is expected to be 436 million yuan, reflecting a significant increase of 167.7% [8]. - The EPS for 2024 is forecasted at 1.98 yuan, with subsequent years showing continued growth to 2.67 yuan in 2025 and 3.50 yuan in 2026 [7][8]. Capacity Expansion - The company is set to complete the construction of a new peptide workshop by the end of 2024, which will increase the peptide production capacity to 5 tons per year [7]. - A second peptide workshop is expected to be completed in the first half of 2025, adding another 5 tons per year to the production capacity [7]. Market Position - The company has received FDA First Adequate Letters for its raw materials, which will facilitate compliance with global regulatory requirements [7]. - The report notes that the company has secured a contract worth 102 million USD with a large European pharmaceutical company, with deliveries expected to accelerate in the second half of 2024 [7].
诺泰生物2024年三季报点评：多肽产品持续放量，产能建设加快