Investment Rating - Investment rating is maintained as "Buy" [1] Core Views - The company has shown a continuous improvement in gross margin, solidifying its position as an industry leader in the peptide synthesis reagent sector [3] - The company achieved a revenue of 328 million yuan in the first three quarters of 2024, representing a year-on-year growth of 8.08%, with a net profit attributable to shareholders of 96.34 million yuan, up 22.10% year-on-year [3] - The company is expected to maintain its long-term growth trajectory, with profit forecasts for 2024-2026 set at 117 million, 150 million, and 189 million yuan respectively, and corresponding EPS of 1.08, 1.39, and 1.75 yuan [3] Financial Performance - In Q3 2024, the company reported revenue of 103 million yuan, a year-on-year increase of 10.23%, but a quarter-on-quarter decline of 22.96% [3] - The gross margin for Q3 was 44.84%, reflecting a quarter-on-quarter increase of 3.24 percentage points, continuing a trend of steady growth over multiple quarters [3] - The company’s sales of peptide synthesis reagents reached approximately 183 million yuan in H1 2024, marking an 11.62% year-on-year increase [4] Business Development - The company is focusing on expanding its production capacity, with a new production base in Anhui expected to produce 1,002 tons of peptide reagents and pharmaceutical intermediates annually [5] - The company has signed an investment framework agreement to establish a peptide synthesis reagent project in Jiangsu Huai'an Industrial Park [5] - The company has a diverse customer base, serving over 1,900 pharmaceutical R&D and production enterprises, including major international firms [4]
昊帆生物：公司信息更新报告：毛利率环比持续提升，行业龙头地位稳固