Jiangsu Sinopep-Allsino Biopharmaceutical (SH:688076) KAIYUAN SECURITIES·2025-03-05 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][17] Core Views - The company has entered the commercial supply stage for GLP-1 raw materials, indicating strong growth potential in the sector [5] - The company expects to achieve a revenue of 1.624 billion yuan in 2024, representing a year-on-year growth of 57.1% [5] - The net profit attributable to the parent company is projected to be 401 million yuan in 2024, with a significant year-on-year increase of 145.8% [5] - The company is well-positioned to capture more commercial orders due to its compliance capacity, high-quality products, and large batch delivery capabilities [5] Financial Summary - The total market capitalization of the company is 12.187 billion yuan [2] - The company's revenue is expected to grow from 1.034 billion yuan in 2023 to 1.624 billion yuan in 2024, with a compound annual growth rate (CAGR) of 57.1% [9] - The projected net profit for 2024 is 401 million yuan, increasing to 526 million yuan in 2025 and 691 million yuan in 2026 [9] - The company's gross margin is expected to improve from 61.0% in 2023 to 67.3% in 2024 [9] - The earnings per share (EPS) is forecasted to be 1.82 yuan in 2024, 2.39 yuan in 2025, and 3.14 yuan in 2026 [9] Production Capacity and New Products - The company has successfully passed GMP compliance checks for its new oral solid dosage production line, which is expected to drive strong growth in its formulation business [6] - The new peptide production facility has been officially put into operation, with a capacity to produce over five tons annually [7] - The company has received approval for new products, including the Atofenac Calcium Tablets, which will contribute to its revenue growth [6]