诺泰生物（688076）：公司信息更新报告：业绩表现持续亮眼，看好多肽原料药龙头全年机会

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown impressive performance with a revenue of 1.625 billion yuan in 2024, representing a year-on-year growth of 57.21%. The net profit attributable to the parent company reached 404 million yuan, up 148.19% year-on-year [4] - In Q1 2025, the company achieved a revenue of 566 million yuan, marking a year-on-year increase of 58.96% and a quarter-on-quarter growth of 51.82%. The net profit attributable to the parent company was 153 million yuan, reflecting a year-on-year growth of 130.10% and a quarter-on-quarter increase of 181.88% [4] - The company is expected to benefit from the commercial supply phase of GLP-1 raw materials, with anticipated orders due to its compliance, high-quality products, and large batch delivery capabilities [4] Financial Performance Summary - In 2024, the company's raw material drug business generated revenue of 944 million yuan, a year-on-year increase of approximately 127%. By the end of 2024, the company had obtained domestic registration for 21 raw material drug varieties and FDA DMF/VMF numbers for 15 varieties [5] - The CDMO business achieved revenue of 494 million yuan in 2024, a year-on-year growth of about 22.33%. The formulation business generated 184 million yuan, experiencing a decline of 13.38% [6] - The company forecasts net profits of 526 million yuan, 691 million yuan, and 873 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.34, 3.08, and 3.89 yuan [4][8] Valuation Metrics - The current stock price is 53.15 yuan, with a market capitalization of 11.938 billion yuan. The stock has a P/E ratio of 22.7 for 2025, 17.3 for 2026, and 13.7 for 2027 [1][8] - The company’s gross margin is projected to be 65.5% in 2025, with a net margin of 24.3% [8]