诺泰生物：受益于GLP-1景气度，业绩持续高增长-20250424

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company benefits from the high demand for GLP-1 peptide drugs, leading to sustained high growth in performance [2][3] - The company is one of the few domestic leaders focusing on peptide drugs, with a strong growth trend expected to continue into 2025 [3] - The company has established numerous strategic partnerships, enhancing its customer resource base [4] Financial Performance - In 2024, the company achieved revenue of 1.625 billion yuan, a year-on-year increase of 57.21%, and a net profit attributable to shareholders of 404 million yuan, up 148.19% [1] - For Q1 2025, the company reported revenue of 566 million yuan, a growth of 58.96%, and a net profit of 153 million yuan, an increase of 130.10% [1] - The company's gross margin improved to 67.78% in 2024, up 6.81 percentage points year-on-year [4] Business Segmentation - Revenue from self-selected products in 2024 was 1.129 billion yuan, growing by 79.49%, while customized products and technical services generated 494 million yuan, up 22.34% [4] - The CDMO/CMO segment generated 473 million yuan, while raw materials and intermediates accounted for 944 million yuan in revenue [4] - The company’s international sales reached 1.026 billion yuan in 2024, a significant increase of 129.10% year-on-year [4] Capacity and Production - The company has modern production bases in Lianyungang and Jiande, with a total capacity of 1.47 million liters [6] - The new 601 workshop for large-scale peptide production has commenced operations, with an expected capacity of 5 tons per year [6] - The company has passed international quality certifications, including EU GMP and US FDA inspections, enhancing its production credibility [6] Profit Forecast - Revenue projections for 2025-2027 are 2.175 billion yuan, 2.768 billion yuan, and 3.424 billion yuan, respectively, with net profits of 562 million yuan, 740 million yuan, and 936 million yuan [8] - The expected EPS for 2025 is 2.56 yuan, with corresponding P/E ratios of 21.36 times [8]