诺泰生物：2024年年报及2025年一季报点评：业绩符合预期，多肽原料药维持高速增长-20250425

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 54.21 CNY [7]. Core Insights - The company achieved a revenue of 1.63 billion CNY in 2024, representing a year-on-year growth of 57.2%, and a net profit attributable to shareholders of 400 million CNY, up 148.2% [1]. - For Q1 2025, the company reported a revenue of 570 million CNY, a 59.0% increase year-on-year, with a net profit of 150 million CNY, reflecting a growth of 130.1% [1]. - The revenue structure is continuously optimizing, with custom products and technical services generating 490 million CNY in 2024, a 22.3% increase, and a gross margin of 56.2% [2]. - The raw material drug and intermediate business saw a revenue of 940 million CNY in 2024, a significant increase of 127.0%, with a gross margin of 76.7% [3]. - The CDMO/CMO business generated 470 million CNY in revenue, growing by 21.0%, with a gross margin of 55.9% [4]. - The formulation business experienced a decline in revenue to 180 million CNY, down 13.4%, but new products are expected to drive growth in 2025 [4]. - The company forecasts net profits of 540 million CNY, 700 million CNY, and 900 million CNY for 2025, 2026, and 2027, respectively, with corresponding growth rates of 32.5%, 30.0%, and 28.6% [4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 1.63 billion CNY and a net profit of 400 million CNY, with significant growth rates of 57.2% and 148.2% respectively [1][6]. - For Q1 2025, the revenue was 570 million CNY, with a net profit of 150 million CNY, indicating strong performance [1]. Revenue Structure - The custom products and technical services segment generated 490 million CNY in 2024, while the self-selected products segment achieved 1.13 billion CNY, marking a 79.5% increase [2]. - The overall gross margin improved to 62.2% in Q4 2024 and 70.2% in Q1 2025 [2]. Business Segments - The raw material drug business reported a revenue of 940 million CNY in 2024, with a gross margin of 76.7% [3]. - The CDMO/CMO segment achieved 470 million CNY in revenue, with a focus on major disease treatments [4]. - The formulation segment's revenue declined to 180 million CNY, but new product registrations are expected to revitalize growth [4]. Future Projections - The company anticipates net profits of 540 million CNY in 2025, with a growth rate of 32.5%, and further growth in subsequent years [4][6].