诺泰生物（688076）：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

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company achieved a revenue of 1.63 billion yuan in 2024, representing a year-on-year growth of 57.2%, and a net profit attributable to shareholders of 400 million yuan, up 148.2% year-on-year [1]. - For Q1 2025, the company reported a revenue of 570 million yuan, a 59.0% increase year-on-year, and a net profit of 150 million yuan, reflecting a growth of 130.1% year-on-year [1]. - The revenue structure is continuously optimized, with customized products and technical services generating 490 million yuan in revenue (up 22.3% year-on-year) and a gross margin of 56.2% [2]. - The raw material drug and intermediate business saw a revenue of 940 million yuan, a significant increase of 127.0% year-on-year, with a gross margin of 76.7% [3]. - The CDMO/CMO business generated 470 million yuan in revenue, growing by 21.0% year-on-year, with a gross margin of 55.9% [4]. - The formulation business experienced a revenue decline of 13.4% year-on-year, but new products are expected to drive growth in 2025 [4]. - The company is projected to achieve net profits of 540 million yuan, 700 million yuan, and 900 million yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year 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 yuan and a net profit of 404 million yuan, with significant growth rates of 57.2% and 148.2% respectively [1][6]. - For Q1 2025, the company achieved a revenue of 570 million yuan and a net profit of 150 million yuan, marking year-on-year growth of 59.0% and 130.1% [1]. Revenue Structure - The customized products and technical services segment generated 490 million yuan in revenue, while the self-selected products segment achieved 1.13 billion yuan, reflecting a year-on-year growth of 79.5% [2]. - The overall gross margin improved, reaching 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 yuan, with a gross margin of 76.7%, driven by strong order expansion and capacity release [3]. - The CDMO/CMO business generated 470 million yuan in revenue, with a focus on major disease treatment areas and partnerships with well-known international pharmaceutical companies [4]. - The formulation segment's revenue declined to 180 million yuan, but new product registrations are expected to revitalize growth [4]. Future Projections - The company forecasts net profits of 540 million yuan in 2025, with a year-on-year growth rate of 32.5%, and further growth expected in subsequent years [4][6].