Jiangsu Sinopep-Allsino Biopharmaceutical (SH:688076) Guoxin Securities·2025-05-09 05:05Investment Rating - The investment rating for the company is "Outperform the Market" [6][28]. Core Views - The company has demonstrated impressive performance, with profit growth outpacing revenue growth. In 2024, the company achieved revenue of 1.625 billion yuan (+57.21%) and a net profit attributable to shareholders of 404 million yuan (+148.19%) [1][9]. - The company has a leading capacity layout in the peptide sector, with its raw material production capacity reaching a ton-level. The company has strengthened its quality capacity construction, with multiple production lines passing GMP inspections [3][27]. - The company is expanding its matrix sales model, which is expected to lead to continuous breakthroughs in orders and performance [4][28]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.625 billion yuan (+57.21%) and a net profit of 404 million yuan (+148.19%). The first quarter of 2025 continued this trend with a revenue of 566 million yuan (+58.96%) and a net profit of 153 million yuan (+130.10%) [1][9]. - The company’s gross margin improved to 67.68% (+6.72 percentage points) in 2024, driven by the rapid growth of peptide raw materials [23]. Business Segments - The self-selected product segment generated revenue of 1.13 billion yuan in 2024, a year-on-year increase of 80%, with raw materials and intermediates contributing 940 million yuan (+127%) [2][13]. - Customized products and services achieved revenue of 490 million yuan, a 22% increase, primarily due to a large order from a major European pharmaceutical company [2][13]. Capacity and Production - The company has invested in leading production capacity, with a ton-level peptide workshop already in operation, achieving an annual capacity of 5 tons. Additional workshops are under construction, expected to be completed in 2025 [3][27]. Profit Forecasts - The company has adjusted its profit forecasts for 2025 and 2026, now expecting revenues of 2.28 billion yuan and 3.0 billion yuan respectively, with net profits of 580 million yuan and 794 million yuan [4][28].