Jiangsu Sinopep-Allsino Biopharmaceutical (SH:688076) Huaxin Securities·2024-03-30 16:00Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [8][27]. Core Insights - The company achieved significant revenue growth in 2023, with total revenue reaching 629 million yuan, a year-on-year increase of 145.48%, driven by strong demand for raw materials and flu medications [6][23]. - The company is positioned as a key supplier for GLP-1 peptide drugs, with the FDA First Adequate Letter for semaglutide, which is expected to enhance its performance as formulation demand grows [27]. - The company has established strategic partnerships and contracts, including a long-term supply contract worth 102 million USD with a major European pharmaceutical company, set to begin in 2024 [48]. Financial Summary - The company reported revenues of 1.034 billion yuan in 2023, with projections of 1.41 billion yuan, 2.02 billion yuan, and 2.88 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 36.4%, 43.3%, and 42.6% [12][28]. - Net profit for 2023 was 165 million yuan, with forecasts of 232 million yuan, 370 million yuan, and 445 million yuan for the following three years, indicating growth rates of 42.4%, 59.6%, and 20.1% [12][28]. - The earnings per share (EPS) are projected to be 1.09 yuan, 1.74 yuan, and 2.09 yuan for 2024, 2025, and 2026, respectively [12][28].