Q1高于预告中值，多肽领域优持续兑现，有望持续维持高增态势

Investment Rating - The investment rating for the company is "Buy" [33] Core Views - The company has demonstrated strong performance in the first quarter of 2024, with revenue reaching 356 million yuan, a year-on-year increase of 71.02%, and net profit of 66.33 million yuan, up 215.65% year-on-year [7][8] - The growth is attributed to the successful commercialization of key peptide products, increased global demand for peptide raw materials, and strong sales of the company's oseltamivir series products during the flu season [8] - The company is expected to maintain high growth momentum driven by its rich pipeline of proprietary products and significant advantages in its C(D)MO technology platform [9] Financial Forecast and Valuation - The company's revenue is projected to reach 1.42 billion yuan in 2024, with a growth rate of 37.10%, and net profit is expected to be 222 million yuan, growing at 35.49% [2][9] - The earnings per share (EPS) is forecasted to increase from 0.76 yuan in 2023 to 1.04 yuan in 2024 [2] - The company maintains a high gross margin of 67.26% and a net margin of 18.15% in Q1 2024, indicating strong profitability [8][11] Business Highlights - The company has signed significant contracts in the C(D)MO sector, including a 7-year supply contract worth approximately 102 million USD with a European pharmaceutical client [8] - The production capacity for peptides is expected to ramp up significantly with the successful commissioning of new facilities, which will support continued revenue growth [9] - The company is actively pursuing new product approvals, including GLP-1 raw materials, which are anticipated to contribute to future revenue streams [8]