2024年一季度归母净利润增长216%，持续加大研发投入

Investment Rating - The investment rating for the company is "Accumulate" [1][21]. Core Views - The company has shown significant improvement in profitability, with a gross margin of 67.26% in Q1 2024, an increase of 11.33 percentage points year-on-year, and a net profit margin of 18.64%, up by 8.54 percentage points [2][9]. - The company achieved rapid growth in Q1 2024, with revenue reaching 356 million yuan, a year-on-year increase of 71.02%, and a net profit of 66 million yuan, up by 215.65% [9][19]. - The company is expected to maintain high growth in the peptide industry driven by GLP-1 drugs, with revenue forecasts for 2024-2026 at 1.41 billion, 1.87 billion, and 2.38 billion yuan, respectively, reflecting growth rates of 36%, 33%, and 27% [10][21]. Financial Performance Summary - Revenue (in million yuan): - 2022: 651 - 2023: 1,034 - 2024E: 1,408 - 2025E: 1,871 - 2026E: 2,385 - Year-on-year growth rates: 1.2%, 58.7%, 36.3%, 32.9%, 27.4% [3]. - Net Profit (in million yuan): - 2022: 129 - 2023: 163 - 2024E: 221 - 2025E: 308 - 2026E: 410 - Year-on-year growth rates: 11.9%, 26.2%, 35.4%, 39.8%, 32.9% [3]. - Earnings per Share (in yuan): - 2022: 0.61 - 2023: 0.76 - 2024E: 1.03 - 2025E: 1.45 - 2026E: 1.92 [3]. - Key Financial Ratios: - ROE: Expected to increase from 6.8% in 2022 to 14.4% in 2026 [3]. - PE Ratio: Expected to decrease from 88.0 in 2022 to 27.7 in 2026 [3]. Operational Highlights - The company has successfully completed the "106 Workshop Peptide API Product Technical Transformation Project," enhancing its production capacity to a ton-level scale, with plans to further increase capacity to several tons by the end of 2025 [20].