Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by more than 15% [13]. Core Insights - The company's main business of peptide synthesis reagents shows steady growth, with a significant contribution from overseas markets [2][4]. - In 2024, the company achieved a revenue of 452 million yuan, a year-on-year increase of 16.22%, and a net profit attributable to the parent company of 134 million yuan, up 35.44% year-on-year [1]. - The company has a robust product reserve and customer base, which helps in building a competitive moat [4][5]. Financial Performance - In 2024, the sales of peptide synthesis reagents amounted to 354 million yuan, a year-on-year increase of 17.42%, while the sales of general molecular building blocks decreased by 22.02% to 58 million yuan [2]. - The company's gross margin for 2024 was 40.28%, an increase of 1.73 percentage points year-on-year, with the gross margin for peptide synthesis reagents at 41.55%, up 3.04 percentage points [3]. - The company expects revenues of 581 million yuan, 723 million yuan, and 871 million yuan for 2025, 2026, and 2027 respectively, with net profits projected at 173 million yuan, 216 million yuan, and 260 million yuan for the same years [7]. Product and Market Position - The company has developed over 160 types of novel peptide synthesis reagents and has a comprehensive product system with more than 800 types of general molecular building blocks [4]. - The company serves over 1,900 pharmaceutical R&D and production enterprises, with a significant increase in procurement from CDMO clients in 2024 [5]. - The company’s self-built production capacity is expected to enhance its production capabilities, with a project in Anhui expected to produce 1,002 tons of peptide reagents annually [5].

苏州昊帆生物股份有限公司 首次公开发行股票并在创业板上市发行公告 保荐人（主承销商）： 特别提示 苏州昊帆生物股份有限公司（以下简称"昊帆生物"、"发行人"或"公司"）根据中 国证券监督管理委员会（以下简称"中国证监会"）《证券发行与承销管理办法》（证 监会令[第 208 号]）（以下简称"《管理办法》"）、《首次公开发行股票注册管理办 法》（证监会令[第 205 号]）、深圳证券交易所（以下简称"深交所"）《深圳证券交 易所首次公开发行证券发行与承销业务实施细则》（深证上[2023]100 号）（以下简 称"《实施细则》"）、《深圳市场首次公开发行股票网上发行实施细则》（深证上 〔2018〕279 号）（以下简称"《网上发行实施细则》"）、《深圳市场首次公开发行 股票网下发行实施细则（2023 年修订）》（深证上〔2023〕110 号）（以下简称"《网 下发行实施细则》"）、《深圳证券交易所创业板投资者适当性管理实施办法（2020 年修订》（以下简称"《投资者适当性管理办法》"）和中国证券业协会（以下简 称"证券业协会"）《首次公开发行证券承销业务规则》（中证协发〔2023〕18 号）、 《首次公开发行证券 ...