Jiangsu Sinopep-Allsino Biopharmaceutical (688076) 中泰证券·2024-10-09 05:39Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 68.79 [1][12]. Core Insights - The company's performance meets expectations, with significant growth in peptide raw materials, and high growth is expected to continue throughout the year [2][3]. - The company anticipates a substantial increase in net profit for Q3 2024, with estimates ranging from 100.56% to 180.78% year-on-year [2]. - The company has established multiple strategic partnerships, which are expected to contribute to sustained growth [3]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are 16.67 billion, 23.53 billion, and 35.65 billion respectively, with growth rates of 61.29%, 41.15%, and 51.52% [4]. - Net profit forecasts for the same period are 4.13 billion, 5.65 billion, and 8.01 billion, with growth rates of 153.62%, 36.68%, and 41.84% [4]. - The company’s P/E ratios are projected to decrease from 90.00 in 2023 to 18.31 in 2026, indicating improving valuation metrics [1][4]. Business Overview - The company focuses on peptide and specialty raw materials, with a strong emphasis on self-selected products that are experiencing rapid growth [3]. - The company has made significant investments in expanding production capacity, including new peptide workshops expected to be operational by the end of 2024 and mid-2025 [3][4]. - The company has secured large contracts with major pharmaceutical companies, which are expected to enhance revenue streams in the coming years [3].