奥泰生物：公司信息更新报告：2024业绩持续大超预期，公司成长逻辑持续兑现

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve revenue of 855 to 870 million yuan in 2024, representing a year-on-year growth of 13.29% to 15.28%. The net profit attributable to the parent company is projected to be between 278 to 298 million yuan, with a year-on-year increase of 53.95% to 65.03% [4][5] - The company has seen a significant increase in customer numbers and has improved its self-branded product ratio, with 53 new products launched in the first half of 2024. The company’s products are exported to over 170 countries, with a strong market presence in the US and Europe [5][6] - The company has strategically established a biological raw material platform to reduce production costs and enhance product launch efficiency, successfully developing nine new raw materials in the first half of 2024 [6] Financial Summary and Valuation Indicators - The company’s revenue is projected to grow from 755 million yuan in 2023 to 860 million yuan in 2024, with a year-on-year growth of 14.0%. The net profit attributable to the parent company is expected to increase from 181 million yuan in 2023 to 288 million yuan in 2024, reflecting a growth of 59.5% [8][10] - The gross margin is expected to improve to 55.7% in 2024, while the net margin is projected to be 33.5% [11] - The earnings per share (EPS) is forecasted to rise from 2.28 yuan in 2023 to 3.63 yuan in 2024, with corresponding price-to-earnings (P/E) ratios of 30.7 and 19.3 respectively [8][10]