证券研究报告·海外公司点评·药品及生物科技(HS) 金斯瑞生物科技（01548.HK） 2023 年年报点评：业务多点开花，业绩快速 2024年 03月 14日 增长 证券分析师 朱国广 买入（维持） 执业证书：S0600520070004 zhugg@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 股价走势 营业总收入（百万元） 628.52 841.55 1,168.83 1,711.65 2,581.05 同比 22.78% 33.89% 38.89% 46.44% 50.79% 金斯瑞生物科技 恒生指数 26% 归母净利润（百万元） -226.85 -95.48 -62.05 32.91 162.93 20% 14% 同比 34.79% 57.91% 35.01% 153.05% 395.01% 8% 2% -4% EPS-最新摊薄（元/股） -0.11 -0.04 -0.03 0.02 0.08 -10% -16% -22% P/E（现价&最新摊薄） - - - 1,114.69 225.19 -- 32 48 %% [关T ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The life sciences business showed robust growth with revenues of approximately $413 million in 2023, a year-over-year increase of 14.5%, and an adjusted gross margin of 54.4% [2]. - The CDMO business experienced a slight decline in revenue, achieving $109 million in 2023, down 12% year-over-year, primarily due to capacity utilization and pricing pressures [2]. - Sales of the cell therapy product Cilta-cel surged to $500 million in 2023, reflecting a 273% increase year-over-year, indicating a strong growth trajectory [2]. - The company reported total revenues of $840 million for 2023, a 34.2% increase year-over-year, with an adjusted net loss of approximately $298 million, showing a reduction in losses compared to the previous year [2]. Financial Performance Summary - Revenue projections for 2024-2026 indicate significant growth, with expected revenues of $1.188 billion in 2024 and $3.099 billion in 2026, reflecting growth rates of 41.1% and 56.3% respectively [4]. - The adjusted net profit forecast for 2024 is -$106 million, improving to $114 million in 2025 and reaching $381 million in 2026 [4]. - The earnings per share (EPS) is projected to improve from -$0.05 in 2024 to $0.18 in 2026 [4].

Investment Rating - The report assigns a "Buy" rating for the company, Kingsray Biotech (1548 HK), with a target price of HKD 27.75, indicating a potential upside of 78.8% from the current closing price of HKD 15.52 [1][10]. Core Insights - The company demonstrated resilience in its performance during 2023, with revenues reaching USD 840 million, a year-on-year increase of 34.2%, aligning closely with previous expectations [1]. - Adjusted net loss for 2023 was USD 298 million, significantly better than the anticipated loss of USD 395 million, showcasing improved operational efficiency [1]. - The overall gross margin stood at 48.8%, exceeding the forecast of 46.5%, primarily driven by the rapid improvement in the gross margin of the cell therapy segment [1]. - The report anticipates a recovery in the company's CDMO business in 2024, supported by a gradual improvement in overseas financing and accelerated market expansion [1]. Revenue Performance and Guidance - Non-cell therapy business segments showed robust growth, with life sciences services generating external revenue of USD 405 million, up 16% year-on-year, slightly exceeding expectations [2]. - The report provides guidance for 2024, projecting a revenue growth of 15-20% for life sciences services, with gross margins stabilizing around 55% [2]. - The cell therapy segment is expected to achieve peak sales of at least USD 5 billion for cilta-cel, with production capacity anticipated to double by the end of 2025 [2]. Financial Projections - The report slightly adjusts revenue forecasts for 2024 and 2025 down by 0.6% and 0.5%, respectively, but reduces the net loss forecast for 2024 by 4% and increases the net profit forecast for 2025 from USD 940 million to USD 1.48 billion [2]. - The introduction of 2026 profit forecasts estimates revenue at USD 2.16 billion, with a compound annual growth rate (CAGR) of 37% from 2023 to 2026 [2]. Valuation and Target Price - The report employs a sum-of-the-parts (SOTP) valuation method, leading to a target price of HKD 27.75, maintaining the "Buy" rating [2][8]. - The valuation breakdown indicates that the cell therapy segment contributes significantly to the overall target valuation, accounting for 69% of the total [8].

Financial Performance - For the fiscal year ending December 31, 2023, the group's revenue was approximately $839.5 million, an increase of 34.2% from approximately $625.7 million for the fiscal year ending December 31, 2022[2]. - The group's gross profit for the fiscal year ending December 31, 2023, was approximately $409.6 million, up 34.7% from approximately $304.1 million for the fiscal year ending December 31, 2022[2]. - The adjusted net loss for the fiscal year ending December 31, 2023, narrowed to approximately $298.2 million from approximately $359.4 million in the previous year[3]. - The group reported a loss attributable to equity holders of approximately $95.5 million, a decrease from approximately $226.9 million in the previous year[3]. - Total revenue for the year ended December 31, 2023, was $839,529 thousand, compared to $625,698 thousand in 2022, representing a year-over-year increase of approximately 34.2%[19]. - The company reported a net fair value gain of $2,425 thousand on financial assets measured at fair value through profit or loss for the year[20]. - The net loss for the group was approximately $355.1 million in 2023, compared to a net loss of about $428.0 million in 2022, with an adjusted net loss of approximately $298.2 million[73]. Revenue Breakdown - The external revenue from non-cell therapy business was approximately $554.5 million, a growth of 8.9% compared to approximately $509.0 million in the previous year[2]. - The external revenue from cell therapy business surged to approximately $285.0 million, marking a significant increase of 144.2% from approximately $116.7 million in the previous year[2]. - Revenue from the Life Sciences Services and Products segment was approximately $412.9 million, a 14.5% increase from $360.5 million for the year ended December 31, 2022[52]. - Revenue from biopharmaceutical development services was approximately $109.5 million, a decrease of 12.4% compared to $125.0 million for the year ended December 31, 2022[54]. - Revenue from industrial synthetic biological products increased by 11.4% to approximately $43.1 million, while adjusted gross profit remained stable at approximately $16.6 million[57]. - Cell therapy revenue surged by 143.7% to approximately $285.1 million, with adjusted gross profit increasing by 171.5% to approximately $143.9 million, primarily due to collaboration and licensing agreements with Janssen[59]. Expenses and Costs - The group's total operating expenses, including R&D, were approximately $432.8 million, compared to $390.1 million in the previous year[7]. - The cost of services and products for 2023 was $213,555 thousand, up from $139,052 thousand in 2022, reflecting an increase of about 53.6%[21]. - Employee benefits expenses, including salaries and wages, totaled $510,429 thousand, up from $439,971 thousand in 2022, reflecting an increase of approximately 16.0%[21]. - Administrative expenses increased by 16.9% to approximately $213.4 million, primarily due to investments in talent and infrastructure[67]. - Selling and distribution expenses rose by 3.6% to approximately $174.3 million, while adjusted selling and distribution expenses increased by 4.9%[66]. Assets and Liabilities - Total non-current assets increased to $1,034,191 thousand in 2023 from $781,433 thousand in 2022, representing a growth of 32.4%[10]. - Current assets rose to $2,353,111 thousand in 2023, up from $1,764,950 thousand in 2022, marking an increase of 33.3%[10]. - The total liabilities decreased from $1,183,715 thousand in 2022 to $1,342,948 thousand in 2023, a reduction of 8.5%[11]. - The company’s equity increased to $2,044,354 thousand in 2023 from $1,362,668 thousand in 2022, an increase of 50%[12]. - The total equity as of December 31, 2023, was $1,931,934,000, an increase from $1,463,216,000 in 2022, representing a growth of approximately 31.9%[47]. - The company's total liabilities decreased to $1,893,724,000 in 2023 from $1,279,713,000 in 2022, indicating a reduction of approximately 48%[38]. Cash Flow and Financing - Cash and cash equivalents increased significantly to $1,446,403 thousand in 2023 from $1,023,999 thousand in 2022, reflecting a growth of 41.3%[13]. - The net cash flow from operating activities was negative at $(286,911) thousand in 2023, compared to $(120,292) thousand in 2022, indicating a decline in operational cash flow[13]. - The investment activities resulted in a net cash outflow of $(357,728) thousand in 2023, compared to $(443,296) thousand in 2022, showing a decrease in investment spending[13]. - Financing activities generated cash inflow of approximately $1.1 billion, with net proceeds from common stock and warrants amounting to about $783.4 million[80]. - The total interest-bearing loans and borrowings as of December 31, 2023, were $287,207,000, compared to $261,006,000 in 2022, reflecting an increase of about 10%[41]. Research and Development - The company continues to invest in research and development to enhance its product offerings and market position[6]. - Research and development expenses increased by 10.9% to approximately $432.8 million in 2023, up from about $390.1 million in 2022, primarily due to increased investment in talent and ongoing clinical trial activities[68]. - The company plans to invest in R&D to enhance technology and production capabilities for cell and gene therapies and other advanced therapies[53]. - The company will continue to invest in synthetic biology R&D to expand market opportunities and optimize production efficiency[110]. Strategic Initiatives - The company aims to improve global production capacity and provide localized supply chain solutions in the U.S., Singapore, and China to support long-term growth[53]. - The company plans to expand production capacity globally to meet strong customer demand, including investments in molecular biology and protein business capacity[98]. - The company has established a direct sales network covering over 100 countries, with significant revenue contributions from the U.S. ($506.0 million) and China ($162.5 million)[49]. - The company aims to enhance operational efficiency through digital transformation and lean management systems[110]. Shareholder and Governance - The company has decided not to declare any dividends for the year ended December 31, 2023, consistent with the previous year[24]. - The board of directors did not recommend a final dividend for the year ending December 31, 2023, to retain resources for business development[114]. - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[119]. - The annual general meeting is scheduled for May 17, 2024, with a suspension of share transfer registration from May 13 to May 17, 2024, to determine voting eligibility[121].

yl on se o purp on i ficat i dent i *For Interim Report 2023 中期報告 Make People and Nature Healthier through Biotechnology Interim Report 2023 GE N SCRIP T BIOTECH C O RPO R ATIO N 金斯瑞生物科技股份有限公司* y) t yman Islands with limited liabili a (Incorporated in the C 548 1 k code: c Sto (於開曼群島註冊成立的有限公司) 股份代號: 1548 用生物技術 使人和自然更健康 2023 中期報告 *僅供識別 目 錄 2 公司概況 3 公司資料 5 財務摘要 7 管理層討論及分析 25 其他資料 49 獨立審閱報告 50 中期簡明合併損益表 51 中期簡明合併全面收益表 52 中期簡明合併財務狀況表 54 中期簡明合併權益變動表 56 中期簡明合併現金流量表 58 中期簡明合併財務資料附註 金斯瑞生物科技股份有限公司 2023中期報告 002 公司 概況 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Genscript Biotech Corporation 金斯瑞生物科技股份有限公司* （於開曼群島註冊成立的有限公司） （股份代號：1548） 截至二零二三年六月三十日止六個月 之未經審核合併中期業績公告 中期業績摘要  截至二零二三年六月三十日止六個月，本集團的收益約為391.3百萬美元， 較二零二二年同期的約309.6百萬美元增加26.4%，其中非細胞療法業務的外 部收益約為281.8百萬美元，較二零二二年同期的約247.7百萬美元增加 13.8%，細胞療法業務的外部收益約為109.5百萬美元，較二零二二年同期的 約61.9百萬美元增加76.9%。  截至二零二三年六月三十日止六個月，本集團的毛利約為175.0百萬美元， 較二零二二年同期的約168.5百萬美元增加3.9%，其中非細胞療法業務的毛 利（抵銷前）約為134.7百萬美元，較二零二二年同期的約126.2百萬美元增 加6. ...

( 於開曼群島註冊成立的有限公司 ) 股份代號 : 1548 年度報告 2022 用生物技術使人和自然更健康 * 僅供識別 2022 年度報告 本年報以環保紙印製 金斯瑞生物科技股份有限公司（「本公司」或「金斯瑞」，連同其附屬公 司統稱「本集團」）為一家廣受認同的生物科技公司。本公司以「用生 物技術使人和自然更健康」為己任。 本集團將其自有技術應用於從基礎生命科學研究到轉化生物製劑藥 物開發及生產、工業合成產品及細胞治療解決方案的多個領域。憑藉 本集團的專有基因合成以及其他技術和專業知識，本集團已建立了四 個主要平台，包括(i)生命科學服務及產品平台；(ii)生物製劑受託開發 及生產組織（「CDMO」）平台；(iii)工業合成產品平台；及(iv)綜合性全 球細胞療法平台。生命科學服務及產品平台為全球研究界提供一站式 解決方案，仍然是整個企業產生收益堅實而穩定的基礎。CDMO平台 為世界各地的製藥、生物科技、政府和學術機構客戶提供端到端的生 物製劑發現和開發服務。工業合成產品平台開發用於食品及飼料加工 以及作其他工業用途的產品。細胞治療平台為難治性疾病（包括癌症 及炎症性疾病）患者提供細胞治療解決方案。 本公司 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內容概不負責，亦不對其準確性或完整性 作出任何陳述，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Genscript Biotech Corporation 金斯瑞生物科技股份有限公司* (於開曼群島註冊成立的有限公司) (股份代碼：1548) 截至二零二二年十二月三十一日止年度之 年度業績公告 年度業績摘要  本集團截至二零二二年十二月三十一日止年度的收益約為 625.7 百萬美元， 較截至二零二一年十二月三十一日止年度的約 490.1 百萬美元增加 27.7%，其 中非細胞療法業務的外部收益約為 509.0 百萬美元，較截至二零二一年十二 月三十一日止年度的約 424.7 百萬美元增加 19.8%，細胞療法業務的外部收益 約為 116.7 百萬美元，較截至二零二一年十二月三十一日止年度的約 65.4 百 ...