Core Insights - The company reported a revenue of 645 million yuan for 2024, an increase of 18.65% year-on-year, while the net profit attributable to shareholders decreased by 19.38% to 124 million yuan [1] - The fourth quarter of 2024 saw a significant improvement in performance, with revenue reaching 182 million yuan, up 38.50% year-on-year, and a net profit of 40 million yuan, an increase of 58.59% [1] Group 1: Business Performance - The recombinant protein business generated 536 million yuan in revenue, a growth of 17.35%, accounting for 83.05% of total revenue [2] - The company sold 4,167 types of recombinant protein products, marking a year-on-year increase of 19.26% [2] - Domestic revenue reached 216 million yuan, up 16.76%, while overseas revenue was 429 million yuan, growing by 19.62% [2] Group 2: Product Development and Expansion - The company is focusing on building a CGT raw material system and has successfully developed nearly 50 GMP-grade products [3] - The GMP-grade production facility in Suzhou has commenced operations, enhancing the company's upstream supply advantages in the CGT industry [3] Group 3: Financial Metrics - The overall gross margin decreased by 0.33 percentage points to 90.93% in 2024 [4] - The net profit margin fell by 8.53 percentage points to 18.61% due to increased expenses in sales, management, R&D, and finance [4] - In Q4 2024, the overall net profit margin was 22.60%, reflecting a 1.69 percentage point increase from the previous year [4] Group 4: Future Projections - Revenue forecasts for 2025-2027 are 793 million, 959 million, and 1.154 billion yuan, with year-on-year growth rates of 23%, 21%, and 20% respectively [5] - Expected net profits for the same period are 155 million, 206 million, and 268 million yuan, with growth rates of 25%, 33%, and 30% [5]
百普赛斯(301080)年报点评：Q4业绩大幅改善 核心业务稳步推进