GENSCRIPT BIO-金斯瑞生物科技：2024年半年报点评：细胞治疗产品持续放量，下半年各项业务有望改善

Investment Rating - The report maintains a "Buy" rating for the company, citing the potential for continued growth in its cell therapy business and expected improvements across other segments in the second half of the year [3][5] Core Views - The company reported H1 2024 revenue of $561 million, a 43.5% YoY increase, driven by strong performance in the cell therapy segment, which grew 156.0% YoY to$ 281 million [2] - Non-cell therapy revenue remained flat at $281 million, while the company narrowed its net loss to$ 216 million from $246 million in the same period last year [2] - The life sciences segment grew 10% YoY to$ 222 million, with protein-related revenue increasing 30% due to synergies between gene synthesis and protein/antibody businesses [3] - The CDMO segment saw a 38% YoY decline in revenue to $40.4 million, with adjusted gross margins dropping 15 percentage points to 14.7%, attributed to reduced capacity utilization and pricing pressures [3] - The cell therapy segment, led by subsidiary Legend Biotech, achieved$ 281 million in revenue, with CARVYKTI® sales reaching $343 million, an 81.5% YoY increase [3] Financial Projections - Revenue is projected to grow from$ 1.156 billion in 2024E to $3.057 billion in 2026E, with a CAGR of 37.7% from 2024E to 2026E [4] - Net profit is expected to improve significantly, from a loss of$ 256 million in 2024E to a profit of $350 million in 2026E [4] - EPS is forecasted to turn positive by 2025E, reaching$ 0.16 by 2026E [4] Business Segment Analysis - Life Sciences: Expected to grow 10%-15% YoY in 2024, with protein-related businesses driving growth [3] - CDMO: Revenue is projected to decline 10%-15% for the full year, but new order trends suggest a better second half [3] - Cell Therapy: CARVYKTI®'s approval for second-line treatment of multiple myeloma is expected to further expand its market potential [3] Valuation and Market Data - The company's current market cap is HKD 28.306 billion, with a share price of HKD 13.30 [5][6] - The stock has a 3-month turnover rate of 75.0% and has traded between HKD 7.43 and HKD 24.95 over the past year [6]