金斯瑞生物科技（01548）：细胞治疗业务解除并表，各持续经营业务版块25年趋势向好，利润端有望持续为正

Investment Rating - The report maintains an "Outperform" rating for Genscript Biotech [2][4][6] Core Insights - The deconsolidation of Legend Biotech has led to a significant profit improvement for Genscript, with a profit from discontinued operations of approximately $3 billion, compared to a loss of about$518 million in the same period last year [7][17] - The continuing business segments are expected to show positive trends in 2025, with revenue from continuing operations projected at approximately $594.5 million, representing a year-on-year increase of 6.1$6.296 billion, translating to a target price of HK$22.78 per share [6][17] Summary by Segment Life Sciences Segment - Expected revenue for 2025 is$523 million, with a year-on-year growth rate of 15% and an adjusted operating profit of $104 million, also growing by 15$454.9 million, up by 10.2% year-on-year, with an adjusted gross profit of about $237.7 million [3][14] Biologics Development Services Segment - Projected Fee-for-Service revenue for 2025 is$113 million, up by 19% year-on-year [14] - The segment's revenue in 2024 was about $95 million, down by 13.2$67 million, with a year-on-year growth rate of 25% [14] - The segment's revenue in 2024 was approximately $53.7 million, up by 24.6$22.6 million [3][14] Legend Biotech - Following the deconsolidation, the market capitalization of Legend Biotech was approximately $6.8 billion, with Genscript holding a 47.51$3.231 billion [5][16]