Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong performance relative to the benchmark index [15]. Core Views - The company's main business operations are stable, with significant potential for profit recovery. The overseas growth rate exceeds that of the domestic market, and the gross profit margin remains high. As downstream demand improves, revenue growth is expected to accelerate, and various expenses are anticipated to be quickly diluted, leading to substantial improvements in profitability [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 645 million, a year-on-year increase of 18.65%. The net profit attributable to the parent company was 124 million, a decrease of 19.38% year-on-year. The adjusted net profit was 119 million, down 15.16% year-on-year. In Q4 2024, the company reported a revenue of 182 million, up 38.50% year-on-year, and a net profit of 40 million, an increase of 58.59% year-on-year [1][2]. Revenue Breakdown - The revenue from the company's main products includes 536 million from recombinant proteins (up 17.35% year-on-year), 80 million from antibodies and other reagents (up 31.23%), and 17 million from testing services (up 12.63%). Domestic revenue was 216 million (up 16.76%), while overseas revenue was 429 million (up 19.62%) [2]. Profitability - The company maintains a gross margin above 90%, with a gross margin of 92.20% for its main business in 2024. The gross margin for recombinant proteins is 92.72%, and for antibodies and other reagents, it is 89.69%. The decline in net profit is attributed to increased expenses during the expansion phase, with sales expenses rising 23.55%, management expenses increasing 31.29%, and R&D expenses growing 32.37% [2][3]. Product and Client Base - The company has over 5,000 biological reagent products successfully sold and plans to increase new product development, covering areas such as cell therapy and infectious disease-related proteins. The client base includes top global pharmaceutical companies and well-known domestic biotech firms, establishing a strong competitive moat [4][5]. Global Strategy - The company is committed to enhancing its global strategy, having established a logistics system in China, the US, and Europe to meet diverse global customer needs. Future plans include increasing overseas R&D investment and establishing overseas production bases to improve delivery efficiency and maintain a competitive edge [6]. Financial Projections - Revenue projections for 2025-2027 are 807 million, 1,010 million, and 1,264 million, respectively. The net profit attributable to the parent company is expected to be 161 million, 208 million, and 270 million for the same years. The corresponding EPS (diluted) is projected to be 1.34, 1.74, and 2.25 [8].
百普赛斯（301080）：主营业务经营稳健，持续推进全球化战略