Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][20] Core Views - The company achieved a revenue of 645 million yuan in 2024, representing an 18.6% year-on-year growth, while the net profit attributable to the parent company was 124 million yuan, down 19.4% [1][3] - The significant improvement in revenue and net profit in the fourth quarter is attributed to the end of the inventory destocking cycle for downstream biotechnology companies [1][3] - The company is a leading provider of recombinant protein reagents globally, focusing on industrial clients with high product quality barriers and accelerating its global expansion [3][9] Revenue and Profit Analysis - In 2024, the company reported quarterly revenues of 146 million yuan, 153 million yuan, 164 million yuan, and 182 million yuan for Q1, Q2, Q3, and Q4 respectively, with Q4 showing a year-on-year growth of 38.5% [1][8] - The net profit for the quarters was 31 million yuan, 26 million yuan, 27 million yuan, and 40 million yuan, with Q4 showing a significant year-on-year increase of 58.6% [1][8] Product Line Performance - The core recombinant protein products generated sales revenue of 536 million yuan, up 17.4% year-on-year, with a gross margin of 92.7% [2][8] - Antibodies, kits, and other reagent products achieved sales revenue of 80 million yuan, reflecting a 31.2% year-on-year increase, with a gross margin of 89.7% [2][8] Geographic Revenue Breakdown - Domestic revenue for 2024 was 216 million yuan, up 16.8% year-on-year, while overseas revenue reached 429 million yuan, up 19.6% year-on-year [9][2] - The company plans to further explore international markets by establishing multiple overseas subsidiaries in Europe and Asia-Pacific, enhancing its global sales network [9][2] Financial Forecasts - The company expects net profits of 157 million yuan and 225 million yuan for 2025 and 2026 respectively, with a new forecast for 2027 at 282 million yuan [3][4] - The projected price-to-earnings ratios (PE) for the upcoming years are 33x for 2025, 23x for 2026, and 19x for 2027 [3][4]
百普赛斯（301080）：全年营收同比增长18.6%，单四季度营收及净利润同比大幅改善