Group 1 - The company achieved a revenue of 645 million yuan in 2024, representing an 18.65% year-on-year increase, while the net profit attributable to shareholders was 124 million yuan, down 19.38% [1] - In Q4 2024, the company reported a single-quarter revenue of 182 million yuan, up 38.50%, and a net profit of 40.34 million yuan, an increase of 58.63% [1] - For Q1 2025, the revenue was 186 million yuan, reflecting a 27.73% increase, with a net profit of 40.58 million yuan, up 32.31% [1] Group 2 - After excluding the impact of COVID-19, the company's revenue for 2024 was 620 million yuan, a 24% increase, with domestic revenue at 216 million yuan (+16.8%) and international revenue at 429 million yuan (+19.6%) [2] - The company maintained a gross margin above 90%, with a sales expense ratio of 32.1% (+1.3 percentage points) due to increased overseas market expansion and a research and development expense ratio of 25.63% (+2.7 percentage points) [2] - In Q1 2025, the company expects to see the benefits of scale, with a total expense ratio of 62.7% (-1.0 percentage points) and a sales expense ratio of 28.7% (-3.7 percentage points) [2] Group 3 - The company is enhancing its product diversity, with over 5,000 products available in 2024, and has successfully developed nearly 50 GMP-grade products [3] - The overseas business grew by 25% in 2024, accounting for 66% of total revenue, with the establishment of multiple overseas subsidiaries and four global warehousing centers [3] - The company plans to further develop overseas production bases to improve global supply chain resilience, anticipating significant growth potential in international markets [3] Group 4 - Revenue forecasts for 2025-2026 have been adjusted to 801 million yuan and 970 million yuan, respectively, while net profit estimates have been revised down to 161 million yuan and 216 million yuan [4] - The company is projected to achieve revenues and net profits of 1.159 billion yuan and 264 million yuan by 2027, with current stock prices reflecting P/E ratios of 36, 27, and 22 for 2025-2027 [4]
百普赛斯(301080)：24Q4拐点已过 营收利润逐季同环比提升