中金：维持金斯瑞生物科技(01548)“跑赢行业”评级 上调目标价至21.50港元

Core Viewpoint - CICC maintains its earnings forecast for Kingser Bio-Tech (01548) for 2025 and 2026, reiterating an outperform rating while raising the target price by 22.2% to HKD 21.50, indicating a potential upside of 21.3% from the current stock price [1] Group 1: Financial Performance - For 1H25, the company reported revenue of USD 519 million, a year-on-year increase of 81.9%, with adjusted net profit of USD 178 million, corresponding to a net profit margin of 34.3% [2] - The gross profit was USD 321 million, resulting in a gross margin of 61.8%, reflecting improved profitability driven by capacity utilization and product mix upgrades [2] - The net loss attributable to shareholders was USD 25 million, significantly narrowed from the previous year, primarily due to a loss of USD 194 million from the associate Legend Biotech [2] Group 2: Business Segments - The Life Sciences segment achieved revenue of USD 250 million in 1H25, up 11.3% year-on-year, driven by protein business growth of 52% and demand for gene editing and AI-related R&D [3] - The CDMO segment saw revenue of USD 250 million, a remarkable increase of 511.1%, with significant contributions from a one-time payment of USD 214 million related to the licensing of Lixin [4] - The Industrial Synthetic Biology segment reported revenue of USD 39 million, an 8.4% increase, although it faced an adjusted operating loss of USD 58,000 due to increased R&D investments [5] Group 3: Strategic Initiatives - The company is focusing on enhancing its global presence and market position through continuous investment in R&D and sales efforts, which has slightly impacted short-term profitability [3][5] - The CDMO segment is expected to achieve key milestones, including potential licensing transactions by the end of 2025 to early 2026 [4] - The Industrial Synthetic Biology segment's innovative product, sweet protein, has received FDA GRAS recognition, with commercial production facilities expected to be operational by mid-2026 [5]