金斯瑞生物科技(1548.HK)：底部回暖 有望迎来估值重估

Group 1 - The core viewpoint is that King’s Ray is an undervalued leader in life sciences and gene therapy, with a potential valuation re-rating to HKD 65.4 billion, indicating a 62% upside [1][3] - The life sciences segment is expected to see accelerated performance recovery due to a rebound in innovative drug financing and the growing protein business as a second growth driver [1] - The antibody business of Pengbo Bio is gradually recovering, with the CD3 VHH molecule having potential for external licensing due to its unique T-cell activation and monkey cross-reactivity capabilities [2] Group 2 - King’s Ray is the global leader in gene synthesis, with steady revenue growth and an anticipated end to the price war, while the protein business is becoming an increasingly significant revenue contributor [1] - The company expects total revenues of USD 950 million, USD 810 million, and USD 970 million for 2025-2027, with corresponding growth rates of 60%, -15%, and 20% [2] - The valuation methods differ across business segments, with life sciences and Baishijie using PE valuation, Pengbo Bio using PS valuation, and Legend Biotech using DCF valuation [3]