Core Viewpoint - The company continues to experience high growth in performance and improving profitability, with a revenue of 390 million yuan in the first half of 2025, representing a year-on-year increase of 29.4%, and a net profit of 80 million yuan, up 47.8% year-on-year. The net profit margin reached 21.5%, an increase of 3.6 percentage points year-on-year [1] Domestic Business Growth - The company's domestic sales revenue reached 120 million yuan, a year-on-year increase of 36.7%, while overseas sales revenue was 260 million yuan, up 22.9% year-on-year. The growth in domestic sales is primarily driven by the recovery of the innovative drug market and the continuous demand for biological reagents. The core product, recombinant protein, maintained robust growth with revenue of 320 million yuan, a 25.7% increase year-on-year [2] New Product Development - The company is intensifying efforts in new product development, particularly in the ADC field, expanding its product and service offerings, including various target proteins and specific reagents for ADC PK research. In the CGT field, the company is broadening its range of products related to cell and gene therapy, including cytokines for iPSCs differentiation and various detection kits [3] Profit Forecast and Investment Recommendation - The profit forecast remains unchanged, with projected net profits of 154 million yuan, 208 million yuan, and 253 million yuan for 2025-2027. Based on the average P/E ratio of comparable companies, a valuation of 74 times P/E for 2025 is given, corresponding to a target price of 67.34 yuan, maintaining a "buy" rating [4]
百普赛斯(301080)：国内业务复苏强劲 盈利能力提升