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金斯瑞生物科技：24H1点评：生命科学板块展现韧性，CARVYKTI商业化持续放量，前线治疗稳步推进
01548GENSCRIPT BIO(01548) 海通国际·2024-08-13 02:11

Investment Rating - The report maintains an "Outperform" rating for Genscript Biotech [3][8][17] Core Insights - In the first half of 2024, Genscript Biotech reported revenue of 561million,representinga43.5561 million, representing a 43.5% increase year-over-year. The non-cell therapy segment contributed 281 million (-0.2%), while the cell therapy segment saw a significant increase to 280million(+156.0280 million (+156.0%). The net loss was reduced to approximately 216 million from a loss of 246millioninthepreviousperiod[5][17]−CARVYKTI′scommercializationisprogressingwell,withnetsalesof246 million in the previous period [5][17] - CARVYKTI's commercialization is progressing well, with net sales of 343 million in the first half of 2024. The company has received label expansion approvals from regulatory bodies, enhancing its market position [6][17] - The non-cell therapy segment is expected to see further profitability improvements due to technological innovations and operational efficiencies [6][17] Revenue and Profit Forecast - Revenue projections for Genscript Biotech are as follows: 1.44billionin2024(+721.44 billion in 2024 (+72%), 2.38 billion in 2025 (+65%), and 3.53billionin2026(+483.53 billion in 2026 (+48%). Net profit is expected to improve significantly, reaching 259 million in 2025 and 666millionin2026[10][13][14]−Thecelltherapysegmentisprojectedtogenerate666 million in 2026 [10][13][14] - The cell therapy segment is projected to generate 820 million in revenue in 2024, with a substantial increase in profitability anticipated in subsequent years [8][10] Segment Analysis - The life sciences segment is expected to achieve 470millioninrevenuein2024,withayear−over−yeargrowthrateof14470 million in revenue in 2024, with a year-over-year growth rate of 14% and an adjusted operating profit of 94 million (+20%) [8][17] - The CDMO segment is forecasted to generate 95millioninrevenuein2024,reflectingadeclineof1395 million in revenue in 2024, reflecting a decline of 13% due to reduced demand and increased competition [8][17] - BestJet is projected to achieve 57 million in revenue in 2024, with a growth rate of 32% driven by market recovery and demand growth [8][17] Valuation - The total equity valuation of Genscript Biotech is estimated at 6.99billion,translatingtoatargetpriceofHK6.99 billion, translating to a target price of HK25.61 per share based on a total share capital of 2.128 billion shares [8][17]