金斯瑞生物科技：动态研究：全球生命科学服务领先企业，CARVYKTY前线拓展后有望持续快速放量

Investment Rating - The report assigns a "Buy" rating for Kingsray Biotechnology (01548) as part of its initial coverage [2][4][6]. Core Insights - Kingsray Biotechnology has shown strong growth in its cell therapy segment, with external revenue reaching $280 million in the first half of 2024, a year-on-year increase of 156$222.4 million, a 9.6% year-on-year increase. The adjusted gross margin remains stable at 54% [3][4]. - The company is projected to achieve revenues of $1.189 billion,$1.881 billion, and $2.950 billion for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 42$561.4 million, a 43.5% increase year-on-year. The net loss was $216 million, a reduction of$30 million compared to the previous year [2][3]. - The cell therapy division's revenue accounted for 49.9% of total revenue, with CARVYKTY generating net sales of $343 million [3][4]. Growth Potential - The CARVYKTY product has received approvals for use in specific patient populations, which is expected to significantly increase the addressable market. The production capacity is also set to ramp up with new facilities coming online [3][4]. - The report highlights the strong growth in the enzyme business, with revenue from the feed enzyme segment increasing by approximately 42$0.08, improving to $0.02 in 2025 and$0.11 in 2026. The price-to-earnings (P/E) ratio is projected to be 103.70 in 2025 and 13.78 in 2026 [5][6].