Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's regular business shows steady growth, but high expenses are impacting short-term profits [2] - In H1 2024, the company reported revenue of 299 million yuan, a year-on-year increase of 11.55%, with regular business sales reaching 285 million yuan, up 18.86% [2][3] - The decline in net profit attributable to the parent company was 38.13% year-on-year, primarily due to increased expenses [2] - The company is actively expanding its overseas market presence while maintaining robust growth in regular business [2] Financial Performance Summary - H1 2024 revenue breakdown: - Recombinant proteins: 254 million yuan, up 11.40% - Testing services: 6.55 million yuan, down 1.59% - Antibodies, kits, and other reagents: 34 million yuan, up 17.16% - Other businesses: 5.54 million yuan, up 4.14% [3] - H1 2024 gross margin was 91.46%, an increase of 0.36 percentage points year-on-year, while net profit margin was 17.94%, a decrease of 14.39 percentage points year-on-year [2] - The company plans to continue increasing R&D investment and expanding product categories to meet diverse customer needs [4] Earnings Forecast - The profit forecast for 2024-2026 has been adjusted downward due to increased expenses, with expected net profits of 116 million, 149 million, and 190 million yuan respectively [2] - Earnings per share (EPS) are projected to be 0.97, 1.24, and 1.58 yuan for 2024, 2025, and 2026 respectively [2] - Current stock price corresponds to price-to-earnings (P/E) ratios of 34.7, 27.0, and 21.2 for the respective years [2]
百普赛斯：公司信息更新报告：常规业务稳健增长，高费用投入影响短期利润