Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown good revenue growth, but profit margins are under short-term pressure due to increased expenses related to domestic and international business expansion [5][6] - The company is actively increasing its R&D investment, focusing on advanced fields such as CGT and ADC, with a significant number of employees dedicated to R&D [6][7] - Future revenue projections are optimistic, with expected revenues of 6.24 billion, 7.56 billion, and 9.06 billion for 2024, 2025, and 2026 respectively, alongside a gradual recovery in profit margins [7][8] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 463 million (up 12.34% year-on-year) and a net profit attributable to shareholders of 83 million (down 34.85% year-on-year) [5] - The gross margin and net margin for the first three quarters of 2024 were 91.33% (down 0.04 percentage points) and 17.05% (down 12.07 percentage points) respectively [5] - The company’s expenses in sales, management, R&D, and finance increased significantly, impacting profit margins [5] Business Growth - The company's core business remains robust, with conventional business revenue reaching 443 million (up 19% year-on-year) in the first three quarters of 2024, and overseas conventional business revenue growing over 20% [6] - The sales revenue from recombinant proteins was 373 million, showcasing significant scale advantages [6] R&D Investment - R&D expenses for the first three quarters of 2024 were 122 million (up 29.54% year-on-year), with R&D personnel accounting for over 30% of total employees [6] - The company is enhancing its production capabilities with a GMP-level facility in Suzhou now in production [6] Future Outlook - The company is expected to achieve revenues of 6.24 billion, 7.56 billion, and 9.06 billion for 2024, 2025, and 2026 respectively, with net profits of 1.13 billion, 1.41 billion, and 1.75 billion [7][8] - The expected EPS for the same years are 0.95, 1.18, and 1.46, with corresponding P/E ratios of 43.68, 35.11, and 28.33 [7][8]
百普赛斯：公司简评报告：收入端增长良好，研发投入加大