Investment Rating - The report gives an "Accumulate" rating for the company for the first time, with a target price of 18.88 CNY based on a 59 times P/E ratio for 2026 [5][8]. Core Views - The company is positioned as a leading domestic chromatography manufacturer, entering a new growth cycle with rapid revenue and profit growth, particularly in the industrial purification segment, which has become the core business [11][25]. - The company has strong competitive advantages in its core products, with both industrial purification and analytical chromatography segments showing robust performance and collaboration with key clients [11][12]. - There is significant growth potential driven by strong downstream demand and a trend towards domestic substitution in the chromatography market, especially in the context of rising cost pressures from drug price reductions [11][12]. Financial Forecast and Investment Recommendations - The company is projected to achieve earnings per share of 0.21 CNY, 0.27 CNY, and 0.32 CNY for the years 2024, 2025, and 2026 respectively, with a rapid increase in revenue expected from the industrial purification segment [5][11]. - Revenue is expected to grow from 2.13 billion CNY in 2022 to 4.49 billion CNY in 2026, reflecting a compound annual growth rate (CAGR) of 34% from 2019 to 2024 [7][25]. - The net profit attributable to the parent company is forecasted to rise from 470 million CNY in 2022 to 1.33 billion CNY in 2026, with a CAGR of 86% from 2020 to 2024 [7][25]. Company Overview - The company, established in 2002 in the United States, specializes in analytical chromatography and industrial purification chromatography fillers, and is one of the few companies with R&D and large-scale production capabilities in both fields [11][16]. - The company has a clear equity structure and has attracted significant strategic investors, enhancing its market position and operational capabilities [18][19]. Product Competitiveness - The company’s industrial purification products are primarily used in the clinical research and industrial production phases of drug development, with a comprehensive range of over 100 products covering various separation modes and application scenarios [46][50]. - The analytical chromatography segment has a stable revenue structure, primarily driven by size exclusion chromatography columns, while the industrial purification segment has shown significant growth since 2020 [32][46]. Market Demand and Growth Potential - The company has accumulated a substantial number of early-stage projects, with 106 early clinical projects and 56 late clinical and commercial projects expected to drive demand [11][12]. - The domestic chromatography and industrial purification market has a high concentration and low domestic substitution rate, indicating significant growth opportunities as the trend towards domestic products increases [11][12].
赛分科技（688758）首次覆盖报告：国产色谱领先者，迎新成长周期