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 significant revenue and profit growth expected in the coming years [11][16]. - The industrial purification segment is identified as the core growth driver, with strong downstream demand and plans for new capacity to enhance market share [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 2024, 2025, and 2026 respectively, with revenues expected to grow from 3.15 billion CNY in 2024 to 4.49 billion CNY in 2026 [5][7]. - The report highlights a compound annual growth rate (CAGR) of 34% for revenue from 2019 to 2024 and an impressive 86% CAGR for net profit from 2020 to 2024 [25][11]. Company Overview - The company, established in 2002 in the USA, specializes in analytical chromatography and industrial purification chromatography fillers, with a strong R&D and production capability in both fields [11][16]. - The company has a clear ownership structure and has attracted significant strategic investors, enhancing its market position [18][19]. Product Competitiveness - The company’s core products in both industrial purification and analytical chromatography are competitive, with strong performance metrics compared to imported products [11][12]. - The industrial purification segment has rapidly gained traction since 2020, becoming the company's main business and growth engine [25][11]. Market Demand and Growth Potential - There is a robust demand for the company’s products, with a significant increase in early clinical projects and a strong pipeline of late-stage clinical and commercial projects [11][12]. - The report notes a trend towards domestic substitution in the chromatography market, driven by cost pressures and the need for stable supply chains [11][12]. Financial Performance - The company’s revenue increased from 0.74 billion CNY in 2019 to 3.15 billion CNY in 2024, with a notable increase in profitability [25][27]. - The gross margin has shown improvement, with the company achieving a leading position in the industry [35][36].
赛分科技首次覆盖报告：国产色谱领先者，迎新成长周期