金斯瑞生物科技：24年报点评：细胞治疗业务解除并表，各持续经营业务版块25年趋势向好，利润端有望持续为正-20250315

Investment Rating - The report maintains an "Outperform" rating for Genscript Biotech [2][4][6] Core Insights - The deconsolidation of Legend Biotech has led to a significant profit improvement for Genscript, with a profit from discontinued operations of approximately $3 billion, compared to a loss of about$518 million in the same period in 2023 [7][17] - The company expects a positive trend for its continuing business segments in 2025, with projected revenues of $938 million, representing a year-on-year growth of 58$6.296 billion, translating to a target price of HK$22.78 per share [6][17] Summary by Segment Life Sciences Segment - Expected revenue for 2025 is$523 million, with a year-on-year growth rate of 15% and an adjusted operating profit of $104 million [13][14] - The segment's revenue in 2024 was approximately$454.9 million, up by 10.2% year-on-year, with an adjusted gross profit of about $237.7 million [14][17] Biologics Development Services Segment - Projected Fee-for-Service revenue for 2025 is$113 million, up by 19% year-on-year [14][15] - The segment's revenue in 2024 was about $95 million, down by 13.2$67 million, with a year-on-year growth rate of 25% [15][16] - The segment's revenue in 2024 was approximately $53.7 million, up by 24.6$6.8 billion, with Genscript holding a 47.51% stake valued at approximately $3.231 billion [16][17]