金斯瑞生物科技：2024年报点评：细胞治疗业务解除合并报表，其余业务有望保持增长态势-20250318

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company reported a revenue of $594 million for 2024, reflecting a year-over-year increase of 6.1$2.96 billion, primarily due to the deconsolidation of its cell therapy business, which contributed $3.2 billion in earnings [1] - The life sciences segment achieved a revenue of$455 million in 2024, growing by 10.2% year-over-year, with an adjusted operating profit of $90 million, up 15.5$95 million in 2024, with an adjusted operating loss of $43 million, attributed to unfavorable market conditions and increased competition [3] - The synthetic biology segment experienced a revenue increase of 24.6$54 million, with adjusted operating profit remaining stable at approximately $2.1 million [3] - The company expects a revenue growth of 15$594 million in 2024, with a significant turnaround in net profit to $2.96 billion from a loss of$95 million in 2023 [5] - The projected net profits for 2025 and 2026 are $248 million and$235 million, respectively, with an expected EPS of $0.12 and$0.11 [4][5] Business Segments - Life Sciences: Revenue of $455 million in 2024, with a focus on innovation and automation leading to improved operational efficiency [2] - CDMO: Revenue of$95 million in 2024, with a forecasted recovery in 2025 due to new project acquisitions [3] - Synthetic Biology: Revenue growth of 24.6% in 2024, driven by expanding customer base and market penetration [3] Valuation Metrics - The company’s current valuation is considered low, with projected PE ratios of 14, 15, and 7 for 2025, 2026, and 2027, respectively [4]