金斯瑞生物科技：利润大幅提升，盈利能力持续改善-20250320

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Views - Kingsray Biotechnology (1548.HK) reported a significant profit increase, with net profit reaching $2.961 billion in 2024, primarily due to the gain from the demerger of its cell therapy business [7][8]. - The company’s revenue for 2024 was$594.49 million, reflecting a 29.19% decline, but is expected to rebound with a projected revenue of $937.21 million in 2025, representing a 57.65$450 million in 2024, up 10.2%, driven by platform upgrades and operational efficiency improvements [7][8]. Financial Summary - Revenue Forecast: Expected revenues for 2025, 2026, and 2027 are $937.21 million,$829.90 million, and $981.93 million respectively [2][9]. - **Net Profit Forecast**: Projected net profits for the same years are$309.95 million, $130.72 million, and$208.01 million [2][9]. - Earnings Per Share (EPS): EPS is expected to decline from $1.37 in 2024 to$0.14 in 2025, before recovering to $0.10 in 2027 [2][9]. - Return on Equity (ROE): ROE is projected to decrease significantly from 68.54% in 2024 to 6.69% in 2025, before gradually increasing to 4.19% in 2027 [2][9]. Business Segments - Life Sciences Services and Products: Revenue is expected to grow at rates of 15%, 20%, and 20% from 2025 to 2027, with stable pricing and improving gross margins [8][9]. - Biologics Development Services: Anticipated revenue growth of 20% in 2025, followed by 10% in the subsequent years, with a focus on expanding market penetration in North America and Europe [8][9]. - Industrial Synthetic Biology Products: Expected to see revenue growth of 25% in 2025, driven by new product launches and a focus on large clients [8][9].