金斯瑞生物科技（01548）：利润端扭亏为盈且有望持续

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - The company has turned a profit in 2024, with a net profit of $3 billion, compared to a loss of$95 million in 2023, primarily due to a one-time gain from the deconsolidation of Legend Biotech, amounting to approximately $3.2 billion [1][4]. - The company is expected to continue its profitability into 2025, with projected revenue growth across its business segments [3]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of$594.49 million, a 6.1% increase year-over-year, and an adjusted net profit of $60 million, reflecting a 2.9$455 million and $90 million [2]. - The CDMO segment experienced a revenue decline of 13.2$95 million, with an adjusted operating loss of $43 million, although signs of recovery are noted in the second half of the year [2]. - The synthetic biology segment reported a 24.6$54 million, with stable adjusted operating profit [2]. Future Projections - For 2025, the company anticipates continued profitability, with life sciences revenue growth projected at 10-15% and CDMO revenue growth of 15-20% [3]. - The synthetic biology segment is expected to grow by 20-25% in RMB terms, with an adjusted gross margin improvement to approximately 45% [3]. Valuation and Estimates - The company’s estimated net profits for 2025, 2026, and 2027 are projected to be $176 million,$264 million, and $501 million, respectively, with corresponding EPS of$0.08, $0.12, and$0.24 [5][23]. - The report assigns a target market capitalization of HKD 42.06 billion, with a target price of HKD 19.59, reflecting adjustments based on comparable company valuations [5][14].