GENSCRIPT BIO-金斯瑞生物科技（01548）：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

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company reported a revenue of $594 million for 2024, reflecting a year-over-year increase of 6.1%, and a significant net profit of approximately$ 2.96 billion, primarily due to the deconsolidation of its cell therapy business, which contributed $3.2 billion in gains [1][4] - The life sciences segment achieved a revenue of$ 455 million in 2024, up 10.2% year-over-year, with an adjusted operating profit of $90 million, marking a 15.5% increase [2] - The CDMO business saw a revenue decline of 13.2% to$ 95 million in 2024, with an adjusted operating loss of $43 million, attributed to unfavorable market conditions and increased competition [3] - The synthetic biology segment experienced a revenue growth of 24.6% to$ 54 million, with a stable adjusted operating profit of $2.1 million [3] - The company expects a revenue growth of 15%-20% in the CDMO business for 2025, driven by new project acquisitions and anticipated upfront payments from partners [3] Financial Forecasts and Valuation - The updated net profit forecasts for 2025 and 2026 are$ 248 million and $235 million, respectively, with a new estimate for 2027 at$ 505 million, reflecting the expected ramp-up in production capacity [4] - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are $0.12,$ 0.11, and $0.23, respectively, with corresponding price-to-earnings (PE) ratios of 14, 15, and 7 [4][5]