洁特生物（688026）：自主品牌收入快速增长，盈利能力逐步回升

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on revenue growth and profitability recovery. Core Insights - The company achieved a revenue of 559 million yuan in 2024, representing a year-over-year increase of 20.63%, with a net profit of 72 million yuan, up 107.51% year-over-year [1][2] - The growth in revenue is attributed to the successful promotion of its overseas self-owned brands and the overall growth in its life sciences product business [2] - The gross profit margin improved to 41.41% in 2024, an increase of 10.79 percentage points year-over-year, indicating a recovery in profitability [2] - The company is expected to continue its growth trajectory with projected revenues of 682 million yuan, 827 million yuan, and 992 million yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 99 million yuan, 122 million yuan, and 150 million yuan [2][3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 559 million yuan, a 20.63% increase from 2023, and a net profit of 72 million yuan, reflecting a 107.51% increase year-over-year [3] - The gross margin for 2024 was 41.41%, up from 30.6% in 2023, indicating improved cost management and pricing stability [3] Revenue Breakdown - The revenue from biological culture products reached 172 million yuan, growing by 9.08% year-over-year, while liquid handling products generated 337 million yuan, up 22.64% [2] - International sales accounted for 351 million yuan, a 23.50% increase, with overseas self-owned brand revenue rising by 46.07% [2] Future Projections - The company forecasts revenue growth of 22.2% in 2025, 21.1% in 2026, and 20.0% in 2027, with net profit growth rates of 37.4%, 22.7%, and 23.3% respectively [2][3]