赛恩斯（688480）：2024年报、2025一季报点评：业务结构改善，出海、紫金合作持续推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][15] Core Views - The company has shown improvement in its business structure, with a significant increase in revenue and net profit for 2024. The revenue reached 927.19 million yuan, a year-on-year increase of 14.69%, while the net profit attributable to shareholders was 180.76 million yuan, up 100.11% year-on-year [7][8][15] - The company is focusing on enhancing its overseas business and deepening cooperation with Zijin Mining, which has led to a notable increase in overseas revenue [14][15] Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 927.19 million yuan, with a year-on-year growth of 14.69%. The net profit attributable to shareholders was 180.76 million yuan, reflecting a 100.11% increase year-on-year. The first quarter of 2025 saw revenue of 170 million yuan, a 63.46% increase year-on-year, but net profit decreased by 77.68% to 18 million yuan [8][9][15] - The gross profit margin improved by 5.91 percentage points to 34.74% in 2024, driven by the growth in high-margin product sales and operational services [9][15] Business Structure Improvement - The sales and operational service revenue has increased, indicating a positive shift in the business structure. The product sales segment generated 269 million yuan, a 96% increase year-on-year, with a gross margin of 49.29% [9][10] - The operational services segment achieved revenue of 321 million yuan, up 66.06% year-on-year, although the gross margin slightly decreased [13][15] International Expansion - The company has deepened its collaboration with Zijin Mining, resulting in related revenue of 255 million yuan, accounting for 27.5% of total revenue. Overseas business revenue reached 83 million yuan, a 25.5% increase year-on-year, with a gross margin of 42.5% [14][15] Profit Forecast and Valuation - The profit forecasts for 2025-2026 have been adjusted to 196 million yuan and 245 million yuan, respectively, with expected year-on-year growth rates of 8.32% and 25.21%. The corresponding P/E ratios are projected at 16.0 and 12.8 times [15][18]