GemPharmatech (SH:688046) Soochow Securities·2025-04-29 13:01Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is experiencing short-term profit pressure, but its overseas business continues to maintain high growth [7] - Revenue for 2024 is projected at 6.87 billion yuan, reflecting a year-on-year growth of 10.39%, while net profit is expected to decline by 30.89% to 1.10 billion yuan [7] - The company has a strong growth potential due to its comprehensive mouse model offerings and successful overseas market expansion [7] Financial Summary - Total revenue forecast for 2023A is 622.19 million yuan, with a projected increase to 686.84 million yuan in 2024A and 814.88 million yuan in 2025E, representing growth rates of 20.45%, 10.39%, and 18.64% respectively [1] - The net profit for 2023A is 158.91 million yuan, expected to decrease to 109.82 million yuan in 2024A, but is projected to recover to 132.74 million yuan in 2025E [1] - The latest diluted EPS is forecasted to be 0.39 yuan for 2023A, decreasing to 0.27 yuan in 2024A, and then gradually increasing to 0.48 yuan by 2027E [1] Business Performance - The company achieved a revenue of 4.0 billion yuan from commercialized mouse models in FY24, with a growth of 9.0%, and 1.5 billion yuan from functional efficacy, growing by 14.6% [7] - Overseas revenue reached 1.14 billion yuan, marking a 22.5% increase, while domestic revenue was 5.72 billion yuan, up by 8.3% [7] - The gross profit margin for 2024 is reported at 61.99%, a decrease of 5.62 percentage points compared to the previous year [7] Growth Drivers - The company has completed its domestic facility layout with approximately 280,000 cages, which is expected to enhance profitability as it transitions to gene-edited mouse business [7] - The overseas market is anticipated to continue its high growth trajectory, supported by a skilled engineering workforce and newly established production capacity [7] - The company is actively expanding its product offerings, including wild-type mice and humanized antibody transgenic models, to capture additional market demand [7]