洁特生物（688026）：业绩符合预期，海外自主品牌销售提速

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's performance meets expectations, with a recovery in sales of life science products. In 2024, the company achieved revenue of 559 million yuan, a year-on-year increase of 20.63%. The net profit attributable to shareholders was 72.19 million yuan, up 107.51% year-on-year [6][12] - The sales growth is primarily driven by stable industry demand and stable product prices, leading to a good increase in sales volume of life science products [2][13] - The company is actively expanding its overseas market, with overseas revenue reaching 351 million yuan in 2024, accounting for approximately 66.13% of total revenue, a year-on-year increase of 23.50% [13] - The company has a strong focus on R&D innovation, continuously launching new products, including cell culture series and liquid handling series, with sales of cell factory products growing approximately 28.55% year-on-year in 2024 [13] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 559 million yuan, with biological culture business revenue of 172 million yuan (up 9.08%), liquid handling business revenue of 337 million yuan (up 22.64%), and instrument and other business revenue of 22.6 million yuan (up 28.27%) [2][6] - For Q1 2025, the company achieved revenue of 124 million yuan, a year-on-year increase of 26.00%, and a net profit of 16.46 million yuan, up 101.29% year-on-year [6] Profitability - The company's gross margin for 2024 was 41.41%, an increase of 10.79 percentage points year-on-year, while the net margin was 12.92%, up 5.41 percentage points year-on-year [13] Market Expansion - The overseas sales of the company's own brand increased by approximately 46.07% year-on-year, with the proportion of overseas self-owned brand revenue rising from about 15.98% to 18.89% [13] R&D and Product Development - The company is developing a range of new products, including various membrane products, with a focus on enhancing its product offerings in the life sciences sector [13]