Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The report indicates that the company has passed the turning point in Q4 2024, with revenue and profit improving sequentially and year-over-year [3][8] - The company is expected to benefit from industry recovery and is seizing market opportunities, leading to an upward adjustment in revenue forecasts for 2025-2026 [3] - The company is still in a phase of R&D and sales investment, resulting in a downward adjustment of net profit forecasts for the same period [3] Financial Forecasts - Total revenue is projected to reach 645.02 million in 2024, with a year-over-year growth of 18.65%, and is expected to grow to 800.72 million in 2025, reflecting a 24.14% increase [3][9] - The net profit attributable to the parent company is forecasted to be 123.83 million in 2024, down 19.38% year-over-year, but is expected to rebound to 161.18 million in 2025, a growth of 30.16% [3][9] - The latest diluted EPS is expected to be 1.03 in 2024 and is projected to increase to 1.34 in 2025 [3][9] Revenue and Profit Trends - In 2024, the company achieved a total revenue of 6.45 billion, representing an 18.65% increase year-over-year, while the net profit was 1.24 billion, down 19.38% [8] - The company reported a significant increase in Q4 2024 revenue of 1.82 billion, up 38.50% year-over-year, and a net profit of 403.4 million, up 58.63% [8] - The first quarter of 2025 saw revenue of 1.86 billion, a 27.73% increase, with a net profit of 405.8 million, up 32.31% [8] Market Position and Strategy - The company is enhancing its global presence, with overseas revenue accounting for 66% of total revenue in 2024, and plans to establish more overseas subsidiaries [8] - The company has developed over 5000 products and is focusing on clinical and research needs, with nearly 50 GMP-grade products successfully developed [8] - The application of AI technology in product development is seen as a positive long-term growth factor for the company [8]
百普赛斯：2024年报&2025年一季报点评：24Q4拐点已过，营收利润逐季同环比提升-20250507