Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 59.13, indicating a potential upside from the current price of RMB 47.65 [1][8]. Core Insights - The company has shown strong overseas revenue growth while domestic revenue is gradually recovering, with a reported revenue of RMB 645 million in 2024, representing an 18.65% increase year-on-year [9][10]. - The decline in net profit attributable to shareholders in 2024 was primarily due to increased expenses and payroll costs, with a net profit of RMB 124 million, down 19.38% from the previous year [9][10]. - The company has successfully developed nearly 50 high-quality GMP-grade products, enhancing its product portfolio and innovation capabilities [11]. Financial Summary - Revenue is projected to grow from RMB 544 million in 2023 to RMB 1,199 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 22.7% [2][4]. - Net profit attributable to shareholders is expected to recover from RMB 124 million in 2024 to RMB 253 million by 2027, with a significant increase in earnings per share (EPS) from RMB 1.03 in 2024 to RMB 2.11 in 2027 [2][4]. - The company’s return on equity (ROE) is projected to improve from 4.7% in 2024 to 9.0% in 2027, indicating enhanced profitability [2][4]. Product and Market Development - The company has over 5,000 biological reagent products, including recombinant proteins and antibodies, which have been successfully sold and applied, showcasing its extensive research and production capabilities [11]. - The overseas revenue, excluding specific acute respiratory disease revenue, has achieved over 20% year-on-year growth, indicating strong demand in international markets [10][11]. - The company is actively expanding its product offerings and technical services, particularly in the ADC drug development process, which is expected to accelerate its growth in the biopharmaceutical sector [11].
百普赛斯（301080）：2024年报点评：境外收入维持高增，境内收入逐步恢复