Group 1 - Investment Rating: Outperform [1] - Target Price: RMB 59.13, current price is RMB 47.65 [1] - Market Capitalization: RMB 5,718 million [1] Group 2 - Core View: The company maintains high growth in overseas revenue while domestic revenue gradually recovers [3][10] - Q4 performance showed significant improvement with revenue of RMB 182 million (+38.50% QoQ) and net profit of RMB 40 million (+58.59% QoQ) [9] - The company has successfully developed nearly 50 high-quality GMP-grade products, enhancing its innovation capabilities [11] Group 3 - Financial Summary: - 2024 revenue forecast: RMB 645 million (+18.6%) - 2025 revenue forecast: RMB 796 million (+23.5%) - 2026 revenue forecast: RMB 977 million (+22.7%) - 2027 revenue forecast: RMB 1,199 million (+22.7%) [2] - Net profit attributable to shareholders for 2024 is forecasted at RMB 124 million (-19.4%) [2] - R&D expenses for 2024 are projected to be RMB 165 million (+32.37%) [11] Group 4 - Revenue Breakdown: - Domestic revenue for 2024 is RMB 216 million (+16.76%) - Overseas revenue is RMB 429 million (+19.62%) [10] - Major revenue contributions come from recombinant proteins (RMB 536 million, +17.35%) and testing services (RMB 17.45 million, +12.63%) [10] - The company has over 5,000 biological reagent products sold and applied in 2024 [11]
2024年报点评境外收入维持高增，境内收入逐步恢复