Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company has shown significant revenue growth, with a projected increase in revenue from 245 million yuan in 2023 to 669 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 31.6% [5][10]. - The net profit attributable to the parent company is expected to grow from 52 million yuan in 2023 to 222 million yuan in 2027, indicating a strong growth trajectory [5][10]. - The company is experiencing a rapid increase in project numbers, particularly in the industrial purification segment, which has become a major growth driver [10]. Financial Performance Summary - Revenue for 2024 is projected at 315 million yuan, representing a year-on-year growth of 28.7% [5]. - The gross margin is expected to remain stable, with a slight decrease to 71.0% in 2024 from 71.2% in 2023 [5]. - The net profit margin is projected to increase from 21.4% in 2023 to 27.0% in 2024, reflecting improved profitability [5][10]. - The company’s earnings per share (EPS) are forecasted to rise from 0.13 yuan in 2023 to 0.53 yuan in 2027 [5][10]. Segment Performance - The industrial purification segment achieved revenue of 187 million yuan in 2024, a year-on-year increase of 49.1%, driven by growth in antibody drug products [10]. - The analysis chromatography segment generated revenue of 124 million yuan in 2024, with a stable growth rate of 7.8% [10]. - The company added 209 new pharmaceutical projects in 2024, indicating a robust pipeline for future growth [10]. Valuation Metrics - The target price for the company is set at 17.85 yuan, based on a price-to-earnings (P/E) ratio of 51 times for 2026 [3][6]. - The company’s P/E ratio is projected to decrease from 128.9 in 2023 to 30.5 in 2027, indicating improving valuation as earnings grow [5][12].
赛分科技（688758）：业绩高增，项目数量迅速增加