Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 76.8 CNY based on a 60x PE valuation for 2025 [3][6]. Core Insights - The company's revenue is expected to grow significantly, with projections of 802 million CNY in 2025, representing a 24.4% year-on-year increase. The net profit attributable to the parent company is forecasted to reach 154 million CNY in 2025, reflecting a 24.2% growth [5][9]. - The company has shown strong performance in its core business, particularly in overseas markets, with a notable increase in sales of recombinant proteins and other products [9]. - The company is maintaining a high level of R&D investment, with R&D expenses projected to increase to 192 million CNY by 2025, which is a 32.4% increase from the previous year [9]. Financial Performance Summary - Revenue for 2023 was 544 million CNY, with a projected increase to 645 million CNY in 2024 and 802 million CNY in 2025, indicating a consistent growth trajectory [5]. - The gross margin is expected to remain high, around 90.3% in 2025, while the net profit margin is projected to stabilize at approximately 19.2% [5]. - The company’s earnings per share (EPS) are forecasted to be 1.28 CNY in 2025, with further increases to 1.73 CNY in 2026 and 2.11 CNY in 2027 [5][9].
百普赛斯2024年报&2025年一季报点评：业绩逐步改善，核心业务稳健增长