赛恩斯（688480）：业务结构优化，利润有望持续增长

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1] Core Insights - The company is expected to achieve a net profit of 181 million yuan in 2024, with a revenue of 927 million yuan, reflecting a year-on-year growth of 14.69% [4][10] - The business structure has been optimized, leading to a significant increase in profit margins, particularly in the product sales segment, which saw a 96% year-on-year revenue growth [5][6] - The company has made strategic acquisitions, such as that of Longli Chemical, which has positively impacted revenue and profit growth [7][10] Company Overview - Latest closing price: 33.68 yuan - Total shares: 0.95 billion, circulating shares: 0.64 billion - Total market capitalization: 3.2 billion yuan, circulating market capitalization: 2.2 billion yuan - 52-week high/low: 36.10/22.10 - Debt-to-asset ratio: 39.0% - Price-to-earnings ratio: 17.73 - Largest shareholder: Gao Weirong [3] Financial Performance - In 2024, the company expects a net profit of 181 million yuan, a 100.11% increase year-on-year, with a non-recurring net profit of 116 million yuan, up 54.68% [4][10] - The revenue structure has shifted, with the operational service business now accounting for the largest share of revenue at 34.74%, while the comprehensive solution business has decreased to 32.73% [5] - The gross margin for product sales has improved to 49.29%, an increase of 3.99 percentage points year-on-year [6] Future Projections - The company forecasts continued growth in net profit for 2025-2027, with expected figures of 183 million, 218 million, and 258 million yuan respectively, indicating year-on-year growth rates of 1.4%, 18.9%, and 18.6% [10][12] - The EBITDA is projected to grow from 155.88 million yuan in 2024 to 338.69 million yuan by 2027 [12]