Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to show strong growth in H1 2025, driven by robust domestic demand recovery, with a significant increase in profitability [4][5] - The company achieved a revenue of 387 million yuan in H1 2025, representing a year-on-year growth of 29.38%, and a net profit attributable to shareholders of 84 million yuan, up 47.81% year-on-year [4][5] - The report maintains profit forecasts for 2025-2027, expecting net profits of 169 million yuan, 222 million yuan, and 272 million yuan respectively, with corresponding EPS of 1.01 yuan, 1.32 yuan, and 1.62 yuan [4][5] Financial Performance - In H1 2025, the company's core business, recombinant proteins, generated revenue of 319 million yuan, a year-on-year increase of 25.71% [5] - The company’s operating income for Q2 2025 was 201 million yuan, with a year-on-year growth of 30.95% and a quarter-on-quarter growth of 7.71% [4] - The net profit margin improved to 21.53% in H1 2025, up from 18.61% in 2024, due to effective cost control [6] Emerging Business Contributions - The company’s emerging business areas, particularly in cell and gene therapy (CGT) and antibody-drug conjugates (ADC), are becoming significant growth drivers, with CGT-related product revenue exceeding 20% of total revenue [5] - The domestic business revenue reached 123 million yuan in H1 2025, a year-on-year increase of 36.65%, indicating strong recovery in domestic demand [5] Valuation Metrics - The current stock price is 57.83 yuan, with a market capitalization of 9.707 billion yuan [1] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 57.3, 43.7, and 35.7 respectively [4][8]
百普赛斯（301080）：公司信息更新报告：2025H1业绩延续高增态势，境内需求强劲复苏