Investment Rating - The investment rating for the company is "Outperform the Market" [4][2] Core Views - The company, Baipusais, is a global leader in providing recombinant protein reagents, focusing on industrial clients with high-quality product barriers. It is accelerating its global expansion, with significant growth in overseas revenue. The company is also expanding its GMP-grade product categories around cell and gene therapy development and production scenarios [2][4]. Financial Performance Summary - In the first three quarters of 2025, the company achieved a revenue of 613 million yuan, representing a year-on-year growth of 32.3%. The net profit attributable to the parent company was 132 million yuan, up 58.6% year-on-year. Quarterly revenues for Q1, Q2, and Q3 were 186 million, 201 million, and 226 million yuan, respectively, with year-on-year growth rates of 27.7%, 30.9%, and 37.5% [7][2]. - The gross margin for the first three quarters of 2025 was 91.2%, with a net margin of 21.6%, showing a year-on-year improvement of 3.6 percentage points. The overall expense ratio decreased by 5.8 percentage points to 60.9% [8][2]. Earnings Forecast - The earnings forecast for the company has been adjusted, with expected revenues for 2025, 2026, and 2027 projected at 847 million, 1.065 billion, and 1.288 billion yuan, respectively. The net profit attributable to the parent company is expected to be 181 million, 246 million, and 312 million yuan for the same years [3][2]. - The price-to-earnings (PE) ratios corresponding to the current stock price are projected to be 41, 30, and 24 times for 2025, 2026, and 2027, respectively [2][4].
百普赛斯（301080）：2025年前三季度营收同比增长32%，需求端改善驱动