百奥赛图-B（02315）：主业景气带动业绩高增，抗体平台提供未来弹性

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook with expected stock price appreciation of over 15% relative to the benchmark index [2][11]. Core Insights - The company is projected to achieve significant revenue growth driven by its core business and antibody platform, with expected revenues of RMB 1.376 billion in 2025, representing a year-on-year growth of 40.4% [2][8]. - The net profit attributable to shareholders is forecasted to reach RMB 167 million in 2025, reflecting a staggering growth rate of 399.3% compared to the previous year [2][8]. - The company has made substantial advancements in its animal model and preclinical CRO business, which are key drivers of revenue growth, particularly in the first half of 2025 [8]. Financial Forecasts - Revenue projections for 2024, 2025, 2026, and 2027 are RMB 980 million, RMB 1.376 billion, RMB 1.845 billion, and RMB 2.416 billion, respectively, with growth rates of 36.8%, 40.4%, 34.1%, and 31.0% [2][9]. - The net profit attributable to shareholders is expected to grow from RMB 34 million in 2024 to RMB 530 million in 2027, with corresponding growth rates of 108.8%, 399.3%, 93.3%, and 63.6% [2][9]. - Earnings per share (EPS) are projected to increase from RMB 0.08 in 2024 to RMB 1.19 in 2027, indicating strong profitability growth [2][9]. Business Developments - The company has successfully expanded its humanized mouse model offerings, launching over 400 new models in 2025, which enhances its technological barriers and supports its goal of becoming a global hub for new drug development [8]. - Strategic partnerships have been established with leading pharmaceutical companies, including a global licensing agreement with BeiGene and an antibody licensing deal with Merck, which are expected to contribute to long-term revenue growth [8].