公司战略定位全球第一的生物药（抗体药、基因&细胞治疗）服务与产品供应商，全球第一的合成生物 学服务与产品供应商。公司规划以稳健现金流夯实生命科学、生物药CRDMO 与合成生物学基本盘，驱 动盈利增长；以核心技术优势加速产品化与高价值授权业务拓展，打造增长新引擎。公司聚焦高质量成 长提升盈利能力，目标2035 年实现30 亿美金收入，经营性利润率超过20%。 金斯瑞生物科技以"技术驱动"与"全球化布局"为核心发展战略，发布公司长期收入增长目标，明晰各板 块增长路径，我们看好公司的长期发展趋势。 投资要点： 维持增持评级 。我们对金斯瑞生物科技采用分部估值方法，我们预测主营业务板块2025-2027 年收入分 别为9.39、8.25、9.61 亿美元，同比增速分别为58%、-12%、16%。我们对公司主营业务板块的PS估值 采用2026 年度的营业收入PS 倍数6 倍估值，对应主营业务估值352 亿元。2025 年11 月20 日，公司持有 的美股上市公司传奇生物对应股权比例公允价值为170 亿元人民币。综上，我们给予金斯瑞生物科技目 标价每股26.21 元港币。 公司发布长期规划战略蓝图，打造全球领先的生物医药 ...

Core Viewpoint - The report maintains a "Buy" rating for King’s Ray Biotechnology (01548) with a target price of HKD 26.21 per share, emphasizing the company's long-term growth strategy driven by technology and global expansion [1] Group 1: Long-term Strategic Planning - The company aims to become the global leader in biopharmaceuticals (antibody drugs, gene & cell therapy) and synthetic biology services and products, with a focus on solid cash flow to support its life sciences and biopharmaceutical CRDMO foundations [1] - The long-term revenue target is set at USD 3 billion by 2035, with an operating profit margin exceeding 20% [1] Group 2: Business Growth and Market Position - The gene & plasmid business has achieved continuous growth, aiming to expand downstream applications to enhance business potential and support further growth [2] - The antibody protein business seeks to strengthen core competitiveness and achieve market leadership by exploring non-outsourcing markets and providing innovative instruments and solutions [2] - The protein antibody drug CDMO aims to capitalize on the rebound of China's biotechnology sector, accumulate more projects and capabilities, and enhance sales in Europe and the U.S. to expand high-margin revenue sources [2] Group 3: Growth Opportunities and Product Development - The company plans to integrate its business capabilities (life sciences + thriving biology) to transform mature services into one-stop solutions, accelerating productization for downstream clients [3] - Focus areas include high-margin products in enzyme preparations, such as starch sugar, alcohol, and home care, while seeking explosive industry opportunities through innovative protein/enzyme products [3] Group 4: Financial Forecast and Valuation - The company’s revenue projections for the main business segments from 2025 to 2027 are USD 939 million, USD 825 million, and USD 961 million, with year-on-year growth rates of 58%, -12%, and 16% respectively [4] - The valuation method applied is based on a PS multiple of 6 times the projected 2026 revenue, leading to a main business valuation of RMB 35.2 billion [4] - The fair value of the company's stake in Legend Biotech, a U.S.-listed company, is estimated at RMB 17 billion as of November 20, 2025 [4]