境外收入维持高增，境内收入逐步恢复 百普赛斯(301080) ——百普赛斯 2024 年报点评 股票研究 /[Table_Date] 15 May 2025 [Table_Market] 交易数据 52 周内股价区间（元） 31.53-59.46 总市值（百万元） 5,718 总股本/流通A 股（百万股） 120/91 流通 B 股/H 股（百万股） 0/0 环比改善，研发的新产品适应新药开发进程打开需求空间，维持优于大市评级。 投资要点： 风险提示。进口替代不及预期的风险，市场竞争加剧的风险，新产品研 发失败的风险。 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 544 | 645 | 796 | 977 | 1,199 | | (+/-)% | 14.6% | 18.6% | 23.5% | 22.7% | 22.7% | | 净利润（归母） | 154 | 124 | 158 | 199 | 253 | | (+/-) ...

2024 年&1Q25 业绩符合我们的预期 公司公布2024 年和2025 年1 季度业绩：2024 年收入6.45 亿元，同比+18.65%；归母/扣非归母净利润分 别为1.24/1.19 亿元，同比-19.38%/-15.16%。2025 年1 季度收入1.86 亿元，同比+27.73%；归母/扣非归 母净利润分别为0.41/0.38 亿元，同比+32.30%/+25.99%。2024 年和1Q25 收入利润符合我们的预期。 发展趋势 主营业务稳健向前。2024 年公司重组蛋白收入5.36 亿元，同比+17.35%；抗体、试剂盒及其他试剂收入 0.80 亿元，同比+31.23%。毛利率维持较高水平。2024 全年公司5,000 多种生物试剂实现销售和应用； 公司位于苏州的GMP 级别生产厂房已经正式投产。 关税影响部分地区贸易，竞争格局恶化，新品推广不及预期，研发失败，行业回暖不及预期。 而未来，我们预计公司也可以进一步通过海外实验室和产能布局的形式进一步分散关税相关风险。 盈利能力呈现加速改善趋势。1Q25 公司实现归母净利润0.41 亿元，净利率回升至21.8%。我们判断公 司2024 年对研发、销售 ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Insights - The company is experiencing an improving performance trend, with the GMP production capacity expected to contribute to future earnings flexibility. In Q4 2024 and Q1 2025, the company achieved revenues of 182 million and 186 million yuan, respectively, representing year-on-year growth of 38.5% and 27.7%. The gross margins for these periods were 89.9% and 90.4%, while net margins were 22.6% and 21.6%, indicating an improvement compared to Q2/Q3 2024, primarily due to cost savings from scaling [2][6] - The company is focusing on enhancing R&D investments to diversify its product line and expand both domestic and international markets, which is expected to drive rapid growth in future performance [2][8] Financial Performance Summary - In 2024, the company reported total revenue of 645 million yuan, a year-on-year increase of 18.65%, and a net profit of 124 million yuan, a decline of 19.38%. For Q1 2025, revenue was 186 million yuan, up 27.73%, with a net profit of 41 million yuan, reflecting a year-on-year increase of 32.30% [5][10] - The company’s R&D expenses in 2024 were 165 million yuan, a 32.37% increase, representing a R&D expense ratio of 25.63%. By the end of 2024, the company had over 5,000 types of biological reagents for sale, including nearly 50 high-quality GMP-grade products, which is an increase from the previous year [6][10] - The company’s revenue from recombinant proteins in 2024 was 536 million yuan, a growth of 17.35%, while the antibody and reagent business achieved revenue of 80 million yuan, growing by 31.2% [6][7] Future Earnings Forecast - The company is projected to benefit from ongoing domestic and international customer expansion, with adjusted revenue forecasts for 2025-2027 being 807 million, 1,015 million, and 1,283 million yuan, respectively. The EPS estimates for the same period are adjusted to 1.33, 1.68, and 2.11 yuan [8][10]