Workflow
ADC药物相关产品
icon
Search documents
百普赛斯(301080):国内业务强势复苏 海外业务保持稳健
Xin Lang Cai Jing· 2025-08-30 00:53
Core Viewpoint - The company maintains rapid revenue growth, with domestic demand gradually recovering and new products developed for drug development processes opening up demand space, sustaining a buy rating [1] Investment Highlights - The company maintains a "buy" rating, adjusting the EPS forecast for 2025-2027 to 1.14/1.52/2.10 yuan (previously 0.94/1.19/1.51 yuan), assigning a 60X PE valuation for 2025, which reflects a certain discount compared to comparable companies due to stable operations and a robust growth outlook, with a target price of 68.12 yuan [2] - In the first half of 2025, the company achieved revenue of 387 million yuan (+29.38%) and a net profit attributable to shareholders of 83.8 million yuan (+47.81%), with a non-recurring net profit of 84.13 million yuan (+45.82%). In Q2 alone, revenue reached 201 million yuan (+30.95%) and net profit was 43.22 million yuan (+66.10%) [2] - Domestic revenue was 123 million yuan, a year-on-year increase of 36.65%, indicating a rapid recovery in domestic business, while overseas revenue was 258 million yuan, up 22.94%, maintaining competitive advantages [2] Profitability and Cost Control - In the first half of 2025, the company's gross margin was 90.14%, a decrease of 1.32 percentage points, while the net margin increased by 3.59 percentage points to 21.53% [3] - The company effectively controlled overall expense ratios, with sales/management/R&D/financial expense ratios at 29.69%/15.36%/23.26%/-7.20%, showing year-on-year changes of -2.60/-0.70/-2.87/-1.77 percentage points [3] R&D Investment - The company continues to increase R&D investment, expanding its R&D team to 279 personnel, with over 5,000 products sold and applied. It maintains competitiveness in recombinant proteins while developing new products for CGT and ADC drugs to adapt to new drug development rhythms [3] - In the CGT field, the company has successfully developed nearly 50 high-quality GMP-grade products, including cytokines and antibodies for cell activation; in the ADC field, it offers a range of high-quality products, including various target proteins and enzymes for linker cleavage [3]