| 52周高位 (港元) | 17.28 | | --- | --- | | 52周低位 (港元) | 8.23 | | 市值 (百万港元) | 27,121.66 | | 日均成交量 (百万) | 28.89 | | 年初至今变化 (%) | 30.08 | | 200天平均价 (港元) | 11.38 | | 资料来源 : FactSet | | 丁政宁 交银国际研究 财务模型更新 | 医药 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 3 月 13 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 12.80 | 港元 28.75 | +124.6% | | | 金斯瑞生物 (1548 HK) | | | | | | 2H24 核心业务板块增速复苏，新业务将迎增长拐点，维持买入 剔除传奇生物（LEGN US/买入）脱表影响后的 2024 全年收入和经调整净利润 基本符合业绩预告或我们的预期，生命科学和 CDMO 业务在 2H24 迎来增速反 弹，2025 年蓬勃生物和百斯杰有望迎来关键增长拐点。维持买入评级和 28.75 港元目标价。 1 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 28.75, indicating a potential upside of 124.6% from the current price of HKD 12.80 [1][6]. Core Insights - The core business segments are expected to recover in the second half of 2024, with new business lines anticipated to reach a growth inflection point. The adjusted revenue and net profit for 2024 are in line with expectations, with significant growth expected in the life sciences and CDMO businesses in 2025 [2][6]. - The company has shown a strong recovery momentum in its core business segments, particularly in the life sciences sector, which reported a year-on-year revenue increase of 10%. The protein business experienced nearly 50% growth, enhancing the delivery capacity of gene services [6][7]. Financial Performance Summary - Revenue projections for 2025 are set at USD 912 million, reflecting a 28.6% increase from previous forecasts. The gross profit is expected to reach USD 541 million, a 58.1% increase, with a gross margin of 59.3% [5][13]. - The net profit attributable to shareholders is projected at USD 239 million for 2025, with a net profit margin of 26.2%, significantly up from 9.0% in the previous year [5][13]. - The company anticipates a strong performance in 2025, with guidance indicating a 10-15% revenue growth in the life sciences business and a 15-20% growth in the CDMO segment [6][7]. Stock Performance and Valuation - The stock has shown a year-to-date increase of 30.08%, with a 52-week high of HKD 17.28 and a low of HKD 8.23 [4][6]. - The SOTP (Sum of the Parts) valuation model estimates the total valuation at approximately USD 8.795 billion, with the life sciences services segment contributing significantly to the overall valuation [7][6].