苏州GMP 级别生产基地进入试生产阶段。公司基于GMP 级别质量管理体系平台，并结合细胞治疗药物生产规范，以更加严格的质量管理和药品级放行检测标准，已成功开发近40 款高质量的GMP 级别产品，包括细胞因子、细胞激活用抗体和磁珠、全能核酸酶以及Cas 酶等，适用于CGT 药物的规模化生产和临床研究。公司位于苏州的GMP 级别生产厂房已进入试生产阶段，投产后公司GMP 级生物试剂的开发和生产能力将进一步提升。Regular business revenue increased 18.9% year over year, putting pressure on the profit side in the short term. With 2024H1, the company achieved revenue of 0.299 billion yuan (+11.6% year over year), and after deducting products related to specific acute respiratory infectious diseases, the regular business achieved sales revenue of 0.285 billion yuan (+18.9% year over year). Among them, overseas conventional business revenue increased by more than 20% year on year; net profit to mother was 0.057 billion yuan (-38.1% year over year), after deducting net profit of 0.058 billion yuan (-36.0% year over year).
On a quarterly basis, 2024Q1/Q2 achieved revenue of 0.146/0.153 billion yuan, respectively; net profit to mother of 0.031/0.026 billion yuan, respectively, and realized net profit to mother of 0.031/0.026 billion yuan, respectively, and is expected to be under pressure on the profit side mainly due to the high revenue share of COVID-related products with high profit margins in the same period last year, the corresponding increase in cost investment after the company's team size was expanded, the impact of exchange gains and losses due to foreign exchange fluctuations, and preparation for bad debts due to accounts receivable and Preparation for inventory price drops, etc.
By product line, the company's core recombinant protein varieties achieved sales revenue of 0.254 billion yuan (YoY +11.4%), gross profit margin of 94.5% (YoY -0.9pp); antibodies, kits and other reagent products achieved sales revenue of 0.034 billion yuan (YoY +17.2%), with a gross profit margin of 92.4% (YoY -2.0pp).
The GMP production base in Suzhou has entered the trial production stage. Based on the GMP quality management system platform and combined with cell therapy drug production standards, the company has successfully developed nearly 40 high-quality GMP grade products, including cytokines, cell-activated antibodies and magnetic beads, omnipotent nuclease and Cas enzymes, etc., which are suitable for large-scale production and clinical research of CGT drugs. The company's GMP grade production plant in Suzhou has entered the trial production stage, and the development and production capacity of the company's GMP grade biological reagents will be further improved after production is put into operation.
Investment suggestions: Bepsis is the world's leading provider of recombinant protein reagents. It is deeply involved in industrial customers and has high product quality barriers; accelerates global layout and high overseas revenue growth; and expands the range of GMP products around cell gene therapy R&D and production scenarios. According to the company's 2024 semi-annual report, we adjusted the profit forecast. The company's revenue for 2024-2026 is 0.647/0.769/0.926 billion yuan respectively (previous value was 0.652/0.778/0.939 billion yuan), and net profit to mother is 0.156/0.216/0.297 billion yuan (previous value was 0.19/0.246/0.327 billion yuan). Currently, PE corresponding to the stock price is 25/18/13x, respectively. Maintain an “better than the market” rating.
Risk warning: the risk of new product development falling short of expectations, the risk of fierce market competition, etc.
