20240424-东吴证券-百普赛斯-301080.SZ-2023年报_2024一季报点评_利润短期承压_产品研发与海外市场逐步进入收获期_3页_452kb

Company Commentary Report: Biologics - Sharesen (301080)

2023 Annual Report & 2024 Q1 Performance Review

Key Points

• Financial Performance 2023/2024 Q1:
  Sharesen's revenue increased by 146% year-on-year in 2023 (YoY) to RMB 54.4 billion, but net profit attributable to shareholders declined by 246% to RMB 1.54 billion due to increased R&D spending and overseas market expansion. In Q1 2024, revenue grew by 67% to RMB 1.46 billion, while net profit fell by 319% to RMB 30.67 million.

• Revenue Growth Drivers & Challenges:
  Sharesen's international revenue surged by 370% in 2023 (RMB 35.77 billion, accounting for 66% of total revenue), with significant growth in the Americas (22.89 billion) and Europe (71.62 million). Domestic revenue increased by 168% to RMB 16.9 billion. However, profit pressure stems from high R&D expenses (31% of staff) and operational costs.

• Product Portfolio & Global Strategy:
  Sharesen expanded its product SKUs by 41% in 2023 and is set to open a new GMP cell factor plant in Suzhou (H2 2024). The company leverages AI technology for product innovation and continues to establish new subsidiaries/production facilities globally to enhance supply chain capabilities.

• Financial Projections:
  Based on subdued downstream demand, revenue forecasts for 2024-2026 are revised to RMB 65.0/79.9/95.9 billion. Net profit projections are RMB 16.8/21.6/27.0 billion. Current PE ratios are 27/21/17x (2024-2026).

• Investment Recommendation:
  Maintained "Buy" rating with long-term growth potential supported by global market expansion. Risks include demand recovery delays, forex losses, and project execution challenges.

Disclaimer:
Client investment decisions are subject to market risks. This report contains forward-looking statements based on current assumptions and is subject to change. Past performance is not indicative of future results.