高盛发布研报称,维持金斯瑞生物科技(01548)“买入”评级,目标价从29.13港元降至27.34港元。该行预计随着2025年许可收入的能见度提高,ProBio毛利率将继续复苏,管理层表明预计2025年起集团整体可持续录得盈利,相应地高盛将金斯瑞今明两年每股盈测调整为亏损7美仙及转赚5美仙。
高盛指出,金斯瑞生物科技撇除附属公司传奇生物以外业务于2024年下半年表现大致符合预期,令全年销售额达到早前指引的下限,生命科学业务(LSG)保持稳定增长,ProBio在低基数上呈现复苏态势,订单数量增加主要来自欧美客户的驱动,而工业合成产品平台百斯杰(Bestzyme)则增长强劲。
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