【券商聚焦】交银国际维持金斯瑞生物(01548)买入评级指其上半年蓬勃核心业务复苏势头良好

金吾财讯

Aug 19, 2025

金吾财讯 | 交银国际研报指，金斯瑞生物(01548)1H25持续经营业务收入同比增长82%至5.19亿（美元，下同），经调整净利润增长510%至1.78亿。分业务板块看：1）生命科学业务：收入增长11%，经调整毛利率51.0%。公司上调板块全年收入增速指引至13-15%，对应2H25增速15-18%；预计经调整毛利率同比持平。2）蓬勃生物：定制服务收入增速重回双位数，1H25新获20个抗体蛋白药项目和30个CGT项目。公司维持全年定制服务收入增长15-20%的指引，预计2H25将有第一个非新冠BLA项目。在定制服务之外，蓬勃有望于3Q25确认第二笔礼新合作收款分成，目前管线中拥有超30款潜在可供授权抗体资产。3）百斯杰：收入增长8%，经调整毛利率40.4%，今年研发主要聚焦方向：1）团队建设以支持酶制剂产品迭代更新及合成生物学探索；2）早期菌株筛选通量，预计年底有望同比提升153%。公司维持百斯杰全年收入增20-25%、经调整毛利率约45%的指引。该机构上调公司2025-27年收入1-5%；但考虑到1H25传奇生物账面净亏损仍较大，下调2025年净利润预测。该机构将SOTP模型滚动至2026年，各业务板块目标估值倍数保持不变，维持目标价28.75港元和买入评级。

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