【券商聚焦】东北证券予金斯瑞生物科技(01548)买入评级 指AI赋能主业

金吾财讯
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金吾财讯 | 东北证券发布研报指,金斯瑞生物科技(01548)生命科学主业受益于AI药物研发带来的实验验证需求增长,蓬勃生物订单持续改善,百斯杰新品及AI辅助研发稳步推进,同时传奇生物CARVYKTI商业化放量及前线适应症拓展持续贡献价值。给予“买入”评级,上次评级“增持”。该行预计公司2026-2028年营业收入分别为9.96/15.73/24.45亿美元,归母净利润分别为1.61/3.72/7.34亿美元,当前股价对应PE分别为76.42/33.02/16.75倍。2026H1公司基本业务收入4.04亿美元,同比增长27.3%;生命科学事业群、蓬勃生物、百斯杰分别收入3.19/0.61/0.30亿美元,同比增长28.8%/34.2%/7.4%;经调整净利润0.63亿美元,同比增长203.3%。生命科学事业群中Gene-to-Protein贡献约66%收入,药企及生物科技客户收入占比约82%;AIDD服务收入约4000万美元,同比增长超105%。蓬勃生物新增订单同比增长54%。百斯杰将AI与高通量实验用于工业酶和功能蛋白研发,推动AI能力向产品端兑现。传奇生物方面,CARVYKTI已由后线进入二线及以上治疗,2025年全球净销售额约18.9亿美元,同比增长约96%;2026H1为12.54亿美元,同比增长约55%;CARTITUDE-5/6继续向新诊断多发性骨髓瘤患者推进。LB2501首批人体数据完成in vivo CAR-T早期概念验证,提供下一代产品和技术储备。 风险提示:下游需求及订单增长不及预期风险,市场竞争加剧风险,产能利用率及盈利改善不及预期风险。

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