金斯瑞生物科技(01548.HK)：收入增長靚麗，業績超預期，維持“買入”評級
機構：廣發證券
評級：買入
收入增長36.5%，業績超預期。公司公告2020年中期業績：營收1.66億美元（YoY+36.5%），毛利1.08億美元（YoY+37.1%），虧損1.61億美元，去年同期虧損0.33億美元；經調整淨虧損0.68億美元，去年同期經調整淨虧損0.28億美元；歸母淨虧損1.13億美元，去年同期虧損0.27億美元。非細胞療法業務營收1.43億美元（YoY+41.6%），毛利0.95億美元（YoY+48.8%），利潤0.19億美元（YoY+151.4%），經調整淨利潤0.25億美元（YoY+110%）。細胞療法收入0.23億美元（YoY+11.6%），毛利潤0.23億美元（YoY+11.6%），虧損1.79億美元，去年同期虧損0.41億美元，經調整淨虧損0.93億美元。研發支出1.15億美元（YoY+83.9%），細胞療法研發投入1.02億美元（YoY+88.5%）。收入增長提速，業績超預期。
生命科學CRO和生物製劑CDMO均實現強勁增長。生命科學CRO收入1.15億美元，同比增長39.9%，毛利0.78億美元，同比增長49.1%，毛利率提升4.2pct至67.8%。增長提速由於COVID-19的新增需求以及對於新客户的成功開發。生物製劑CDMO業務實現收入0.19億美元，同比增長102.1%，其中中國增長101.2%，海外增長144.1%。待交付訂單也實現強勁增長，總訂單增長97.6%至75.3百萬美元，其中服務訂單53.2百萬美元，對外許可22.1百萬美元。隨着GMP的生產設施投入使用、人才團隊不斷加盟和質粒、病毒及抗體平台能力提升，公司生物製劑CDMO業務具備持續高增長的潛力。
投資建議：傳統業務超預期，細胞治療業務進入收穫期。預計2020-2022年收入3.6/4.4/5.4億美元，同比增長31.7/22.2%/23.2%。採用SOTP方法得到公司合理價值為26.18港元/股。公司傳統業務增長超預期，細胞治療業務即將進入收穫期，維持“買入”評級。
風險提示：費用投入超預期；研發進展低於預期；臨牀數據不達預期。
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