Acrobiosystems Co Ltd: Risk Reward Update

研报英文原文证据摘录

Acrobiosystems Co Ltd: Risk Reward Update

UpdateM

RiskRisk RewardReward– Acrobiosystems- AcrobiosystemsCo Ltd (301080.SZ)Co Ltd (301080.SZ)

Leading life science solution provider specializing in recombinant proteins

PRICE TARGET Rmb80.00 OVERWEIGHT THESIS

We derive our price target using a DCF analysis, assuming: 1) a WACC of 9.0%, and 2) a ▪An industry-leading, protein-based, life

terminal growth rate of 3%. science product and service provider riding

the strong biomedicine R&D wave Rmb74.46 ▪Ample earnings growth potential fromConsensus Price Target Distribution Rmb64.05 Rmb87.00 both domestic and overseas markets MS PT

underpinned by an improving biotechSource: Refinitiv, Morgan Stanley Research Mean Morgan Stanley Estimates

funding outlook, established global branding

and operating leverage

▪Strong entry barriers and high gross

RISK REWARD CHART margins backed by its deep and broad

product categories, domestic

scientific/technical talent, and ultra-strict

CNY

Rmb105.00Rmb105.00(+141.99%)Rmb105.00(+141.99%)(+141.99%) protein quality control platform

▪Rapid net margin expansion underpinned

100 by robust sales growth and scale effect

▪Relatively asset-light business model

compared with life science peers offers

Rmb80.00Rmb80.00(+84.37%)Rmb80.00(+84.37%)(+84.37%) greater flexibility and less tariff and 75

geopolitical risk exposure

Rmb43.39Rmb43.39Rmb43.39 Consensus Rating Distribution

Rmb40.00Rmb40.00(-7.81%)Rmb40.00(-7.81%)(-7.81%) 100%Overweight

0% Equal-weight

0% Underweight

0 MS Rating

MAY '25 NOV '25 MAY '26 MAY '27

Source: Refinitiv, Morgan Stanley Research

Key: Historical Stock Performance Current Stock Price Price Target

Source: Refinitiv, Morgan Stanley Research Risk Reward Themes

Pricing Power: Positive

Secular Growth: Positive