Porton(SZ:300363) Xin Lang Cai Jing·2025-04-25 10:42Core Viewpoint - The company reported its Q1 2025 financial results, showing a revenue of 801 million yuan, a year-on-year increase of 18.21%, and a net profit attributable to shareholders of -4.28 million yuan, indicating a challenging profitability situation [1][2]. Financial Performance - In Q1 2025, the company achieved a revenue of 801 million yuan, reflecting an 18% year-on-year growth, with the small molecule API business contributing 761 million yuan, up approximately 20% [2]. - Revenue from overseas clients reached 609 million yuan, marking a year-on-year increase of about 30%, indicating a positive trend in international sales [2]. - The net profit attributable to shareholders was -4.28 million yuan, and after excluding losses from new business, the small molecule API segment contributed a profit of 54 million yuan, resulting in a net profit margin of approximately 7% [2]. Future Outlook - As of the end of 2024, the company had an unfulfilled order amount that increased by about 30% year-on-year, with a delivery cycle primarily set for 2025-2026 H1, laying a foundation for future revenue growth [2]. - Due to the weakening global investment and financing environment, the company adjusted its revenue forecasts for 2025-2027 from 3.431 billion/4.043 billion/4.728 billion yuan to 3.489 billion/4.055 billion/4.700 billion yuan [3]. - The earnings per share (EPS) estimates were adjusted from 0.13/0.45/0.86 yuan to 0.14/0.44/0.88 yuan, with corresponding price-to-earnings (PE) ratios of 104/34/17 times based on the closing price of 14.78 yuan per share on April 24, 2025 [3]. - The company maintains a "buy" rating, anticipating a marginal improvement in performance in the medium to long term [3].