天风证券：给予凯莱英增持评级

Core Viewpoint - 凯莱英 (002821) reported a robust growth in revenue and profit margin for Q1 2025, with a year-on-year revenue increase of 10.1% and a net profit increase of 15.8%, leading to an "overweight" rating from Tianfeng Securities [1][2]. Financial Performance - In Q1 2025, the company achieved a revenue of 1.541 billion yuan and a net profit of 327 million yuan, with gross profit margin and net profit margin at 42.5% and 21.2% respectively [2]. - The net profit growth rate outpaced revenue growth by 5.7 percentage points, indicating effective cost control measures [3]. Cost Control and Efficiency - The company implemented cost reduction and efficiency improvement measures, resulting in a decrease in all expense ratios year-on-year and quarter-on-quarter [3]. - Sales expenses were 44.15 million yuan with a sales expense ratio of 2.9%, down 0.3 percentage points year-on-year and 1.7 percentage points quarter-on-quarter [3]. - Management expenses totaled 184 million yuan with a management expense ratio of 11.9%, down 0.4 percentage points year-on-year and 5.5 percentage points quarter-on-quarter [3]. - R&D expenses were 138 million yuan with a ratio of 8.9%, down 3.2 percentage points year-on-year and 1.1 percentage points quarter-on-quarter [3]. Business Segments - The small molecule CDMO business remained stable with a gross profit margin of 45.17%, and 12 projects expected to reach the PPQ stage in 2025 [3]. - Emerging business revenue grew over 80% year-on-year, with a gross profit margin of 33.05%, indicating a recovery compared to the previous year [3]. - The company plans to add a new OEB5 facility and R&D building to support the growing demand for toxin-linker projects [3]. Employee Incentives - The company launched a restricted stock incentive plan, granting 4.896 million shares at a price of 37.52 yuan per share to 648 individuals, including directors and key personnel [4]. - The plan includes performance-based vesting conditions tied to revenue and profit growth targets from 2025 to 2028 [4]. Profit Forecast and Investment Rating - The company forecasts revenues of 6.617 billion yuan, 7.617 billion yuan, and 8.782 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.114 billion yuan, 1.310 billion yuan, and 1.532 billion yuan [5]. - The investment rating remains "overweight" based on the positive financial outlook and growth potential [5].