Porton(SZ:300363) Xin Lang Cai Jing·2025-10-28 04:37Core Insights - The company reported a revenue of 2.544 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 19.72% and achieving a net profit attributable to shareholders of 80 million yuan, marking a turnaround from losses [1] - The small molecule API CDMO business continued to grow rapidly, with Q3 revenue of 850 million yuan, an increase of 18.55% year-on-year, while new business revenue in Q3 reached 74 million yuan, growing by 31% [1] Financial Performance - The gross margin for the first three quarters of 2025 was approximately 29%, an increase of 600 basis points year-on-year, with overseas market gross margin at about 40%, up 500 basis points [2] - In Q3, the gross margin improved to 31%, reflecting a sequential increase of 300 basis points from Q2, indicating a trend of improving profitability [2] Investment Recommendations - The company adjusted its revenue forecasts for 2025-2027 from 3.526 billion/4.141 billion/4.851 billion yuan to 3.548 billion/4.289 billion/5.193 billion yuan, and EPS estimates from 0.16/0.55/0.85 yuan to 0.22/0.57/0.87 yuan [3] - Based on the closing price of 26.16 yuan per share on October 27, 2025, the corresponding PE ratios are projected to be 118/46/30 times, with a maintained "buy" rating due to expected marginal improvement in performance [3]