药石科技(300725)：业务规模持续扩张 盈利恢复可期

Core Insights - The company reported Q3 2025 financial results with revenue of 499 million, a year-on-year increase of 30.36%, and a net profit attributable to shareholders of 41 million, up 23.54% year-on-year [1] - For the first three quarters of 2025, revenue reached 1.419 billion, reflecting a year-on-year growth of 25.81%, while net profit attributable to shareholders decreased by 13.96% to 113 million [1] Group 1 - Revenue growth is accelerating, with a significant contribution from multinational pharmaceutical companies (MNCs) generating 514 million (yoy +68.10%) and small to medium-sized pharmaceutical companies contributing 905 million (yoy +10.10%) [2] - The growth structure is attributed to the overall environment for innovative drugs and the company's proactive strategy in developing MNCs [2] - New orders in the CDMO segment increased by 15% year-on-year, providing assurance for continued growth in the coming year [2] Group 2 - There is substantial room for profit improvement, with Q3 2025 gross margin at 30.77% (yoy -6.71pct, qoq -0.97pct) and net profit margin at 8.19% (yoy -0.45pct, qoq +0.29pct), indicating a relatively low level [2] - The company plans to maintain a dynamic balance between cost control and strategic development, enhancing cost management measures to improve operational efficiency and restore gross margin to ideal levels [2] - The company maintains a "recommended" rating with profit forecasts for 2025-2027 at 172 million, 228 million, and 297 million respectively, anticipating a quick recovery in performance as the pharmaceutical investment environment improves [2]