Ge Long Hui A P P·2025-11-03 07:00Core Insights - Goldman Sachs reported that Kanglong Chemical's third-quarter revenue reached 3.65 billion yuan, representing a year-on-year growth of 13.4% and a quarter-on-quarter growth of 9.1%, slightly above Goldman Sachs' original expectation of 3.48 billion yuan [1] - Revenue growth was primarily driven by the continued momentum in the CMC and bioscience sectors, with an increased contribution from the top twenty pharmaceutical clients [1] - The non-IFRS adjusted net profit margin improved to 12.9%, compared to 11.3% in the first quarter and 12.2% in the second quarter, benefiting from increased utilization and operational leverage [1] - Management raised the full-year revenue growth guidance from 10%-15% year-on-year to 12%-16% [1] - Goldman Sachs slightly lowered its net profit forecasts for 2025 to 2027 by 0.1%, 0.1%, and 0.5% respectively; the H-share rating was upgraded to "Buy" with a target price raised from 26.6 HKD to 30 HKD, while the A-share rating was maintained at "Neutral" with a target price increased from 36.6 CNY to 38.5 CNY [1]