Ge Long Hui·2025-11-27 05:36Core Viewpoint - Li'anlong demonstrates steady growth in performance and a rebound in profitability, with a projected target price of 49.50 yuan and a "buy" rating maintained [1] Financial Performance - The company achieved a net profit attributable to shareholders of 392 million yuan in the first three quarters of 2025, representing a year-on-year increase of 24.92% [1] - In Q3, the net profit attributable to shareholders reached 151 million yuan, showing a year-on-year growth of 60.83% and a quarter-on-quarter increase of 13.17% [1] Business Segments - The anti-aging segment has completed the construction of differentiated product lines through technological upgrades, focusing on high-margin products while simultaneously reducing supply chain costs [1] - The lubricating oil additive segment is at a critical juncture for supply chain autonomy, with the second phase of the project having been put into production in 2023 and a rapid increase in utilization rates observed from 2024 onwards [1] - The company is actively exploring new growth avenues, particularly in the biological block sector, through collaboration with Jima Gene to achieve a comprehensive product layout [1] Market Outlook - The company's main business is in a recovery phase after hitting a bottom, leading to a slight downward adjustment in revenue and profit forecasts [1] - Based on a comparable company average P/E ratio of 18 times for 2026, the target price is set at 49.50 yuan [1]