ZHESHANG SECURITIES·2025-04-24 08:52Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved a revenue of 1.541 billion yuan in Q1 2025, representing a year-over-year growth of 10.10%, and a net profit attributable to shareholders of 327 million yuan, with a year-over-year increase of 15.83%. The non-recurring net profit was 305 million yuan, reflecting a year-over-year growth of 20.14% [1] - The emerging business segment saw revenue growth exceeding 80% year-over-year, driven by increased market expansion efforts and enhanced competitiveness, particularly in peptide, oligonucleotide, and ADC businesses. The outlook for the emerging business remains positive [1][2] - The gross margin for Q1 2025 was 42.54%, with the emerging business gross margin significantly improving to 33.05%, a year-over-year increase of 15.75%. This improvement is attributed to higher capacity utilization from sustained order deliveries [2] - The company forecasts EPS for 2025-2027 to be 2.90, 3.45, and 4.19 yuan, respectively, with a PE ratio of 23 times based on the closing price on April 23, 2025. The company is expected to maintain strong growth potential, particularly in the emerging business segment [2] Financial Summary - For 2025E, the company expects revenue of 6.629 billion yuan, a year-over-year increase of 14.21%, and a net profit of 1.045 billion yuan, reflecting a growth of 10.16% [7] - The gross margin is projected to be 42.43% in 2025E, with a net margin of 15.72% [8] - The company’s total assets are expected to reach 21.751 billion yuan by 2025E, with total liabilities of 2.771 billion yuan [8]