Porton(SZ:300363) Ping An Securities·2025-04-25 08:15Investment Rating - The report maintains a "Recommendation" rating for the company [6][14]. Core Insights - The company reported a strong Q1 performance with revenue of 800 million yuan, an increase of 18.21%, and a narrowed net loss of 4.2842 million yuan, improving by 95.48% [4]. - The core driver for Q1 was the overseas and small molecule CDMO business, with overseas revenue reaching 609 million yuan, up approximately 30%, while domestic revenue decreased by about 8% to 192 million yuan [5]. - The small molecule CDMO business generated 761 million yuan in revenue, reflecting a growth of around 20% [5]. - The overall gross margin for Q1 was 26.33%, an increase of 10.49 percentage points, attributed to improved capacity utilization [6]. - The company expects continued improvement in profitability, with projected net profits for 2025-2027 at 290 million, 2.46 billion, and 5.15 billion yuan respectively [6]. Summary by Sections Financial Performance - Q1 revenue was 800 million yuan, with a year-on-year growth of 18.21% [4]. - The net loss for Q1 was 4.2842 million yuan, a significant improvement of 95.48% [4]. - The gross margin for Q1 was 26.33%, up by 10.49 percentage points [6]. Business Segments - Overseas revenue was 609 million yuan, increasing by approximately 30% [5]. - Domestic revenue was 192 million yuan, down by about 8% [5]. - The small molecule CDMO segment achieved 761 million yuan in revenue, growing by around 20% [5]. Future Projections - The company forecasts net profits of 290 million yuan in 2025, 2.46 billion yuan in 2026, and 5.15 billion yuan in 2027 [6].