Porton(SZ:300363) HUAXI Securities·2025-04-25 11:06Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company's Q1 2025 performance met market expectations, with a revenue of 801 million yuan, representing an 18.21% year-on-year growth. The small molecule API business contributed 761 million yuan, growing approximately 20% year-on-year, while overseas clients generated 609 million yuan, reflecting a 30% increase [2][3]. - The net profit attributable to shareholders for Q1 2025 was -4.28 million yuan. Excluding losses from new business, the core small molecule API business contributed a profit of 54 million yuan, resulting in a net profit margin of about 7%. This indicates an improvement in profitability compared to the full year of 2024 and Q4 2024, primarily due to increased capacity utilization and a higher proportion of overseas business [2][3]. - As of the end of 2024, the company's unfulfilled orders increased by approximately 30% year-on-year, with a delivery cycle mainly in 2025-2026 H1, laying a foundation for future revenue growth [2]. Financial Summary - Revenue projections for 2025-2027 have been adjusted to 3.489 billion yuan, 4.055 billion yuan, and 4.700 billion yuan, respectively. EPS estimates have been revised to 0.14 yuan, 0.44 yuan, and 0.88 yuan for the same period [3][5]. - The company is expected to show a marginal improvement in performance over the medium to long term, justifying the "Buy" rating [3]. Financial Metrics - For 2025, the company is projected to achieve a revenue of 3.489 billion yuan, with a year-on-year growth of 15.8%. The net profit is expected to be 77 million yuan, marking a significant recovery from a loss in 2024 [5][10]. - The gross margin is anticipated to improve from 24.6% in 2024 to 28.7% in 2025, indicating enhanced operational efficiency [5][10].