CABIO(SH:688089) KAIYUAN SECURITIES·2025-04-30 09:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant revenue increase of 33.3% year-on-year in Q1 2025, reaching 156 million yuan, with net profits growing by 85.1% and 119.5% for the non-deducted and deducted net profits respectively [4][5] - The forecast for net profit for 2025-2027 has been revised upwards to 161 million, 190 million, and 222 million yuan respectively, reflecting positive growth expectations [4] - The asset restructuring is expected to open new development opportunities for the company, with the acquisition of Ouyi Biological promising a cumulative net profit of no less than 270 million yuan from 2025 to 2027 [7] Financial Performance Summary - The company's total market capitalization is 4.209 billion yuan, with a current stock price of 25.01 yuan [1] - The company has a high turnover rate of 209.47% over the past three months [1] - The gross profit margin improved significantly by 8.26 percentage points year-on-year, driven by scale effects from DHA and ARA products [6] - The net profit margin also saw a substantial increase of 8.07 percentage points year-on-year in Q1 2025 [6] Revenue and Profit Forecast - Revenue is projected to grow from 444 million yuan in 2023 to 1.011 billion yuan in 2027, with a compound annual growth rate (CAGR) of 16.9% [10] - The net profit is expected to increase from 91 million yuan in 2023 to 222 million yuan in 2027, reflecting a strong growth trajectory [10] - The earnings per share (EPS) is forecasted to rise from 0.54 yuan in 2023 to 1.32 yuan in 2027 [10] Market Dynamics - The domestic market is expected to grow by over 50%, primarily due to the low base effect and the ongoing benefits from new national standards [5] - The company is gaining market share as large clients concentrate orders towards leading firms, while new medium-sized clients are also increasing orders [5]