Investment Rating - The investment rating for Wuxi Jinghai is "Outperform" (maintained) [1] Core Views - The company reported a sales recovery in both domestic and international markets, with an increase in the proportion of high-value-added products [6] - The first quarter of 2025 showed a revenue of 104 million yuan, a year-on-year increase of 13.0% and a quarter-on-quarter increase of 21.0% [6] - The net profit attributable to the parent company for Q1 2025 was 19.13 million yuan, reflecting a year-on-year growth of 30.4% and a quarter-on-quarter growth of 308.2% [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 368 million yuan, with a year-on-year growth rate of 8.7% [5] - The net profit attributable to the parent company for 2025 is estimated at 58 million yuan, with a year-on-year growth rate of 34.3% [5] - Earnings per share for 2025 is projected to be 0.74 yuan [5] - The gross profit margin for Q1 2025 was 32.2%, an increase of 1.4 percentage points year-on-year [6] - The return on equity (ROE) for 2025 is expected to be 8.2% [5] Revenue and Profitability Insights - The growth in revenue is primarily driven by high-priced raw materials and culture medium products, with domestic sales recovering as inventory depletion ends [6] - The company has seen a decrease in raw material prices, contributing to an increase in the gross profit margin [6] - The product mix has shifted towards higher-margin raw materials and culture medium products, which have gross margins of 36.0% and 42.2%, respectively [6] Future Outlook - The existing fields are expected to recover in 2025, with new production lines anticipated to contribute significantly in 2026 [6] - The company is focusing on expanding into overseas markets and special medical foods following the completion of its fundraising projects [6] - The estimated net profits for 2025-2027 are adjusted to 58 million, 80 million, and 100 million yuan, respectively [6]
无锡晶海（836547）：内外销均回暖，高附加值产品占比提升