佳先股份（920489）：北交所信息更新：公司完成收购英特美实现并表，多个新建项目投产加速

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has completed the acquisition of Yingtemei, achieving consolidation into its financial statements, and is actively expanding into high-end electronic materials such as photoresists [4][5] - In Q1 2025, the company reported revenue of 129 million yuan, a year-on-year decrease of 12.34%, and a net profit attributable to shareholders of 5.59 million yuan, down 48.76% year-on-year [3] - The company has adjusted its profit forecasts for 2025-2026 and introduced a new forecast for 2027, expecting net profits of 31 million yuan (previously 43 million), 52 million yuan (previously 60 million), and 75 million yuan respectively for 2025-2027 [3] Financial Summary - The company's total revenue is projected to grow from 536 million yuan in 2023 to 1,259 million yuan in 2027, with a compound annual growth rate (CAGR) of 35.5% [6] - The net profit attributable to shareholders is expected to increase from 20 million yuan in 2023 to 75 million yuan in 2027, reflecting a significant recovery after a decline in previous years [6] - The company's earnings per share (EPS) are forecasted to rise from 0.15 yuan in 2023 to 0.55 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 157.6 in 2023 to 42.6 in 2027 [6][10]