CABIO(SH:688089) KAIYUAN SECURITIES·2025-07-22 14:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has exceeded expectations in its H1 2025 performance, with a projected revenue of 307 million yuan, representing a year-on-year increase of 17.6%. The net profit attributable to the parent company is expected to be 107 million yuan, reflecting a growth of 57.6% [2] - The company is expected to maintain high revenue levels, driven by new national standards and an increase in international market orders. The revenue for Q2 2025 is projected to be approximately 151 million yuan, a year-on-year increase of about 5.6% [3] - The company is experiencing significant profit growth, with Q2 2025 profits expected to exceed market expectations due to the scale effect from increased DHA production and reduced costs, leading to improved gross margins [4] - The acquisition target, Ouyi Biological, is expected to contribute significantly to the company's growth, with a commitment to a cumulative net profit of no less than 270 million yuan from 2025 to 2027 [5] Financial Summary - The company forecasts revenues of 708 million yuan in 2025, with a year-on-year growth of 27.4%. The net profit attributable to the parent company is projected to be 192 million yuan, reflecting a growth of 54.2% [10] - The gross margin is expected to improve to 48.1% in 2025, with a net margin of 27.1% [10] - The earnings per share (EPS) is forecasted to be 1.14 yuan in 2025, with a price-to-earnings (P/E) ratio of 23.9 [10][11]