Kawin Technology(SH:688687) Guohai Securities·2025-08-18 06:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year increase in net profit for the first half of 2025, driven by innovative products that are expected to deliver results [1][6] - The company is focusing on the development of innovative drugs in the field of viral hepatitis, with significant progress in clinical trials for new products [6][8] Financial Performance Summary - For the first half of 2025, the company achieved operating revenue of 566 million yuan, a decrease of 5.05% year-on-year, while the net profit attributable to the parent company was 47 million yuan, an increase of 11.75% year-on-year [2][6] - The second quarter of 2025 saw operating revenue of 335 million yuan, down 12.77% year-on-year, and a net profit of 22 million yuan, up 7.19% year-on-year [6] - The gross profit margin for Q2 2025 was 84.53%, a decrease of 0.72 percentage points year-on-year, while the net profit margin improved to 10.64%, an increase of 2.66 percentage points year-on-year [6] Research and Development - The company increased its R&D investment to 71.41 million yuan in the first half of 2025, a year-on-year increase of 1.22%, representing 12.61% of operating revenue [6] - The company has submitted a registration application for its innovative drug, interferon α-2 injection, for the treatment of chronic HBV infection, which is currently undergoing clinical trials [6][8] Future Earnings Forecast - The company is projected to achieve revenues of 1.419 billion yuan, 1.655 billion yuan, and 1.928 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 167 million yuan, 201 million yuan, and 258 million yuan [7][8] - The expected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 36.57X, 30.39X, and 23.68X, respectively [8]