HUAXI Securities·2025-08-22 07:47Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company's performance in the first half of 2025 met expectations, with new orders continuing to grow rapidly [2]. - The company achieved a revenue of 6.441 billion yuan in H1 2025, a year-on-year increase of 14.93%, and a net profit attributable to shareholders of 0.701 billion yuan, a year-on-year decrease of 37.00% [1]. - The laboratory business showed a revenue of 2.04 billion yuan in Q2 2025, with a year-on-year growth of 15.2%, while the CMC business achieved a revenue of 0.697 billion yuan, growing by 17.4% [2]. - New orders in H1 2025 increased by over 10%, with the CMC business seeing a growth rate exceeding 20% [2]. - The company expects a revenue growth guidance of 10% to 15% for 2025, supported by the increase in clinical late-stage and process validation & commercialization projects [2]. Financial Summary - The company adjusted its revenue forecasts for 2025-2027 from 14.077 billion, 16.473 billion, and 19.528 billion yuan to 14.012 billion, 16.179 billion, and 18.848 billion yuan respectively [3]. - The earnings per share (EPS) estimates were adjusted from 0.98, 1.22, and 1.54 yuan to 0.91, 1.13, and 1.41 yuan for the same period [3]. - The projected revenue growth rates for 2025, 2026, and 2027 are 14.1%, 15.5%, and 16.5% respectively [10]. - The net profit for 2025 is expected to be 1.624 billion yuan, reflecting a year-on-year decrease of 9.4% [10].