Novogene(SH:688315) Xinda Securities·2025-08-22 09:04Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential. Core Viewpoints - The company achieved a revenue of 1.04 billion yuan in the first half of 2025, representing a year-over-year growth of 4.36%. The net profit attributable to the parent company was 78.73 million yuan, with a slight increase of 1.03% year-over-year. However, the non-recurring net profit decreased by 4.52% year-over-year to 62.93 million yuan [1][2]. - The company is experiencing stable growth across its three main business segments, with significant contributions from overseas markets, which accounted for 51.28% of total revenue in the first half of 2025, growing by 6.48% year-over-year [2]. - The company is investing in automation and intelligence to enhance its competitive edge, with increased sales and R&D expenses aimed at product upgrades and market expansion [2]. Financial Performance Summary - The company’s total revenue for 2025 is projected to be 2.314 billion yuan, with a year-over-year growth rate of 9.6%. The net profit attributable to the parent company is expected to reach 221 million yuan, reflecting a growth of 12.3% [3]. - The gross profit margin is forecasted to be around 42.5% for 2025, with a return on equity (ROE) of 8.1% [3]. - Earnings per share (EPS) is projected to be 0.53 yuan for 2025, with a price-to-earnings (P/E) ratio of 30.24 times based on the closing price on August 21, 2025 [3]. Business Segment Performance - The sequencing platform service revenue reached 520 million yuan in the first half of 2025, growing by 6.77% year-over-year. The life sciences basic research service revenue was 354 million yuan, up by 3.19%, while the medical research and technology service revenue was 139 million yuan, with a modest growth of 0.39% [2]. - The company has established a global technical service network with laboratory deployments in key international markets, which is expected to drive future growth as global economic conditions improve [2].