sunresin(SZ:300487) Huaan Securities·2025-08-25 09:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Viewpoints - The company reported a significant increase in Q2 performance, with a quarter-on-quarter revenue growth of 16.27% and a net profit increase of 30.16% [5] - The company achieved a total revenue of 12.47 billion yuan in the first half of 2025, a year-on-year decrease of 3.64%, while the net profit attributable to the parent company rose by 10.01% to 4.45 billion yuan [4] - The company is focusing on expanding its capacity in the life sciences sector and enhancing its global presence, with significant growth in high-margin businesses such as life sciences and ultra-pure water materials [6][9] Summary by Relevant Sections Financial Performance - In Q2 2025, the company achieved a revenue of 6.71 billion yuan, a year-on-year increase of 1.06% and a quarter-on-quarter increase of 16.27% [5] - The gross profit margin for the first half of 2025 was 51.26%, an increase of 3.8 percentage points year-on-year [6] - The company expects to achieve net profits of 9.69 billion, 11.89 billion, and 14.49 billion yuan for the years 2025 to 2027, corresponding to P/E ratios of 27, 22, and 18 times respectively [10] Business Segments - The revenue from the adsorption separation materials segment reached 10.07 billion yuan, with a year-on-year growth of 3.40% [6] - The life sciences materials segment generated 3.20 billion yuan in revenue, up 12.43% year-on-year, driven by the growth of peptide solid-phase synthesis carriers [6] - The company has successfully launched the first production line of the salt lake lithium extraction project, which is expected to contribute to future revenue growth [7][8] Strategic Initiatives - The company plans to establish a high-standard industrial park in Weinan, Shaanxi, to enhance its production capacity in chromatography media and other high-value products [9] - The company has signed long-term contracts with leading semiconductor clients in the ultra-pure water segment, indicating strong demand and growth potential [9]