Porton(SZ:300363) HUAXI Securities·2025-08-25 12:37Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company's performance in H1 2025 met market expectations, with a significant recovery in its main business leading to profitability [2][3] - The small molecule API business continues to show rapid growth, contributing significantly to revenue [2][7] - The new molecular business is expected to become a new driver for the company's performance [7] Summary by Sections Event Overview - In H1 2025, the company achieved revenue of 1.621 billion yuan, a year-on-year increase of 19.88%, and a net profit attributable to shareholders of 27 million yuan, marking a return to profitability [1] Performance Analysis - The small molecule API business generated revenue of 1.5 billion yuan in H1 2025, up 20% year-on-year, while the gene and cell therapy business saw a 71% increase in revenue [2] - The overall gross margin for H1 2025 was approximately 28%, with a gross margin of about 29% in Q2 2025, indicating a recovery [3] Financial Forecast and Valuation - Revenue forecasts for 2025-2027 have been adjusted to 3.526 billion yuan, 4.141 billion yuan, and 4.851 billion yuan, respectively, with EPS estimates adjusted to 0.16 yuan, 0.55 yuan, and 0.85 yuan [7] - The company is expected to show a trend of marginal improvement in performance over the medium to long term [7]