Autobio(SH:603658) Guohai Securities·2025-08-25 15:39Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - In Q2 2025, the company's net profit attributable to shareholders increased year-on-year, with total revenue of 2.06 billion yuan (down 6.65% YoY) and net profit of 571 million yuan (down 7.83% YoY) [7] - The company has significantly increased its R&D investment, amounting to 350 million yuan in the first half of 2025, which is 16.99% of its revenue [7] - The company launched several new products, including a series of liquid chromatography-tandem mass spectrometry products and microbial mass spectrometry detection systems [7] Financial Performance Summary - For Q2 2025, the company reported revenue of 1.064 billion yuan (down 4.79% YoY) and a net profit of 301 million yuan (up 1.97% YoY) [7] - The gross profit margin for Q2 2025 was 63.83%, a decrease of 2.36 percentage points YoY, while the net profit margin improved to 28.65%, an increase of 1.97 percentage points YoY [7] - The company expects revenues of 4.975 billion yuan, 5.536 billion yuan, and 6.201 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.294 billion yuan, 1.486 billion yuan, and 1.687 billion yuan [9][10]