瑞联新材（688550）：医药表现亮眼，单季度盈利创上市新高

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company reported a strong performance in the pharmaceutical sector, achieving a record high net profit in the second quarter since its listing, with a net profit of 120 million yuan, representing a year-on-year increase of 97.5% and a quarter-on-quarter increase of 163.9% [1] - The overall revenue for the first half of 2025 reached 806 million yuan, a year-on-year increase of 16.3%, with a net profit attributable to the parent company of 166 million yuan, up 74.2% year-on-year [1] - The gross margin for the second quarter was 50.39%, and the net margin was 26.06%, both significantly improved compared to previous periods [1] - The pharmaceutical segment's revenue increased significantly by 548.61% year-on-year, contributing to the overall revenue growth [2] - The company has ongoing research and development projects across multiple fields, with a total R&D investment of approximately 70 million yuan in the first half of 2025, accounting for 8.68% of its main business revenue [3] Financial Summary - The company expects net profits for 2025-2027 to be adjusted to 328 million, 400 million, and 472 million yuan respectively, maintaining the "Buy" rating [3] - The projected revenue for 2025 is 1.66 billion yuan, with a growth rate of 13.78% [4] - The company's earnings per share (EPS) for 2025 is estimated at 1.89 yuan, with a price-to-earnings (P/E) ratio of 24.55 [4] - The total market capitalization of the company is approximately 8.06 billion yuan [6]