Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 39.46 [1][5]. Core Views - The company has shown steady growth in its main business, with a revenue increase of 9% year-on-year in the first half of 2025, and a significant profit increase of 18% for net profit attributable to the parent company [1][2]. - The recovery in demand from pharmaceutical clients is expected to help the company return to a growth trajectory in 2025, with the domestic supply chain for insulin and GLP-1 expected to provide revenue and profit elasticity [1][3]. - The company is expanding its production capacity and product offerings, including the development of insulin components and pre-filled components, which are anticipated to contribute to revenue growth [4][5]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenues of RMB 3.09 billion, net profit attributable to the parent company of RMB 0.44 billion, and a non-recurring net profit of RMB 0.35 billion, reflecting year-on-year increases of 9%, 18%, and 42% respectively [1][2]. - The gross margin for the pharmaceutical rubber stopper segment was 39.4%, remaining stable year-on-year, with conventional and coated stoppers showing revenue growth of 8% and 9% respectively [2]. Product Development and Market Expansion - The company is expected to gradually increase revenue contributions from cartridge components starting in 2025, with significant orders already secured [3]. - The establishment of the "Qihang Workshop" aims to develop insulin components and expand production capacity, particularly in the western market [4]. Future Projections - The company anticipates a revenue growth of 15-20% for pharmaceutical rubber stoppers in 2025, driven by the recovery in demand and the introduction of high-end orders [2]. - The projected net profit for 2025 is estimated at RMB 108.05 million, with a compound annual growth rate (CAGR) of 64% from 2025 to 2027 [11][13].
华兰股份（301093）：主业稳健增长，期待卡式瓶组件起量