Porton(SZ:300363) Western Securities·2025-08-27 06:49Investment Rating - The report maintains a "Buy" rating for the company [6][12]. Core Insights - The company achieved a revenue of 1.621 billion yuan, representing a year-on-year increase of 19.88%. The growth was primarily driven by the small molecule API business and two new business segments: gene cell therapy and new molecular business [1][3]. - The net profit attributable to the parent company reached 27 million yuan, a significant increase of 115.91%, with a non-recurring net profit of 6 million yuan, up 103.69%. The profit turnaround was mainly due to revenue growth leading to economies of scale and an improvement in gross margin, alongside a reduction in costs and expenses by approximately 10% year-on-year [1][3]. Revenue and Profit Analysis - The overall gross margin for the first half of 2025 was approximately 28%, an increase of about 9 percentage points year-on-year. The gross margin in the second quarter improved by nearly 3 percentage points compared to the first quarter, reaching about 29% [2]. - The revenue breakdown includes 1.5 billion yuan from small molecule APIs (up 20%), 61 million yuan from small molecule formulations (down 7%), 33 million yuan from gene cell therapy (up 71%), and 22 million yuan from new molecular business (up 128%) [3]. Future Projections - The company is projected to achieve revenues of 3.429 billion yuan, 3.980 billion yuan, and 4.732 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13.8%, 16.1%, and 18.9% [3][5]. - The net profit attributable to the parent company is expected to be 830 million yuan, 2.47 billion yuan, and 5.19 billion yuan for the same years, with growth rates of 128.7%, 199.1%, and 110.1% [3][5].