sunresin(SZ:300487) NORTHEAST SECURITIES·2025-08-27 07:45Investment Rating - The report maintains a "Buy" rating for the company, expecting significant price appreciation over the next six months [12][4]. Core Insights - The company achieved a revenue of 1.247 billion yuan in H1 2025, a year-on-year decrease of 3.64%, while the net profit attributable to shareholders increased by 10.01% to 445 million yuan [1][2]. - The gross margin improved to 51.26%, up 3.78 percentage points year-on-year, and the net profit margin reached 35.97%, an increase of 4.32 percentage points, driven by a higher proportion of high-margin products in life sciences, metal resources, and ultra-pure water [2][3]. - The operating cash flow for the period was 288 million yuan, reflecting a 36.50% year-on-year increase, with a low debt ratio of 36.30% [2][3]. Revenue Breakdown - The basic warehouse business showed steady growth, with life sciences, metal resources, and water treatment maintaining a high growth trajectory. Excluding the impact of unrecognized revenue from the large lithium extraction project, revenue grew by 4.26% year-on-year [3]. - The metal resources segment generated 149 million yuan in revenue, a year-on-year increase of 22.84%, with ongoing projects in lithium extraction and other industrialization efforts [3]. - The life sciences segment reported revenue of 320 million yuan, up 12.43% year-on-year, supported by the growth of peptide synthesis projects [3]. - The water treatment and ultra-purification segment achieved revenue of 359 million yuan, an increase of 11.25% year-on-year, with significant contracts established with leading clients [3]. Financial Forecast - The company is projected to achieve net profits of 1.054 billion yuan, 1.341 billion yuan, and 1.608 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 25.14X, 19.76X, and 16.48X [4][5].