NANOMICRO(SH:688690) Xinda Securities·2025-08-28 01:26Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's core business is showing positive operational trends, with significant growth in overseas market expansion opportunities [1][6] - The company reported a revenue of 414 million yuan for H1 2025, representing a year-on-year growth of 21.74%, and a net profit of 63 million yuan, up 40.52% year-on-year [1][2] Revenue and Profit Analysis - Revenue growth is recovering, with a notable performance in profits. Excluding the impact of Fuli Instruments in January and February 2025, the revenue growth for H1 2025 is 16.20% year-on-year [2] - The core business of chromatography fillers and media generated revenue of 238 million yuan, a growth of approximately 20% year-on-year [2][3] - The overall gross margin for H1 2025 was 72.06%, a slight decrease of 0.36 percentage points year-on-year, primarily due to the consolidation of Fuli Instruments [2] Business Segment Performance - The chromatography fillers and media segment saw a revenue of 238 million yuan, with significant contributions from small molecule drugs, particularly driven by the demand for GLP-1 and other peptide drugs, which achieved a revenue of 75 million yuan, growing 108% year-on-year [3][5] - The company has established strong strategic partnerships, with sales from signed biopharmaceutical clients reaching 108 million yuan, accounting for about 45% of the chromatography fillers business revenue [5] International Market Expansion - The company is actively expanding its international market presence, with international revenue for H1 2025 reaching 44 million yuan, a year-on-year increase of approximately 136% [6] - The company is well-positioned to benefit from the increasing number of domestic innovative drug companies expanding overseas, potentially entering the supply chains of large multinational corporations [6] Financial Forecast - The company is projected to achieve revenues of 984 million yuan, 1.212 billion yuan, and 1.496 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 142 million yuan, 214 million yuan, and 284 million yuan [8] - The estimated EPS (diluted) for the years 2025, 2026, and 2027 are 0.35 yuan, 0.53 yuan, and 0.70 yuan, respectively, with corresponding P/E ratios of 82.27, 54.62, and 41.20 [8]