AHB(SH:688639) Changjiang Securities·2025-08-31 10:45Investment Rating - The report maintains a "Buy" rating for the company [9][12]. Core Views - The company reported a revenue of 1.49 billion yuan for the first half of 2025, representing a year-on-year increase of 46.5%. However, the net profit attributable to shareholders decreased by 23.3% to 110 million yuan [2][6]. - In Q2 2025, the company achieved a revenue of 800 million yuan, which is a 55.6% increase year-on-year and a 16.7% increase quarter-on-quarter. The net profit for the same quarter was 60 million yuan, reflecting a year-on-year increase of 1.0% and a quarter-on-quarter increase of 24.9% [2][6]. - The company is focusing on optimizing product resource allocation and enhancing profitability through investments in bio-based new materials, particularly 1,3-propanediol [12][12]. - The company is advancing its projects systematically, with ongoing developments in various production facilities aimed at increasing output for products like tryptophan and L-valine [12][12]. - The company is leveraging AI technology in its research and development processes to enhance operational efficiency and product development [12][12]. - The company is recognized as a leading player in the bio-manufacturing sector, with high technical barriers for its products, and future growth in new product volumes is anticipated [12][12]. Financial Summary - The company expects net profits attributable to shareholders to reach 280 million yuan, 380 million yuan, and 640 million yuan for the years 2025, 2026, and 2027, respectively [12][12]. - The gross margin for Q2 2025 was reported at 23.9%, a decrease of 5.7 percentage points year-on-year and a decrease of 0.4 percentage points quarter-on-quarter [12][12].