Aurisco(SH:605116) KAIYUAN SECURITIES·2025-09-03 09:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 822 million yuan in the first half of 2025, representing a year-on-year increase of 12.50%. The net profit attributable to the parent company was 235 million yuan, up 24.55% year-on-year. The gross margin was 60.11%, an increase of 5.42 percentage points, while the net margin was 28.58%, up 10.73 percentage points [5][6] - The company is expected to maintain its profit forecast, with projected net profits attributable to the parent company of 486 million yuan, 591 million yuan, and 683 million yuan for 2025, 2026, and 2027 respectively. The current stock price corresponds to a PE ratio of 19.2, 15.8, and 13.6 for the respective years [5][8] Financial Performance - In the first half of 2025, the revenue from the raw materials and intermediates segment was 699 million yuan, reflecting a year-on-year growth of 24.67%. The core product in the formulation segment, Dydrogesterone tablets, achieved sales revenue of 97 million yuan, with 1,754 new hospital listings [6] - The company’s R&D expenses increased by 9.72% to 72 million yuan in the first half of 2025. A joint laboratory for AI small nucleic acid drug discovery was established with East China Normal University, focusing on obesity, aging, and Alzheimer's disease [7] Financial Summary and Valuation Metrics - The company’s projected revenue for 2025 is 1,985 million yuan, with a year-on-year growth of 34.5%. The gross margin is expected to reach 62.3%, and the net margin is projected at 24.5% [8][10] - The estimated earnings per share (EPS) for 2025 is 1.20 yuan, with a PE ratio of 19.2. The projected return on equity (ROE) for 2025 is 18.0% [8][10]