Xi'an Manareco(SH:688550) Guohai Securities·2025-09-08 08:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant increase in revenue, with a total operating income of 806 million yuan in the first half of 2025, representing a year-on-year growth of 16.27% [4] - The pharmaceutical intermediate segment saw a remarkable revenue increase of 548.49% year-on-year, reaching 150 million yuan, with a gross margin of 70.63% [4] - The electronic materials business also experienced substantial growth, with a revenue increase of 431.76% year-on-year, amounting to 27 million yuan [4] - The company's net profit attributable to shareholders for the first half of 2025 was 166 million yuan, reflecting a year-on-year growth of 74.22% [5] Financial Performance - In Q2 2025, the company reported an operating income of 462 million yuan, which is a year-on-year increase of 26.54% and a quarter-on-quarter increase of 34.39% [6] - The net profit for Q2 2025 was 120 million yuan, showing a year-on-year increase of 97.48% and a quarter-on-quarter increase of 163.95% [6] - The company maintained a sales expense ratio of 2.26% in Q2 2025, down 1.13 percentage points year-on-year [6] Market Position and Growth Potential - The company has established itself as a strategic supplier in the global supply chain for major panel manufacturers, including Dupont, Merck, and LG Chem [7] - The semiconductor materials segment is expected to continue growing, with the global market for photolithography materials projected to reach 5.06 billion USD in 2025, a year-on-year growth of approximately 7% [8] - The company has submitted multiple applications for drug registration, indicating a strong pipeline in the pharmaceutical sector [8] Earnings Forecast - The company is projected to achieve operating revenues of 1.724 billion yuan, 2.068 billion yuan, and 2.516 billion yuan for the years 2025, 2026, and 2027, respectively [10] - The net profit attributable to shareholders is expected to be 339 million yuan, 403 million yuan, and 494 million yuan for the same years [10] - The price-to-earnings ratio (P/E) is forecasted to be 23, 20, and 16 for the years 2025, 2026, and 2027, respectively [10]