康鹏科技（688602）：CDMO业务复苏推动业绩增长，关注在建项目逐步兑现

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][17]. Core Views - The company's performance is driven by the recovery of its CDMO business, with a notable increase in revenue and net profit in the first half of 2025. The revenue for 1H25 reached 436 million yuan, a year-on-year increase of 27.94%, while the net profit attributable to shareholders was 31 million yuan, up 257.08% year-on-year [1][2]. - The report highlights the impact of declining battery material prices on the overall profitability of the new materials segment, while the CDMO business shows significant growth due to industry and customer order cycles [2]. - The company has several ongoing projects that are expected to contribute to future earnings, including the ETO project, which is anticipated to gradually release production capacity [3][8]. Financial Summary - The projected revenue for the company from 2025 to 2027 is 892 million yuan, 1,105 million yuan, and 1,341 million yuan, respectively, with year-on-year growth rates of 32.2%, 23.8%, and 21.4% [9]. - The net profit attributable to shareholders is expected to be 64 million yuan, 180 million yuan, and 251 million yuan for the same period, with significant growth rates of 229.6%, 181.1%, and 38.9% [9]. - The report provides a detailed financial outlook, including projected EPS of 0.12 yuan, 0.35 yuan, and 0.48 yuan for 2025, 2026, and 2027, respectively [9].