Vazyme(SH:688105) Orient Securities·2025-09-16 15:24Investment Rating - The report maintains a "Buy" rating for the company with a target price of 25.29 CNY [4][7] Core Views - The company's performance is under pressure, but long-term prospects remain positive, with expectations of gradual recovery driven by new product launches and overseas market expansion [11] - The company is focusing on Alzheimer's disease (AD) with a comprehensive approach from screening to treatment, having obtained approval for six testing kits and establishing a joint venture for developing AD therapies [11] - The overseas business is experiencing rapid growth, with a 74.2% year-on-year increase in overseas revenue in the first half of 2025, particularly in the mRNA drug sector, indicating a new phase of expansion [11] Financial Summary - Revenue for 2023 is projected at 1,286 million CNY, with a decline of 64.0% year-on-year, followed by a modest recovery in subsequent years [6] - The company expects to achieve a net profit of 8 million CNY in 2025, with significant growth anticipated in the following years, reaching 181 million CNY by 2027 [6] - The gross margin is expected to stabilize around 69.3% to 69.4% from 2025 to 2027, while the net margin is projected to improve from -5.5% in 2023 to 9.9% in 2027 [6][13]