RC(SZ:300596) HTSC·2025-10-21 05:53Investment Rating - The investment rating for the company is maintained at "Buy" [1][4]. Core Insights - The company reported a Q3 revenue of 1.514 billion RMB, representing a year-over-year increase of 4.77% and a quarter-over-quarter increase of 0.01%. The net profit attributable to the parent company was 151 million RMB, showing a year-over-year growth of 60.83% and a quarter-over-quarter growth of 13.17% [1]. - The company has seen a steady performance in its anti-aging agent business and continuous market expansion in its lubricant additive business. The gross margin for Q3 was 21.97%, up 1.37 percentage points year-over-year [2]. - The life sciences division has made significant progress, with key projects achieving stable production and sales, and new products entering the trial production phase [3]. - The profit forecast for the company has been revised upwards, with expected net profits of 539 million RMB, 601 million RMB, and 669 million RMB for 2025, 2026, and 2027 respectively, reflecting year-over-year growth rates of 26%, 12%, and 11% [4]. Summary by Sections Financial Performance - Q3 revenue was 1.514 billion RMB, with a year-over-year increase of 4.77% and a quarter-over-quarter increase of 0.01%. For the first three quarters of 2025, revenue reached 4.509 billion RMB, up 5.72% year-over-year [1]. - The gross margin for Q3 was 21.97%, with a year-over-year increase of 1.37 percentage points [2]. Business Development - The anti-aging agent business has maintained steady performance, while the lubricant additive business is experiencing ongoing market expansion and capacity ramp-up [2]. - The life sciences division has established a core focus on bio-blocks and synthetic biology, with significant sales achievements and product trials underway [3]. Profit Forecast and Valuation - The net profit forecast for 2025-2027 has been adjusted upwards to 539 million RMB, 601 million RMB, and 669 million RMB, with corresponding EPS of 2.35, 2.62, and 2.91 RMB [4]. - The target price for the company is set at 44.54 RMB, based on a 17x PE ratio for 2026 [4].