GemPharmatech (SH:688046) HUAXI Securities·2025-10-23 15:24Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company's performance exceeded market expectations, with Q3 2025 revenue reaching 201 million yuan, a year-on-year increase of 18.56%, indicating a trend of accelerating growth compared to H1 2025 [2] - The overseas business contributed significantly to the company's performance, with Q3 2025 overseas revenue of 39 million yuan, a year-on-year increase of 63.97, showcasing the company's ability to adapt and grow in international markets [2] - The report predicts continued rapid growth for the company due to ongoing capacity expansion and a focus on both domestic and international market development [2] Financial Summary - For the fiscal years 2025 to 2027, the revenue forecast has been adjusted to 795 million yuan, 939 million yuan, and 1.11 billion yuan respectively, with corresponding EPS adjusted to 0.35 yuan, 0.42 yuan, and 0.51 yuan [3] - The projected PE ratios for 2025, 2026, and 2027 are 49, 40, and 33 times respectively, based on the closing price of 17.05 yuan per share on October 23, 2025 [3] - The financial summary indicates a revenue growth rate of 15.8% for 2025, with a net profit growth rate of 29.5% [5]