sunresin(SZ:300487) ZHESHANG SECURITIES·2025-10-27 01:45Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company has demonstrated stable profitability with a positive outlook for long-term project development [1] - The life sciences business is expected to grow significantly due to high technical barriers and profitability [2] - The company is actively returning value to shareholders through cash dividends, reflecting confidence in future growth [3] - The lithium extraction project in Tibet has achieved industrialization breakthroughs, potentially adding to the company's performance [4] - The company is projected to see substantial growth in net profit over the next few years, with earnings per share (EPS) increasing steadily [5] Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved total revenue of 1.933 billion yuan, a year-on-year increase of 2.20%, and a net profit attributable to shareholders of 639 million yuan, up 10.56% year-on-year [1] - For Q3 2025, the company reported a revenue of 686 million yuan, a year-on-year increase of 14.86%, and a net profit of 207 million yuan, up 7.72% year-on-year [1] Business Development - The life sciences sector is experiencing rapid growth, with successful advancements in solid-phase synthesis carrier business and multiple GLP-1 peptide projects [2] - The company plans to invest 1.15 billion yuan in a new high-end materials industrial park to meet growing orders and capacity upgrades [2] Shareholder Returns - The company announced a cash dividend of 1.8 yuan per 10 shares for the first half of 2025, totaling approximately 91.28 million yuan, indicating a commitment to shareholder returns [3] Future Projections - The company forecasts net profits of 997 million yuan, 1.238 billion yuan, and 1.518 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.96 yuan, 2.44 yuan, and 2.99 yuan [5]