Porton(SZ:300363) HUAXI Securities·2025-10-27 15:35Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company reported a revenue of 2.544 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 19.72%. The net profit attributable to shareholders was approximately 80 million yuan, marking a return to profitability [2][3]. - The small molecule API CDMO business continued to grow rapidly, with Q3 revenue reaching 850 million yuan, a year-on-year increase of 18.55%. The overall new business achieved a revenue of 74 million yuan in Q3, growing by 31% [7]. - The gross margin for the first three quarters of 2025 was approximately 29%, an increase of 600 basis points year-on-year. The gross margin for Q3 alone improved to 31%, reflecting a quarterly improvement trend [7]. Summary by Sections Revenue and Profitability - For the first three quarters of 2025, the company achieved a revenue of 2.544 billion yuan, with Q3 alone contributing 923 million yuan, which is a 19% year-on-year increase. The net profit attributable to shareholders was 80 million yuan, indicating a turnaround from losses [2][3]. Business Segments - The small molecule API CDMO business showed strong performance with Q3 revenue of 850 million yuan, up 18.55% year-on-year. New business segments also performed well, with a revenue of 74 million yuan in Q3, reflecting a 31% increase [7]. Financial Forecast and Valuation - The revenue forecasts for 2025-2027 have been adjusted to 3.548 billion yuan, 4.289 billion yuan, and 5.193 billion yuan respectively. The earnings per share (EPS) estimates have been revised to 0.22 yuan, 0.57 yuan, and 0.87 yuan for the same period [3][8].