Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown continuous high performance in its earnings, with the recent launch of a new near-infrared spectrometer expected to drive additional revenue growth [5] - The company reported a revenue of 227 million yuan for Q1-Q3 2025, representing a year-on-year increase of 24%, and a net profit attributable to shareholders of 18.11 million yuan, marking a turnaround from losses [7] - The company is focusing on expanding its international distribution channels and participating in significant exhibitions to accelerate overseas growth [7] Financial Performance Summary - Revenue projections for the company are as follows: 341 million yuan in 2023, 310 million yuan in 2024, 370 million yuan in 2025E, 437 million yuan in 2026E, and 526 million yuan in 2027E [6] - The company achieved a net profit of 12.63 million yuan in Q3 2025, which is a 35% increase year-on-year and a 111% increase quarter-on-quarter [7] - The company’s R&D expenses for Q1-Q3 2025 were 38.71 million yuan, with a R&D expense ratio of 17%, indicating a strong focus on high-end instrument localization [7] Earnings Forecast and Valuation - The forecasted net profits for the company from 2025 to 2027 are 50 million yuan, 63 million yuan, and 80 million yuan, respectively, corresponding to price-to-earnings ratios of 46.0, 36.5, and 28.8 times [8] - The company has been actively repurchasing shares, completing a buyback plan in October 2025, which accounted for 4.1% of the total share capital [7]
海能技术（920476）：业绩同环比持续高景气，近红外光谱仪重磅新品发布有望带来新增量