sunresin(SZ:300487) Shenwan Hongyuan Securities·2025-10-30 01:46Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company reported Q3 2025 results with total revenue of 1.933 billion yuan, a year-on-year increase of 2%, and a net profit attributable to shareholders of 652 million yuan, up 9% year-on-year. However, the Q3 performance was below expectations due to increased financial expenses and a one-time tax impact [8] - The company is recognized as a comprehensive solution provider for adsorption separation materials and equipment, with a strong focus on material breakthroughs and diverse product offerings across various sectors [8] - The life sciences segment is experiencing good growth, particularly in peptide solid-phase synthesis and large molecule soft gels, with significant projects progressing towards commercialization [8] - The water treatment and ultrapure water segment is expanding, with contracts established with leading clients and substantial orders from key semiconductor companies [8] - The lithium extraction segment is expected to confirm revenue from major projects, with recent successful bids for significant contracts [8] - The company is making progress in various fields, including vanadium extraction and nickel extraction, indicating a steady advancement in diversified applications [8] Financial Data and Profit Forecast - Projected total revenue for 2025 is 2.816 billion yuan, with a year-on-year growth rate of 10.3%. The net profit attributable to shareholders is forecasted at 917 million yuan, reflecting a 16.5% increase [2] - The earnings per share for 2025 is estimated at 1.80 yuan, with a projected price-to-earnings ratio of 31 [2] - The company's gross margin is expected to be 50.4% in 2025, with a return on equity (ROE) of 21.4% [2] Market Data - As of October 29, 2025, the closing price of the company's stock is 55.63 yuan, with a market capitalization of 17.058 billion yuan [3] - The stock has a price-to-book ratio of 7.0 and a dividend yield of 1.62% [3]