sunresin(SZ:300487) Huaan Securities·2025-11-03 02:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported steady growth in its core business for Q3, with a significant acceleration in the life sciences segment [5][6] - For Q3 2025, the company achieved operating revenue of 6.86 billion yuan, a year-on-year increase of 14.86% and a quarter-on-quarter increase of 2.29% [5] - The net profit attributable to the parent company for Q3 was 2.07 billion yuan, reflecting a year-on-year increase of 7.72% but a quarter-on-quarter decline of 17.58% due to increased income tax expenses [6] Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 19.33 billion yuan, a year-on-year increase of 2.20%, and a net profit of 6.52 billion yuan, up 9.27% year-on-year [5] - The gross profit margin for Q3 2025 was 52.81%, an increase of 4 percentage points year-on-year, driven by higher contributions from high-margin businesses [5] Business Segments - The adsorption materials segment showed robust growth, with revenue from adsorption separation materials reaching 15.65 billion yuan, a year-on-year increase of 7.19% [5] - The life sciences business is expected to continue its strong growth trajectory, particularly in the peptide solid-phase synthesis carrier business, with several key GLP-1 peptide projects progressing well [5][8] Future Outlook - The company plans to invest 1.15 billion yuan in a high-end materials industrial park for life sciences, which is expected to enhance production capacity and support future growth [8] - Projections for net profit from 2025 to 2027 are 9.69 billion yuan, 11.89 billion yuan, and 14.49 billion yuan, respectively, with corresponding P/E ratios of 29, 24, and 19 [9]