Investment Rating - The report maintains a "Buy" rating for the company, with an increased target price of HKD 30 for the Hong Kong stock and RMB 39.6 for the A-share [10][19]. Core Insights - The company has experienced a significant acceleration in new orders, particularly in the laboratory services segment, leading to an upward revision of the full-year revenue growth guidance to 12%-16% [3][10]. - The acquisition of Bai Aode is expected to enhance the company's service capabilities in the laboratory services sector, attracting more clients and projects [2][9]. - The revenue for Q3 2025 was approximately RMB 3.64 billion, reflecting a year-on-year increase of 13.4% and a quarter-on-quarter increase of 9.1%, aligning with expectations [2][3]. Summary by Sections Revenue and Profitability - For the first nine months of 2025, the overall new orders increased by over 13% year-on-year, with laboratory services showing a growth rate of over 12% [3][4]. - The CMC segment achieved a revenue growth of 12.7% year-on-year and 29.6% quarter-on-quarter in Q3 2025, driven by strong new orders and project deliveries [9][10]. - The gross margin for Q3 2025 was 34.3%, stable year-on-year and up 0.6 percentage points quarter-on-quarter [2][3]. Client Contributions - The top 20 pharmaceutical companies contributed a revenue growth of 22.2% year-on-year in Q3 2025, despite a slight slowdown from the first half of the year [4][10]. - The management indicated that the strategic expansion with top clients has led to impressive growth across CMC, laboratory services, and bioscience services [4][9]. Future Outlook - The company anticipates that the recovery of overseas financing and a strong performance in the Chinese capital market will lead to a more pronounced recovery among small and medium clients in 2026 [3][10]. - The report projects a slight adjustment in the company's adjusted net profit for 2025E to RMB 1.664 billion, reflecting a year-on-year decrease of 7.2% [11][12].
康龙化成（03759）：新签订单进一步提速，上调全年收入指引