欧林生物（688319）：2025Q1-3业绩增长亮眼，金葡菌疫苗临床进展全球领先

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 27.72 CNY, compared to the current stock price of 23.52 CNY [4]. Core Insights - The company reported a significant revenue increase of 31.11% year-on-year, reaching 507 million CNY in the first three quarters of 2025, with a remarkable net profit growth of 1079.36% to 47 million CNY [1]. - The company is leading globally in the clinical progress of its recombinant Staphylococcus aureus vaccine, with the Phase III clinical trial expected to unblind in the first half of 2026 [3]. - The company has optimized its expense ratio, resulting in a notable improvement in profitability, with a net profit margin increase of 9.32 percentage points to 9.30% [2]. Financial Performance - In Q3 2025, the company achieved a revenue of 201 million CNY, a year-on-year increase of 25.38%, and a net profit of 34 million CNY, up 7.22% [1]. - The gross profit margin for the first three quarters of 2025 was 93.10%, with a slight year-on-year decrease of 1.62 percentage points, while the expense ratio decreased by 13.08 percentage points to 79.30% [2]. - The company’s operating cash flow turned positive, reaching 33 million CNY in the first three quarters of 2025, compared to a negative cash flow of 6.2 million CNY in the same period of 2024 [1]. Research and Development - The company invested 143 million CNY in R&D during the first three quarters of 2025, accounting for 28.19% of its revenue, focusing on vaccines for "superbugs" and "adult vaccines" [4]. - The company is advancing multiple innovative vaccine pipelines, including a recombinant Helicobacter pylori vaccine and a recombinant Pseudomonas aeruginosa vaccine, among others [7]. Future Projections - Revenue growth is projected at 23.8%, 18.7%, and 15.2% for 2025, 2026, and 2027 respectively, with net profit growth expected at 224.7%, 20.1%, and 19.1% for the same years [7].