GemPharmatech (SH:688046) Guoxin Securities·2025-11-04 11:08Investment Rating - The investment rating for the company is "Outperform the Market" [4][15][20] Core Views - The company achieved a revenue of 576 million yuan in the first three quarters of 2025, representing a year-on-year growth of 12.9%, with a net profit of 110 million yuan, up 11.9% year-on-year. The growth is primarily driven by increased production capacity and expanded domestic and international market efforts [1][7] - The company has completed its domestic facility layout with a total capacity of approximately 280,000 cages, and the new facilities in the U.S. and Europe are in the process of being established to enhance global service capabilities [2][15] - The company maintains its previous profit forecast, expecting revenues of 791 million, 894 million, and 982 million yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 132 million, 166 million, and 188 million yuan [2][15] Financial Performance - For the first three quarters of 2025, the company's gross margin was 64.0% (up 0.4 percentage points year-on-year), and the net profit margin was 19.1% (down 0.2 percentage points year-on-year). The overall expense ratio improved to 41.1% (down 3.4 percentage points year-on-year) [11][18] - Quarterly revenue for 2025 was 171 million, 204 million, and 201 million yuan for Q1, Q2, and Q3 respectively, with year-on-year growth rates of 8.8%, 11.3%, and 18.6% [1][7] - The company’s earnings per share are projected to be 0.32, 0.40, and 0.46 yuan for 2025, 2026, and 2027 respectively, with a price-to-earnings ratio of 55, 44, and 39 times [3][15]