Investment Rating - The report maintains a "Buy" rating for the company with a target price of 46.92 CNY based on a 46x PE for 2026 [3][5]. Core Insights - The company has seen a significant increase in new orders, with a year-on-year growth of 29.4% in new signed orders for the first three quarters of 2025, indicating a clear turning point in performance [9]. - The company’s revenue for the first three quarters of 2025 was 570 million CNY, a decrease of 35.3% year-on-year, primarily due to intense domestic market competition and pricing factors [9]. - The company is expected to reach an upward performance inflection point in 2026, driven by new capacity ramp-up and strong demand for new molecular entities in the industry [9]. Financial Summary - Revenue projections for 2025-2027 have been adjusted to 855 million CNY, 1,046 million CNY, and 1,305 million CNY respectively, with corresponding EPS estimates of 0.14 CNY, 1.02 CNY, and 1.59 CNY [3]. - The company’s gross margin is projected to improve from 27.9% in 2025 to 39.5% in 2027, while net profit margin is expected to rise from 2.4% in 2025 to 17.2% in 2027 [4]. - The company’s net profit attributable to the parent company is forecasted to be 20 million CNY in 2025, with a significant recovery to 143 million CNY in 2026 and 224 million CNY in 2027 [4].
益诺思（688710）：2025 年三季报点评：新签订单高增，业绩拐点临近