GOLDEN SUN SECURITIES·2025-11-14 06:08Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a total revenue of 4.63 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 11.82%. The net profit attributable to shareholders was 800 million yuan, up 12.66% year-on-year [1] - The company expects a full-year revenue growth of 13%-15%, driven by the ramp-up of emerging businesses and improved client delivery schedules [1] - Emerging businesses, including peptides, oligonucleotides, and ADCs, showed significant growth, with a 71.87% increase in revenue year-on-year for the first three quarters [2] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 1.44 billion yuan, a slight decrease of 0.09% year-on-year, and a net profit of 183 million yuan, down 13.46% year-on-year [1] - The net cash flow from operating activities for the first three quarters was 1.144 billion yuan, an increase of 8.67% year-on-year [1] Business Segments - Small molecule business revenue remained stable with a gross margin of 46.99% [2] - Emerging businesses (including peptides, oligonucleotides, ADCs) saw a revenue increase of 71.87% with a gross margin of 30.55%, up 10.57 percentage points year-on-year [2] - The chemical macromolecule business experienced over 150% revenue growth, marking it as the fastest-growing segment [2] Customer Structure - Revenue from large pharmaceutical companies was 2.053 billion yuan, a year-on-year increase of 1.98%, while revenue from small and medium-sized pharmaceutical companies reached 2.577 billion yuan, up 21.14% year-on-year [3] - The company is actively expanding its diversified customer base to enhance business resilience [3] Profit Forecast and Investment Advice - The company’s projected net profits for 2025-2027 are 1.186 billion yuan, 1.324 billion yuan, and 1.568 billion yuan, with growth rates of 25.0%, 11.6%, and 18.5% respectively [3]