Xi'an Manareco(SH:688550) NORTHEAST SECURITIES·2025-11-26 08:14Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company is positioned as a platform enterprise focusing on organic small molecule synthesis, leveraging its core technology in display materials to diversify into pharmaceutical CDMO and electronic materials [1][16]. - The company has established stable partnerships with global pharmaceutical giants and is expanding its pharmaceutical pipeline, with a significant increase in the number of drug candidates [3][21]. - The electronic materials segment is witnessing growth, particularly in semiconductor photoresist materials, with successful validation and ramp-up of production [4][22]. Summary by Sections Display Materials - The display materials sector is experiencing robust growth, with liquid crystal materials benefiting from the increasing size of LCD panels and OLED materials poised for significant expansion due to rising penetration rates in mid-size panels [2][41]. - The company has achieved international leading levels in liquid crystal monomers and is one of the few domestic firms capable of large-scale OLED material production, establishing partnerships with key global players [2][20]. Pharmaceutical CDMO - The company has successfully expanded its pharmaceutical CDMO business, focusing on intermediates and establishing stable collaborations with renowned pharmaceutical companies [3][21]. - As of June 2025, the company has a pipeline of 300 pharmaceutical candidates, reflecting a net increase of 29 candidates compared to the end of 2024 [3][21]. Electronic Materials - The semiconductor photoresist materials are progressing well in validation, with products entering mass production, contributing to revenue growth [4][22]. - The company is also seeing a ramp-up in PI materials, which are expected to enter a growth phase, potentially becoming a significant growth driver for the company [4][22]. Financial Forecast - The company is projected to achieve net profits of 322 million, 384 million, and 500 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 24.74X, 20.76X, and 15.95X [4][5].