阿拉丁（688179）：公司信息更新报告：外延并购协同效应凸显，下游需求稳步复苏

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][16] Core Views - The company has shown significant growth in revenue, achieving 440 million yuan in the first three quarters of 2025, a year-on-year increase of 17.59%. However, the net profit attributable to the parent company decreased by 20.41% to 58 million yuan [6] - The third quarter of 2025 saw a revenue of 169 million yuan, representing a year-on-year growth of 21.26%, with a net profit of 29 million yuan, up 15.8% year-on-year [6] - The report highlights the effective synergy from acquisitions and a steady recovery in downstream demand, leading to an upward revision of profit forecasts for 2025-2027 [6] - The expected net profits for 2025, 2026, and 2027 are projected to be 110 million, 160 million, and 200 million yuan respectively, with corresponding EPS of 0.33, 0.48, and 0.60 yuan [6] - The current stock price corresponds to P/E ratios of 38.8, 26.7, and 21.4 for the years 2025, 2026, and 2027 respectively [6] Financial Summary - The company plans to acquire 35% of Shanghai Youke for 61.25 million yuan, which is expected to enhance its product line in laboratory analysis instruments [7][8] - The financial projections indicate a steady increase in revenue from 403 million yuan in 2023 to 1.013 billion yuan in 2027, with a compound annual growth rate (CAGR) of 17.5% [9][11] - The net profit is expected to recover from 86 million yuan in 2023 to 212 million yuan in 2027, reflecting a significant growth trajectory [9][11] - The gross margin is projected to stabilize around 61.6% from 2025 onwards, while the net margin is expected to improve from 16.2% in 2025 to 19.7% in 2027 [9][11]