Investment Rating - The report maintains a rating of "Outperform" for the company, indicating a positive outlook compared to the market [6]. Core Insights - The company's performance in 2025 is expected to meet forecasts, with a projected net profit of 60-66 million yuan, representing a year-on-year growth of 40.0-54.0% [6]. - Demand recovery is driving simultaneous growth in revenue and profit, particularly in various application fields such as culture media and nutritional products [6]. - Cost structure optimization is contributing positively to profit margins, with a reduction in certain expenses alleviating cost pressures [6]. - The company is set to release new production capacity and establish overseas subsidiaries to support market expansion [6]. - Long-term performance is expected to remain stable, with revenue forecasts for 2025-2027 at 404 million, 506 million, and 622 million yuan respectively, and corresponding net profits of 63 million, 83 million, and 108 million yuan [6]. Financial Data and Profit Forecast - Total revenue is projected to grow from 404 million yuan in 2025 to 622 million yuan in 2027, with a compound annual growth rate of approximately 22.9% [5]. - The net profit is expected to increase from 63 million yuan in 2025 to 108 million yuan in 2027, reflecting a strong growth trajectory [5]. - The company's gross margin is forecasted to remain stable around 31% to 32% over the next few years [5].
无锡晶海（920547）：业绩符合预期，25年需求回暖+成本优化，看好26年海外拓展