Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company is expected to see a 46.39% year-on-year increase in net profit attributable to shareholders, with projected revenue of 406 million yuan for 2025 [4] - The core business segments are experiencing a recovery in demand, contributing to stable revenue and profit growth [4] - The company is actively expanding into new product categories and enhancing its overseas business presence [5] Financial Summary - Total revenue is projected to grow from 389 million yuan in 2023 to 662 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 23.7% [7] - Net profit attributable to shareholders is expected to increase from 53 million yuan in 2023 to 103 million yuan in 2027, with a significant growth rate of 18.4% in 2027 [7] - The company's gross margin is projected to stabilize around 30.6% from 2026 onwards [8] Business Development - The company has established a presence in overseas markets, with external sales accounting for approximately 56.88% of total revenue as of Q3 2025 [5] - New factories are in trial production, which will help address capacity constraints once regulatory approvals are obtained [5] - The company plans to diversify its product offerings beyond amino acids to include derivatives, functional peptides, and other innovative products [4]
无锡晶海：氨基酸小巨人利润预增46%，微电子清洗新+全球化布局赋能成长——北交所信息更新-20260212