证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2026 年 03 月 01 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 国内多个氨基酸品种价格上涨，关注氨基酸原料药"小巨人"无锡晶海 ——北交所消费服务产业跟踪第五十三期（20260301） 投资要点： 中国氨基酸市场多个氨基酸品类主流报价上涨，欧洲市场多数品类维持小幅涨势。 联系人 根据秣宝网公众号（数据更新至 2026/2/27），目前国内蛋氨酸主流市场报价 18.8-19.2 元/kg，蛋氨酸市场主流厂家报价上调，有厂家停报停签，终端询单积极， 少量按需签单，秣宝网预计短期内蛋氨酸价格或略微上涨；目前国内苏氨酸市场主 流报价 7.4-7.8 元/kg，苏氨酸市场厂家报价上涨，出口报价也涨至 950-980 美元/ 吨，下游用户观望情绪浓厚，维持按需采买，秣宝网预计短期内苏氨酸价格或稳中 偏强；目前国内缬氨酸市场主流报价为 13.0-13.5 元/kg，缬氨 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company's Q3 performance is generally in line with expectations, with a revenue of 293 million yuan for the first three quarters of 2025, representing a year-on-year increase of 15.7%, and a net profit attributable to shareholders of 48.06 million yuan, up 25.9% year-on-year [6] - The company is experiencing a trend of demand recovery, although domestic sales prices are under pressure due to centralized procurement [6] - The new factory's depreciation is impacting profitability, but the overall cost burden is gradually decreasing as the company completes provisions for financial product impairments [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 404 million yuan, with a year-on-year growth rate of 19.2% [5] - The net profit attributable to shareholders for 2025 is estimated at 63 million yuan, reflecting a year-on-year increase of 47.3% [5] - The company’s gross margin for Q3 2025 is reported at 31.8%, showing a year-on-year increase of 1.7 percentage points [6] - The company is expected to achieve revenues of 506 million yuan and 622 million yuan in 2026 and 2027, respectively [5]