证券研究报告·北交所公司点评报告·汽车零部件 易实精密（836221） 2025 中报点评：25H1 业绩稳中有升，收购精 冲标的&设立表面处理公司增强竞争优势 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 275.72 | 321.38 | 408.50 | 582.52 | 699.20 | | 同比 | 18.82 | 16.56 | 27.11 | 42.60 | 20.03 | | 归母净利润（百万元） | 51.51 | 54.10 | 67.21 | 90.83 | 108.89 | | 同比 | 36.15 | 5.03 | 24.22 | 35.15 | 19.88 | | EPS-最新摊薄（元/股） | 0.44 | 0.47 | 0.58 | 0.78 | 0.94 | | P/E（现价&最新摊薄） | 47.65 | 45.36 | 36.52 | 27.02 | 22.54 | [Ta ...

Core Viewpoint - Haofan Bio plans to acquire 100% equity of Hangzhou Foster Pharmaceutical for 160 million RMB to overcome production capacity constraints and enhance supply capabilities [1][2][3] Group 1: Acquisition Details - The acquisition will be conducted in two phases, with the first phase granting Haofan Bio 85% equity, making it the controlling shareholder [3] - Hangzhou Foster is a mature production base with complete production and supporting facilities, certified by GMP, ISO9001, ISO14001, and OHSAS18001 [3][4] - The acquisition aims to leverage Hangzhou Foster's existing surplus capacity to improve Haofan Bio's supply capabilities and product structure [4] Group 2: Financial Performance - Hangzhou Foster reported a revenue of 204 million RMB in 2024 with a net loss of 28.44 million RMB, and a revenue of 26.18 million RMB in Q1 2025 with a net loss of 8.44 million RMB [5] - Haofan Bio experienced significant growth in 2024, achieving a revenue of 452 million RMB, a 16.22% increase year-on-year, and a net profit of 134 million RMB, a 35.44% increase [7] Group 3: Market Context - Haofan Bio has been facing production capacity shortages due to increased market demand, which has hindered its ability to fulfill customer orders [6] - The company is actively working on expanding its production capacity through new projects and collaborations, aiming to increase its self-owned capacity over the next 2-3 years [7]