Investment Rating - Investment rating: "Outperform" (maintained) [1][3] Core Insights - The company reported a revenue of 293 million yuan for the first three quarters of 2025, representing a year-on-year increase of 15.69%. The net profit attributable to the parent company was 48 million yuan, up 25.93% year-on-year. The non-recurring net profit attributable to the parent company reached 50 million yuan, showing a significant growth of 55.28% year-on-year [3][4] - The company is actively expanding both domestic and international markets, focusing on high-end applications of amino acids in fields such as microelectronics cleaning, biopharmaceuticals, and special medical foods. This strategy aims to increase market share and strengthen its competitive position [4][5] - The company has completed its fundraising project for the "High-end High Value-added Key Series Amino Acid Industrialization Construction Project," which is expected to enhance production capacity and efficiency [4] Financial Performance Summary - For 2025, the company is projected to achieve a revenue of 402 million yuan, with a year-on-year growth of 18.7%. The net profit attributable to the parent company is expected to be 73 million yuan, reflecting a substantial increase of 69.8% year-on-year [5][7] - The gross margin is forecasted to be 31.2% in 2025, with a net margin of 18.1%. The return on equity (ROE) is expected to reach 10.1% [7] - The earnings per share (EPS) for 2025 is estimated at 0.94 yuan, with a price-to-earnings (P/E) ratio of 29.9 times [5][7]