Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has achieved year-on-year growth in both revenue and net profit for the first three quarters of 2025, with expectations to expand applications in specialized medical and microelectronics cleaning fields [5][7] - The company is positioned as a leading supplier of amino acid raw materials in the domestic pharmaceutical market and is actively exploring new downstream application markets [7] Summary by Sections Market Performance - As of October 27, 2025, the closing price is 26.70 yuan, with a market capitalization of 2,074.27 million yuan and a circulating market value of 1,007.08 million yuan [3] Financial Forecast and Valuation - Revenue projections for 2023 to 2027 are as follows: 389 million yuan (2023), 339 million yuan (2024), 400 million yuan (2025E), 483 million yuan (2026E), and 581 million yuan (2027E) [6] - Net profit forecasts are: 53 million yuan (2023), 43 million yuan (2024), 67 million yuan (2025E), 82 million yuan (2026E), and 102 million yuan (2027E) [6] - The company is expected to maintain a price-to-earnings ratio (P/E) of 31, 25, and 20 for the years 2025 to 2027, respectively [7] Earnings Performance - For Q1-Q3 2025, the company reported revenue of 293 million yuan (up 16% year-on-year) and a net profit of 48.06 million yuan (up 26% year-on-year) [7] - The gross margin for Q1-Q3 2025 was 31.87%, reflecting an increase of 2.05 percentage points year-on-year [7] Business Development - The company is expanding its overseas market presence and has completed the construction of a new factory, which is expected to alleviate capacity constraints [7] - The company is pursuing certifications for its products in the EU and Japan, and plans to establish wholly-owned subsidiaries in Singapore, the Netherlands, and the United States to enhance its global market footprint [7]