Core Viewpoint - The company reported its Q1 2024 and Q1 2025 performance, showing a mixed trend in revenue and net profit, with expectations for improved profitability in the future [1][2][3] Financial Performance - In Q1 2024, the company achieved revenue of 645 million yuan, a year-on-year increase of 18.65%, while net profit attributable to shareholders decreased by 19.38% to 124 million yuan [1] - For Q1 2025, revenue is projected at 186 million yuan, reflecting a year-on-year growth of 27.73%, with net profit attributable to shareholders expected to rise by 32.30% to 41 million yuan [1] Business Development Trends - The main business remains robust, with revenue from recombinant proteins reaching 536 million yuan in 2024, up 17.35%, and antibody, reagent kits, and other reagents generating 80 million yuan, up 31.23% [2] - The company’s overseas revenue for 2024 is expected to be 428 million yuan, a year-on-year increase of 19.62%, with overseas revenue accounting for 66.5% of total revenue [2] - The company has established logistics centers in China, the US, and Europe to mitigate short-term tariff impacts, indicating proactive measures to manage potential risks [2] Profitability Outlook - The net profit margin for Q1 2025 is projected to recover to 21.8%, driven by the conclusion of significant R&D and sales investments, alongside the introduction of new products [2] - The company anticipates continued improvement in profitability as previous impairment losses diminish [2] Earnings Forecast and Valuation - The net profit forecast for 2025 has been raised by 7.9% to 166 million yuan, with a new forecast for 2026 set at 215 million yuan [3] - The current stock price corresponds to a P/E ratio of 34.2 for 2025 and 26.4 for 2026, with a target price increase of 25% to 60 yuan, indicating a potential upside of 27.2% [3]