Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 97.16, compared to the current price of RMB 74.47 [1][10]. Core Insights - The company is experiencing rapid growth in emerging businesses, leading to improved profitability. The focus on polypeptide capabilities and global expansion is expected to drive long-term growth [1][10]. - In Q1 2025, the company reported revenue of RMB 1.54 billion, a 10.10% increase year-on-year, and a net profit attributable to shareholders of RMB 327 million, up 15.83% [10]. - The gross profit margin for Q1 2025 was 42.54%, showing a year-on-year decline of 0.98 percentage points but an increase of 3.28 percentage points quarter-on-quarter [10]. Financial Summary - Revenue projections for 2025-2027 are RMB 6.63 billion, RMB 7.79 billion, and RMB 9.32 billion, respectively, with expected growth rates of 14.2%, 17.5%, and 19.5% [3][5]. - Net profit attributable to shareholders is forecasted to be RMB 1.09 billion in 2025, RMB 1.28 billion in 2026, and RMB 1.53 billion in 2027, reflecting growth rates of 15.1%, 16.8%, and 19.5% [3][5]. - The earnings per share (EPS) for 2025-2027 are projected at RMB 3.03, RMB 3.54, and RMB 4.23, respectively [3][10]. Business Performance - The small molecule CDMO business remained stable, while emerging business revenues grew over 80% year-on-year, with a gross profit margin of 33.05%, up 15.75 percentage points from 2024 [10]. - The company secured a total order backlog of USD 1.052 billion, representing a growth of over 20% year-on-year, ensuring stable revenue growth [10]. - The European R&D and pilot base commenced operations in August 2024, contributing to the expansion of the company's capabilities [10].

天风证券（601162）股份有限公司杨松,曹文清近期对凯莱英（002821）进行研究并发布了研究报告 《2025Q1收入和利润率均稳健增长，新兴业务毛利率上升》，给予凯莱英增持评级。 凯莱英 近日，公司推出了A股限制性股票激励计划，首次合计授股489.60万股，授予价格为37.52元/股，本计划首 次授予的激励对象共计648人，包括公司董事、高级管理人员、管理人员及核心技术(业务)人员。解除限 售的条件分为公司业绩要求和个人KPI两个部分。在公司业绩要求上，解除限售期分为2025年至2028年四 个年份，且每个年份有对应的收入或利润增长要求。以2025年为例，如果2025年公司的营业收入同比实现 13%及以上的增长或者净利润实现同比14%及以上的增长，则考核指标对应解除限售比例为100%；如果 10%≤营业收入同比增长率<13%或10%≤净利润同比增长率<14%，则对应的比例为75%；若营业收入或净 利润同比增长小于10%，对应的比例为0%，其中净利润指的均为扣非归母净利润，且剔除汇率波动相关 损益影响。 盈利预测与投资评级 我们预计公司2025-2027年营业收入为66.17、76.17和87.82亿元，预 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 74.47 CNY [7][5]. Core Insights - The company reported a revenue of 1.541 billion CNY for Q1 2025, representing a year-on-year growth of 10.1%, and a net profit of 327 million CNY, up 15.8% year-on-year [1]. - The gross profit margin and net profit margin for Q1 2025 were 42.5% and 21.2%, respectively [1]. - The company has implemented cost reduction and efficiency improvement measures, resulting in a net profit growth rate that outpaced revenue growth by 5.7 percentage points in Q1 2025 [2]. - The small molecule CDMO business showed stable performance with a gross margin of 45.17%, while emerging businesses saw revenue growth exceeding 80% and a gross margin of 33.05% [3]. - A stock incentive plan was introduced, granting 4.896 million shares at a price of 37.52 CNY per share, aimed at enhancing employee motivation and company cohesion [4]. Financial Projections - Revenue projections for 2025-2027 are estimated at 6.617 billion CNY, 7.617 billion CNY, and 8.782 billion CNY, respectively [5]. - The expected net profit for the same period is projected to be 1.114 billion CNY, 1.310 billion CNY, and 1.532 billion CNY [5]. - The report anticipates a consistent increase in revenue and net profit margins over the forecast period [5].