证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 诺禾致源(688315) 投资评级 [Table_S 事件：公司发布 ummary]2025 年中期报告，2025 年上半年实现营业收入 10.40 亿元 （yoy+4.36%），归母净利润 7872.96 万元（yoy+1.03%），扣非归母净利 润 6293.48 万元（yoy-4.52%），经营活动产生的现金流量净额-1.71 亿元。 其中 2025Q2 实现营业收入 5.38 亿元（yoy+1.89%），归母净利润 4485.40 万元（yoy-11.38%）。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 加强全球服务 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company demonstrated resilient operations in Q2 2025, with revenue growth of 1.87% year-on-year, while net profit decreased by 11.38% due to increased sales and R&D expense ratios [2][4] - The company is committed to advancing its overseas localization strategy, achieving steady growth in revenue from Hong Kong, Macau, Taiwan, and overseas markets [2][3] - The introduction of the Falcon III flexible intelligent delivery system has significantly improved production efficiency, with a 25% increase in daily sample processing capacity compared to Falcon II [4] Financial Performance - In H1 2025, the company reported revenue of 1.04 billion yuan, a year-on-year increase of 4.36%, and a net profit of 78.73 million yuan, up 1.03% [1] - The gross profit margin for Q2 2025 was 42.03%, a decrease of 0.72 percentage points year-on-year, while the sales expense ratio increased by 1.73 percentage points to 20.32% [2] - The company achieved sequencing platform service revenue of 520 million yuan in H1 2025, with a gross margin of 31.66% [2] Business Segments - The company generated 520 million yuan from sequencing platform services, 354 million yuan from life sciences basic research services, and 139 million yuan from medical research and technology services in H1 2025 [2] - The revenue from the mainland reached 507 million yuan, a year-on-year increase of 2.22%, while revenue from Hong Kong, Macau, Taiwan, and overseas markets was 533 million yuan, up 6.48% [3] Future Outlook - The company forecasts revenues of 2.308 billion yuan, 2.571 billion yuan, and 2.871 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 221 million yuan, 262 million yuan, and 306 million yuan [4] - The expected growth rates for revenue are 9.3%, 11.4%, and 11.7% for the years 2025, 2026, and 2027, respectively [4]