Core Viewpoint - Li'anlong demonstrates steady growth in performance and a rebound in profitability, with a projected target price of 49.50 yuan and a "buy" rating maintained [1] Financial Performance - The company achieved a net profit attributable to shareholders of 392 million yuan in the first three quarters of 2025, representing a year-on-year increase of 24.92% [1] - In Q3, the net profit attributable to shareholders reached 151 million yuan, showing a year-on-year growth of 60.83% and a quarter-on-quarter increase of 13.17% [1] Business Segments - The anti-aging segment has completed the construction of differentiated product lines through technological upgrades, focusing on high-margin products while simultaneously reducing supply chain costs [1] - The lubricating oil additive segment is at a critical juncture for supply chain autonomy, with the second phase of the project having been put into production in 2023 and a rapid increase in utilization rates observed from 2024 onwards [1] - The company is actively exploring new growth avenues, particularly in the biological block sector, through collaboration with Jima Gene to achieve a comprehensive product layout [1] Market Outlook - The company's main business is in a recovery phase after hitting a bottom, leading to a slight downward adjustment in revenue and profit forecasts [1] - Based on a comparable company average P/E ratio of 18 times for 2026, the target price is set at 49.50 yuan [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 49.50 CNY, based on an average P/E ratio of 18 times for comparable companies in 2026 [3][5]. Core Insights - The company's main business is gradually recovering after hitting a low point, leading to a slight downward adjustment in revenue and profit forecasts. The projected net profits for 2025, 2026, and 2027 are 542 million CNY, 631 million CNY, and 716 million CNY respectively [3][4]. - The company achieved a revenue of 4.509 billion CNY in the first three quarters of 2025, representing a year-on-year increase of 5.72%, with a net profit of 392 million CNY, up 24.92% year-on-year [9]. - The company is actively expanding into new business areas, including a partnership with Jima Gene for bioblock products and the acquisition of IPITECH INC. to enter the electronic-grade PI materials market [9]. Financial Performance Summary - Revenue projections for the years 2023 to 2027 are as follows: 5,278 million CNY (2023), 5,687 million CNY (2024), 6,297 million CNY (2025), 6,862 million CNY (2026), and 7,414 million CNY (2027), with respective growth rates of 9.0%, 7.7%, 10.7%, 9.0%, and 8.1% [4][11]. - The company's gross profit margin is expected to improve from 19.8% in 2023 to 24.0% in 2027, while the net profit margin is projected to increase from 6.9% to 9.7% over the same period [4][11]. - The earnings per share (EPS) are forecasted to rise from 1.58 CNY in 2023 to 3.12 CNY in 2027 [4][11].