截至6月30日，纳微科技股东户数1.51万，较上期增加2.29%；人均流通股26739股，较上期减少2.24%。 2025年1月-6月，纳微科技实现营业收入4.14亿元，同比增长21.74%；归母净利润6330.56万元，同比增 长40.52%。 10月9日，纳微科技跌2.94%，成交额1.99亿元。两融数据显示，当日纳微科技获融资买入额2377.97万 元，融资偿还2993.87万元，融资净买入-615.90万元。截至10月9日，纳微科技融资融券余额合计3.51亿 元。 融资方面，纳微科技当日融资买入2377.97万元。当前融资余额3.50亿元，占流通市值的3.09%，融资余 额超过近一年80%分位水平，处于高位。 融券方面，纳微科技10月9日融券偿还4287.00股，融券卖出3700.00股，按当日收盘价计算，卖出金额 10.37万元；融券余量3.74万股，融券余额104.86万元，超过近一年80%分位水平，处于高位。 资料显示，苏州纳微科技股份有限公司位于江苏省苏州工业园区百川街2号，成立日期2007年10月22 日，上市日期2021年6月23日，公司主营业务涉及高性能纳米微球材料的研发、规模化生产、销 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's core business is showing positive operational trends, with significant growth in overseas market expansion opportunities [1][6] - The company reported a revenue of 414 million yuan for H1 2025, representing a year-on-year growth of 21.74%, and a net profit of 63 million yuan, up 40.52% year-on-year [1][2] Revenue and Profit Analysis - Revenue growth is recovering, with a notable performance in profits. Excluding the impact of Fuli Instruments in January and February 2025, the revenue growth for H1 2025 is 16.20% year-on-year [2] - The core business of chromatography fillers and media generated revenue of 238 million yuan, a growth of approximately 20% year-on-year [2][3] - The overall gross margin for H1 2025 was 72.06%, a slight decrease of 0.36 percentage points year-on-year, primarily due to the consolidation of Fuli Instruments [2] Business Segment Performance - The chromatography fillers and media segment saw a revenue of 238 million yuan, with significant contributions from small molecule drugs, particularly driven by the demand for GLP-1 and other peptide drugs, which achieved a revenue of 75 million yuan, growing 108% year-on-year [3][5] - The company has established strong strategic partnerships, with sales from signed biopharmaceutical clients reaching 108 million yuan, accounting for about 45% of the chromatography fillers business revenue [5] International Market Expansion - The company is actively expanding its international market presence, with international revenue for H1 2025 reaching 44 million yuan, a year-on-year increase of approximately 136% [6] - The company is well-positioned to benefit from the increasing number of domestic innovative drug companies expanding overseas, potentially entering the supply chains of large multinational corporations [6] Financial Forecast - The company is projected to achieve revenues of 984 million yuan, 1.212 billion yuan, and 1.496 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 142 million yuan, 214 million yuan, and 284 million yuan [8] - The estimated EPS (diluted) for the years 2025, 2026, and 2027 are 0.35 yuan, 0.53 yuan, and 0.70 yuan, respectively, with corresponding P/E ratios of 82.27, 54.62, and 41.20 [8]

Group 1 - The company reported a revenue of 782 million yuan for 2024, representing a year-on-year growth of 33.33%, with a net profit attributable to the parent company of 83 million yuan, up 20.82% year-on-year [1] - In Q1 2025, the company achieved a revenue of 189 million yuan, a year-on-year increase of 22.39%, and a net profit attributable to the parent company of 29 million yuan, up 72.98% year-on-year [1] - The core business of chromatography fillers and media generated a revenue of 451 million yuan in 2024, with a year-on-year growth of 10.20% [2] Group 2 - The newly added chromatography analysis instruments and accessories contributed a revenue of 154 million yuan, primarily from the consolidation of the acquired company Fuli Instruments [2] - The market for chromatography fillers is expanding, with a current domestic market penetration rate of only about 10%, indicating significant potential for domestic substitution [3] - The company has established strategic cooperation agreements with five major clients, resulting in a sales volume of 224 million yuan, accounting for 50% of the revenue from chromatography fillers [3] Group 3 - The company is evolving into a leading domestic supplier of chromatography fillers, consumables, and instruments, driven by underlying technology [4] - Revenue projections for 2025-2027 are 977 million yuan, 1.17 billion yuan, and 1.37 billion yuan, with net profits of 134 million yuan, 203 million yuan, and 290 million yuan respectively [4] - The current stock price corresponds to a PE ratio of 67, 45, and 31 times for 2025-2027 [4]