证券研究报告| 公司动态点评 2025 年 08 月 27 日 凯赛生物（688065.SH） 1H25 公司业绩同比增长，生物基聚酰胺项目持续推进-凯赛生物 2025 半年报点评 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,114 | 2,958 | 3,537 | 4,704 | 5,704 | | 增长率 yoy（%） | -13.4 | 39.9 | 19.6 | 33.0 | 21.2 | | 归母净利润（百万元） | 367 | 489 | 677 | 817 | 1,012 | | 增长率 yoy（%） | -33.8 | 33.4 | 38.4 | 20.7 | 24.0 | | ROE（%） | 2.8 | 3.1 | 4.6 | 5.3 | 6.2 | | EPS 最新摊薄（元） | 0.51 | 0.68 | 0.94 | 1.13 | 1.40 | | P/E（倍） | 105.7 | 79.3 | 57.3 | 47.5 | ...

Group 1 - The latest stock price of Kaisa Biotech is 49.08 yuan, an increase of 1.42 yuan from the previous trading day's closing price [1] - The company focuses on the research, production, and sales of bio-based materials, with key products including long-chain dicarboxylic acids and bio-based polyamides [1] - In the first half of 2025, the company achieved operating revenue of 1.671 billion yuan, a year-on-year increase of 15.68%, and a net profit attributable to shareholders of 309 million yuan, up 24.74% [1] - Research and development investment reached 123 million yuan, reflecting a year-on-year growth of 23.13% [1] Group 2 - The company has made significant progress in multiple R&D projects, with long-chain dicarboxylic acid product sales reaching a historical high [1] - Bio-based piperidine has begun production and sales, while bio-based polyamide modifications and continuous fiber composites are undergoing commercial validation in more application areas [1] - The company raised 5.915 billion yuan through a targeted placement, bringing in China Merchants Group as a strategic investor to support business development [1] Group 3 - On August 15, the net inflow of main funds was 5.0283 million yuan, while the net outflow over the past five days was 23.7965 million yuan [1]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's Q1 2025 performance met expectations, with total revenue of 776 million yuan, a year-on-year increase of 13% and a quarter-on-quarter increase of 4%. The net profit attributable to the parent company was 137 million yuan, reflecting a year-on-year growth of 30% [6][7] - The long-chain dicarboxylic acid business is experiencing steady growth, particularly with the ramp-up of sebacic acid, which has enhanced profitability. The company has increased sales efforts and is expanding its market share in new products [6] - Significant progress has been made in promoting bio-based polyamide modified and continuous fiber composite materials, with commercial orders expected to materialize [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 3,539 million yuan, with a year-on-year growth rate of 19.6%. The net profit attributable to the parent company is forecasted to be 648 million yuan, representing a growth rate of 32.4% [6][7] - The gross profit margin for Q1 2025 was 33.63%, showing an increase of 4.95 percentage points year-on-year and 5.22 percentage points quarter-on-quarter [6] - The company’s return on equity (ROE) is projected to improve from 0.8% in Q1 2025 to 5.4% by 2027 [6]