Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 29.54 RMB [5][6]. Core Views - The company reported a steady performance in Q1 2025, achieving revenue of 1.5 billion RMB, with a quarter-on-quarter increase of 9% and a year-on-year increase of 4%. The net profit attributable to shareholders was 100 million RMB, showing a slight quarter-on-quarter increase of 0.7% but a year-on-year decrease of 4% [1]. - The company is expected to have growth potential due to the gradual ramp-up of new projects and the ongoing industrialization of electronic-grade PI and life sciences sectors [1]. - The company is expanding its market presence, particularly in the lubricant additive sector, with a focus on internationalization through the establishment of a research and production base in Malaysia [2]. - The life sciences segment has shown significant progress, with a pilot workshop for nucleic acid monomers and partnerships with nearly 90 clients, indicating a strong market transition from R&D to dual-track operations [3]. Summary by Sections Financial Performance - The company achieved a gross margin of 21.52% in Q1 2025, remaining stable compared to previous periods. The comprehensive expense ratio was 12%, with a slight increase attributed to higher R&D expenses [2]. - The forecast for net profit attributable to shareholders for 2025-2027 is 480 million, 530 million, and 580 million RMB, respectively, with year-on-year growth rates of 14%, 10%, and 10% [4]. Market Expansion - The company is actively exploring new markets, with a notable 15% increase in lubricant additive exports from Liaoning province in Q1 2025 [2]. - The establishment of a production base in Malaysia is expected to enhance the company's international competitiveness and risk resilience [2]. Business Development - The life sciences segment has made strides with the introduction of the phosphoramidite monomer into the supply chain of downstream clients, and the dNTP products have reached advanced domestic levels with over 70 client collaborations [3]. - The company has completed the acquisition of Yixing Chuangju and is set to supply flexible display leaders in bulk by 2025, indicating a robust growth trajectory in the polyimide sector [3].