Open Source Securities: Issue a Buy rating for Haine Technology

Open Source Securities Co., Ltd. Zhu Haibin and Che Xinhang recently conducted research on Haineng Technology and published a research report titled “Beijing Stock Exchange Information Update: Revenue Growth in New Materials, New Energy, Pharmaceuticals, and Other Fields, 2025 Net Profit Attributable to Parent +222% Year-on-Year,” giving Haineng Technology a “Buy” rating.

Haineng Technology (920476)

2025 Earnings Preview: Revenue of 362 million yuan, up 16.63% YoY; net profit attributable to parent of 42.12 million yuan

The company released a 2025 earnings preview, showing that in 2025, the company achieved operating revenue of 362 million yuan, an increase of approximately 16.63% YoY; net profit attributable to parent was 42.12 million yuan, an increase of 222.20% YoY; non-recurring profit was 35.57 million yuan, up 821.24%. Based on the earnings preview, we slightly lower our 2025 forecasts but maintain our profit forecasts for 2026-2027, expecting net profit attributable to parent of 42 million (originally 43 million) / 53 million / 64 million yuan, corresponding EPS of 0.49 / 0.62 / 0.75 yuan per share, and current PE ratios of 49.5 / 39.4 / 32.6 times. We are optimistic about the company’s multiple new scientific instrument products reaching leading levels, actively replacing imports domestically, and maintain a “Buy” rating.

In 2025, industry demand warms up, and the company’s revenue grows in new materials, new energy, and pharmaceuticals

In 2025, overall industry market demand rebounded, with a clear trend toward domestic manufacturing of high-end instruments and gradual implementation of equipment renewal policies. The company’s revenue in new materials, new energy, and pharmaceuticals increased accordingly. Meanwhile, based on confidence in the industry’s long-term development, the company has continued to invest in product R&D, market expansion, and brand enhancement in recent years, launching high-end instruments such as organic element analyzers and liquid chromatography systems. Significant progress has been made in the intelligentization and digitalization of high-end instruments, with increasing recognition from customers and markets, leading to revenue growth in related products. The company also improved its digital management systems, promoted lean management, and continuously enhanced per capita efficiency. While maintaining stable overall gross profit margins, the company achieved certain revenue growth compared to 2024, with stable overall R&D, sales, and management investments, resulting in a substantial increase in profit amount and a notable improvement in overall profitability.

The company plans to jointly establish Yuanshen Biotechnology with Mingye Management Consulting, holding a 10% stake

On February 26, 2026, the company announced its plan to jointly establish Yuanshen Biomedical Technology (Shanghai) Co., Ltd. (tentative name) with Mingye Management Consulting (Shanghai) Co., Ltd., registered in Shanghai, with a registered capital of 2 million yuan. The company will contribute 200,000 yuan with a 10% stake; Mingye Management Consulting (Shanghai) will contribute 1.8 million yuan with a 90% stake. The joint venture will focus on photomechanical-electronic technology to develop innovative clinical medical devices for early cancer screening, Alzheimer’s diagnosis, and other applications, and will apply for medical device production and operation licenses.

Risk warnings: Risks in new product R&D, weakening demand, and overseas market expansion risks.

The above content is compiled from public information by Securities Star, generated by AI algorithms (Wangxin Suanbei 310104345710301240019), and does not constitute investment advice.