Guohai Securities: First giving CR Double Cranes a "buy" rating, specialized business shows stable growth, establishing the second growth curve gradually.

Guo Hai Securities research report pointed out that by 2025, CR Double Crane's company's operating income will be 11.001 billion yuan, with a net profit attributable to the parent company of 1.647 billion yuan. The increase in gross profit margin and the decrease in sales expense ratio in the fourth quarter of 2025 will drive the increase in net profit margin. The specialist business is steadily growing, gradually constructing the second growth curve. It aims to build a benchmark leading enterprise in synthetic biology and construct the second growth curve. The company closely follows the national strategic orientation, actively building the synthetic biology "second growth curve". The company has established 7 major technology platforms in the Synthetic Biology Research Institute, with more than 20 ongoing projects. Among them, the high-temperature nylon precursor 1,4-butanediamine project successfully broke through the foreign technology monopoly and was selected as a landmark product in biomanufacturing by the Ministry of Industry and Information Technology. It is believed that the infusion business and chronic disease business contribute stable cash flow, while the specialist business is steadily growing. The synthetic biology platform is expected to gradually contribute to new growth. First coverage, with a "buy" rating.