Vland Biotech(603739) 民生证券·2024-08-28 08:31Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future growth [1]. Core Viewpoints - The company achieved a revenue of 609 million yuan in the first half of 2024, representing a year-on-year growth of 12.00%. However, the net profit attributable to shareholders decreased by 6.73% to 29 million yuan [1]. - The company continues to focus on technological innovation, with R&D expenses reaching 55 million yuan, accounting for 9.04% of revenue, an increase of 7.06% year-on-year [1]. - The company has completed its capacity layout, enhancing its multi-business synergy, with various projects operational as of June 2024 [1]. - The enzyme and probiotic industries have high barriers to entry, and the company is well-positioned as a representative enterprise in these fields, with significant technological and platform advantages [1]. Financial Performance Summary - For the second quarter of 2024, the company reported a revenue of 322 million yuan, a year-on-year increase of 3.55%, while the net profit attributable to shareholders fell by 20.46% to 17 million yuan [1]. - The company forecasts net profits of 98 million yuan, 109 million yuan, and 122 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.39 yuan, 0.43 yuan, and 0.48 yuan [2][4]. - The current price as of August 27, 2024, is 10.57 yuan, with projected PE ratios of 27X, 25X, and 22X for the next three years [3][4].