Investment Rating - The report maintains a "Buy" rating for the company, with a reasonable value estimate of 18.89 CNY per share, corresponding to a 2024 PE of 17 times [3]. Core Insights - The company's core product, HMOs, has received approval from the National Health Commission, marking a significant milestone for its second growth curve [1]. - There is strong domestic demand for HMOs, which is expected to drive production growth. The company plans to launch a 260-ton annual production line in the second half of 2024 and a 740-ton line by 2026, aiming for a total capacity of 1,000 tons per year [1]. - The company is positioned for stable profitability, capacity expansion, and a sustainable aviation fuel (SAF) integrated layout, leveraging its advantages in waste oil sources [1]. Financial Summary - Revenue is projected to decline from 1,753 million CNY in 2023 to 1,500 million CNY in 2024, before rebounding to 1,969 million CNY in 2025 [2]. - The net profit attributable to the parent company is expected to increase from 179 million CNY in 2023 to 271 million CNY in 2024, with a forecast of 338 million CNY in 2025 [2]. - The company's EBITDA is projected to rise from 422 million CNY in 2023 to 525 million CNY in 2024, and further to 601 million CNY in 2025 [2]. Production and Capacity - The company has a current operational capacity of 3,541 tons per day, with new projects signed that will double this capacity to 7,821 tons per day by 2026 [1]. - The integration of SAF production is highlighted as a key growth area, supported by a stable and high-quality source of waste oils [1].
朗坤环境：LNnT获得卫健委批准，打开第二曲线