百龙创园：阿洛酮糖快速放量，拟发可转债布局海外

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [13]. Core Views - The company reported a revenue of 820 million yuan for the first three quarters of 2024, representing a year-on-year increase of 25.48%, and a net profit attributable to the parent company of 183 million yuan, up 29.19% year-on-year [1]. - The growth in the sweetener category is accelerating, with significant volume increase in allulose, contributing to overseas revenue growth [1]. - The company plans to issue convertible bonds to raise up to 780 million yuan for expanding production capacity in Thailand and the United States, enhancing its international market presence [1]. Financial Performance Summary - For 2024, the company is projected to achieve a revenue of 1,142 million yuan, with a growth rate of 32% [2]. - The net profit for 2024 is estimated at 257 million yuan, reflecting a year-on-year growth of 33% [2]. - The earnings per share (EPS) for 2024 is forecasted to be 0.80 yuan, with a price-to-earnings (P/E) ratio of 22.4x [2]. Revenue Breakdown - In Q3 2024, the company generated revenue of 289 million yuan, with the health sweetener segment showing a year-on-year growth of 29.89% [1]. - The revenue from domestic operations decreased by 10.11% year-on-year, while overseas revenue increased by 42.55%, indicating a shift towards international markets [1]. Cost and Profitability Analysis - The gross margin for Q3 2024 was reported at 32.52%, slightly down from the previous year, attributed to increased depreciation from new production lines [1]. - The net profit margin for Q3 2024 was 21.81%, showing a year-on-year increase of 0.96 percentage points [1]. Future Outlook - The company expects to benefit from economies of scale as new production lines ramp up, which may enhance profitability over time [1]. - The projected net profits for 2025 and 2026 are 344 million yuan and 452 million yuan, respectively, with growth rates of 34% and 31% [2].