Investment Rating - The report maintains a "Buy" rating for the company [5][8] Core Views - The European Union and the United States have initiated anti-dumping investigations against Chinese vanillin, which may benefit the company's new production capacity in Thailand [6][7] - The company has a diverse product range and stable customer base, holding a significant market share in the international market for vanillin and cooling agents [6] - The company's Thai subsidiary is expected to mitigate the impact of trade frictions, with plans to increase vanillin production capacity significantly [7][8] Financial Performance and Forecast - The company's total revenue is projected to increase from 630 million yuan in 2023 to 1,455.5 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 22.99% [5][10] - The net profit attributable to the parent company is expected to decline to 67.05 million yuan in 2024, before rebounding to 183.29 million yuan in 2026 [5][10] - The earnings per share (EPS) is forecasted to decrease to 0.83 yuan in 2024, with a recovery to 2.27 yuan by 2026 [5][10] - The price-to-earnings (P/E) ratio is projected to be 43.93 for 2024, decreasing to 16.07 by 2026 [5][10]
亚香股份：欧美对华香兰素发起双反调查，公司泰国基地新产能有望受益