Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, driven by significant increases in dietary fiber and allulose sugar production capacity [8] - The new production capacity is expected to enhance earnings, with allulose sugar anticipated to see both volume and price increases [8] - The company is positioned as a leading domestic producer of health food additives, with ongoing projects expected to contribute to revenue growth [8] Financial Data and Profit Forecast - Total revenue is projected to grow from 868 million yuan in 2023 to 1,818 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 21.5% [2][10] - Net profit attributable to the parent company is expected to increase from 193 million yuan in 2023 to 473 million yuan in 2026, with a CAGR of about 29.5% [2][10] - Earnings per share (EPS) is forecasted to rise from 0.78 yuan in 2023 to 1.47 yuan in 2026 [2][10] - The gross margin is expected to improve from 32.7% in 2023 to 36.0% in 2026 [2] Market Data - As of February 17, 2025, the closing price of the stock is 19.68 yuan, with a market capitalization of 6,358 million yuan [3] - The price-to-earnings (P/E) ratio is projected to decrease from 33 in 2023 to 13 in 2026, indicating potential undervaluation [2][3] Production Capacity and Growth Drivers - The company has successfully launched new production lines for soluble dietary fiber and crystalline sugar, which are expected to significantly boost sales and revenue [8] - The allulose sugar project, with a capacity of 15,000 tons, is fully operational and is anticipated to contribute to substantial revenue growth [8] - The flexible production line for dietary fiber is expected to maintain high growth rates, enhancing profitability [8] Strategic Initiatives - The company plans to issue convertible bonds to fund projects, including a new factory in Thailand, which will enhance international competitiveness and reduce production costs [8] - The establishment of a research and development center in the United States is aimed at further strengthening the company's core competencies [8]
百龙创园:膳食纤维和阿洛酮糖新产能投放增量显著,24年业绩符合预期-20250218