Scitop Bio(300858) 东吴证券·2025-04-23 12:04Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company's probiotic business shows steady growth, with a remarkable revenue performance in Q1 2025 [8] - The company reported a slight decline in 2024 performance but anticipates accelerated revenue growth in 2025 due to strategic transformations and new customer acquisitions [8] Financial Summary - Total revenue for 2024 is projected at 303 million, with a year-on-year growth of 1.19% [8] - Net profit attributable to shareholders for 2024 is expected to be 94.36 million, reflecting a year-on-year increase of 0.94% [8] - The company forecasts a significant revenue increase in 2025, with total revenue expected to reach 434.57 million, representing a year-on-year growth of 43.52% [8] - The earnings per share (EPS) for 2024 is estimated at 0.36 yuan, with projections of 0.47 yuan for 2025 [8] - The price-to-earnings (P/E) ratio is expected to decrease from 40.27 in 2024 to 30.55 in 2025 [8] Business Performance - The probiotic business is expected to maintain a strong growth momentum, with a projected revenue increase of 26% in Q1 2025 [8] - The animal and plant micro-ecological preparation business is anticipated to see a significant growth of over 200% year-on-year in Q1 2025 due to new factory production [8] - The company is optimizing its product structure, which has positively impacted its gross margin, although the animal and plant business has slightly dragged down profitability in Q1 2025 [8]