CABIO(688089) 国元证券·2024-04-28 01:30Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company reported a total revenue of 444 million yuan in 2023, a year-on-year increase of 2.39%, and a net profit attributable to shareholders of 91 million yuan, up 41.95% [4]. - The first quarter of 2024 saw a significant revenue increase of 33.34% year-on-year, reaching 117 million yuan, with a net profit of 24 million yuan, up 69.93% [4]. - The implementation of new national standards is expected to boost domestic demand, while overseas revenue is projected to recover in the second half of 2023 [4]. Financial Data and Valuation - Revenue (in million yuan): - 2022: 433.42 - 2023: 443.80 - 2024E: 563.49 - 2025E: 700.88 - 2026E: 856.31 - Year-on-year revenue growth rates: - 2022: 23.44% - 2023: 2.39% - 2024E: 26.97% - 2025E: 24.38% - 2026E: 22.18% [2]. - Net profit attributable to shareholders (in million yuan): - 2022: 64.37 - 2023: 91.37 - 2024E: 119.03 - 2025E: 153.37 - 2026E: 191.52 - Year-on-year net profit growth rates: - 2022: -49.94% - 2023: 41.95% - 2024E: 30.27% - 2025E: 28.85% - 2026E: 24.88% [2]. - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 20.72, 16.08, and 12.87 respectively [4]. Business Performance - The company’s human nutrition business showed steady growth, while personal care and cosmetics experienced rapid growth [4]. - The implementation of new standards for infant formula is expected to increase the demand for ARA and DHA [4]. - The company’s gross margin for 2023 was 42.40%, with a net profit margin of 20.59%, reflecting improvements in management expenses and reduced impairment losses [4].