Bailong Chuangyuan(SH:605016) Xin Lang Cai Jing·2025-04-30 06:38Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant revenue and profit growth driven by product expansion and capacity enhancements [1][3]. Financial Performance - In 2024, the company achieved revenue of 1.152 billion yuan, a year-on-year increase of 32.64%, and a net profit attributable to shareholders of 246 million yuan, up 27.26% [1]. - For Q1 2025, revenue reached 313 million yuan, reflecting a year-on-year growth of 24.27%, with a net profit of 81 million yuan, marking a substantial increase of 52.06% [1]. Product Revenue Breakdown - In 2024, the dietary fiber series generated revenue of 624 million yuan, up 40.42%, while the prebiotic series brought in 322 million yuan, a 25.43% increase. The health sweeteners series earned 156 million yuan, growing by 13.85%. However, other starch sugars (alcohols) saw a decline, with revenue of 4 million yuan, down 72.48% [1]. - For Q1 2025, the dietary fiber series revenue was 170 million yuan, up 25.4%, the prebiotic series earned 86 million yuan, a 17.3% increase, and the health sweeteners series saw a remarkable growth of 105.3%, generating 50 million yuan. Other starch sugars (alcohols) achieved 2 million yuan, up 10.3% [2]. Profitability and Cost Management - The company's gross margin for 2024 was 33.65%, with a net profit margin of 21.33%. In Q1 2025, these figures improved to 39.74% and 25.99%, respectively, indicating a significant enhancement in profitability [3]. - The increase in gross margin is attributed to the production chain extension from new projects, a decrease in raw material prices, and the realization of scale efficiencies [3]. Capacity Expansion Projects - The company is actively constructing two major capacity enhancement projects: the functional sugar drying expansion project, expected to be completed by 2025-2026, and the Thailand health food raw material smart factory project, anticipated to start construction in Q2-Q3 2025 [4]. - The Thailand project aims to produce various sugar products, which will help reduce production costs and mitigate potential trade risks due to tariffs [4]. Market Opportunities - The domestic approval of D-allohexose as a new food raw material is expected soon, providing a significant market opportunity for the company's health sweeteners [5]. - The "Healthy China Action" initiative includes functional sweeteners in its support directory, with over 500 million yuan in subsidies planned for 2025, further bolstering the market for alternative sweeteners [5]. Profit Forecast - The company is projected to achieve net profits of 341 million yuan, 457 million yuan, and 624 million yuan for 2025-2027, representing year-on-year growth rates of 39%, 34%, and 37%, respectively [5].