星湖科技拟投33亿扩产优化结构 伊品生物助力扣非三连增首季超4.6亿

Core Viewpoint - Xinghuo Technology plans to invest up to 3.3 billion yuan to build a 450,000-ton amino acid production project in Heilongjiang, aiming to optimize its business structure and enhance its competitive position in the amino acid industry [2][4]. Investment Details - The investment will be implemented by Heilongjiang Yipin Biotechnology Co., a subsidiary acquired by Xinghuo Technology in 2022, which has significantly improved the company's profitability [3][4]. - The project includes the construction of a production line for 200,000 tons of feed-grade threonine and 250,000 tons of monosodium glutamate, along with supporting facilities [5]. Financial Projections - Upon reaching full production, the project is expected to generate annual revenue of approximately 3.9 billion yuan with a gross margin of about 10%, and a payback period of around 8.5 years [6]. - In the first quarter of 2025, the company's net profit excluding non-recurring items was 462 million yuan, reflecting an 81.61% year-on-year increase [3][8]. Market Position and Strategy - Xinghuo Technology has established itself as a leading player in the domestic amino acid industry, with a high revenue concentration in animal nutrition products, which accounted for 67.69% of total revenue in 2024 [4][5]. - The company aims to reduce its business concentration and enhance its resilience to industry cycles through this investment, thereby solidifying its market position [4][6]. Historical Performance - The acquisition of Yipin Biotechnology has led to significant growth in Xinghuo Technology's financial performance, with net profits increasing by 299.85% in 2022 and continuing to grow in subsequent years [8]. - The company has a history of strategic acquisitions, including a notable purchase of Sichuan Jiuling Pharmaceutical Technology Co. in 2019, which has contributed to its competitive edge [7][8].