Bailong Chuangyuan(SH:605016) Xin Lang Cai Jing·2025-10-14 14:26Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 969 million yuan, up 18.10% year-on-year, and net profit attributable to shareholders at 265 million yuan, up 44.93% year-on-year [1] - The growth in profit is attributed to product structure optimization and capacity release, particularly from the new projects in soluble dietary fiber and crystallized sugar [1] - The company is expected to further enhance its revenue and profit scale with ongoing projects, including the functional sugar drying expansion and the new health food raw material factory in Thailand [1] Revenue and Profit Performance - For Q3 2025, the company achieved revenue of 320 million yuan, a year-on-year increase of 10.61%, and a net profit of 95 million yuan, up 50.48% year-on-year [1] - The overall profit growth trend remains strong, driven by the optimization of product structure [1] Market Potential and Product Development - The approval of D-allohexose as a new food raw material in July 2025 marks a new phase for its domestic development, with broad application scenarios and significant potential for demand expansion [2] - The company has been proactive in developing related products with various clients, indicating a strong pipeline for D-allohexose products [2] Profit Forecast and Investment Rating - The company is projected to achieve net profits of 357 million yuan, 474 million yuan, and 620 million yuan for 2025-2027, representing year-on-year growth rates of 45%, 33%, and 31% respectively [2] - Current stock prices correspond to price-to-earnings ratios of 25X, 19X, and 15X for 2025-2027, maintaining a "strong buy" rating [2]