Ge Long Hui·2025-10-16 06:55Core Viewpoint - The report from Tianfeng Securities highlights that Jindawei's main business includes health products, coenzyme Q10, and vitamin series, with a projected revenue of 1.728 billion yuan in H1 2025, representing a year-on-year increase of 13.5%, and a net profit attributable to the parent company of 247 million yuan, reflecting a significant year-on-year growth of 90.1% [1] Group 1: Company Performance - The health product market is continuously expanding, driven by increasing health consumption demand [1] - In the short term, the company expects stable growth in coenzyme Q10 and a surge in domestic demand for its health product brand, Duote Beisi, indicating a continuation of high growth in H1 2025 [1] - For the medium to long term, the company has a clear growth path, leveraging its synthetic biology technology platform to incubate high-value new products like EPA, potentially replicating the success of coenzyme Q10 [1] Group 2: Investment and Growth Projections - The company plans to use funds from convertible bonds for the expansion and renovation of coenzyme Q10 production, as well as projects for 30,000 tons of allulose and 5,000 tons of inositol, which are expected to provide new growth points for performance [1] - The brandization of the company's health products is also undergoing continuous upgrades and implementation [1] - Projected net profits attributable to the parent company for 2025-2027 are estimated at 440 million, 650 million, and 790 million yuan, with growth rates of 29%, 47%, and 22% respectively [1] Group 3: Valuation and Market Position - The company is compared to peers such as Tongrentang and Ruoyuchen, with a PEG ratio of 1.1 for 2026, corresponding to a PE of 35X [1] - The target market value is set at 15.7 billion yuan, with a target price of 25.7 yuan, maintaining a "buy" rating [1]