Bailong Chuangyuan(SH:605016) Xin Lang Cai Jing·2025-11-02 02:35Core Insights - The company reported a revenue of 969 million yuan for Q1-Q3 2025, representing a year-on-year increase of 18.10%, and a net profit attributable to shareholders of 265 million yuan, up 44.93% year-on-year [1] - In Q3 2025, the company achieved a revenue of 320 million yuan, a year-on-year growth of 10.61%, with a net profit of 95 million yuan, reflecting a 50.48% increase year-on-year [1] - The growth in Q3 revenue was primarily driven by overseas markets, with significant demand for core products [1] Financial Performance - The gross margin for Q3 2025 was 44.46%, an increase of 11.94 percentage points year-on-year, while the net profit margin was 29.67%, up 7.86 percentage points year-on-year [2] - The improvement in gross margin is attributed to product mix optimization and enhanced production efficiency [2] - The expense ratios for sales, management, R&D, and financial costs were relatively stable, with slight increases in sales, management, and R&D expenses [2] Product Development - D-Allulose has been approved as a new food ingredient in China as of July 2025, marking a new phase for its development in the domestic market [2] - The application scenarios for D-Allulose are extensive, and significant growth in domestic demand is anticipated in the coming years [2] - The company has already collaborated with various clients to develop related products, indicating a proactive approach to market expansion [2] Profit Forecast and Investment Rating - The company is projected to achieve net profits attributable to shareholders of 359 million, 466 million, and 606 million yuan for 2025-2027, representing year-on-year growth rates of 46%, 30%, and 30% respectively [2] - The current stock price corresponds to a price-to-earnings ratio of 24X, 18X, and 14X for 2025-2027 [2] - The investment rating is maintained at "Strong Buy" [2]