研报掘金丨信达证券：百龙创园业绩再创新高，维持“买入”评级

Core Viewpoint - The report from Cinda Securities indicates that Bailong Chuangyuan is expected to achieve record high performance in both 2025 and Q4 2025, driven by further capacity release and continuous growth in sales [1] Industry Summary - The food and beverage market is anticipated to experience a peak in the launch of new products this year, particularly with the introduction of D-alloheptulose, following the adoption of allulose by brands like Nayuki's Tea and Mengniu's probiotic drink [1] - There is a clear global trend towards healthier food options, which is contributing to sustained sales growth for multiple products within the industry, while there remains potential for increased market penetration [1] Company Summary - The company is actively expanding its production capacity both domestically and internationally, which supports its global sales and growth while also focusing on cost reduction [1] - Earnings per share (EPS) projections for the company are estimated at 0.87, 1.11, and 1.45 yuan for the years 2025, 2026, and 2027 respectively, corresponding to price-to-earnings ratios of 28X, 22X, and 17X for those years [1] - The company maintains a "buy" rating based on its growth opportunities in the medium term [1]