百龙创园：业绩超预期，产能再扩充

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 531 million yuan for H1 2024, representing a year-on-year increase of 28.73%, and a net profit attributable to shareholders of 120 million yuan, up 31.24% year-on-year [1] - The company achieved a record high quarterly revenue of 279 million yuan in Q2 2024, with a year-on-year growth of 27.93% [1] - The company has expanded its production capacity with the launch of new projects, which is expected to enhance revenue and profit growth in the second half of the year [1][2] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 531 million yuan, with a net profit of 120 million yuan and a non-recurring net profit of 111 million yuan, all showing significant year-on-year growth [1] - In Q2 2024, the company reported a revenue of 279 million yuan and a net profit of 66.02 million yuan, marking a year-on-year increase of 41.51% [1] - The gross margin for Q2 2024 was 33.22%, an increase of 2.14 percentage points year-on-year, supported by a favorable raw material cost environment and a higher proportion of high-margin products [1] Product and Regional Performance - The company’s revenue from its prebiotic series and dietary fiber series grew by 34.42% and 37.78% respectively in Q2 2024, contributing significantly to overall revenue growth [1] - Domestic and international revenues for Q2 2024 reached 114 million yuan and 166 million yuan, reflecting year-on-year growth of 12.2% and 41.6% respectively, with international growth providing substantial support [1] Capacity Expansion and Future Outlook - The company has completed the commissioning of a 30,000-ton dietary fiber and a 15,000-ton allulose project, which is expected to alleviate previous capacity constraints and boost revenue growth [1] - An investment of 212 million yuan has been announced for expanding the functional sugar drying project, which will further enhance product offerings and maintain long-term growth [1][2] - The company forecasts EPS of 0.85, 1.14, and 1.51 yuan for 2024-2026, maintaining a "Buy" rating based on expected continued high growth [2]