Vland Biotech(603739) 国信证券·2024-09-03 05:31Investment Rating - The report maintains an "Outperform the Market" rating for the company [1][3][12] Core Views - The company achieved a steady revenue growth of 12% year-on-year in H1 2024, reaching 609 million yuan, while net profit attributable to shareholders decreased by 6.73% to 29 million yuan [1][6] - The company is focused on technological innovation and aims to establish itself as a global industrial biotechnology platform, with R&D investment of 55.05 million yuan, accounting for 9.04% of revenue, which is relatively high in the industry [1][6] - The enzyme preparation segment showed strong performance with a 21% year-on-year revenue increase to 230 million yuan, while animal health and microecology segments experienced declines [1][8] - The company is enhancing its animal health system and has developed a comprehensive empowerment platform combining "industry + service" [1][6] - The partnership with ADM, a Fortune 500 company, is deepening, with significant progress in joint laboratory projects moving towards product development [1][9] Financial Forecasts and Metrics - Revenue projections for 2024-2026 are estimated at 1.259 billion yuan, 1.329 billion yuan, and 1.407 billion yuan, respectively, with corresponding net profits of 85 million yuan, 91 million yuan, and 97 million yuan [2][12] - The expected earnings per share (EPS) for 2024-2026 are 0.34 yuan, 0.36 yuan, and 0.38 yuan, with price-to-earnings (PE) ratios of 41, 39, and 36 times [2][12] - The company’s gross margin improved by 0.59 percentage points to 44.77% in H1 2024, while the net margin increased by 0.16 percentage points to 6.94% [9][10]