Vland Biotech(SH:603739) ZHONGTAI SECURITIES·2024-09-09 03:01Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company reported a revenue of 609 million yuan in the first half of 2024, representing a year-on-year increase of 12%. However, the net profit attributable to the parent company was 29 million yuan, down 6.73% year-on-year [2]. - The gross margin for the first half of 2024 was 44.77%, a slight increase of 0.59 percentage points year-on-year. Research and development expenses amounted to 55 million yuan, accounting for 9.04% of revenue, which is a 7.06% increase year-on-year [2]. - The enzyme preparation business continued its strong performance, with revenue growth of 20.42% year-on-year. The company has developed four efficient protein expression systems and established a leading high-throughput screening workstation [2]. - The company follows a "technology-driven development" strategy, focusing on independent research and development while also engaging in collaborative research. As of the report date, the company holds 419 domestic authorized invention patents and 10 U.S. patents [2]. - The company has completed its capacity layout across various business segments, with several projects now in operation. The production line for refined enzyme products is expected to commence operations by December 2024 [2]. - The company’s enzyme products have contributed to a reduction of approximately 1.2548 million tons of CO2 emissions in downstream applications during the first half of 2024 [2]. Financial Summary - The company’s revenue forecast for 2024-2026 is projected at 12.73 billion yuan, 13.99 billion yuan, and 15.58 billion yuan respectively, with net profits of 1.00 billion yuan, 1.18 billion yuan, and 1.38 billion yuan for the same period [3]. - The current price-to-earnings (P/E) ratio is 26.3 for 2024, decreasing to 19.0 by 2026, indicating a positive trend in valuation [3]. - The return on equity (ROE) is expected to increase from 4.4% in 2023 to 6.5% in 2026, reflecting improved profitability [3].