中草香料：专注香精香料细分领域，募投扩产有望再上台阶

Company Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company focuses on the niche market of flavor and fragrance, leveraging high technology to create core value [1][2] - The company achieved a revenue of 206 million yuan in 2023, representing a year-on-year growth of 8.72%, with a net profit of 41 million yuan, also up by 8.81% [1][2] - The compound annual growth rate (CAGR) of the company's revenue from 2021 to 2023 is 17.11%, with a net profit margin increasing from 15.37% to 19.93% during the same period [1][2] Company Overview - The company was established in 2009 and listed on the National Equities Exchange and Quotations in 2017, specializing in the research, development, production, and sales of flavor and fragrance products [1][9] - The company has a stable shareholding structure, with the actual controller holding over 50% of the shares [1][10] - The main products include cooling agents such as WS-23 and WS-3, which are crucial for the company's revenue [1][10] Industry Insights - The flavor and fragrance market is experiencing continuous growth, with the global market size increasing from 26.3 billion USD in 2017 to 30.6 billion USD in 2023 [2][35] - The Chinese flavor and fragrance industry has expanded significantly, with the market size growing from 5.24 billion yuan in 1980 to 424 billion yuan in 2022, and is expected to exceed 500 billion yuan by 2026 [2][36] - The industry benefits from a wide range of downstream applications, including food, beverages, pharmaceuticals, and personal care products, which are essential for market growth [2][33] Customer and R&D Focus - The company has established high-quality customer resources, including well-known flavor and fragrance companies and food and pharmaceutical manufacturers [3][49] - The company emphasizes research and development, holding multiple patents and increasing R&D investment over the years [3][49] - The IPO fundraising is expected to enhance the variety of products and broaden profit margins [3][49]