Layn(SZ:002166) Tianfeng Securities·2024-09-22 01:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [4]. Core Views - The company is expected to achieve a significant increase in net profit for the first three quarters of 2024, with estimates ranging from approximately 81.80 million to 102.25 million yuan, representing a year-on-year growth of 100% to 150% [1][2]. - The company's main business is projected to continue its high growth trend, with an expected revenue increase of about 30% compared to the same period last year [2]. - The global plant extract market is anticipated to grow at a CAGR of 7.9% from 2020 to 2027, reaching a market size of 32.46 billion USD by 2027, driven by increasing consumer demand for natural and pollution-free plant extracts [3]. - The company has made significant progress in expanding its production capacity, particularly in the field of natural sweeteners and industrial hemp extraction, which will support future growth [3]. Financial Summary - For 2024, the company is projected to generate revenues of 1.91 billion yuan, 2.41 billion yuan in 2025, and 2.91 billion yuan in 2026, with corresponding net profits of 193.19 million yuan, 263.31 million yuan, and 345.73 million yuan, reflecting year-on-year growth rates of 134%, 36%, and 31% respectively [3][6]. - The company's EBITDA is expected to be 414.46 million yuan in 2024, increasing to 681.08 million yuan by 2026 [6]. - The report highlights a significant improvement in the company's profitability, with a net profit margin projected to reach 10.10% in 2024 and 11.86% in 2026 [8].