Layn(002166) 华鑫证券·2024-11-03 01:31Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue has steadily increased, achieving 1.17 billion yuan in revenue for the first three quarters of 2024, representing a 32% year-on-year growth. The net profit attributable to shareholders reached 102 million yuan, up 148% year-on-year, while the net profit excluding non-recurring items was 105 million yuan, a significant increase from a loss of 346,200 yuan in the same period last year [1] - The company has seen a gross margin increase of 6 percentage points to 27.44%, attributed to the use of lower-cost raw materials for monk fruit, alongside changes in product structure [1] - The company is focusing on capacity expansion and the development of synthetic biology business, with the sweet stevia extraction plant nearing completion and currently operating at a 50% capacity utilization rate [1] Summary by Sections Revenue and Profitability - For Q3 2024, the company reported revenue of 444 million yuan, an 18% increase year-on-year. The gross profit margin improved to 27.44%, and the net profit margin increased to 8.55% [1] - The company is expected to continue benefiting from the growth in plant extraction orders, with a forecasted revenue growth rate of 20% for 2024 [3] Capacity Expansion and Business Development - The company has completed the construction of its sweet stevia extraction plant and is actively enhancing its customized formulation services to meet market demand. The synthetic biology factory has also commenced operations, focusing on products like stevia RM and L-beta-galactosaccharide [1] - The company anticipates a gradual recovery in procurement prices for monk fruit as it enters the raw material purchasing season in Q4 [1] Earnings Forecast - The earnings per share (EPS) for 2024-2026 are adjusted to 0.22, 0.33, and 0.38 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 36, 24, and 21 times [1][3]