百龙创园：前三季度业绩同比高增，未来项目可期

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][7]. Core Insights - The company reported a significant year-on-year increase in revenue and profit for the first three quarters of 2024, achieving revenue of 820 million yuan (up 25.5% YoY) and a net profit attributable to shareholders of 180 million yuan (up 29.2% YoY) [3][4]. - The third quarter alone saw revenue of 290 million yuan (up 19.9% YoY, up 3.5% QoQ) and a net profit of 60 million yuan (up 25.5% YoY, down 4.5% QoQ) [3][4]. - The company is experiencing strong growth in its overseas revenue, which increased by 42.5% YoY, while domestic revenue decreased by 10.1% YoY [4]. Financial Performance - The company has fully launched new production capacities, including a soluble dietary fiber project with an annual output of 30,000 tons and a crystallized sugar project with an annual output of 15,000 tons [5]. - As of the end of Q2 2024, the company's fixed assets increased from 320 million yuan in Q1 to 870 million yuan, primarily due to the new production lines becoming operational [5]. - The gross margin for Q3 was 32.5% (down 1.2 percentage points YoY, down 0.7 percentage points QoQ), while the net margin was 21.8% (up 1.0 percentage points YoY, down 1.8 percentage points QoQ) [5]. Future Projects - The company plans to raise up to 780 million yuan through convertible bonds to invest in a new health food raw material factory in Thailand and expand its functional sugar production [6]. - The establishment of the Thailand production base is expected to reduce production costs and improve export conditions to the U.S. market [6]. - The company is committed to developing 5-6 new product specifications annually and has introduced several new products in 2023, with plans for more in 2024 [6]. Market Position - The company is recognized as a global leader in the food additive industry, particularly in dietary fibers and sugar substitutes [7]. - Forecasted net profits for 2024-2026 are projected to be 260 million, 340 million, and 440 million yuan, respectively, supporting the "Buy" rating [7].