Layn(002166) 华鑫证券·2025-01-22 04:33Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.57 to 1.90 billion yuan in 2024, representing a year-on-year increase of 90% to 130%. The non-recurring net profit is projected to be 1.43 to 1.76 billion yuan, with a significant increase of 594% to 755% [4] - The company is focusing on a major product strategy and is enhancing its market share in the global natural sweetener market. The completion of new production facilities by the end of 2024 is expected to alleviate capacity constraints and strengthen competitive advantages [5][6] Summary by Sections Market Performance - The current stock price is 7.62 yuan, with a total market capitalization of 57 billion yuan and a total share capital of 742 million shares. The stock has traded within a 52-week range of 6.12 to 10.3 yuan [1] Financial Forecast - The company forecasts its main revenue to grow from 1,494 million yuan in 2023 to 1,793 million yuan in 2024, reflecting a growth rate of 20%. The net profit is expected to rebound from 83 million yuan in 2023 to 174 million yuan in 2024, indicating a growth rate of 110.7% [8] - The diluted earnings per share (EPS) are projected to be 0.23 yuan in 2024, 0.29 yuan in 2025, and 0.34 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 33, 27, and 23 times [6][8] Competitive Position - The company is recognized as a leader in the plant extraction industry, leveraging its R&D, process, and management advantages to enhance its core competitiveness. The new sweetener factory is expected to resolve long-term capacity bottlenecks [6]