Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Views - The company has established a base in Thailand for natural and synthetic vanillin production, which is expected to benefit from limited impact from trade frictions [3] - The company plans to increase its vanillin production capacity significantly by 2025, with a projected revenue increase of 103.13% in 2025 [1][9] - The recent price adjustments for vanillin products indicate a positive outlook for revenue growth, with the price for eugenol vanillin set at 550 RMB/kg and ferulic acid vanillin at 1700 RMB/kg [3][9] Financial Summary - Total revenue is projected to grow from 630.18 million RMB in 2023 to 1,426 million RMB in 2025, reflecting a compound annual growth rate (CAGR) of 103.13% [1][9] - Net profit attributable to shareholders is expected to rise from 80.16 million RMB in 2023 to 307.97 million RMB in 2025, with a significant increase of 360.92% in 2025 [1][9] - The earnings per share (EPS) is forecasted to increase from 0.99 RMB in 2023 to 3.81 RMB in 2025, indicating strong profitability growth [1][9] - The price-to-earnings (P/E) ratio is projected to decrease from 70.59 in 2023 to 18.37 in 2025, suggesting improved valuation as earnings grow [1][9]
亚香股份：公布2025年香兰素报价，泰国基地有望明显受益