Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Views - The company is expected to benefit significantly from the price increase of vanillin in 2025, with the price set at 570 RMB/kg (including tax) [3][9] - The establishment of a production base in Thailand is anticipated to enhance the company's capacity and mitigate the impact of trade frictions, thereby improving performance [3][9] Financial Projections - Total revenue is projected to increase from 630.18 million RMB in 2023 to 1,426 million RMB in 2025, reflecting a growth rate of 103.13% [1][10] - 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 growth rate of 360.92% [1][10] - The earnings per share (EPS) is forecasted to increase from 0.99 RMB in 2023 to 3.81 RMB in 2025 [1][10] Market Data - The closing price of the stock is 70.94 RMB, with a market capitalization of approximately 5,731.95 million RMB [6][10] - The company has a price-to-earnings (P/E) ratio of 71.51 for 2023, which is expected to decrease to 18.61 by 2025 [1][10]
亚香股份：公司2025年香兰素报价再度上调，泰国基地有望明显受益-20250220