CABIO(SH:688089) Tianfeng Securities·2025-03-28 10:44Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7][20]. Core Views - The company achieved total revenue of 556 million yuan in 2024, representing a year-on-year increase of 25.19%, and a net profit of 124 million yuan, up 35.94% year-on-year [1]. - The human nutrition business is expected to continue its growth, driven by both domestic and international market demand, with ARA and DHA products contributing nearly 90% to total revenue [2]. - The strategic focus for 2025 will be on "AI + Synthetic Biology," with plans to expand product varieties and enhance production efficiency through new technologies [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 556 million yuan, a 25.19% increase from the previous year, and a net profit of 124 million yuan, reflecting a 35.94% growth [1]. - The fourth quarter of 2024 saw a revenue of 168 million yuan, up 41.58% year-on-year, and a net profit of 40 million yuan, increasing by 30.24% year-on-year [1]. Business Segments - The human nutrition segment, particularly ARA and DHA, remains the main revenue driver, with ARA sales volume reaching 908 tons (up 54.52%) and DHA sales volume at 302 tons (up 68.15%) [2]. - The company has optimized its customer structure, benefiting from increased demand due to new national standards and larger orders from international clients [2]. Strategic Initiatives - The company is enhancing its synthetic biology capabilities, having established a leading industrial platform for bio-manufacturing technology [3]. - In 2025, the company plans to complete the construction of the Wuhan Synthetic Biology Innovation Center and accelerate the integration of multi-omics and bioinformatics capabilities through acquisitions [4]. Profit Forecast - The company forecasts total revenues of 702 million yuan, 882 million yuan, and 1.1 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 161 million yuan, 205 million yuan, and 258 million yuan for the same years [4][5].