CABIO(SH:688089) Xinda Securities·2025-03-31 05:05Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company achieved a 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][3] - The company experienced strong growth in both domestic and international markets, with domestic revenue reaching 335 million yuan and international revenue at 207 million yuan, reflecting increases of 23.44% and 26.39% respectively [3] - The gross margin improved to 43.61%, a year-on-year increase of 1.21 percentage points, while the net profit margin also saw an increase of 2.16 percentage points [3] Financial Performance Summary - In 2024, the company reported total revenue of 556 million yuan, with a growth rate of 25.2% year-on-year [4] - The net profit attributable to the parent company was 124 million yuan, with a growth rate of 35.9% year-on-year [4] - The company's EPS (Earnings Per Share) for 2024 was 0.74 yuan, with projections for 2025-2027 being 0.78, 0.93, and 1.07 yuan respectively [4] Business Highlights - The company is focusing on the acquisition of Ouyi, which has been accepted for review by the Shanghai Stock Exchange [3] - The demand for ARA and DHA products is expected to rise as new national standards for infant formula are implemented, contributing to significant sales growth among core domestic customers [3] - The successful approval of the HMO product 2'-FL and the first order achievement mark a significant milestone for the company [3] Earnings Forecast - The company is projected to continue benefiting from domestic and international market growth, with expected EPS for 2025-2027 being 0.78, 0.93, and 1.07 yuan, corresponding to P/E ratios of 32X, 27X, and 24X respectively [3][4]