CABIO(SH:688089) Guoyuan Securities·2025-04-01 11:22Investment Rating - The report maintains a "Buy" rating for the company [1] 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 attributable to the parent company of 124 million yuan, up 35.94% [2] - The growth in human nutrition and animal nutrition businesses is driven by increased customer demand due to new national standards and successful collaborations with major international clients [3] - The company's gross margin improved to 43.61% in 2024, an increase of 1.22 percentage points year-on-year, primarily due to enhanced capacity utilization [4] - The demand for ARA and DHA products is expected to grow due to the implementation of new standards for infant formula and the expiration of key patents held by competitors [5] Financial Summary - The company forecasts net profits of 151 million yuan, 182 million yuan, and 216 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 21.19%, 20.84%, and 18.80% [6] - The projected P/E ratios for the company are 28, 23, and 19 times for 2025, 2026, and 2027, respectively, with a market capitalization of 4.2 billion yuan [6] - The company reported a gross margin of 52.42% in Q4 2024, reflecting a significant increase of 6.69 percentage points year-on-year [4]