Vland Biotech(603739) Minsheng Securities·2025-04-29 10:52Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][8]. Core Views - The company experienced short-term pressure on performance, with a 10.16% year-on-year revenue growth to 1.32 billion yuan in 2024, but a 22.39% decline in net profit attributable to shareholders [3][4]. - The company is focusing on innovation and increasing R&D investment, which reached 118 million yuan in 2024, accounting for 8.95% of revenue, and is expected to drive long-term growth [5][6]. - The company has completed its capacity layout, enhancing multi-business synergy, with several projects operational by the end of 2024 [5]. Financial Performance Summary - In 2024, the company achieved revenue of 1.32 billion yuan, with a net profit of 63 million yuan, reflecting a decline in profitability due to increased competition and higher depreciation costs [3][4]. - For Q1 2025, the company reported revenue of 310 million yuan, a year-on-year increase of 8.16%, but a 24.73% decline in net profit [3][4]. - The company forecasts revenue growth rates of 10.2%, 8.4%, 8.9%, and 9.4% for the years 2024 to 2027, respectively [7][11]. Business Segment Performance - In 2024, the enzyme preparation segment generated 505 million yuan, the micro-ecology segment 193 million yuan, and the animal health products segment 308 million yuan, with respective gross margins of 63.69%, 37.29%, and 33.51% [4]. - For Q1 2025, the enzyme preparation segment achieved revenue of 120 million yuan, with a gross margin of 44.36% [4]. R&D and Innovation - The company has applied for 81 invention patents related to probiotics and has published 32 articles, enhancing its competitive strength in nutrition and health-related businesses [5][6]. - The integration of AI technology is expected to further strengthen the company's capabilities in product innovation and application design [5]. Future Earnings Forecast - The company is projected to achieve net profits of 74 million yuan in 2025, 81 million yuan in 2026, and 90 million yuan in 2027, with corresponding EPS of 0.29, 0.32, and 0.35 yuan [6][7].