百龙创园（605016）：新产能快速爬坡，公司利润持续增长

Investment Rating - The investment rating for the company is "Outperform the Market" [4][11][28] Core Views - The company achieved a net profit attributable to shareholders of 246 million yuan in 2024, representing a year-on-year growth of 27%. In the first quarter of 2025, the net profit reached 81.4 million yuan, up 52% year-on-year [1][13] - The company’s revenue for 2024 was 1.152 billion yuan, a 32.64% increase compared to the previous year. In Q1 2025, revenue was 313 million yuan, growing 24.27% year-on-year [1][13] - The company is experiencing rapid growth in its dietary fiber and health sweetener segments, particularly with the increasing demand for resistant dextrin and polydextrose in the food and beverage industry [2][21] - The company is actively expanding its production capacity through projects such as the "Functional Sugar Drying Expansion Project" and the "Thailand Health Project," which are expected to enhance profitability in the future [3][26] Financial Performance Summary - In 2024, the company’s gross profit margin was 33.65%, an increase of 0.92 percentage points year-on-year, while the net profit margin was 21.33%, a decrease of 0.90 percentage points [1][13] - For Q1 2025, the gross profit margin improved to 39.74%, up 5.99 percentage points year-on-year, and the net profit margin increased to 25.99%, up 4.75 percentage points year-on-year [1][13] - The company’s revenue projections for 2025-2027 are 1.526 billion yuan, 1.829 billion yuan, and 2.140 billion yuan, respectively, with net profits expected to be 346 million yuan, 431 million yuan, and 503 million yuan [12][28] Business Segments Summary - The company’s main business segments include prebiotics, dietary fibers, health sweeteners, and other starch sugars. In 2024, the prebiotic segment generated 322 million yuan in revenue, a 25.43% increase, while the dietary fiber segment saw revenue of 624 million yuan, up 40.42% [2][21] - The health sweetener segment generated 156 million yuan in revenue, a 13.85% increase, with the contribution of allulose rising to 14.12% of total revenue, marking it as a significant source of income [2][21] - In Q1 2025, the prebiotic segment revenue was 85.8 million yuan, up 17.27%, while the dietary fiber segment revenue was 170 million yuan, up 25.40%. The allulose segment revenue surged to 49.8 million yuan, a remarkable increase of 105.31% [2][21] Future Growth Drivers - The company is investing in a new production base in Thailand, which is expected to enhance its brand, technology development, and market expansion capabilities, ultimately improving profitability and competitiveness [4][26] - The ongoing approval process for allulose in China and the steady growth of the overseas market are anticipated to further boost the company’s revenue and market presence [9][27]