Bailong Chuangyuan(SH:605016) Xinda Securities·2025-05-04 13:12Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The company achieved a revenue of 1.152 billion yuan in 2024, representing a year-on-year increase of 32.64%, and a net profit attributable to shareholders of 246 million yuan, up 27.26% year-on-year [2] - In Q1 2025, the company reported a revenue of 313 million yuan, a 24.27% increase year-on-year, and a net profit of 81.42 million yuan, which is a 52.06% increase year-on-year [2][4] - The company is experiencing significant growth in overseas revenue, with Q4 2024 international sales reaching 1.03 billion yuan, although this represents a decline of 10.77% year-on-year [4] - The company is actively expanding its production capacity, with new projects such as a 30,000-ton soluble dietary fiber project and a 15,000-ton crystallized sugar project launched in May 2024 [4][5] Financial Performance Summary - The company’s total revenue is projected to grow from 868 million yuan in 2023 to 2.470 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 27.1% [6] - The net profit attributable to shareholders is expected to increase from 193 million yuan in 2023 to 565 million yuan in 2027, reflecting a CAGR of about 28.3% [6] - The gross margin is forecasted to improve from 32.7% in 2023 to 35.5% in 2027, indicating enhanced operational efficiency [6] - The earnings per share (EPS) is projected to rise from 0.60 yuan in 2023 to 1.75 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 47.32 to 12.01 over the same period [6] Growth Opportunities - The company is expected to benefit from the release of new production capacities and the ongoing demand for dietary fibers and health sweeteners, particularly in international markets [4][5] - The anticipated reduction in tariff levels is expected to further support the company's international expansion strategy [5]