Bailong Chuangyuan(SH:605016) Shenwan Hongyuan Securities·2025-07-14 15:23Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company achieved a revenue of 650 million yuan in H1 2025, representing a year-on-year increase of 22%, with a net profit of 171 million yuan, up 43% year-on-year [7] - The official launch of allulose marks a significant milestone, with expectations for increased sales in 2025 due to its unique properties and regulatory approvals in multiple countries [7] - The successful transformation towards high-end dietary fiber products is expected to enhance profitability, driven by the production of resistant dextrin [7] - Ongoing construction of a facility in Thailand aims to capitalize on the synthetic biology trend, further upgrading the company's product offerings [7] - The company is projected to achieve net profits of 365 million, 473 million, and 593 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.87, 1.13, and 1.41 yuan per share [7] Financial Data and Profit Forecast - Total revenue is forecasted to reach 1,716 million yuan in 2025, with a year-on-year growth rate of 49% [6] - The gross profit margin is expected to be 34% in 2025, with a return on equity (ROE) of 17.9% [6] - The company’s earnings per share (EPS) is projected to be 0.87 yuan in 2025, with a price-to-earnings (PE) ratio of 26 [6]