Bailong Chuangyuan(SH:605016) Guoxin Securities·2025-10-13 15:08Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6][15] Core Views - The company has shown continuous revenue and profit growth due to product structure optimization and new capacity ramp-up [2][4][15] - The approval of D-Allulose in China is expected to drive market demand growth [2][10][15] - D-Allulose has functional advantages such as low calories, antioxidant properties, and a taste profile similar to sucrose, filling a gap in the functional sweetener market in China [2][13][15] Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 969 million yuan, a year-on-year increase of 18.10%, and a net profit attributable to shareholders of 265 million yuan, up 44.93% year-on-year [2][4] - In Q3 2025, the company reported revenue of 320 million yuan, a 10.61% increase year-on-year, but a 4.85% decline quarter-on-quarter [2][4] - The company’s net profit for Q3 2025 was 95 million yuan, reflecting a year-on-year growth of 50.48% and a quarter-on-quarter increase of 7.78% [2][4] Product Development and Market Position - The company is a leader in the fields of prebiotics, dietary fibers, and healthy sweeteners (D-Allulose) in China, with a high-end product positioning [3][15] - The company plans to increase its production capacity for dietary fibers and D-Allulose, which is expected to enhance revenue and profit from 2025 to 2027 [3][15] - The company currently has a production capacity of 15,000 tons of D-Allulose and plans to build an additional capacity of nearly 20,000 tons in Thailand to meet growing domestic and international demand [2][10][15] Profit Forecast - The profit forecast for the company from 2025 to 2027 is as follows: net profit of 346 million yuan in 2025, 432 million yuan in 2026, and 503 million yuan in 2027, representing year-on-year growth rates of 40.8%, 24.9%, and 16.4% respectively [3][15]