Bailong Chuangyuan(SH:605016) Shenwan Hongyuan Securities·2025-10-14 03:19Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company has shown strong performance with a revenue of 969 million yuan for the first three quarters of 2025, representing an 18% year-over-year increase, and a net profit of 265 million yuan, up 45% year-over-year [6] - The launch of new products, including D-allohexose, and the expansion of production capacity are expected to drive future growth [6] - The company is positioned as a leading player in the health food additives sector, with significant growth potential in soluble dietary fibers and crystalline sugars [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 1,716 million yuan, with a year-over-year growth rate of 49% [5] - The net profit forecast for 2025 is 365 million yuan, reflecting a 48.7% increase compared to the previous year [5] - Earnings per share (EPS) for 2025 is projected to be 0.87 yuan, with a price-to-earnings (PE) ratio of 25 [5] Product Development and Market Demand - The company has successfully launched its 30,000-ton soluble dietary fiber project, which includes high-margin resistant dextrin, expected to enhance profitability [6] - The approval of D-allohexose as a new food ingredient is anticipated to increase market demand, particularly in the context of China's health initiatives [6] - The company is expanding its international presence with a new factory in Thailand, aimed at tapping into markets in Europe, Southeast Asia, and the Middle East [6]