CCGB(SZ:300138) Shanxi Securities·2025-10-20 06:25Investment Rating - The report assigns a "Buy-B" rating for the company, indicating a positive outlook for its stock performance in the near term [3][8]. Core Insights - The company is expected to benefit from the recent FDA policy changes that aim to phase out petroleum-based synthetic colorants, potentially doubling the global natural colorant market from $2.1 billion to $4.2 billion by 2026 [5][6]. - The company has reported a significant increase in net profit for the first three quarters of 2025, with an expected growth of 344.05% to 401.55% year-on-year, amounting to between 278 million to 314 million yuan [3][4]. - The company is positioned as a leading player in the global plant extract industry, with its main products, including capsicum red, capsicum oleoresin, and lutein, ranking first or among the top in the world [4]. Financial Performance - The company forecasts revenues of 7.125 billion yuan, 8.084 billion yuan, and 8.857 billion yuan for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 1.9%, 13.4%, and 9.6% [8][10]. - The projected net profit for the same years is expected to be 359 million yuan, 492 million yuan, and 585 million yuan, with year-on-year growth rates of 282.2%, 36.9%, and 18.9% [8][10]. - The earnings per share (EPS) are projected to be 0.74 yuan, 1.02 yuan, and 1.21 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 19.4, 14.1, and 11.9 [8][10].