Bailong Chuangyuan(SH:605016) Changjiang Securities·2025-11-09 14:11Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Insights - The company reported a revenue of 970 million yuan for the first three quarters of 2025, representing a year-on-year increase of 18.1%. The net profit attributable to shareholders reached 260 million yuan, up 44.9% year-on-year, and the net profit after deducting non-recurring gains and losses was also 260 million yuan, reflecting a 50.4% increase year-on-year. In Q3 alone, the company achieved a revenue of 320 million yuan, a 10.6% increase year-on-year but a 4.8% decrease quarter-on-quarter. The net profit for Q3 was 95 million yuan, up 50.5% year-on-year and 7.3% quarter-on-quarter [2][6]. Summary by Sections Financial Performance - For Q1-3 2025, the company achieved a total revenue of 970 million yuan, with a net profit of 260 million yuan, and a net profit after deducting non-recurring items also at 260 million yuan. Q3 revenue was 320 million yuan, with a net profit of 95 million yuan and a net profit after deducting non-recurring items of 93 million yuan [2][6]. Product Performance - The company's prebiotic series products generated a revenue of 96 million yuan in Q3, a year-on-year increase of 17.9% but a quarter-on-quarter decrease of 8.6%. The dietary fiber series products achieved a revenue of 170 million yuan, up 12.7% year-on-year but down 4.9% quarter-on-quarter. The health sweetener series products had a revenue of 43 million yuan, down 4.9% year-on-year but stable quarter-on-quarter. The gross profit margin for Q3 was 44.5%, an increase of 11.9 percentage points year-on-year and 3.2 percentage points quarter-on-quarter [12]. Market Developments - The approval of D-alloheptulose in July 2025 marks a significant milestone for the company, allowing it to enter the domestic market. This approval ends a five-year application process and positions the company as a leading player in the industry [12]. Production Capacity Expansion - The company is expanding its production capacity with projects such as a 30,000-ton soluble dietary fiber project and a 15,000-ton crystalline sugar project, both of which are set to enhance production scale and reduce costs. Additionally, the Thailand project is underway, aiming to boost international competitiveness [12]. New Product Development - The company has successfully developed new products such as differentiated crystalline fructose and resistant starch, enhancing its market competitiveness. High-end products like isomaltulose and crystalline fructose have been launched and are gaining market acceptance [12]. Future Profit Projections - The projected net profits for 2025, 2026, and 2027 are 350 million yuan, 480 million yuan, and 680 million yuan, respectively, supporting the "Buy" rating [12].