Scitop Bio(300858) 长城证券·2024-02-22 16:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [29]. Core Viewpoints - The company is undergoing a business transformation phase, with pressure on its reconfiguration business, but the probiotic business continues to grow rapidly, contributing significantly to the business structure upgrade [5][8]. - The company has a strong core technology advantage in probiotics, with a stable and high-quality B-end customer base, and is actively expanding its C-end market through diversified marketing strategies [4][8]. - The recently announced stock incentive plan reflects management's confidence in the company's long-term development, with ambitious profit growth targets set for the next five years [2][3]. Financial Summary - Revenue is projected to be 366 million yuan in 2023, with a growth rate of -0.9%, followed by 474 million yuan in 2024 (29.6% growth) and 625 million yuan in 2025 (31.7% growth) [3][8]. - Net profit is expected to be 109 million yuan in 2023, with a slight decline of 1.1%, increasing to 146 million yuan in 2024 (34.6% growth) and 195 million yuan in 2025 (33.0% growth) [3][8]. - The company's EPS is projected to be 0.41 yuan in 2023, increasing to 0.56 yuan in 2024 and 0.74 yuan in 2025 [3][8]. Business Development - The company has established itself as a leading player in the domestic probiotic industry, with a significant patent portfolio and a large resource library for lactic acid bacteria [23]. - The stock incentive plan targets a compound annual growth rate of around 30% for net profit over the next five years, indicating strong management confidence [2][3]. - The probiotic product line has seen a substantial increase in revenue contribution, rising from 6.46% in 2019 to 61.64% in the first half of 2023 [4].