Solbar Ningbo Protein Technology (603231) 海通证券·2024-03-27 16:00Investment Rating - The report assigns an "Outperform" rating to Suobao Protein (603231) [2] Core Views - Suobao Protein is a global leader in plant-based protein production with a complete soybean protein deep-processing industrial chain [6] - The company has achieved a revenue CAGR of 20.2% and net profit CAGR of 36.6% from 2019 to 2022 [6] - The soybean protein industry has broad prospects, with China being the largest soybean consumer globally [7] - The company has strong brand recognition both domestically and internationally, holding about 10% of the domestic soybean protein market [8] - Direct sales account for over 60% of total sales, showing a continuous upward trend [11] Financial Performance - Revenue is expected to reach 1.73 billion yuan in 2023, with net profit of 163 million yuan [9] - Gross margin is projected to improve from 12.8% in 2023 to 14.7% in 2025 [9] - EPS is forecasted to grow from 0.85 yuan in 2023 to 1.22 yuan in 2025 [9] - ROE is expected to remain stable around 16.7-16.9% from 2023 to 2025 [9] Business Segments - Soybean protein business is expected to maintain a 25% revenue growth rate from 2023 to 2025 [13] - Non-GMO refined soybean oil business is projected to recover with 25% growth in 2024 [19] - Textured protein business is forecasted to grow at 20% in 2024 and 15% in 2025 [20] Valuation - The report suggests a PE valuation range of 20-25x for 2024, corresponding to a fair value range of 20.20-25.25 yuan per share [14] - The average PE ratio of comparable companies is 33.08x for 2024 [22] Market Performance - The stock price closed at 18.75 yuan on March 28, 2024 [2] - The 52-week price range is 15.00-35.30 yuan [2] - The company's market capitalization stands at 3.59 billion yuan [2]