Vland Biotech(603739) 民生证券·2024-04-29 08:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future growth [5][6]. Core Insights - The company reported a revenue of 1.199 billion yuan for 2023, representing a year-on-year growth of 3.07%. The net profit attributable to shareholders was 81 million yuan, up 15.56% year-on-year [5][12]. - The enzyme preparation, micro-ecology, and animal health product segments showed stable growth, with revenues of 441 million yuan, 237 million yuan, and 297 million yuan respectively in 2023 [5]. - The company is actively enhancing its production capacity and technological capabilities through partnerships with leading international firms, which is expected to improve profitability [5]. Financial Summary - The company's total assets are projected to grow from 3.034 billion yuan in 2023 to 4.017 billion yuan by 2026 [4]. - Earnings per share (EPS) are expected to increase from 0.32 yuan in 2023 to 0.48 yuan in 2026, reflecting a positive growth trajectory [4][12]. - The price-to-earnings (PE) ratio is forecasted to decrease from 36 in 2023 to 24 in 2026, indicating potential value appreciation [4][12].