Vland Biotech(SH:603739) Guoxin Securities·2024-05-06 23:32Investment Rating - The investment rating for the company is "Accumulate" [4][31]. Core Views - The company has achieved steady growth in revenue and net profit for 2023 and Q1 2024, with a revenue increase of 3.07% year-on-year to 1.199 billion yuan and a net profit increase of 15.56% year-on-year to 81 million yuan in 2023. For Q1 2024, revenue grew by 23.32% year-on-year to 287 million yuan, and net profit increased by 20.45% year-on-year to 13 million yuan [1][2][6]. - The company is committed to a technology innovation strategy, with R&D investment reaching 111 million yuan in 2023, accounting for 9.23% of revenue, which is relatively high in the industry. The systematic capacity layout of major business segments, including enzyme preparations, microecology, and animal health, has been largely completed [1][6]. - The company is expected to enhance its comprehensive strength in products, capacity, and channels after the new capacity is put into operation, indicating a positive outlook for future development [1][6]. Financial Forecasts and Indicators - Revenue is projected to reach 1.259 billion yuan in 2024, with a growth rate of 5.0%, and net profit is expected to be 85 million yuan, reflecting a growth rate of 5.9% [2][20]. - The earnings per share (EPS) is forecasted to be 0.34 yuan in 2024, with a price-to-earnings (P/E) ratio of 41.1 [2][20]. - The company’s gross margin is expected to improve, with a gross margin of 48% projected for 2024 [20][31]. Business Segment Performance - In 2023, the enzyme preparation business generated revenue of 441 million yuan, up 5% year-on-year, while the animal health business saw a slight decline of 1% to 297 million yuan, and the microecology business revenue decreased by 6% to 237 million yuan [27][29]. - The company has established a comprehensive system for animal health, integrating "industry + service" to enhance its product matrix and market competitiveness [11][29].