百龙创园：业绩稳步增长，新项目即将赋能

Investment Rating - The investment rating for the company is "Buy" and is maintained [10][28]. Core Insights - The company achieved a revenue of 870 million RMB in 2023, representing a year-on-year increase of 20.3%. The net profit attributable to shareholders was 190 million RMB, up 28.0% year-on-year [10]. - The dietary fiber segment showed significant growth, with revenue reaching 444 million RMB in 2023, a 31.1% increase year-on-year, contributing 52.0% to total revenue [11]. - New projects are expected to contribute substantial growth, including a project with an annual production capacity of 20,000 tons of functional sugar, projected to add 375 million RMB in revenue [12]. - The company is a global leader in food additives, with strong demand for dietary fibers and the sugar substitute allulose in overseas markets [28]. Financial Performance - In Q4 2023, the company reported a revenue of 210 million RMB, a 25.0% increase year-on-year, and a net profit of 52 million RMB, up 57.4% year-on-year [10]. - For Q1 2024, revenue was 250 million RMB, reflecting a 29.6% year-on-year increase, with a net profit of 54 million RMB, up 20.5% year-on-year [10]. - The overall gross margin for 2023 was 32.7%, an increase of 1.1 percentage points year-on-year, with a net profit margin of 22.2%, up 1.3 percentage points year-on-year [11]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 1.288 billion RMB, 1.760 billion RMB, and 2.270 billion RMB, respectively [16]. - The expected net profit attributable to shareholders for 2024, 2025, and 2026 is 304 million RMB, 415 million RMB, and 540 million RMB, respectively [16][28].