公司作为代糖领军企业有望受益于国内需求释放，泰国工厂正式进入建设阶段，扩展全球版图。公司在 阿洛酮糖的研发和生产上先行一步，2014 年集中力量研发了结晶阿洛酮糖等新一代产品，2016 年实现 了液体阿洛酮糖工业化量产，2019 年攻克结晶技术难题实现量产，走在行业前列。我们认为，公司将 基于已投产的年产1.5 万吨结晶糖项目满足国内及国外的阿洛酮糖需求，短期具备产能优势。2025 年7 月6 日，百龙创园泰国智慧工厂项目奠基，未来项目达产后将实现年产1.2 万吨晶体阿洛酮糖、7000 吨 液体阿洛酮糖、2 万吨抗性糊精和6000 吨低聚果糖的生产规模，公司将充分发挥泰国区位优势，加大对 欧美、东南亚、中东等国际市场的开发力度，进一步拓展国际业务版图，提升国际竞争力。 盈利预测及投资评级：我们预计公司2025-27 年可实现归母净利润3.61/4.74/6.47 亿元，同比分别 +47%/+31%/+37%，当前股价对应2025-27年PE 分别为25X/19X/14X，维持"强烈推荐"评级。 风险提示：项目投产进度不及预期；技术快速迭代、市场竞争加剧；原材料价格大幅波动；产能消化不 及预期；全球关税波动风险 ...

Core Viewpoint - The company is focusing on high-value core products such as prebiotics, dietary fibers, and sugar-reducing sweeteners, which are expected to drive future growth and profitability [2][3][4]. Product Focus - The company's core products include prebiotics (oligomaltose, fructooligosaccharides, galactooligosaccharides), dietary fibers (polydextrose, resistant dextrin), and sugar-reducing sweeteners (erythritol, crystalline fructose, allulose) [2]. Gross Margin Improvement - The gross margin for the company's core products increased from 9.74% in 2023 to 15.84% in 2024, driven by optimized product structure, reduced consumption, and lower procurement costs [3][4]. - The gross margins for individual core products are as follows: prebiotics increased from 19.34% to 24.60%, dietary fibers from 12.64% to 18.12%, and sugar-reducing sweeteners from 1.26% to 9.09% [4]. Production Strategy - The company is implementing a "small, refined, and flexible" production model to cater to differentiated market demands, focusing on high-value, small-batch orders [6]. - The flexible production plan aims to enhance responsiveness to market needs and build competitive advantages through customized products [6]. New Product Development - The company is expanding its product line with high-value products such as DHA algae oil, lactulose, and HMOs, with production capacity already established for these new products [8]. - Strategic partnerships have been formed to ensure sales of new products, with ongoing projects in trial production stages [8]. Market Impact of Tariffs - Following the EU's imposition of anti-dumping duties on erythritol, the company has capitalized on being the lowest taxed entity, resulting in a 123% year-on-year increase in erythritol sales revenue in Q1 2025 [8]. Capacity Expansion - The company has been a pioneer in the domestic allulose market, with a production capacity exceeding 5,000 tons set to be expanded to 20,000 tons in the future [9]. Financial Performance - In Q1 2025, the company reported a revenue of 685 million yuan, a 24.23% increase year-on-year, and a net profit of 50.36 million yuan, up 117.35% year-on-year [10].