VTR(300381)2024-11-27 13:28Group 1: Company Overview - Guangdong Yidoli Biotechnology Co., Ltd. specializes in the research, production, and sales of biological enzyme preparations, biosynthesis products, and plant extracts, providing comprehensive biological technology solutions [1][2]. - The company's products are primarily applied in eight major fields: animal nutrition and health, human nutrition and health, cleaning and care, bioenergy, food and beverage, pulp and paper, textiles and leather, and environmental and ecological agriculture [2]. Group 2: Financial Performance - In the first half of 2024, the company acquired a 49% stake in Victory Enzymes GmbH, leading to a non-recurring profit increase of 8.853 million yuan [3]. - The company's overseas sales accounted for 31.71% of total revenue in 2023, with growth rates in overseas markets surpassing those in domestic markets [4]. Group 3: Market Challenges and Strategies - The company faces challenges from the pig cycle, as its products are closely related to the scale of pig farming and market prices, which have been volatile since 2021 [3]. - To mitigate the impact of the sluggish breeding industry, the company is accelerating its overseas market expansion and diversifying its product range [3][4]. Group 4: Research and Development - The company utilizes AI technology in enzyme molecular design and key amino acid site analysis to enhance research efficiency [4]. - The main raw materials for production, such as corn and soybean meal, account for approximately 60% of production costs, with recent price declines benefiting the company [4]. Group 5: Cost Structure and Comparison - The company's comprehensive gross margin for 2023 was 43.6%, compared to 54.3% for its competitor Novozymes [4]. - The company aims to strengthen technological innovation and marketing channels while implementing cost-reduction measures [5].