萊茵生物: 24H1淨利潤預計大幅增長,看好植提業務持續拓展

（以下内容从天风国际证券《萊茵生物: 24H1淨利潤預計大幅增長,看好植提業務持續拓展》研报附件原文摘录）
Guilin Layn Natural Ingredients (002166 CH) 24H1淨利潤預計大幅增長，看好植提業務持續拓展 Early numbers indicate high net profit growth in 24H1E; Layn is set to expand the plant extracts business BUY (maintain) 投資要點/Investment Thesis 投資要点/Investment Thesis 事件：萊茵生物發佈2024年半年度業績預告，預計2024年上半年淨利潤約5429.46萬元~6515.36萬元，同比增長50.0%~80.0%。2024年上半年扣除非經常性損益後的淨利潤4525.46萬元~5611.36萬元，同比增長1041.73%~1315.69%。 24H1E profitability maintained growth on market demand for plant extracts H1E financials: Layn recently released preliminary numbers for 24H1 earnings with net profit ranging RMB54.29m-65.15m, up 50.0-80.0% yoy, and ex-nonrecurring net profit of RMB45.25m-56.11m, up 1,041.73-1,315.69% yoy. 植提業務持續向好，24H1公司盈利能力不斷增強 2024年上半年公司所處的植物提取行業持續向好發展，市場需求較好。公司深耕天然甜味領域，佈局羅漢果提取物、甜葉菊提取物等。2024年上半年公司自身經營能力保持提升，不僅營業收入較去年同期大幅增長，而且主營業務毛利率實現了較好的回升，歸母淨利潤預計同比增長50%–80%。其中，24Q2表現更爲突出，按照公司業績預告，公司24Q2預計實現歸母淨利潤2750萬元~3836萬元，同比增長69%~136%，預計高於24Q1的34%的同比增速，有望保持向上發展的良好態勢。 Catalysts: Layn’s market positioning in plant extracts continued to improve in H1 as demand grew. It is building up a business in natural sweetener segments like monk fruit and stevia extracts. The company strengthened its direct operation business in H1 and revenue shot up sharply yoy. On top of that, its main business gross margin also recovered. It is expecting H1E net profit growth of 50-80% yoy, on particularly strong growth in Q2E at RMB27.50m-38.36m, up 69-136% yoy, a leap above the 34% in 24Q1. We would expect Layn to maintain a good upward development trend. 植提產品迎合消費需求，公司綁定大客戶，拓展新品類，未來增長可期！ 行業層面，根據《2024京東食品飲料健康趨勢白皮書》中，天然成分、低糖/0糖是當前消費趨勢之一。 公司層面，公司積極綁定大客戶，於2023年與芬美意簽署未來五年合作新協議，於2024年正式啓動，本協議累計目標收入金額爲8.4億美元，最低累計目標收入金額爲6.8億美元。公司也持續加大國內天然甜味劑產品的開拓力度，依託品牌、研發等競爭優勢加速搶佔國內新興食飲市場，成功與部分國內主流食飲品牌達成合作。除了天然甜味劑，公司積極開拓工業大麻等新品類。公司工業大麻提取工廠原材料年處理能力爲全美最大的工業大麻提取工廠，公司2024年確定將霧化領域作爲工業大麻業務的重點發展方向，通過與陳顥團隊合作，依託其品牌運營的經驗及渠道資源，疊加公司掌握的CBD衍生物轉化技術，加速推動工廠產能的釋放，爭取實現2024年工業大麻項目大幅減虧的業績目標。 Plant extracts fulfill consumer demand; major customer ties; new categories Sweeteners: Layn operates in an industry where current trends include natural ingredients and reduced or no sugar foods. Among its major customers in the foreign market, it has formed ties with Firmenich, with which its 5-year cooperation agreement signed in 2023 has a slated launch date of 2024. Under the agreement, cumulative target revenue is USD840m, subject to a minimum of USD680m. In the Chinese market, Layn leverages competitive advantages like branding and R&D ability, aiming to expand its share of the emerging health-oriented F&B market. Partners include several mainstream Chinese F&B brands. Industrial hemp: the company ventured into new markets like industrial hemp and its industrial hemp extraction plant has the largest annual raw material processing capacity in the US. Layn determined atomization as its main development direction in 2024. Cooperation with the Chen Hao team synergizes the team’s brand operation experience and channel resources with Layn’s CBD derivative conversion technology. The company plans to step up production capacity release in 2024E, so as to reduce losses in the industrial hemp project. 投資建議/Investment Ideas 盈利預測：預計公司24-26年營收爲19.12/24.09/29.15億元，歸母淨利潤爲1.93/2.63/3.46億元，同比增長134%/36%/31%。公司天然甜味劑業務穩健增長，看好天然甜味劑大訂單持續放量，以及對未來工業大麻市場的快速提升有信心，維持“買入”評級。 Forecast and risks We forecast Layn will generate revenue of RMB1.91bn/2.41bn/2.92bn in 2024/25/26E, with net profit at RMB193m/263m/ 346m, up 134/36/31% yoy. Its natural sweetener business is growing steadily and we anticipate large orders will increase. We also expect the industrial hemp market will grow rapidly. We maintain our BUY rating on the stock. 風險提示：原材料採購風險；依賴大客戶風險；政策風險；工業大麻提取物應用於食品、飲料領域等具體政策的落地時間週期尚存在不確定性；國家出口政策的調整，將對出口外向型企業的經營帶來較大影響；工業大麻與中間型大麻、娛樂大麻/毒品大麻應嚴格區分；堅決反對娛樂大麻合法化；相關業務或有政策變動/法律/經營管理/自然/研發操作風險具體合作實施進度和效果存在不確定性；我國目前從未批准工業大麻用於醫用和食品添加；業績預告是公司財務部門初步測算的結果，具體財務數據以公司披露的《2024年半年度報告》爲準 Risks include: raw material procurement risks; over-reliance on major customers; policy risks; uncertainty of the implementation timeline for policies on industrial hemp extracts such as applications for the F&B market; amendments to national export policies could have a significant impact on operations of export-oriented companies; industrial hemp is strictly distinguished from intermediate marijuana, recreational marijuana and marijuana drugs, and we firmly oppose the legalization of recreational marijuana; business risks include policy changes, as well as legal, business management, natural and R&D operational risks; uncertainty about the progress and implementation effects of business collaborations. Notes: China has never approved the use of industrial hemp for medical purposes or food additives; our forecast is based on preliminary numbers released by Layn’s finance department and are subject to the release of its final 24H1 financial report. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天風國際證券集團有限公司, 天風國際證券與期貨有限公司（證監會中央編號：BAV573）及天風國際資產管理有限公司（證監會中央編號：ASF056）（合稱“天風國際集團”）編制，所載資料可能以若干假設為基礎，僅供作非商業用途及參考之用途，會因經濟、市場及其他情況而隨時更改而毋須另行通知。任何媒體、網站或個人未經授權不得轉載、連結、轉貼或以其他方式複製發表本檔及任何內容。已獲授權者，在使用本檔或任何內容時必須注明稿件來源於天風國際集團，並承諾遵守相關法例及一切使用的國際慣例，不為任何非法目的或以任何非法方式使用本檔，違者將依法追究相關法律責任。本檔所引用之資料或資料可能得自協力廠商，天風國際集團將盡可能確認資料來源之可靠性，但天風國際集團並不對協力廠商所提供資料或資料之準確性負責。且天風國際集團不會就本檔所載任何資料、預測及／或意見的公平性、準確性、時限性、完整性或正確性，以及任何該等預測及／或意見所依據的基準作出任何明文或暗示的保證、陳述、擔保或承諾而負責或承擔任何法律責任。本檔中如有類似前瞻性陳述之內容，此等內容或陳述不得視為對任何將來表現之保證，且應注意實際情況或發展可能與該等陳述有重大落差。本檔並非及不應被視為邀約、招攬、邀請、建議買賣任何投資產品或投資決策之依據，亦不應被詮釋為專業意見。閱覽本文件的人士或在作出任何投資決策前，應完全瞭解其風險以及有關法律、賦稅及會計的特點及後果，並根據個人的情況決定投資是否切合個人的投資目標，以及能否承擔有關風險，必要時應尋求適當的專業意見。投資涉及風險。敬請投資者注意，證券及投資的價值可升亦可跌，過往的表現不一定可以預示日後的表現。在若干國家，傳閱及分派本檔的方式可能受法律或規例所限制。獲取本檔的人士須知悉及遵守該等限制。

点此查看微信公众号原文全部内容>>

大部分微信公众号研报本站已有pdf详细完整版：https://www.wkzk.com/report/（可搜索研报标题关键词或机构名称查询原报告）