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研報掘金丨財通證券:嘉必優短期擾動不改核心邏輯,多業務並進推動公司長遠發展
格隆匯5月11日丨近日,嘉必優(688089.SH)公佈23Q1實現營收0.88億元,同比增長16.18%;實現歸母淨利潤0.14億元,同比減少38.4%。財通證券研報指出,公司收入增長明確趨勢向好,盈利能力承壓靜待否極泰來;短期擾動不改核心邏輯,多業務並進推動公司長遠發展。公司積極開展DHA相關業務,有望推動公司中期盈利能力持續提升。中期來看公司產品線儲備充分,22年公司動物營養產品初步放量,營收規模突破2千萬元,營收規模佔比達4.8%。長期來看,公司基於已有的合成生物學技術平台,多項產品研究進展順利。該行預計隨着符合新國標嬰配粉2023年年逐季持續放量,公司有望持續受益行業增長。預計公司2023-2025年實現營業收入5.79/7.57/9.47億元,歸母淨利潤1.35/1.78/2.22億元,對應PE為32.7/24.9/19.9倍,予以“增持”評級。
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