Gelonghui, May 11丨Recently, Jiabiyou (688089.SH) announced that 23Q1 achieved revenue of 88 million yuan, an increase of 16.18% over the previous year; Guimu achieved net profit of 14 million yuan, a decrease of 38.4% over the previous year. The CaiTong Securities Research Report pointed out that the company's revenue growth is clearly trending upward, and the pressure on profitability is waiting to be determined; short-term disturbances do not change the core logic, and multiple businesses go hand in hand to drive the company's long-term development. The company is actively developing DHA-related business, which is expected to promote the continuous improvement of the company's profitability in the medium term. Looking at the medium term, the company's product line is fully stocked. The company initially launched animal nutrition products in '22. The revenue scale exceeded 20 million yuan, accounting for 4.8% of the revenue scale. In the long run, the company's research on a number of products is progressing smoothly based on the existing synthetic biology technology platform. The bank expects the company to continue to benefit from industry growth as it continues to release infant formula in line with the new national standard in 2023. The company is expected to achieve operating income of 579/757/947 million yuan in 2023-2025, net profit of 135/178/222 million yuan, corresponding PE of 32.7/24.9/19.9 times, and is rated “increase in holdings”.