According to the Huaxin Securities Research Report, Rhine Biotech (002166.SZ) is deeply involved in natural sweeteners and adheres to the big single product strategy. The plant extract industry has resource advantages, and the popularity of natural sweeteners increased the global plant extract market by 5.94 billion US dollars in 2023, of which China accounted for 63%. The company has built a moat of advantages throughout the entire industry chain and is deeply tied to the procurement side of major international customers. We have established stable partnerships with well-known international customers such as Finmich, Cargill, Givaudan, etc., and it is expected that in 2024-2028, Finland will release an average annual order of 0.136 billion US dollars to take on additional production capacity. In 2024, atomization was used as a breakthrough to revitalize production capacity, and a “Project Cooperation Agreement” was signed to set the 2024-2026 consolidated revenue target of 8.5/23/36.5 million US dollars, and the consolidated net profit target is 0.8/3.2/6 million US dollars, which is expected to break through the inflection point within 1-2 years. Maintain a “buy” investment rating.