2024年以来，公司业绩表现引人注目。2024年，公司营养品业务中的维生素A、维生素E等主要产品行 业景气度大幅回升，年产30万吨蛋氨酸项目产能达产，公司实现营业收入216.096亿元，同比增长 42.95%，实现归母净利润58.69亿元，同比增长117.01%。2025年一季度，公司喜迎开门红，公司实现营 业收入54.40亿元，同比增长20.91%；实现归母净利润18.80亿元，同比增长116.18%，单季度利润表现 创历史新高。 4月29日，新和成（002001）在收盘后召开2024年度网上业绩说明会。本次说明会上，公司董事长胡柏 藩、副董事长兼总裁胡柏剡、董秘兼财务总监石观群和独立董事季建阳，对投资者关心的业绩表现、增 长潜力、项目进展一一作答，并表示为进一步提振市场信心，公司2025年将再次推出回购计划，回购金 额为人民币3亿元至6亿元。 资料显示，新和成立足于精细化工行业，以"化工+"、"生物+"为核心技术平台，围绕营养品、香精香 料、新材料、原料药生产各种功能性化学品，公司目前是世界主要维生素生产商，全球香料香精的重要 供应商，还是拥有从基础原料到改性加工、特种纤维的PPS(聚苯硫醚)全产业链，国 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][20][6] Core Views - The company's first-quarter net profit reached a historical high, with a revenue of 5.44 billion yuan, representing a year-on-year growth of 20.91% and a net profit of 1.88 billion yuan, up 116.18% year-on-year [1][9] - The profitability is supported by a decrease in expense ratios and a sustained high level of R&D investment, with a gross margin of 46.70% and a net margin of 34.70% in the first quarter [1][9] - The methionine market is experiencing price increases, with the average price in 2024 rising by 14.01% compared to 2023, positively impacting the company's performance [2][11] - The company is expanding its production capacity, with a total methionine capacity expected to reach 460,000 tons per year, positioning it as the third-largest globally [2][16] Financial Performance - The company achieved a net profit of 1.88 billion yuan in Q1 2025, with a year-on-year growth of 116.18% and a slight quarter-on-quarter increase of 0.05% [1][9] - The R&D expense ratio was 4.72%, indicating a commitment to innovation and development [1][9] - The forecasted net profits for 2025-2027 are 6.49 billion, 7.09 billion, and 7.62 billion yuan respectively, with corresponding earnings per share of 2.11, 2.31, and 2.48 yuan [4][20] Market Trends - The prices of vitamins A and E are under pressure, while vitamin D3 prices are on the rise, contributing to the overall performance of the company [3][18] - The methionine market is expected to continue benefiting from rising prices and increased production capacity, supporting the company's growth trajectory [2][16]

Financial Performance - In 2024, the company achieved a revenue of CNY 21,609,592,228.45, representing a year-on-year growth of 42.95% [2] - The net profit attributable to shareholders was CNY 5,868,545,988.62, with a year-on-year increase of 117.01% [2] - In Q1 2025, the revenue reached CNY 5,439,577,817.97, showing a growth of 20.91% [2] - The net profit attributable to shareholders for Q1 2025 was CNY 1,879,910,462.58, reflecting a growth of 116.18% [2] Project Updates - The solid methionine project (70,000 tons) is still in the approval and construction phase [3] - The energy-saving review for the methionine project has not passed, but it does not affect the existing production and sales [3] - The liquid methionine project in partnership with Sinopec is currently in the trial production preparation stage [3] - The company has new material product plans in Zhejiang, Shandong, and Tianjin [3] Strategic Initiatives - The company is focused on the fine chemical industry, leveraging "Chemistry+" and "Biology+" as core technology platforms [4] - Future growth drivers include integrated, series, and collaborative development strategies, emphasizing innovation and the development of functional chemicals [4] - The company plans to continue its ESG initiatives, implementing sustainable development strategies and focusing on creating more value for society [4] - A share buyback plan of CNY 300 million to 600 million is set to enhance shareholder returns and boost market confidence [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Views - The company reported a revenue of 5.44 billion yuan in Q1 2025, representing a year-on-year increase of 20.91% and a quarter-on-quarter decrease of 6.66%. The net profit attributable to the parent company was 1.16 billion yuan, up 116.18% year-on-year and 0.05% quarter-on-quarter, driven by the increase in both volume and price of nutritional products [5] - The company maintains its profit forecast, expecting net profits of 6.69 billion yuan, 7.51 billion yuan, and 8.08 billion yuan for 2025-2027, with corresponding EPS of 2.18, 2.44, and 2.63 yuan per share [5] - The company is optimistic about its "Chemicals+" and "Biological+" strategic main channels, and is steadily advancing project construction [5] Financial Summary - Revenue for 2023 was 15.12 billion yuan, with a year-on-year decrease of 5.1%. For 2024, revenue is projected to be 21.61 billion yuan, a year-on-year increase of 43.0%, and for 2025, it is expected to reach 25.86 billion yuan, a year-on-year increase of 19.6% [7][9] - The net profit attributable to the parent company for 2023 was 2.70 billion yuan, with a year-on-year decrease of 25.3%. For 2024, it is projected to be 5.87 billion yuan, a year-on-year increase of 117.0%, and for 2025, it is expected to be 6.69 billion yuan, a year-on-year increase of 14.0% [7][9] - The gross margin for 2023 was 33.0%, expected to rise to 41.8% in 2024 and remain stable in 2025 [10] Market Conditions - The market prices for Vitamin A (VA), Vitamin E (VE), and solid egg products have shown significant year-on-year changes, with VA increasing by 37.4% and VE by 109.9% in Q1 2025 [5] - The domestic export volume of methionine in Q1 2025 was 79,000 tons, a year-on-year increase of 7.35% [5] Project Progress - The company has achieved full production capacity of 300,000 tons of solid egg products and is nearing completion of the construction of 180,000 tons/year of liquid egg products [5] - New projects in aldehyde series, SA projects, and the first phase of the fragrance industrial park are progressing steadily [5]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 5.44 billion yuan in Q1 2025, representing a year-on-year increase of 20.9% and a quarter-on-quarter decrease of 6.66%. The net profit attributable to the parent company reached 1.88 billion yuan, a year-on-year increase of 116.2% and a slight quarter-on-quarter increase, marking a new high in profitability. The significant growth in performance is primarily attributed to the price increases of Vitamin E (VE) and methionine [1][2] - The supply-demand dynamics for VE and methionine are improving, with prices expected to remain high due to the reduction in production capacity by overseas leaders. The recent price adjustments by major companies indicate a positive trend for future profitability [3][4] Summary by Sections Financial Performance - In Q1 2025, the average prices for VA/VE/VC/methionine were 112.3/136.4/28.3/20.9 yuan/kg, with year-on-year changes of 37.4%/109.9%/15.6%/-4.2% and quarter-on-quarter changes of -33.3%/-3.0%/-2.8%/+4.8%. The net profit margin was 34.7%, up 13.3 percentage points year-on-year and 2.3 percentage points quarter-on-quarter. Operating cash flow reached 1.596 billion yuan, a year-on-year increase of 2.32 times [2][3] Market Outlook - The report anticipates continued price increases for methionine and VE, driven by supply constraints from major producers. The current price of methionine is 22.1 yuan/kg, up 12.5% year-on-year. Each 1 yuan/kg increase in methionine and VE is expected to enhance the company's performance by 280 million yuan and 45 million yuan, respectively [3][4] Profit Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are 7.867 billion, 9.383 billion, and 9.761 billion yuan, with corresponding EPS of 2.56, 3.05, and 3.18 yuan. The current price corresponds to a PE ratio of 8.7, 7.3, and 7.0 for the respective years [4]

Investment Rating - The report maintains an "Outperform" rating for the company [4][7]. Core Views - The market prices of the company's main products in the nutrition sector have recovered, leading to an upward revision of EPS forecasts for 2025 and 2026 to RMB 2.19 and RMB 2.44 respectively, with a new estimate for 2027 at RMB 2.63. A target price of RMB 30.66 is set based on a 14x PE for 2025 [4][7]. - The company is expected to achieve a revenue of RMB 21.61 billion in 2024, representing a year-on-year increase of 42.95%, and a net profit attributable to shareholders of RMB 5.87 billion, up 117.01% year-on-year [4][7]. - The first quarter of 2025 is projected to show significant growth, with net profit expected to be between RMB 1.8 billion and RMB 1.9 billion, reflecting a year-on-year increase of 107%-118% [4][7]. Financial Performance Summary - **Revenue Forecasts**: - 2023A: RMB 15,117 million - 2024A: RMB 21,610 million (up 43.0%) - 2025E: RMB 24,323 million (up 12.6%) - 2026E: RMB 27,763 million (up 14.1%) - 2027E: RMB 29,875 million (up 7.6%) [3][6]. - **Net Profit (Attributable to Shareholders)**: - 2023A: RMB 2,704 million - 2024A: RMB 5,869 million (up 117.0%) - 2025E: RMB 6,719 million (up 14.5%) - 2026E: RMB 7,502 million (up 11.7%) - 2027E: RMB 8,087 million (up 7.8%) [3][6]. - **Earnings Per Share (EPS)**: - 2023A: RMB 0.88 - 2024A: RMB 1.91 - 2025E: RMB 2.19 - 2026E: RMB 2.44 - 2027E: RMB 2.63 [3][6]. - **Return on Equity (ROE)**: - 2023A: 10.9% - 2024A: 20.0% - 2025E: 20.0% - 2026E: 19.6% - 2027E: 18.6% [3][6]. Sector Performance - The nutrition sector is expected to see revenue growth of 52.58%, while fragrances, new materials, and other products are projected to grow by 19.62%, 39.51%, and 24.33% respectively in 2024 [4][7]. - The gross profit margin changes for these sectors are +13.27 percentage points for nutrition, +1.33 percentage points for fragrances, -5.84 percentage points for new materials, and +7.49 percentage points for other products [4][7]. New Projects and Products - The nutrition sector has seen the release of methionine project capacity at 300,000 tons/year, with a joint venture for a liquid methionine project nearing completion. The company is also advancing in the fragrances and new materials sectors with various projects [8].

Financial Performance - The company's revenue for Q1 2025 reached ¥5,439,577,817.97, representing a year-on-year increase of 20.91% compared to ¥4,498,764,263.04 in the same period last year[5] - Net profit attributable to shareholders was ¥1,879,910,462.58, a significant increase of 116.18% from ¥869,622,923.96 in the previous year[5] - Basic earnings per share rose to ¥0.61, up 117.86% from ¥0.28 in the previous year[5] - Operating profit for the current period was ¥2,143,877,229.15, up 99.9% from ¥1,072,533,968.01 in the previous period[24] - Net profit attributable to the parent company was ¥1,879,910,462.58, a significant increase of 116.3% compared to ¥869,622,923.96 in the previous period[24] Cash Flow - The net cash flow from operating activities increased by 231.88%, amounting to ¥1,595,982,605.81, compared to ¥480,895,414.07 in the same period last year[5] - Cash inflow from operating activities totaled ¥5,715,288,486.58, an increase from ¥4,009,459,847.44 in the previous period[26] - The net cash flow from operating activities was CNY 1,595,982,605.81, a significant increase from CNY 480,895,414.07 in the previous period, representing a growth of approximately 232%[27] - Cash inflow from financing activities was CNY 572,494,106.93, down from CNY 1,130,900,749.27, a decrease of approximately 49%[27] - The net cash flow from financing activities was CNY -545,176,666.55, compared to a positive CNY 56,722,688.55 in the previous period[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥43,777,419,398.69, reflecting a 1.83% increase from ¥42,989,132,470.97 at the end of the previous year[5] - The company's current assets totaled CNY 18,034,022,364.43, up from CNY 16,922,201,085.10 at the start of the period, reflecting a growth of approximately 6.58%[20] - The total liabilities decreased to CNY 13,020,168,261.57 from CNY 13,543,582,208.04, showing a reduction of about 3.87%[21] - The company's total equity remained stable at CNY 30,757,421,680.00, unchanged from the previous period[21] Investment and Expenses - The company reported a 583.44% increase in investment income, primarily due to higher returns from joint ventures[14] - The company experienced a 246.21% decrease in financial expenses, attributed to increased foreign exchange gains[9] - Research and development expenses increased to ¥256,931,534.29, up from ¥202,953,832.19 in the previous period, reflecting a focus on innovation[23] - The company reported a significant reduction in financial expenses, with a net financial cost of -¥62,451,557.05 compared to ¥42,714,986.04 in the previous period[23] Changes in Cash and Equivalents - The company's cash and cash equivalents net increase decreased by 411.30%, mainly due to increased expenditures on bank wealth management products and special dividend payments[11] - The company's cash and cash equivalents decreased to CNY 7,464,811,535.54 from CNY 7,936,504,805.65, indicating a decline of about 5.93%[19] - The total cash and cash equivalents at the end of the period amounted to CNY 5,136,830,236.59, a decrease from CNY 4,570,125,619.38 year-over-year[27] Other Financial Metrics - The weighted average return on equity increased by 2.85 percentage points to 6.29% from 3.44% in the previous year[5] - Other comprehensive income after tax attributable to the parent company was ¥14,918,970.14, compared to a loss of ¥2,054,048.56 in the previous period[24] - The cash outflow for debt repayment was CNY 443,917,925.63, down from CNY 1,003,043,623.32, a decrease of about 56%[27] Corporate Actions - The company completed the absorption merger of its wholly-owned subsidiaries, increasing the registered capital of the surviving entity from CNY 400 million to CNY 900 million[17] - The company has not disclosed any related party transactions or significant asset restructuring in the recent period[17]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in 2024, with total revenue reaching 21.61 billion yuan, a year-on-year increase of 42.95%, and a net profit attributable to shareholders of 5.87 billion yuan, up 117.01% year-on-year [4] - The first quarter of 2025 is expected to see a net profit of 1.8 billion to 1.9 billion yuan, representing a year-on-year growth of 107% to 118% [5] - The nutrition segment's performance was boosted by the release of new production capacity for methionine and a recovery in demand from the aquaculture industry, leading to a significant increase in revenue [6] Summary by Sections Financial Performance - In 2024, the nutrition segment generated revenue of 15.06 billion yuan, a 52.58% increase year-on-year, accounting for 69.67% of total revenue [6] - The average market prices for key products such as vitamins A, E, C, and methionine saw significant year-on-year increases, supporting revenue growth [6] - The company expects to achieve net profits of 6.52 billion, 7.33 billion, and 8.03 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 10, 9, and 8 [10] Production Capacity and Projects - The company has fully released its 300,000-ton methionine production capacity, contributing to profit growth [7] - Ongoing projects include an 18,000-ton liquid methionine project and various expansions in the flavor and fragrance segment [9] Market Dynamics - The supply of key products remains tight due to production disruptions at major international manufacturers, which is expected to support price increases [6] - The recovery in the pig farming industry and significant growth in export volumes have notably boosted demand for vitamins [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in 2024, with total revenue reaching 21.61 billion yuan, a year-on-year increase of 42.95%, and a net profit attributable to shareholders of 5.87 billion yuan, up 117.01% year-on-year [4] - The first quarter of 2025 is expected to see a net profit of 1.8 billion to 1.9 billion yuan, representing a year-on-year growth of 107% to 118% [5] - The nutrition segment's performance was boosted by the release of new production capacity for methionine and a recovery in demand from the aquaculture industry, alongside supply constraints from major international manufacturers [6][7] Summary by Sections Financial Performance - In 2024, the nutrition segment generated revenue of 15.06 billion yuan, a 52.58% increase year-on-year, accounting for 69.67% of total revenue [6] - The average market prices for key products such as vitamins A, E, C, and methionine saw significant increases, supporting revenue growth [6] - The company expects net profits for 2025-2027 to be 6.52 billion, 7.33 billion, and 8.03 billion yuan respectively, with corresponding P/E ratios of 10, 9, and 8 [10] Production Capacity and Projects - The company has fully released its 300,000-ton methionine production capacity, contributing to profit growth [7] - Ongoing projects include an 18,000-ton liquid methionine project and various expansions in the flavor and fragrance segment [9] Market Dynamics - The recovery in the pig farming industry and significant export growth have notably increased demand for vitamins A, E, and C, with export volumes rising by 28.96%, 35.82%, and 5.58% respectively [6] - The company is actively expanding its product matrix and enhancing its core competitiveness through various projects [9]

Investment Rating - The investment rating for the company has been upgraded to "Buy" due to a significant recovery in industry conditions and the company's position as a leading enterprise benefiting from this trend [2][5]. Core Views - The company's revenue for 2024 is projected to reach 21.61 billion yuan, representing a year-on-year growth of 43.0%. The net profit attributable to the parent company is expected to be 5.87 billion yuan, a 117.0% increase compared to the previous year [4][8]. - The recovery in the vitamin industry, particularly for Vitamin A and E, has led to a notable increase in prices, which has positively impacted the company's gross margin, reaching 43.18%, an increase of 13.27 percentage points from 2023 [8]. - The company is expected to continue benefiting from the increasing domestic share of the vitamin market, which has risen to approximately 86% in 2024, as overseas production declines due to various factors [8]. - New projects, such as the methionine project in collaboration with Sinopec, are anticipated to drive sustained growth for the company [8]. Financial Summary - Revenue (in million yuan): - 2023A: 15,117 - 2024A: 21,610 - 2025E: 23,641 - 2026E: 24,826 - 2027E: 26,496 - Year-on-year growth rates: - 2024: 43.0% - 2025: 9.4% - 2026: 5.0% - 2027: 6.7% [4][11] - Net profit (in million yuan): - 2023A: 2,704 - 2024A: 5,869 - 2025E: 6,271 - 2026E: 6,295 - 2027E: 6,957 - Year-on-year growth rates: - 2024: 117.0% - 2025: 6.9% - 2026: 0.4% - 2027: 10.5% [4][11] - Earnings per share (in yuan): - 2023A: 0.88 - 2024A: 1.91 - 2025E: 2.04 - 2026E: 2.05 - 2027E: 2.26 [4][11] - Target price is set at 28.56 yuan based on a 14x average PE ratio of comparable companies for 2025 [2][5].