新和成：维生素涨价，业绩表现亮眼

Investment Rating - The report maintains a "Buy" rating for the company, predicting significant growth in the upcoming years [4]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 5.87 to 6.21 billion RMB in 2024, representing a year-on-year growth of 114.48% to 129.27% [1]. - The nutrition segment has seen a notable increase in both sales volume and prices, particularly for vitamins, which have entered an upward price cycle due to improved supply and demand dynamics [2]. - The company is focused on its "Chemicals+" and "Biological+" strategies, with steady progress on new projects in the nutrition, flavor, high polymer materials, and raw pharmaceutical sectors [3]. Summary by Sections Performance Review - The company forecasts a net profit of 5.87 to 6.21 billion RMB for 2024, with a basic earnings per share of 1.89 to 2.02 RMB [1]. Operational Analysis - The nutrition segment's key products have experienced price increases, with vitamin E, A, and C prices rising by 43%, 57%, and 28% respectively year-on-year [2]. - The average market price for vitamin E in Q4 was 141 RMB/kg, up 130% year-on-year, while vitamin C was 29 RMB/kg, up 48% year-on-year [2]. Strategic Development - The company is advancing its projects in the nutrition sector, including a 300,000-ton/year methionine project and an 18,000-ton/year liquid methionine project in partnership with Sinopec [3]. - The company is also enhancing its technical and industrial platforms to support innovation in functional chemicals [3]. Profit Forecast and Valuation - The projected net profits for 2024 to 2026 are 5.87 billion, 6.55 billion, and 7.03 billion RMB respectively, with corresponding P/E ratios of 11.55, 10.36, and 9.64 [4].