梅花生物：氨基酸行业领先企业，海外布局迎来第二增长曲线

Investment Rating - The investment rating for the company is "Buy" [1] Core Viewpoints - The company is a leading player in the amino acid industry, with a diversified product portfolio that includes amino acids, flavor enhancers, and pharmaceutical amino acids, which enhances its resilience against market fluctuations [5][6] - The global amino acid market is expected to grow significantly, with projections indicating a market size of $49.42 billion by 2030, driven by increasing demand in the livestock sector [6][58] - The company's acquisition of "Xiehe Fermentation" marks a strategic move towards international expansion, enhancing its product offerings in high-value amino acids [7][192] Summary by Sections Company Overview - The company has over 20 years of experience in amino acid synthesis and has developed a comprehensive business structure that includes various amino acid products [22] - The company maintains a stable shareholding structure and has a strong commitment to dividend distribution, reflecting confidence in its growth prospects [28][29] Market Dynamics - The demand for feed amino acids is expanding due to rising meat consumption and the reduction of soybean meal in animal feed, which is supported by government initiatives [49][53] - The company is well-positioned to benefit from the increasing concentration of lysine and threonine production in China, which is expected to drive price increases in the future [2][6] International Expansion - The company is accelerating its international strategy, with overseas sales accounting for a growing proportion of its revenue [185] - The acquisition of "Xiehe Fermentation" will enhance the company's capabilities in producing high-value amino acids and expand its global market presence [192][193] Financial Projections - The company is projected to achieve net profits of 30.16 billion, 35.02 billion, and 36.92 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding growth rates of -5.2%, 16.1%, and 5.4% [10][220] - The company's revenue is expected to recover in 2025, driven by new production capacities coming online and improved market conditions [220][221]