Adisseo(600299) 光大证券·2025-03-06 07:40Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company's performance in 2024 is driven by strong growth in methionine sales, with a significant increase in both volume and price, leading to a projected net profit of 1.2 billion yuan, a year-on-year increase of 2209% [5][9]. - The company has successfully managed to increase its gross margin despite rising raw material costs, showcasing its effective supply chain management and cost transfer capabilities [5]. - The methionine business has seen a 24% year-on-year revenue growth, with both liquid and solid methionine sales reaching historical highs [5]. - The company is expanding its production capacity with a new solid methionine plant expected to be operational by 2027, which will further strengthen its market position [7]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 15.5 billion yuan, up 18% year-on-year, and a net profit attributable to shareholders of 1.2 billion yuan [5][9]. - The fourth quarter alone saw operating revenue of 4.2 billion yuan, a 17% increase year-on-year [5]. Market Position - The company has increased its market share in methionine from 23% in 2012 to 28% in 2023, solidifying its position as a global leader in the industry [7]. - Recent price increases by leading companies in the methionine market indicate a potential recovery in prices, which had previously been declining [6]. Future Outlook - The company forecasts net profits of 1.52 billion yuan, 1.75 billion yuan, and 2.12 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.57 yuan, 0.65 yuan, and 0.79 yuan [9][10]. - The report anticipates continued improvement in profitability due to the recovery of the vitamin business and stable growth in the specialty products segment [5].