梅花生物：业绩保持稳健，分红+回购占利润比重提升-20250318

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 25.07 billion yuan in 2024, a decrease of 9.7% year-on-year, and a net profit attributable to shareholders of 2.74 billion yuan, down 13.8% year-on-year. The increase in non-operating expenses due to settlement payments amounted to 230 million yuan, resulting in a net profit excluding non-recurring items of 2.70 billion yuan, a decrease of 12.6% year-on-year [2][4]. - In Q4 2024, the company achieved a revenue of 6.39 billion yuan, down 11.7% year-on-year but up 5.8% quarter-on-quarter, with a net profit of 750 million yuan, down 27.0% year-on-year but up 42.9% quarter-on-quarter [2][4]. - The company maintained strong cash flow in 2024, with cash dividend expenditures of approximately 1.70 billion yuan and share repurchase expenditures of 570 million yuan, which together are expected to account for about 83% of the company's net profit attributable to shareholders for the year [2][4]. Financial Performance - The company’s revenue for 2024 was 25.07 billion yuan, with a gross profit margin of 20% [12]. - The company’s feed amino acids segment generated revenue of 11.42 billion yuan, an increase of 10.7% year-on-year, with a gross margin of 24.9%, benefiting from high export demand [9]. - The company’s cash flow from operating activities was 4.63 billion yuan in 2024, with a net cash flow of -760 million yuan [12]. Market Outlook - The company is positioned as a global leader in monosodium glutamate and amino acids, benefiting from an improving industry landscape and is building a synthetic biology platform for future growth [9]. - The company expects net profits attributable to shareholders to be 3.16 billion yuan, 3.39 billion yuan, and 3.51 billion yuan for 2025, 2026, and 2027, respectively [9].