梅花生物（600873）：业绩保持稳健，分红+回购占利润比重提升

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. 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][5]. - In Q4 alone, 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][5]. - 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][5]. Financial Performance - The company’s revenue for 2024 was 25.07 billion yuan, with a gross profit of 5.03 billion yuan, resulting in a gross margin of 20% [13]. - 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%, up 13.7 percentage points year-on-year [10]. - The company’s cash flow from operating activities was 4.63 billion yuan in 2024, with a net cash flow of -760 million yuan [13]. Future Outlook - The company is expected to see a net profit attributable to shareholders of 3.16 billion yuan in 2025, 3.39 billion yuan in 2026, and 3.51 billion yuan in 2027 [10]. - The company is expanding its production capacity with new projects, including the completion of the Tongliao MSG expansion project and the initiation of the Baicheng lysine project [10]. - The company is accelerating its overseas expansion strategy, including a planned acquisition of assets from a fermentation company for approximately 500 million yuan [10].