NHU(002001) 东方证券·2025-04-19 14:46Investment Rating - The investment rating for the company has been upgraded to "Buy" due to the significant recovery in the vitamin industry and the company's strong performance as a leading enterprise in the sector [2][5]. Core Views - The company reported a substantial increase in performance, with a revenue of 21.61 billion yuan in 2024, representing a year-on-year growth of 42.95%. The net profit attributable to the parent company reached 5.87 billion yuan, a year-on-year increase of 117.01%. This growth is primarily driven by the recovery in the vitamin A and E markets, which led to a notable increase in product prices and an improvement in the gross margin of the nutrition products segment to 43.18%, up 13.27 percentage points from 2023 [8]. - The vitamin production in China has been steadily increasing, accounting for approximately 86% of the total output by 2024. The decline in production from overseas companies due to various factors has contributed to the recovery of the vitamin industry, benefiting leading companies like this one [8]. - The company is pursuing new projects in collaboration with upstream petrochemical companies, such as the methionine project and nylon new materials project, which are expected to drive sustainable growth [8]. Financial Information Summary - Revenue (million yuan): 2023A: 15,117; 2024A: 21,610; 2025E: 23,641; 2026E: 24,826; 2027E: 26,496 [4] - Year-on-year growth in revenue: 2024A: 43.0%; 2025E: 9.4%; 2026E: 5.0%; 2027E: 6.7% [4] - Net profit attributable to the parent company (million yuan): 2023A: 2,704; 2024A: 5,869; 2025E: 6,271; 2026E: 6,295; 2027E: 6,957 [4] - Earnings per share (yuan): 2023A: 0.88; 2024A: 1.91; 2025E: 2.04; 2026E: 2.05; 2027E: 2.26 [4] - Target price set at 28.56 yuan based on a 14x average PE ratio of comparable companies [2].