NHU(002001) 东方证券·2025-04-20 05:23Investment Rating - The investment rating for the company has been upgraded to "Buy" due to a significant recovery in industry conditions and the company's position as a leading enterprise benefiting from this trend [2][5]. Core Views - The company's revenue for 2024 is projected to reach 21.61 billion yuan, representing a year-on-year growth of 43.0%. The net profit attributable to the parent company is expected to be 5.87 billion yuan, a 117.0% increase compared to the previous year [4][8]. - The recovery in the vitamin industry, particularly for Vitamin A and E, has led to a notable increase in prices, which has positively impacted the company's gross margin, reaching 43.18%, an increase of 13.27 percentage points from 2023 [8]. - The company is expected to continue benefiting from the increasing domestic share of the vitamin market, which has risen to approximately 86% in 2024, as overseas production declines due to various factors [8]. - New projects, such as the methionine project in collaboration with Sinopec, are anticipated to drive sustained growth for the company [8]. Financial Summary - Revenue (in million yuan): - 2023A: 15,117 - 2024A: 21,610 - 2025E: 23,641 - 2026E: 24,826 - 2027E: 26,496 - Year-on-year growth rates: - 2024: 43.0% - 2025: 9.4% - 2026: 5.0% - 2027: 6.7% [4][11] - Net profit (in million yuan): - 2023A: 2,704 - 2024A: 5,869 - 2025E: 6,271 - 2026E: 6,295 - 2027E: 6,957 - Year-on-year growth rates: - 2024: 117.0% - 2025: 6.9% - 2026: 0.4% - 2027: 10.5% [4][11] - Earnings per share (in yuan): - 2023A: 0.88 - 2024A: 1.91 - 2025E: 2.04 - 2026E: 2.05 - 2027E: 2.26 [4][11] - Target price is set at 28.56 yuan based on a 14x average PE ratio of comparable companies for 2025 [2][5].