NHU(002001) 华安证券·2025-04-22 03:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in 2024, with total revenue reaching 21.61 billion yuan, a year-on-year increase of 42.95%, and a net profit attributable to shareholders of 5.87 billion yuan, up 117.01% year-on-year [4] - The first quarter of 2025 is expected to see a net profit of 1.8 billion to 1.9 billion yuan, representing a year-on-year growth of 107% to 118% [5] - The nutrition segment's performance was boosted by the release of new production capacity for methionine and a recovery in demand from the aquaculture industry, leading to a significant increase in revenue [6] Summary by Sections Financial Performance - In 2024, the nutrition segment generated revenue of 15.06 billion yuan, a 52.58% increase year-on-year, accounting for 69.67% of total revenue [6] - The average market prices for key products such as vitamins A, E, C, and methionine saw significant year-on-year increases, supporting revenue growth [6] - The company expects to achieve net profits of 6.52 billion, 7.33 billion, and 8.03 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 10, 9, and 8 [10] Production Capacity and Projects - The company has fully released its 300,000-ton methionine production capacity, contributing to profit growth [7] - Ongoing projects include an 18,000-ton liquid methionine project and various expansions in the flavor and fragrance segment [9] Market Dynamics - The supply of key products remains tight due to production disruptions at major international manufacturers, which is expected to support price increases [6] - The recovery in the pig farming industry and significant growth in export volumes have notably boosted demand for vitamins [6]