NHU(002001) 开源证券·2025-04-29 06:55Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Views - The company reported a revenue of 5.44 billion yuan in Q1 2025, representing a year-on-year increase of 20.91% and a quarter-on-quarter decrease of 6.66%. The net profit attributable to the parent company was 1.16 billion yuan, up 116.18% year-on-year and 0.05% quarter-on-quarter, driven by the increase in both volume and price of nutritional products [5] - The company maintains its profit forecast, expecting net profits of 6.69 billion yuan, 7.51 billion yuan, and 8.08 billion yuan for 2025-2027, with corresponding EPS of 2.18, 2.44, and 2.63 yuan per share [5] - The company is optimistic about its "Chemicals+" and "Biological+" strategic main channels, and is steadily advancing project construction [5] Financial Summary - Revenue for 2023 was 15.12 billion yuan, with a year-on-year decrease of 5.1%. For 2024, revenue is projected to be 21.61 billion yuan, a year-on-year increase of 43.0%, and for 2025, it is expected to reach 25.86 billion yuan, a year-on-year increase of 19.6% [7][9] - The net profit attributable to the parent company for 2023 was 2.70 billion yuan, with a year-on-year decrease of 25.3%. For 2024, it is projected to be 5.87 billion yuan, a year-on-year increase of 117.0%, and for 2025, it is expected to be 6.69 billion yuan, a year-on-year increase of 14.0% [7][9] - The gross margin for 2023 was 33.0%, expected to rise to 41.8% in 2024 and remain stable in 2025 [10] Market Conditions - The market prices for Vitamin A (VA), Vitamin E (VE), and solid egg products have shown significant year-on-year changes, with VA increasing by 37.4% and VE by 109.9% in Q1 2025 [5] - The domestic export volume of methionine in Q1 2025 was 79,000 tons, a year-on-year increase of 7.35% [5] Project Progress - The company has achieved full production capacity of 300,000 tons of solid egg products and is nearing completion of the construction of 180,000 tons/year of liquid egg products [5] - New projects in aldehyde series, SA projects, and the first phase of the fragrance industrial park are progressing steadily [5]