Investment Rating - The report maintains an "Accumulate" rating for the company [5][7]. Core Insights - Overall revenue growth has slowed, while high-end amino acid revenue growth has significantly increased. In 2023, the company's revenue was 28.01 billion yuan, a year-on-year increase of 1.9%, with a decline in growth rate of 25.6 percentage points. The food additives segment saw a revenue increase of 1.5% to 13.50 billion yuan, while the animal nutrition segment's revenue decreased by 7.1% to 8.90 billion yuan. The high-end amino acids segment experienced a remarkable growth of 64.2% to 1.97 billion yuan, with a growth rate increase of 79.4 percentage points [6][7]. Financial Performance Summary - Revenue and Profit Forecasts: - The company is expected to generate revenues of 28.44 billion yuan, 29.89 billion yuan, and 31.12 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 1.6%, 5.1%, and 4.1% [6][9]. - The forecasted net profit attributable to shareholders is 3.00 billion yuan, 3.33 billion yuan, and 3.70 billion yuan for the same years, with year-on-year changes of -4.7%, +11.2%, and +11.1% [6][9]. - Gross Margin Analysis: - The overall gross profit decreased by 13.4% to 6.25 billion yuan in 2023, with a gross margin of 22.3%, down 3.9 percentage points year-on-year. The gross margins for the food additives, animal nutrition, and other segments decreased to 16.0%, 17.1%, and 13.0%, respectively [7][9]. - Segment Performance: - The high-end amino acids and colloids segments saw gross margin improvements, reaching 39.6% and 59.1%, respectively, due to reduced contributions from lower-margin products in other segments [7][9].
营收增速回落，高档氨基酸表现亮眼