AHB(688639) 民生证券·2024-04-23 23:30Investment Rating - The report maintains a "Recommended" rating for the company [2][9]. Core Views - The company achieved significant growth in 2023, with revenue reaching 1.938 billion yuan, a year-on-year increase of 36.63%, and a net profit attributable to shareholders of 449 million yuan, up 40.32% [1][6]. - Despite a decline in valine prices, the company managed to maintain revenue and profit growth through increased sales volume, achieving a total amino acid product sales volume of 77,200 tons, a 29.87% increase year-on-year [1][6]. - The company successfully launched new biobased products and expanded its product matrix, indicating strong long-term growth potential [1][6]. Financial Performance Summary - In 2023, the company reported total revenue of 1.938 billion yuan and a net profit of 449 million yuan, with a gross margin of 43.32% [1][6]. - For 2024, projected revenue is 2.862 billion yuan, with a net profit of 657 million yuan, reflecting growth rates of 47.6% and 46.4%, respectively [2][6]. - The earnings per share (EPS) are expected to increase from 2.85 yuan in 2023 to 4.17 yuan in 2024, with corresponding price-to-earnings (PE) ratios of 37 and 25 [2][6]. Product Development and Market Position - The company is recognized as a leader in synthetic biology, with advancements in its core products such as alanine and valine, and new amino acid products expected to contribute to profit growth [1][6]. - The company has initiated multiple biobased product projects, including a 50,000-ton biobased succinic acid production facility, which has begun continuous production [1][6]. - The stabilization of valine prices around 15,000 yuan per ton is anticipated to support continued revenue growth in the upcoming quarters [1][6].