Core Viewpoint - The company demonstrated strong resilience in its performance for 2024, with significant growth in revenue and net profit, driven by robust demand in the methionine business and effective cost management [2][3]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 15.5 billion, a year-on-year increase of 18% [2] - The net profit attributable to shareholders reached 1.2 billion, reflecting a remarkable year-on-year growth of 2209% [2] - The adjusted net profit after excluding non-recurring items was 1.35 billion, showing a staggering year-on-year increase of 10259% [2] - In Q4 alone, the company recorded operating revenue of 4.2 billion, up 17% year-on-year, but a 49% decline quarter-on-quarter [2] Group 2: Methionine Business Growth - The methionine business experienced strong growth, with both liquid and solid methionine sales reaching historical highs, resulting in a 24% year-on-year increase in revenue from this segment [3] - The company successfully improved its gross margin despite rising raw material prices, showcasing its effective supply chain management and cost transfer capabilities [3] - The vitamin business is expected to see a cyclical recovery, potentially injecting new momentum into future performance [3] Group 3: Market Dynamics and Pricing - Major players in the methionine market, such as Andisoo and Evonik, have raised prices, indicating a potential recovery in methionine prices after a period of decline [4] - As of March 5, 2025, the average domestic price of methionine was 21.35 yuan/kg, an increase of 8% from the beginning of the year [4] - The methionine market is expected to stabilize and recover due to improved supply-demand dynamics and delayed production from new capacities [4] Group 4: Capacity Expansion and Competitive Position - The company has increased its market share in methionine from 23% in 2012 to 28% in 2023, solidifying its competitive advantage [5] - A new solid methionine plant with an annual capacity of 150,000 tons is planned in Quanzhou, expected to be operational by 2027, which will enhance the company's cost advantages and service capabilities [6] - The company aims to further strengthen its market position in the Asia-Pacific region through this expansion [6]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company's performance in 2024 is driven by strong growth in methionine sales, with a significant increase in both volume and price, leading to a projected net profit of 1.2 billion yuan, a year-on-year increase of 2209% [5][9]. - The company has successfully managed to increase its gross margin despite rising raw material costs, showcasing its effective supply chain management and cost transfer capabilities [5]. - The methionine business has seen a 24% year-on-year revenue growth, with both liquid and solid methionine sales reaching historical highs [5]. - The company is expanding its production capacity with a new solid methionine plant expected to be operational by 2027, which will further strengthen its market position [7]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 15.5 billion yuan, up 18% year-on-year, and a net profit attributable to shareholders of 1.2 billion yuan [5][9]. - The fourth quarter alone saw operating revenue of 4.2 billion yuan, a 17% increase year-on-year [5]. Market Position - The company has increased its market share in methionine from 23% in 2012 to 28% in 2023, solidifying its position as a global leader in the industry [7]. - Recent price increases by leading companies in the methionine market indicate a potential recovery in prices, which had previously been declining [6]. Future Outlook - The company forecasts net profits of 1.52 billion yuan, 1.75 billion yuan, and 2.12 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.57 yuan, 0.65 yuan, and 0.79 yuan [9][10]. - The report anticipates continued improvement in profitability due to the recovery of the vitamin business and stable growth in the specialty products segment [5].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company's performance in 2024 is driven by strong growth in methionine sales, with a significant increase in both volume and price, leading to a projected net profit of 1.2 billion yuan, a year-on-year increase of 2209% [5][9]. - The company has successfully managed to increase its gross margin despite rising raw material costs, showcasing its effective supply chain management and cost transfer capabilities [5]. - The methionine business has seen a 24% year-on-year revenue growth, with both liquid and solid methionine sales reaching historical highs [5]. - The company is expanding its production capacity with a new solid methionine plant expected to be operational by 2027, which will further strengthen its market position [7]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 15.5 billion yuan, up 18% year-on-year, and a net profit attributable to shareholders of 1.2 billion yuan, up 2209% year-on-year [5][9]. - The fourth quarter alone saw operating revenue of 4.2 billion yuan, a 17% increase year-on-year, and a net profit of 200 million yuan, a 132% increase year-on-year [5]. Market Position - The company has increased its market share in methionine from 23% in 2012 to 28% in 2023, solidifying its position as a global leader in the industry [7]. - The report highlights the company's ability to leverage synergies with Sinochem Group to enhance its competitive edge [5]. Future Outlook - The company forecasts net profits of 1.52 billion yuan, 1.75 billion yuan, and 2.12 billion yuan for 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [9]. - The report anticipates a recovery in methionine prices due to improved supply-demand dynamics, with recent price increases from leading companies in the sector [6].

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Insights - The company achieved a total revenue of 15.534 billion RMB in 2024, representing a year-on-year increase of 17.83%, and a net profit attributable to shareholders of 1.204 billion RMB, reflecting a significant year-on-year growth of 2208.66% [3]. - The functional products segment saw a robust revenue growth of 23.54% to 11.622 billion RMB, driven by strong sales of methionine, with both liquid and solid methionine achieving record sales [3]. - The specialty products segment's revenue increased by 3.61% to 3.913 billion RMB, with stable growth in poultry and swine products, strong sales of selenium products, and good performance in palatability and mycotoxin management products [3]. - The company's overall gross margin improved significantly by 8.83% to 30.21%, with the functional products segment's gross margin increasing by 13 percentage points to 26.02% due to high production stability and effective supply chain management [3]. Production Capacity and Market Position - The company has two methionine production platforms located in Europe and Nanjing, China, with a total annual capacity increase of 80,000 tons from the European platform expansion since Q3 2021 and a new liquid methionine plant in Nanjing with an annual capacity of 180,000 tons that commenced operations in September 2022 [4]. - A new solid methionine plant with an annual capacity of 150,000 tons is under construction in Quanzhou, expected to be operational by 2027, to meet global demand and strengthen the company's leadership in the methionine industry [4]. - The company is also exploring the feasibility of establishing another methionine production platform in the dollar zone to mitigate geopolitical risks [4]. Financial Forecasts - The company is projected to achieve net profits of 1.637 billion RMB, 1.852 billion RMB, and 2.025 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.61, 0.69, and 0.75 RMB [5][6]. - The current stock price corresponds to P/E ratios of 18, 15, and 14 for the years 2025, 2026, and 2027, respectively [5].

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Insights - The company achieved a total revenue of 15.534 billion RMB in 2024, representing a year-on-year increase of 17.83%, and a net profit attributable to shareholders of 1.204 billion RMB, reflecting a significant year-on-year growth of 2208.66% [3]. - The functional products segment saw a robust revenue growth of 23.54% to 11.622 billion RMB, driven by strong sales of methionine, with both liquid and solid methionine achieving record sales [3]. - The specialty products segment's revenue increased by 3.61% to 3.913 billion RMB, with stable growth in poultry and swine products, strong sales of selenium products, and good performance in palatability and mycotoxin management products [3]. - The company's overall gross margin improved significantly by 8.83% to 30.21%, with the functional products segment's gross margin increasing by 13 percentage points to 26.02% due to high production stability and effective supply chain management [3]. Production Capacity and Market Position - The company has two methionine production platforms located in Europe and Nanjing, China, with a total annual capacity increase of 80,000 tons from the European platform expansion since Q3 2021 and a new liquid methionine plant in Nanjing with an annual capacity of 180,000 tons that commenced operations in September 2022 [4]. - A new solid methionine plant with an annual capacity of 150,000 tons is under construction in Quanzhou, expected to be operational by 2027, to meet global demand and strengthen the company's leadership in the methionine industry [4]. - The company is also exploring the feasibility of establishing another methionine production platform in the dollar zone to mitigate geopolitical risks [4]. Financial Forecasts - The company is projected to achieve net profits of 1.637 billion RMB, 1.852 billion RMB, and 2.025 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.61, 0.69, and 0.75 RMB [5]. - The current stock price corresponds to P/E ratios of 18, 15, and 14 for the years 2025, 2026, and 2027, respectively [5].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][17]. Core Views - The company achieved record-high revenue and significantly improved net profit in 2024, with total revenue reaching 15.534 billion yuan, a year-on-year increase of 17.83%, and net profit attributable to shareholders reaching 1.204 billion yuan, a staggering increase of 2208.66% [1][7]. - The company's methionine production maintained high stability, leading to an increase in gross margin to 30.21%, up 8.83 percentage points year-on-year, and a net margin of 7.76% [1][9]. - The company is expanding its production capacity with a new solid methionine plant expected to be operational by 2027, which will further strengthen its market leadership [2][12]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 15.534 billion yuan, a 17.83% increase from the previous year, and a net profit of 1.204 billion yuan, reflecting a 2208.66% increase [1][7]. - The basic earnings per share (EPS) for 2024 was 0.45 yuan, up 2150.0% year-on-year [1][7]. - The fourth quarter of 2024 saw revenue of 4.158 billion yuan, a 16.5% increase, and a net profit of 201 million yuan, a 132.23% increase [7]. Product Performance - The company's liquid and solid methionine sales both reached historical highs, with the methionine product business revenue growing by 24% [2][11]. - The functional products business achieved revenue of 11.622 billion yuan in 2024, a year-on-year increase of 31.95%, with a gross margin of 26.02% [12]. Strategic Initiatives - The company is implementing a "dual pillar" strategy, with its specialty products business achieving revenue of 3.913 billion yuan in 2024, an 8.87% increase [3][13]. - New projects in specialty products are expected to contribute to continued growth, with a new plant in Nanjing and expansion projects in Europe [3][13]. Future Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 1.625 billion yuan, 1.795 billion yuan, and 2.040 billion yuan, representing growth rates of 35.0%, 10.4%, and 13.6% respectively [4][17]. - The projected EPS for 2025, 2026, and 2027 is 0.61 yuan, 0.67 yuan, and 0.76 yuan, with corresponding price-to-earnings ratios of 17.8, 16.1, and 14.2 [4][17].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][17]. Core Views - The company achieved record-high revenue and significantly improved net profit in 2024, with total revenue reaching 15.534 billion yuan, a year-on-year increase of 17.83%, and net profit attributable to shareholders soaring to 1.204 billion yuan, a remarkable growth of 2208.66% [1][7]. - The company's methionine production maintained high stability, contributing to a sales gross margin of 30.21%, up 8.83 percentage points year-on-year, and a net margin of 7.76% [1][9]. - The company is expanding its production capacity with a new solid methionine plant expected to be operational by 2027, which will enhance its market leadership [2][12]. Summary by Sections Financial Performance - In 2024, the company reported a net profit of 1.204 billion yuan, a staggering increase of 2208.66% compared to the previous year, with basic earnings per share rising to 0.45 yuan, up 2150.0% [1][7]. - The fourth quarter of 2024 saw revenue of 4.158 billion yuan, reflecting a year-on-year growth of 16.5% and a net profit of 201 million yuan, up 132.23% [7]. Product Performance - The company's liquid and solid methionine sales both reached historical highs, with the methionine product segment achieving a revenue growth of 24% [2][11]. - The functional products segment generated revenue of 11.622 billion yuan in 2024, a year-on-year increase of 31.95%, with a gross margin of 26.02% [12]. Strategic Initiatives - The company is implementing a "dual pillar" strategy, focusing on the steady development of specialty products, which saw revenue growth of 8.87% in 2024, reaching 3.913 billion yuan [3][13]. - New projects, including a 37,000-ton specialty feed additive plant in Nanjing, are expected to contribute to future growth [13]. Future Outlook - The company anticipates continued growth, with projected net profits of 1.625 billion yuan, 1.795 billion yuan, and 2.040 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 35.0%, 10.4%, and 13.6% [4][17]. - The estimated earnings per share for the same period are expected to be 0.61 yuan, 0.67 yuan, and 0.76 yuan, with corresponding price-to-earnings ratios of 17.8, 16.1, and 14.2 [4][17].

蓝星安迪苏股份有限公司 内部控制审计报告 2024 年 12 月 31 日 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定，建立健全和有效实施内部控制，并评价其有效性是贵公司董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见，并 对注意到的非财务报告内部控制的重大缺陷进行披露。 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2500715 号 蓝星安迪苏股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了蓝星 安迪苏股份有限公司（以下简称"贵公司"）2024 年 12 月 31 日的财务报告内部控制的有效 性。 财务报告内部控制审计意见 四、 我们认为，贵公司于 2024 年 12 月 31 日按照《企业内 ...

蓝星安迪苏股份有限公司 自 2024 年 1 月 1 日 至 2024 年 12 月 31 日止年度财务报表 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2500255 号 关键审计事项是我们根据职业判断，认为对本期财务报表审计最为重要的事项。这些事 项的应对以对财务报表整体进行审计并形成审计意见为背景，我们不对这些事项单独发表意 见。 第１页，共 6 页 三、关键审计事项 (续) 蓝星安迪苏股份有限公司全体股东： 一、审计意见 我们审计了后附的蓝星安迪苏股份有限公司 (以下简称"安迪苏公司") 财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及 母公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照中华人民共和国财政部颁布的企业会计 准则 (以下简称"企业会计准则") ...

2024 年度独立董事述职报告 （刘昕先生） 2024 年，作为蓝星安迪苏股份有限公司（以下简称"公司"）独立董事，本人按照 《公司法》《上市公司独立董事管理办法》《上海证券交易所股票上市规则》以及 《蓝星安迪苏股份有限公司章程》（以下简称《公司章程》）《蓝星安迪苏股份有限 公司独立董事工作制度》的规定和要求，恪尽职守、勤勉尽责，详细了解公司运作情 况，忠实履行独立董事职责，积极出席相关会议，认真审议董事会及专门委员会各项 议案，充分发挥了独立董事的作用，维护了公司和股东，尤其是中小股东的利益。现 将本人作为公司独立董事在 2024 年度的工作情况报告如下： 蓝星安迪苏股份有限公司 2024 年度独立董事述职报告 蓝星安迪苏股份有限公司 一、独立董事的基本情况 刘昕，生于 1970 年，中国籍，中共党员，毕业于中国人民大学劳动人事学院劳动 经济学专业，博士学位。 1997 年 6 月至 2001 年 2 月，任中国人民大学劳动人事学院讲师、副教授；自 2001 年 2月起，任中国人民大学公共管理学院副教授、教授、博士生导师。同时，任中国人 民大学人力资源开发与管理研究中心主任，中国人民大学国家发展与战略研究院 ...