Investment Rating - The report maintains a "Buy" rating for the company [20][99]. Core Views - The methionine industry is experiencing a significant recovery, and the company is expected to benefit from this trend [99]. - The company has a stable financial condition and strong profitability, with a notable increase in earnings projected for 2024-2026 [99]. - The company is positioned as a global leader in the methionine market, with ongoing capacity expansion and a focus on specialty products [99]. Summary by Sections Company Overview - The company has over 80 years of development history and is a leader in the methionine industry, with a global business layout [28][36]. - The company has implemented a "dual pillar" strategy to strengthen its leadership in methionine while accelerating the development of specialty products [36][37]. Financial Performance - In 2023, the company faced challenges with a revenue of 13.18 billion yuan, down 9.26% year-on-year, and a net profit of 52 million yuan, down 95.82% year-on-year [6]. - However, in the first three quarters of 2024, the company reported a revenue of 11.38 billion yuan, up 18.32% year-on-year, and a net profit of 1.003 billion yuan, an increase of 10.37 billion yuan year-on-year [6][99]. - The company’s gross margin has remained above 30% in recent years, although it faced pressure in 2022-2023 due to declining methionine prices and rising energy costs [9][99]. Industry Analysis - The methionine market is expected to see improved supply-demand dynamics, with prices likely to rise in the medium to long term [57][99]. - The company has increased its market share from 23% in 2012 to 28% in 2023, supported by capacity expansions in Europe and China [36][38]. Future Outlook - The company is projected to achieve net profits of 1.359 billion yuan in 2024, 1.520 billion yuan in 2025, and 1.750 billion yuan in 2026, with significant growth rates anticipated [99]. - The company is expected to benefit from ongoing reforms within its parent company, China National Chemical Corporation, which aims to enhance resource synergy [99].

Investment Rating - The report gives a rating of "Outperform" for the company, indicating a positive outlook compared to the market [54]. Core Views - The company is expected to benefit from a stable demand for methionine, driven by the growth in the livestock industry and increasing meat consumption globally [10][9]. - The report highlights the company's strong brand recognition and competitive advantages in product quality and pricing, which are expected to support its market position [23][53]. - The projected revenue growth for the company is based on favorable market conditions and the introduction of new products, with an estimated revenue of 156.90 billion, 165.51 billion, and 174.65 billion for 2024-2026 [66][54]. Summary by Sections Investment Rating - The company is rated "Outperform" with a target price range of 12.42 to 13.50, reflecting a potential upside from the current price [54]. Market Demand and Growth - The global demand for methionine is projected to grow due to increased meat consumption, particularly in developing countries, where per capita meat consumption is still low compared to developed nations [10]. - The report notes that the livestock sector accounts for 90% of methionine usage, emphasizing its critical role in animal nutrition [9]. Financial Projections - The company is expected to achieve a compound annual growth rate (CAGR) of 19.01% in revenue for 2024, with a gradual decline in growth rates in subsequent years [70]. - The estimated net profit for the company is projected to be 14.51 billion, 16.05 billion, and 17.90 billion for 2024-2026, with corresponding diluted EPS of 0.54, 0.60, and 0.67 [54][66]. Competitive Position - The company holds a leading position in the methionine market, with significant production capacity and a strong brand presence compared to its peers [53]. - The report identifies key competitors and highlights the company's advantages in terms of production experience and customer service [25][53]. Valuation - The report employs both absolute and relative valuation methods, concluding that the company's stock is reasonably valued at a price-to-earnings (PE) ratio of 23-25 based on its growth prospects [54][72].

蓝星安迪苏股份有限公司 蓝星安迪苏股份有限公司 2024 年第三季度线上投资者沟通会及业绩说明会会议记录 一、会议时间： 公司分别于 2024 年 11 月 13 日和 11 月 14 日组织召开了 2024 年第三季度线 上投资者沟通会和业绩说明会。 二、参会人员或机构: 通过上交所上证路演中心线上提问的投资者及参与 Teams 线上会议的投资 机构。其中，通过 Teams 线上会议参会的机构投资者名单详见附件。 重要提示：参会机构名单根据参会单位提供的注册信息整理后列示。公司 无法保证参会机构单位名称的完整性、准确性，敬请投资者注意。 三、公司参会人员： 董事长兼总经理（CEO）：郝志刚先生 独立董事：臧恒昌先生 副总经理兼首席运营官：Frederic Jacquin 先生 首席财务官：Virginie Cayatte 女士 董事会秘书：蔡昀女士 四、线上会议平台： 上海证券交易所上证路演中心（网址：http://roadshow.sseinfo.com/）及 Teams 线上会议。 公司就投资者普遍关注的问题进行回答。沟通内容如下： 1. 如何看待国内企业纷纷规划建设蛋氨酸产能，公司的成本优势体现在哪 ...

Summary of Earnings Call Transcript Company Overview - The company discussed is Adiseo, which focuses on animal health and nutrition products, particularly in the specialty products sector [1][2]. Key Industry Insights - The third quarter of 2024 continued the strong market performance from the first half of the year, driven by investments in capacity expansion, R&D innovation, and operational excellence [1]. - The company achieved a record low PRR (Process Reliability Rate) of 0.13, marking its best performance historically [2]. - Revenue growth was robust, with double-digit year-over-year increases in sales, driven by strong performance in single business lines and a rebound in Vitamin A prices [2]. Financial Performance - Significant improvements were noted in gross profit and gross margin, attributed to the strong performance of specialty products despite a sluggish market for emulsions in China and the U.S. [2]. - The net profit attributable to shareholders saw a significant increase, indicating sustained business profitability [7]. Safety and Sustainability - Safety remains a top priority, with the company maintaining a low TIRR (Total Incident Rate Rate) of 0.13, which is three times lower than the same period last year [2]. - Adiseo's subsidiary, NORFID, achieved B-Corp certification, reflecting its commitment to ESG standards [2]. Product and Market Developments - The company reported strong performance in its powder and liquid products, with effective price monitoring and management contributing to positive outcomes [4]. - New product innovations, such as the FITKIND single-cell protein product, received positive feedback from customers in China and are being tested in Europe and the U.S. [5]. Strategic Initiatives - Ongoing investments in research and innovation are expected to enhance cost competitiveness and support future growth [6]. - The company is progressing with several strategic projects, including the construction of new production facilities in China and Europe, aimed at increasing production capacity [7]. Future Outlook - The company anticipates continued strong growth in its single business lines, driven by improved yield rates and a rebound in vitamin prices [8]. - There is a focus on optimizing supply chains to meet global market demands, particularly in capturing opportunities in the Chinese market [8]. - The company plans to implement efficiency improvement initiatives and control measures to ensure the success of its sales growth projects [8]. Additional Considerations - The company is actively exploring solutions to mitigate potential negative impacts from delays in the industrialization of innovative protein technologies [9].

Investment Rating - The report assigns a "Buy-A" rating to Adisseo (600299 SH) for the first time [1] Core Views - Strong growth in methionine sales and significant improvement in operational efficiency are key drivers [1] - The company's Q3 2024 revenue reached 4 125 billion yuan up 25 23% YoY and 9 28% QoQ with net profit of 396 million yuan up 683 55% YoY and 19 65% QoQ [1] - Gross margin improved to 29 21% up 12 61 percentage points YoY while net margin reached 9 63% up 11 69 percentage points YoY [1] Business Performance Methionine Business - Methionine revenue grew 31% YoY in Q3 2024 with liquid methionine sales hitting a quarterly record and solid methionine achieving double-digit growth [1] - Domestic methionine average price in Q3 2024 was 20 69 yuan/kg up 15 8% YoY but down 4 37% QoQ [1] - The company is progressing with the construction of a 150 000-ton solid methionine plant in Quanzhou Fujian [1] Specialty Products - Specialty products revenue grew 10% YoY in Q3 2024 with gross profit up 20% [1] - The European 30 000-ton specialty product capacity expansion project is in the ramp-up phase [1] - A 37 000-ton specialty feed additive plant in Nanjing is expected to complete mechanical construction by end of 2024 [1] Operational Efficiency - The company expects to reduce recurring costs by 178 million yuan in 2024 [1] - It has permanently closed the solid methionine production line at its Comantre France plant and optimized vitamin A production efficiency [1] Financial Projections - Revenue is forecasted to grow to 14 903/16 273/17 549 billion yuan in 2024/2025/2026 representing YoY growth of 13 0%/9 2%/7 8% [1] - Net profit is projected to reach 1 372/1 554/1 672 billion yuan in 2024/2025/2026 with YoY growth of 2529 4%/13 3%/7 6% [1] - EPS is estimated at 0 51/0 58/0 62 yuan for 2024/2025/2026 with P/E ratios of 22 6/20 0/18 6x [1] Valuation Metrics - The company's P/E ratio is projected at 22 6/20 0/18 6x for 2024/2025/2026 [1] - P/B ratio is forecasted at 1 9/1 8/1 7x for the same period [1] - ROE is expected to improve to 8 7%/9 1%/9 0% in 2024/2025/2026 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights strong sales of methionine, with significant year-on-year and quarter-on-quarter improvements in Q3 performance [2][3] - The company achieved a revenue of 11.376 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 18.32% [2] - The net profit attributable to shareholders reached 1.003 billion yuan, a substantial recovery from a loss of 34 million yuan in the same period last year [2] - The report anticipates continued growth in revenue and profit for the years 2024 to 2026, with projected revenues of 15.317 billion yuan, 16.979 billion yuan, and 18.031 billion yuan respectively [6] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 4.115 billion yuan, up 25.23% year-on-year and 9.28% quarter-on-quarter [3] - The net profit for Q3 was 396 million yuan, compared to a loss of 680 million yuan in the same quarter last year, marking a quarter-on-quarter increase of 19.65% [3] - The operating cash flow for the quarter was 990 million yuan, reflecting a strong operational performance [3] Product Performance - The methionine segment saw a significant increase in both volume and price, with a revenue growth of 31% year-on-year and a gross profit increase of 296% [3] - The average price of 99% methionine in Q3 2024 was 20.69 yuan per kilogram, showing a year-on-year increase of 15.8% [3] - The vitamin A and E segments also experienced substantial price increases, contributing to improved profitability [3] Future Outlook - The company is expanding its production capacity, with ongoing construction of a 150,000-ton/year solid methionine plant in Quanzhou and a 37,000-ton/year specialty feed additive plant in Nanjing [6] - The report projects that the company will benefit from the favorable market conditions for its main products, methionine and vitamins, and maintain its leading position in the industry [6]

Financial Performance - The company's operating revenue for Q3 2024 reached ¥4,114,999,156, representing a year-on-year increase of 25.23%[2] - The net profit attributable to shareholders for the same period was ¥395,680,221, with a year-to-date net profit of ¥1,003,279,525, reflecting an 18.32% increase compared to the previous year[2] - The basic earnings per share for Q3 2024 was ¥0.15, while the diluted earnings per share was also ¥0.15[3] - Operating profit for the third quarter was CNY 1,378,171,752, a significant recovery from a loss of CNY 11,697,240 in the previous year[20] - Net profit attributable to shareholders of the parent company for the third quarter was CNY 1,003,279,525, compared to a loss of CNY 34,405,991 in the same quarter of 2023[20] - The total comprehensive income for the third quarter of 2024 reached CNY 950,427,428, a significant increase from CNY 135,781,435 in the same period of 2023[21] - Basic and diluted earnings per share for the third quarter were CNY 0.37, compared to a loss of CNY 0.01 in the previous year[21] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥22,269,982,178, a 3.52% increase from the end of the previous year[3] - As of September 30, 2024, the total assets of the company reached RMB 22,269,982,178, an increase from RMB 21,513,367,642 at the end of 2023, representing a growth of approximately 3.5%[14] - The company's current assets amounted to RMB 6,355,563,757, up from RMB 5,398,557,917, indicating a growth of about 17.7% year-over-year[16] - Total liabilities decreased slightly to CNY 6,415,600,329 from CNY 6,448,499,145 year-over-year[18] - The company's total liabilities decreased to RMB 6,355,563,757 from RMB 6,398,557,917, reflecting a slight reduction of about 0.7%[16] Cash Flow - The company reported a net cash flow from operating activities of ¥2,220,971,908 year-to-date, which is a 23.86% increase compared to the previous year[2] - Cash flow from operating activities generated a net amount of CNY 2,220,971,908, up from CNY 1,793,194,702 year-over-year[22] - Total cash inflow from operating activities was CNY 11,499,228,102, compared to CNY 10,642,920,851 in the prior year[22] - Cash outflow from operating activities totaled CNY 9,278,256,194, an increase from CNY 8,849,726,149 in the previous year[22] - Cash flow from investing activities resulted in a net outflow of CNY 1,177,816,244, slightly improved from CNY 1,259,556,441 in the same period last year[22] - Cash flow from financing activities showed a net outflow of CNY 722,744,647, compared to CNY 391,823,440 in the previous year[23] - The ending balance of cash and cash equivalents was CNY 1,334,456,897, up from CNY 958,125,006 at the end of the third quarter of 2023[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 26,607, with the largest shareholder holding 63.74% of the shares[7] - The company has not reported any significant changes in shareholder participation in margin trading or securities lending activities during the reporting period[12] Operational Insights - The company plans to continue optimizing its supply chain and cost management strategies to enhance profitability amid challenging market conditions[6] - The company has maintained a strong growth trajectory in its methionine business, contributing positively to net profit increases[6] Other Financial Metrics - The weighted average return on equity increased by 5.22 percentage points to 4.77% for Q3 2024, and by 6.84 percentage points to 6.61% year-to-date[3] - Research and development expenses for the first three quarters were CNY 300,385,838, slightly down from CNY 302,063,643 in the same period last year[19] - The company reported a significant increase in tax expenses, totaling CNY 298,297,006 compared to CNY 16,724,666 in the previous year[20] - Other comprehensive income after tax for the third quarter was a loss of CNY 53,127,064, contrasting with a gain of CNY 170,581,176 in the same quarter of 2023[20] - The total equity attributable to shareholders of the parent company increased to CNY 15,826,425,091 from CNY 15,036,928,489 year-over-year[18]

蓝星安迪苏股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 蓝星安迪苏股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日披露公 司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第 三季度经营成果、财务状况，公司计划于 2024 年 11 月 14 日下午 15:00-16:30 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频直播和网络互动形式召开，公司将针对 2024 年第 三季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信 息披露允许的范围内就投资者普遍关注的问题进行回答。 证券代码：600299 证券简称：安迪苏 公告编号：2024-044 首席财务官：Virginie Cayatte 女士 董事会秘书：蔡昀女士 二、说明会召开的时间、地点 会议召开时间：2024 年 11 月 14 日(星期四) 下午 15:00-16: ...

证券代码：600299 证券简称：安迪苏 公告编号：2024-042 蓝星安迪苏股份有限公司 第九届董事会第二次会议 决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 蓝星安迪苏股份有限公司（简称"安迪苏"或"公司"）第九届董事会第二 次会议于 2024 年 10 月 29 日以通讯表决的方式召开。董事会会议通知和材料于 2024 年 10 月 24 日以电子邮件方式发出。会议应参加表决董事 9 人，实际参加表 决董事 9 人。其中董事董大川先生因工作安排未能亲自参会，委托董事郝志刚先 生代为参加会议并行使表决权。本次会议符合《中华人民共和国公司法》和《蓝 星安迪苏股份有限公司章程》的有关规定。本次会议由公司董事长郝志刚先生召 集。 关联董事郝志刚回避表决。 1 会议以 8 票同意，0 票反对，0 票弃权的表决结果审议通过了议案。 特此公告。 1. 审议通过关于《2024 年第三季度报告》的议案 审计、风险及合规委员会审议同意上述议案。 《2024 年第三季度报告》内容详见上海证券交易所网站：www.sse.com.c ...

证券代码：600299 证券简称：安迪苏 公告编号：2024-043 蓝星安迪苏股份有限公司 2024 年第三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 蓝星安迪苏股份有限公司（以下简称"安迪苏"或"公司"）根据上海证券交 易所发布的《上市公司行业信息披露指引第十三号——化工》（2022年修订）和 《关于做好上市公司 2024 年第三季度报告披露工作的重要提醒》的要求，现将 公司 2024 年前三季度主要经营数据披露如下： 一、 主要产品销售情况 营业收入分产品情况 单位:元 币种:人民币 | | | | 主营业务分产品情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 分产品 | 营业收入 | 营业成本 | 毛利率 | 营业收 入比上 | 营业成本 比上年增 | | 毛利率比上年增 | | | | | | | | | 减（%） | | | | | | 年增减 | 减 | | | | 功能性产品 | 8,500,225,08 ...