2024 年年度股东大会会议资料 蓝星安迪苏股份有限公司 2024 年年度股东大会 会议资料 蓝星安迪苏股份有限公司 二零二五年三月二十四日 1 蓝星安迪苏股份有限公司 2024 年年度股东大会会议资料 蓝星安迪苏股份有限公司 2024 年年度股东大会 重要提示： 现场会议时间：2025 年 3 月 24 日（星期一）下午 14:00 会议地点：北京市朝阳区北土城西路 9 号蓝星大厦会议室 主持人：董事长郝志刚 参加会议人员： | 议程 | | --- | | 时间 | 内容 | | --- | --- | | 14:00-14:05 | 会议议程介绍 | | 1 | 主持人宣布会议开始并致欢迎辞 | | 2 | 董事会秘书宣读投票规则和注意事项 | | 3 | 推举计票人和监票人 | | 14:05-14:55 | 与会者审议以下议案 | | 1 | 2024 年年度报告及摘要 | | 2 | 年度财务决算报告 2024 | | 3 | 2024 年董事会工作报告 | | 4 | 2024 年监事会工作报告 | | 5 | 2024 年度利润分配方案 | | 6 | 续订董监事、高级管理人员责任保险 | | ...

Investment Rating - The report maintains an "Overweight" rating for the company [1][6][14] Core Views - The company's revenue for 2024 reached 15.534 billion yuan, representing a year-on-year growth of 17.83%, while the net profit attributable to shareholders surged by 2208.66% to 1.204 billion yuan [3][4] - The sales volume of both liquid and solid methionine hit historical highs, driving a 24% revenue increase in this segment [4] - Despite fluctuations in raw material prices, improved production stability and supply chain optimization led to a significant increase in gross margin, with functional product gross margin rising by 13 percentage points to 26.02% [4] - The demand for specialty products, particularly in the poultry, aquaculture, and ruminant sectors, has shown resilience, especially with the recovery of the North American market [4] - The company has successfully launched enzyme composite packages to enhance breeding efficiency, with sales growth exceeding 20% in Europe and Asia-Pacific markets [4] - The company has reduced recurring costs by 179 million yuan, contributing to a net profit margin increase from 0.4% to 7.76% [4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 15.534 billion yuan and a net profit of 1.204 billion yuan, with significant growth rates of 17.83% and 2208.66% respectively [3][4] - The forecasted EPS for 2025, 2026, and 2027 are 0.59 yuan, 0.64 yuan, and 0.72 yuan respectively [6][8] Capacity Expansion - The company is accelerating capacity construction, with a 37,000-ton specialty feed additive factory in Nanjing expected to complete trial operations by December 2024 [5] - A 30,000-ton capacity expansion project in Europe has been completed, with ramp-up currently underway [5] - The company plans to transition key ruminant product esterification processes from outsourcing to in-house production, with trial production expected to start in the second half of 2025 [5] Investment Outlook - The company is positioned as a global leader in the methionine industry, with a diversified specialty product portfolio serving as a second growth pillar [6] - The expected revenue growth rates for 2025, 2026, and 2027 are 10.13%, 10.14%, and 9.78% respectively [8]

Group 1: Industry Insights - The petrochemical and transportation sectors are expected to see continuous improvement in supply and demand, with a positive outlook on the profitability of viscose filament yarns [3] - The semiconductor materials sector is poised for growth due to an increase in fab investments, with the number of 300mm wafer fabs in mainland China projected to rise from 29 in 2024 to 71 by 2027, indicating a significant opportunity for domestic material companies [4] - The agricultural chemicals and private refining sectors are also expected to perform well, alongside the vitamin and methionine segments [3] Group 2: Company Performance - Alibaba Group plans to invest over 380 billion yuan in cloud and AI hardware infrastructure over the next three years, marking the largest investment in this area by a private company in China [5] - Hongsoft Technology is anticipated to benefit from the rapid development of edge AI, with projected revenue of 820 million yuan in 2024, representing a 22% year-on-year increase, and a net profit of 180 million yuan, up 98% [7] - China National Offshore Oil Corporation (CNOOC) has made significant breakthroughs in oil and gas exploration in the Beibu Gulf, with a capital expenditure budget of 125 to 135 billion yuan for 2025 [8] - Andisu's revenue for 2024 is expected to reach 15.5 billion yuan, a year-on-year increase of 18%, with net profit soaring by 2,209% to 1.2 billion yuan [9] - Dongfang Yuhong reported a decline in revenue and net profit for 2024, with total revenue of 2.806 billion yuan, down 14.5%, and a net profit of 110 million yuan, down 95.2% [10]

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].