梅花生物(600873)：四季度盈利能力显著回升 分红+回购强化股东回报

Core Viewpoint - The company reported a significant recovery in profitability in Q4 2024, driven by rising prices of key products and an increase in sales volume, despite a decline in overall annual revenue and net profit [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 25.07 billion yuan, a year-on-year decrease of 9.7%, and a net profit attributable to shareholders of 2.74 billion yuan, down 13.9% year-on-year [1]. - In Q4 2024, the company recorded operating revenue of 6.389 billion yuan, with a year-on-year decline of 11.7% but a quarter-on-quarter increase of 5.8%. The net profit for Q4 was 745 million yuan, down 27.0% year-on-year but up 42.9% quarter-on-quarter [1][2]. - The increase in profitability in Q4 was attributed to a rise in the prices of lysine and threonine, with average prices reaching 11.33 yuan/kg and 12.21 yuan/kg, respectively, marking increases of 6.6% and 12.4% from Q3 2024 [1]. Product Performance - In 2024, the sales volume of threonine increased by 25.31%, contributing to the profitability of the feed amino acid segment [2]. - The revenue from various product segments in 2024 included: flavor enhancers (7.254 billion yuan, down 17.1%), feed amino acids (11.424 billion yuan, up 10.7%), pharmaceutical amino acids (476 million yuan, down 15.4%), and raw material by-products (3.739 billion yuan, down 23.3%) [2]. Expansion and Competitive Position - New projects have been successfully implemented, enhancing the company's operational scale and competitive strength. Key projects include the Tongliao MSG expansion, Xinjiang isoleucine technical upgrade, and the Baicheng lysine project, which is expected to contribute additional revenue starting in 2025 [2]. Shareholder Returns - The company announced a profit distribution plan for 2024, proposing a cash dividend of 0.42 yuan per share, totaling approximately 1.2 billion yuan. Additionally, a mid-year cash dividend of about 500 million yuan is planned, bringing the total cash distribution to 2.27 billion yuan, which represents 82.84% of the annual net profit [2]. Profit Forecast - The company forecasts net profits for 2025, 2026, and 2027 to be 2.96 billion yuan, 3.21 billion yuan, and 3.51 billion yuan, respectively, reflecting year-on-year growth rates of 7.98%, 8.43%, and 9.32% [3].