AHB(SH:688639) Xin Lang Cai Jing·2025-04-24 00:30Core Viewpoint - The company reported a revenue of 2.178 billion yuan for FY2024, a year-on-year increase of 12%, but a net profit attributable to shareholders of 190 million yuan, a decrease of 58% compared to the previous year [1] - For Q1 2025, the company achieved a revenue of 687 million yuan, a year-on-year increase of 37%, with a net profit attributable to shareholders of 51 million yuan, down 41% year-on-year [1] Group 1: Financial Performance - FY2024 revenue from the amino acids and vitamins segment was 1.5 billion yuan and 200 million yuan respectively, with year-on-year changes of +3% and -5% [1] - The gross profit margin for amino acids was 30%, down 13.3 percentage points year-on-year, while for vitamins it was 21%, down 34.3 percentage points year-on-year [1] - The sales volume of amino acids reached 97,123 tons, a year-on-year increase of 26%, which was the main reason for revenue growth [1] Group 2: Market Dynamics - The price of valine has been under pressure, with a current price of 15 yuan/kg, a 10% increase quarter-on-quarter, but still at a low level [1] - The price spread has expanded to 9,218 yuan/ton, a 22% increase quarter-on-quarter [1] - The potential rise in domestic soybean prices due to escalating China-US tariff tensions may accelerate the reduction of soybean meal, which could benefit valine prices in the medium to long term [1] Group 3: Product Development - The company is increasing investment in new product development, achieving breakthroughs in 1,3-propanediol (PDO), succinic acid, tryptophan, and arginine [2] - The company’s PDO project is expected to benefit from accelerated domestic substitution due to trade tensions, as DuPont is a major manufacturer of PDO [2] - Future projects include the establishment of production facilities for various amino acids, which will enhance product structure and market competitiveness [2] Group 4: Investment Outlook - The company is projected to achieve net profits attributable to shareholders of 290 million yuan, 460 million yuan, and 530 million yuan for the years 2025 to 2027 respectively [3] - The company has received a "recommended" rating for its investment potential [4]