NHU(SZ:002001) Xin Lang Cai Jing·2025-04-29 02:38Group 1 - The company reported Q1 2025 revenue of 5.44 billion yuan, a year-on-year increase of 20.9% and a quarter-on-quarter decrease of 6.66% [1] - The net profit attributable to the parent company reached 1.88 billion yuan, a year-on-year increase of 116.2% and a slight quarter-on-quarter increase, achieving a new record high [1] - The significant growth in performance is primarily attributed to the rise in prices of Vitamin E (VE) and methionine, with expectations for sustained high prices due to improved supply and demand dynamics [1][3] Group 2 - The average prices for VA/VE/VC/methionine in Q1 were 112.3/136.4/28.3/20.9 yuan/kg, representing year-on-year increases of 37.4%/109.9%/15.6%/-4.2% [2] - The company maintained a stable operation with a period expense ratio of 7%, which has been decreasing both year-on-year and quarter-on-quarter [2] - The gross profit margin was 46.7%, an increase of 11.7 percentage points year-on-year, while the net profit margin was 34.7%, an increase of 13.3 percentage points year-on-year [2] Group 3 - The supply-demand improvement in the methionine and VE markets is expected to support high price levels, with DSM planning to exit the vitamin market and leading methionine producers reducing production [3] - Recent price increases for methionine and VE are anticipated to positively impact the company's performance, with each 1 yuan/kg increase in price expected to add approximately 280 million yuan and 45 million yuan to profits, respectively [3] - The new materials business is experiencing rapid growth, with investments in various projects expected to accelerate future growth [3] Group 4 - The company forecasts net profits attributable to the parent company of 7.87 billion, 9.38 billion, and 9.76 billion yuan for 2025-2027, with corresponding EPS of 2.56, 3.05, and 3.18 yuan [4] - The current price corresponds to a PE ratio of 8.7, 7.3, and 7.0 for the respective years, maintaining a "buy" rating [4]