中邮证券：给予梅花生物买入评级

Core Viewpoint - MeiHua Bio's performance in 2024 showed a decline in revenue and net profit, but the first quarter of 2025 demonstrated strong profit growth, indicating a potential recovery and growth trajectory driven by new projects and international expansion [2][3]. Financial Performance - In 2024, MeiHua Bio achieved a total revenue of 25.069 billion yuan, a decrease of 9.69% year-on-year; net profit attributable to shareholders was 2.740 billion yuan, down 13.85% year-on-year; and net profit excluding non-recurring items was 2.697 billion yuan, down 12.55% year-on-year [2]. - For Q1 2025, the company reported revenue of 6.269 billion yuan, a year-on-year decrease of 3.36% and a quarter-on-quarter decrease of 1.88%; however, net profit attributable to shareholders increased by 35.52% year-on-year to 1.019 billion yuan, with a quarter-on-quarter increase of 36.72% [2]. - The growth in Q1 2025 net profit was attributed to increased sales of products such as monosodium glutamate and threonine, along with a decrease in material costs and improved production efficiency [2]. Growth Drivers - The company is expanding production capacity for key products, with successful completion of the Tongliao monosodium glutamate expansion project and planned production for several other projects in 2024 [2]. - Research and development investment reached 733 million yuan, focusing on basic research and the promotion of new technologies and strains [2]. - MeiHua Bio is pursuing international expansion, planning to invest approximately 500 million yuan to acquire assets related to amino acids and HMO business from Xiehe Fermentation [2]. Profit Forecast and Investment Recommendation - The company is expected to see net profits of 3.144 billion yuan, 3.367 billion yuan, and 3.745 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.10, 1.18, and 1.31 yuan [3]. - Current stock price corresponds to PE ratios of 9.69, 9.05, and 8.13 for the same years, maintaining a "buy" investment rating [3].