AHB(SH:688639) Zheng Quan Zhi Xing·2025-06-20 12:55Core Viewpoint - The company reported a significant increase in overseas revenue for 2024, driven primarily by the growth in amino acid product sales and the introduction of new products, despite a decline in overall gross margin due to competitive pricing pressures in the market [2][18]. Group 1: Overseas Revenue Performance - The company achieved overseas revenue of 1.032 billion yuan in 2024, accounting for 47.39% of total revenue, representing a year-on-year growth of 30.34% [2][3]. - The main contributors to the overseas revenue growth were the amino acid series products, particularly L-valine, and the vitamin series products, which saw increased sales volumes [5][18]. - The company’s overseas sales were primarily concentrated in Europe (41.58%), the Americas (28.51%), and Asia & others (29.91%) [3][4]. Group 2: Gross Margin Analysis - The overall gross margin for the company in 2024 was reported at 24.92%, a decrease of 15.60 percentage points compared to the previous year [18]. - The gross margin for amino acid products was 30.00%, down 13.32 percentage points, while the vitamin products experienced a more significant decline [18][19]. - The decline in gross margin was attributed to lower average selling prices for key products such as L-valine and myo-inositol, which saw price drops of 17.89% and 54.09% respectively [19][20]. Group 3: Future Outlook and Industry Trends - The demand for amino acids is expected to continue growing due to trends in precision nutrition and the reduction of traditional feed ingredients like soybean meal [23][24]. - The global market for biosynthetic vitamins is projected to grow significantly, with a compound annual growth rate of 9.32% from 2024 to 2030, driven by advancements in synthetic biology [24]. - The company is positioned to benefit from its technological advantages in fermentation processes, which are more environmentally friendly and cost-effective compared to traditional methods [27][28].