星湖科技(600866)：25H1利润符合预期 规模效应持续赋能公司发展

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but significant growth in net profit, indicating strong operational efficiency and cost management [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 8.16 billion yuan, a year-on-year decrease of 3.85% [1] - The net profit attributable to shareholders was 836 million yuan, reflecting a year-on-year increase of 65.22% [1] - The net profit after deducting non-recurring items was 805 million yuan, up 50.73% year-on-year [1] - In Q2 2025, revenue was 4.12 billion yuan, down 3.89% year-on-year [1] - The net profit for Q2 was 362 million yuan, a year-on-year increase of 42.18% but a quarter-on-quarter decrease of 23.63% [1] - The net profit after non-recurring items for Q2 was 344 million yuan, up 22.69% year-on-year but down 25.61% quarter-on-quarter [1] Group 2: Industry Dynamics - The feed production in China has been steadily increasing, contributing to a 5% annual growth in amino acid demand [2] - From 2013 to 2024, China's industrial feed production grew from 190 million tons to 320 million tons, with a CAGR of 4.8% [2] - The global feed amino acids market is expected to grow at a CAGR of 5.8% from 2024 to 2032 [2] - In 2024, the total supply of the four major feed amino acids is projected to be 6.986 million tons, a year-on-year increase of 13.5% [2] - China's supply of lysine and threonine is expected to grow by 10.3% and 15.4% respectively [2] Group 3: Competitive Advantages - The company maintains a leading position in production capacity globally, benefiting from economies of scale [3] - The company is advancing two major projects: a 450,000-ton amino acid project in Daqing, Heilongjiang, and a 600,000-ton corn deep processing project in Xinjiang [3] - These projects are expected to enhance the company's competitive edge and support its vertical expansion in the industry [3] Group 4: Investment Outlook - The company is positioned as a leader in corn deep processing, with expected price increases in lysine and threonine due to rising industry concentration [4] - Future net profits are projected to be 1.516 billion yuan, 1.559 billion yuan, and 1.707 billion yuan for 2025-2027, with corresponding EPS of 0.91, 0.94, and 1.03 yuan [4] - The current price corresponds to a PE ratio of 9X for 2025 and 2026, and 8X for 2027, indicating a favorable growth outlook [4]