新和成(002001)：Q2维生素价格环比下降 蛋氨酸项目投入试运行

Financial Performance - In the first half of 2025, the company achieved a revenue of 11.101 billion yuan, a year-on-year increase of 12.76% [1] - The net profit attributable to shareholders was 3.603 billion yuan, reflecting a significant year-on-year growth of 63.46% [1] - For Q2 2025, the company reported a revenue of 5.661 billion yuan, up 5.89% year-on-year and 4.07% quarter-on-quarter [1] - The net profit for Q2 2025 was 1.723 billion yuan, showing a year-on-year increase of 29.12% but a quarter-on-quarter decrease of 8.32% [1] Product Development and Market Expansion - The company is actively promoting new products such as HA series and tryptophan while maintaining its market advantage in existing products [2] - The liquid methionine project in partnership with Sinopec is in trial production, and the Tianjin nylon new materials project has completed compliance approvals [2] - Other technical upgrades and management improvement projects are progressing steadily, with new project planning being conducted in an orderly manner [2] Pricing and Market Trends - Prices for major products showed a mixed trend, with some prices decreasing quarter-on-quarter while others increased year-on-year [3] - The average prices for vitamins A, E, D3, C, and methionine in Q2 2025 were 73.67, 104.38, 237.15, 21.04, and 22.27 yuan/kg, respectively [3] - The nutrition products segment generated a revenue of 7.200 billion yuan in H1 2025, a year-on-year increase of 7.78%, with a gross margin of 47.79%, up 11.93 percentage points year-on-year [3] Future Outlook - The company is a leading player in the domestic market for vitamins A, E, and methionine, with the methionine project expected to gradually contribute to profits [4] - Revenue forecasts for 2025-2027 are projected at 23.938 billion, 26.136 billion, and 28.785 billion yuan, with net profits of 6.741 billion, 7.139 billion, and 7.641 billion yuan, respectively [4] - The price-to-earnings ratios for 2025-2027 are estimated to be 10.83, 10.23, and 9.55 times, maintaining a "buy" rating [4]