梅花生物(600873)：低成本收购优质资产 全球化布局加速

Company Update - MeiHua Bio's Singapore subsidiary signed a share and asset purchase agreement with Kirin Holdings' wholly-owned subsidiary, Kyowa Hakko Bio Co., Ltd., to acquire its food amino acids, pharmaceutical amino acids, and human milk oligosaccharides (HMO) business for 10.5 billion JPY (approximately 500 million RMB) in cash [1] - The transaction price is approximately 16.8 billion JPY (about 833 million RMB) based on the cash retention of the target assets and working capital adjustments as of the closing date, with the asset transfer completed by July 2025 [1] Commentary - The acquisition of high-quality assets at a low cost and its completion accelerates MeiHua Bio's global expansion [2] - The asset valuation report indicates that the total equity value of the acquired businesses is estimated at 1.626 billion RMB, making the transaction price of 833 million RMB particularly cost-effective [2] - The company expects to recognize an increase in non-operating income of approximately 780 million RMB in the 2025 consolidated profit statement, enhancing certainty in overseas expansion [2] - The acquisition expands the amino acid product pipeline and extends into the high-value pharmaceutical-grade amino acid market, while also increasing production entities in Thailand and North America, thereby enhancing global competitiveness [2] Profit Forecast and Valuation - Considering the non-operating income from the transaction but a decline in amino acid market conditions, the profit forecast for 2025 is raised by 7% to 3.37 billion RMB, while the 2026 profit forecast remains unchanged at 3.2 billion RMB [3] - The current stock price corresponds to 8.9 times the 2025 earnings and 9.3 times the 2026 earnings [3] - The target price remains at 13.7 RMB, corresponding to 11.4/12.0 times the earnings for 2025/26, with a potential upside of 28%, maintaining an outperform rating in the industry [3]