开源证券给予新和成“买入”评级：业绩符合预期，稳步推进液蛋、尼龙新材料项目

Group 1 - The core viewpoint of the report is that Xinheng (002001.SZ) is rated as "Buy" due to strong performance in the first three quarters of 2025, aligning with expectations, and steady progress in liquid egg and nylon new material projects [1] - The report highlights that the rising demand for methionine is aiding in the recovery of profitability, while the advancement of new projects and products is providing growth momentum [1] Group 2 - The report indicates that the competition in the vitamin and methionine industry is intensifying, which could pose challenges [1] - There are concerns regarding the potential underperformance of project launches and fluctuations in exchange rates [1]