研报掘金丨东吴证券：首予技源集团“买入”评级，精准营养扬帆起航

Core Viewpoint - Dongwu Securities research report indicates that Jiyuan Group leads globally in HMB and is set to advance in precision nutrition, aiming to integrate the upstream and midstream of the industry chain [1] Company Overview - The company's nutritional raw materials include HMB, glucosamine, and chondroitin sulfate, with projected revenue contributions of 29%, 18%, and 9% respectively in 2024 [1] - Key clients for the company's formulations include Aojiaobao, Pharmacare, and HerbsofGold [1] Industry Outlook - The health supplement industry is experiencing robust growth, and the company is innovating while maintaining its core strengths, positioning itself well in the precision nutrition sector [1] - The company's first-mover advantage and significant technical barriers in the precision nutrition model suggest a promising long-term growth potential [1] Investment Recommendation - Given the company's valuation and the cost-effectiveness of its current position, the report initiates coverage with a "Buy" rating [1]