NHU(SZ:002001) HTSC·2024-07-12 02:07Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 22.61 [5][7]. Core Views - The company is expected to achieve a net profit attributable to shareholders of RMB 20.8-22.2 billion for the first half of 2024, representing a year-on-year growth of 40%-50% [1]. - The main products in the nutrition segment have seen an increase in both sales volume and price, contributing to the overall performance growth in 2024 [2]. - The recovery trend in the pricing of key products such as Vitamin A and E is expected to continue, supported by export demand and improved supply dynamics [3]. Summary by Sections Financial Performance - For 2024, the company forecasts a net profit of RMB 41 billion, RMB 46 billion, and RMB 52 billion for the years 2024, 2025, and 2026 respectively, with corresponding EPS of RMB 1.33, RMB 1.50, and RMB 1.68 [1][4]. - The revenue for 2024 is projected to be RMB 17.75 billion, with a growth rate of 17.44% compared to 2023 [4]. Product Pricing and Market Trends - The average market prices for Vitamin A, Vitamin E, and methionine in Q2 2024 are expected to be RMB 8.6, RMB 7.1, and RMB 2.2 million per ton, showing a quarter-on-quarter increase of 5%, 8%, and a slight decrease of 1% respectively [2]. - The prices of Vitamin A and E are showing signs of recovery, while methionine prices have also increased year-on-year [2][3]. Future Growth Prospects - The company is advancing several new projects, including a 250,000-ton/year methionine project and a joint venture with Sinopec for an 18,000-ton/year liquid methionine project, which are expected to support future growth [3]. - The successful production of new projects in the flavor and fragrance segment and the new materials segment is anticipated to contribute to high-quality growth in the coming years [3].