NHU(002001) 申万宏源·2024-07-15 04:01Investment Rating - The report maintains an "Outperform" rating for the company [5]. Core Views - The company has announced a strong performance forecast for the first half of 2024, expecting a net profit attributable to shareholders of between 2.08 billion yuan (YoY +40%) and 2.22 billion yuan (YoY +50%), with a non-recurring net profit of between 2.06 billion yuan (YoY +50%) and 2.20 billion yuan (YoY +60%) [5]. - The vitamin segment is expected to continue its recovery, with the average market prices for key products such as VA, VE, and VC showing increases of 6.17%, 7.87%, and 7.7% respectively in Q2 2024 [5]. - The company is advancing its new materials projects, including a significant investment in a joint venture with Sinopec for a liquid methionine project, which aims to enhance its competitive position in the global market [5]. Financial Summary - The company reported total revenue of 15.12 billion yuan in 2023, with a projected increase to 19.34 billion yuan in 2024, representing a YoY growth rate of 27.9% [7]. - The net profit attributable to shareholders is expected to rise from 2.70 billion yuan in 2023 to 4.55 billion yuan in 2024, reflecting a YoY growth rate of 68.1% [7]. - The earnings per share (EPS) is projected to increase from 0.87 yuan in 2023 to 1.47 yuan in 2024 [8].