梅花生物：2024Q2扣非后净利润环比增长4.62%

Investment Rating - The report maintains an "Outperform" rating for Meihua Holdings Group [3][5]. Core Insights - In Q2 2024, the recurring net profit increased by 4.62% quarter-on-quarter, while the company reported a year-on-year decline in operating income of 6.96% for H1 2024 [2][11]. - The company continues to expand its operational scale with new projects under construction, focusing on products with cost advantages and growing market demand [4][13]. - Meihua Holdings is recognized as a global leader in synthetic biology for amino acid production, leveraging advanced fermentation technology and maintaining a competitive cost structure [14]. Financial Performance Summary - For H1 2024, the company achieved operating income of RMB 12.643 billion, with a net profit attributable to shareholders of RMB 1.474 billion, reflecting a 7.51% year-on-year increase [11]. - The revenue breakdown shows a decline in fresh taste agents by 12.72% and a growth in feed amino acids by 14.99% [12]. - The forecast for net profit attributable to shareholders for 2024-2026 is RMB 3.530 billion, RMB 3.884 billion, and RMB 4.286 billion respectively, with a target price of RMB 13 based on a PE ratio of 10.48 [5][15].