梅花生物：Q2扣非净利环比增长，氨基酸景气提升

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 12.64 billion yuan for the first half of 2024, a year-on-year decrease of 7.0%, while the net profit attributable to shareholders was 1.47 billion yuan, an increase of 7.5% year-on-year [5][6]. - The feed amino acid segment has seen an improvement in market conditions, with revenue from this segment reaching 5.47 billion yuan in the first half of 2024, a year-on-year increase of 15.0% [5][6]. - The company is a global leader in MSG and amino acids, benefiting from an improving industry landscape and ongoing technological innovation [6]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 6.16 billion yuan, a year-on-year decrease of 7.3% and a quarter-on-quarter decrease of 5.1%. The net profit for Q2 was 720 million yuan, a year-on-year increase of 26.7% [5][6]. - The company’s cash flow remains robust, with a net cash flow from operating activities of 2.236 billion yuan in the first half of 2024 [6]. Market Conditions - The demand for amino acids, particularly lysine and threonine, has increased, with export volumes for lysine esters and salts rising by 24.3% year-on-year in the first half of 2024 [6]. - The price of major products such as 98% lysine and threonine has increased by approximately 13% year-on-year [5][6]. Strategic Initiatives - The company has implemented five employee stock ownership plans and one restricted stock incentive plan from 2017 to 2024, aligning the interests of core business personnel with those of the company and shareholders [6]. - The company is actively exploring overseas site selection and focusing on opportunities in biobased technology and precision fermentation to transition into a platform enterprise [6].