NHU(SZ:002001) Guoxin Securities·2024-08-23 02:30Investment Rating - The investment rating for the company is "Outperform the Market" [4][11]. Core Views - The company has shown robust growth in various business segments, achieving significant revenue and profit increases in the first half of 2024. The total revenue reached 9.845 billion yuan, a year-on-year increase of 32.70%, while the net profit attributable to shareholders was 2.204 billion yuan, up 48.62% [5][11]. - The nutrition segment has benefited from rising prices of vitamins, particularly due to supply constraints in the global market, which is expected to enhance profitability [5][6]. - The flavor and fragrance, as well as new materials segments, have also demonstrated stable growth, contributing positively to the overall performance of the company [5][9]. Summary by Relevant Sections Financial Performance - In the first half of 2024, the company reported total revenue of 9.845 billion yuan, a 32.70% increase year-on-year. The net profit attributable to shareholders was 2.204 billion yuan, reflecting a 48.62% growth. The net cash flow from operating activities was 2.138 billion yuan, up 73.06% [5][11]. - The nutrition business generated 6.680 billion yuan in revenue, a 38.30% increase, with a gross margin of 35.86%, up 6.98 percentage points. The flavor and fragrance segment achieved 1.925 billion yuan in revenue, a 17.94% increase, with a gross margin of 49.69%, down 1.79 percentage points. The new materials segment reported 722 million yuan in revenue, a 24.89% increase [5][11]. Business Segments - The nutrition segment is expected to benefit from rising vitamin prices, particularly due to a supply disruption caused by BASF's plant incident, which has led to significant price increases for vitamin A and E [6][9]. - The flavor and fragrance segment has maintained stable development, with slight price declines in certain products but overall positive sales performance [9]. - The new materials segment has seen steady growth, with ongoing projects in renewable and environmentally friendly materials, as well as nylon materials, progressing well [9][11]. Future Outlook - The company is projected to maintain its growth trajectory, with expected net profits of 4.246 billion yuan, 4.756 billion yuan, and 5.249 billion yuan for 2024, 2025, and 2026, respectively. The earnings per share are forecasted to be 1.37 yuan, 1.54 yuan, and 1.70 yuan for the same years [11][12].