NHU(SZ:002001)2024-08-23 06:42Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Insights - The company reported a revenue of 9.845 billion yuan in H1 2024, a year-on-year increase of 32.7%, and a net profit of 2.204 billion yuan, up 48.6% year-on-year [6] - The vitamin market is experiencing a recovery, with the company's vitamin subsidiary generating 1.623 billion yuan in revenue and a net profit of 571 million yuan during the reporting period [6] - The company is advancing its new materials projects and expanding into the pesticide market, enhancing its "Chemicals+" and "Biology+" platforms [6] - Due to disruptions at BASF's Ludwigshafen production site, the global vitamin supply is expected to shrink, leading to a rapid recovery in the vitamin market [6] Financial Summary - For 2024, the company is projected to achieve a total revenue of 21.58 billion yuan, with a net profit of 6.057 billion yuan, reflecting a significant increase from previous estimates [8] - The gross margin is expected to improve to 45.3% in 2024, with a return on equity (ROE) of 19.7% [8] - The earnings per share (EPS) is forecasted to be 1.96 yuan in 2024, increasing to 2.33 yuan in 2025 [8]