NHU(002001) 光大证券·2024-08-24 02:07Investment Rating - The report maintains a "Buy" rating for the company with a current price of 19.33 CNY [2] Core Views - The company has experienced significant growth in Q2 2024, driven by high demand for methionine and recovering vitamin prices, with a year-on-year revenue increase of 32.7% and a net profit increase of 48.6% [3][4] - The ongoing construction of new projects and the release of new product capacities are expected to further enhance the company's performance [4][6] Summary by Sections Revenue Performance - In H1 2024, the company achieved a revenue of 9.8 billion CNY, a 32.7% increase year-on-year, and a net profit of 2.2 billion CNY, up 48.6% year-on-year [3] - Q2 alone saw revenues of 5.3 billion CNY, a 40.5% increase year-on-year, and a net profit of 1.34 billion CNY, up 58.9% year-on-year [3] Market Conditions - The methionine market remains strong, with prices increasing significantly compared to the previous year, contributing to the company's robust performance [4] - The vitamin market is also recovering, with prices for domestic vitamin A and E rising sharply due to supply disruptions from BASF [5] Project Development - The company has successfully ramped up production capacity for methionine to 300,000 tons per year and is progressing on several joint projects, including an 18,000-ton liquid methionine project [4][6] - New product developments in the flavor and fragrance sector are also advancing, which is expected to contribute positively to future revenues [4] Profitability Forecast - The company's net profit forecasts for 2024-2026 have been revised upwards, with expected profits of 4.596 billion CNY in 2024, 5.562 billion CNY in 2025, and 6.294 billion CNY in 2026, reflecting a strong growth trajectory [6]