NHU(SZ:002001) Guohai Securities·2024-08-27 06:24Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's main products are experiencing significant growth in both volume and price, leading to a substantial increase in performance for the first half of 2024 [5][6] - The company achieved a revenue of 9.845 billion yuan in the first half of 2024, representing a year-on-year increase of 32.70%, and a net profit attributable to shareholders of 2.204 billion yuan, up 48.62% year-on-year [4][5] - The vitamin market is seeing accelerated growth, with the company poised to benefit from favorable supply-side conditions and increasing demand [6][7] Financial Performance - In Q2 2024, the company reported a revenue of 5.346 billion yuan, a year-on-year increase of 40.45% and a quarter-on-quarter increase of 18.83% [4][5] - The gross profit margin for Q2 2024 was 38.85%, an increase of 5.12 percentage points year-on-year [4][5] - The company’s operating cash flow for Q2 2024 was 1.657 billion yuan [4][19] Product Performance - The nutrition segment, particularly methionine, has seen a price increase of 26.15% year-on-year, with production capacity reaching 300,000 tons per year [5][6] - The company’s revenue from the flavor and fragrance segment was 1.925 billion yuan, up 17.95% year-on-year, while the new materials segment generated 722 million yuan, up 24.91% year-on-year [5][9] Market Conditions - The vitamin market is experiencing upward price trends, with vitamin A, E, and D3 prices significantly increasing compared to the end of 2023 [6][10] - The company has a robust production capacity for vitamins, which positions it well to capitalize on the rising market demand [6][7] Earnings Forecast - The company’s projected revenues for 2024, 2025, and 2026 are 20.533 billion yuan, 23.534 billion yuan, and 24.900 billion yuan, respectively, with net profits expected to be 5.151 billion yuan, 5.204 billion yuan, and 5.442 billion yuan [28]