NHU(002001) 东兴证券·2024-08-29 08:31Investment Rating - Strong Buy/Maintain [2] Core Views - The company achieved revenue of 9.845 billion yuan in the first half of 2024, a YoY increase of 32.70%, and net profit attributable to the parent company of 2.204 billion yuan, a YoY increase of 48.62% [2] - The nutrition products segment, including vitamins and methionine, saw both volume and price increases, driving revenue growth [2] - The company's comprehensive gross profit margin increased by 4.37 percentage points to 37.11% in the first half of 2024 [2] - New projects and product development are progressing smoothly, further enriching the company's product portfolio [2] Financial Performance - Revenue from the nutrition products segment reached 6.68 billion yuan, a YoY increase of 38.30% [2] - Revenue from the flavors and fragrances segment was 1.925 billion yuan, a YoY increase of 17.94% [2] - Revenue from the new materials segment was 722 million yuan, a YoY increase of 24.89% [2] - The company's net profit for 2024-2026 is forecasted to be 4.436 billion, 5.368 billion, and 6.470 billion yuan, respectively [3] - EPS for 2024-2026 is projected to be 1.44, 1.74, and 2.09 yuan, respectively [3] - The current P/E ratio is 13, 11, and 9 times for 2024-2026 [3] Project Development - The 300,000 tons/year methionine project has been successfully released and is in normal production and sales [2] - The 18,000 tons/year liquid methionine (pure) project is progressing steadily [2] - The 4,000 tons/year cystine project is running stably, and the glufosinate-ammonium project is in the pilot phase [2] - The nylon industry chain project, including 100,000 tons/year adiponitrile-adipamine, is under approval in Tianjin [2] - The PPS project has been approved for 30,000 tons, with an additional 8,000 tons to be expanded based on market conditions [2] Company Overview - The company was founded in 1999 and listed on the Shenzhen Stock Exchange in 2004 [4] - It is one of the world's top four vitamin producers and has a competitive position in methionine production [4] - The company has expanded its business from pharmaceutical intermediates to vitamins, flavors and fragrances, new materials, and methionine [4] Market Data - The company's total market capitalization is 59.685 billion yuan, with a circulating market capitalization of 58.982 billion yuan [5] - The 52-week stock price range is 22.6-15.47 yuan [5] - The 52-week average daily turnover rate is 1.2% [5]