NHU(002001) 华安证券·2024-10-17 05:08Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's R&D capabilities create a strong competitive moat, transitioning from a vitamin leader to a diversified development model [4]. - The vitamin market is experiencing an upward trend, with new projects like methionine expected to contribute to performance growth [4]. - The global flavor and fragrance industry is shifting towards Asia and Africa, with the company's cost advantages aiding market share expansion [4]. - The company is intensifying its focus on high-end materials, accelerating the process of achieving self-sufficiency in advanced materials [4]. - Profit forecasts for 2024-2026 indicate net profits of 4.745 billion, 5.074 billion, and 6.415 billion yuan, with year-on-year growth rates of 75.5%, 6.9%, and 26.4% respectively [4]. Summary by Sections 1. R&D as a Shield, Growing from Vitamin Leader to Fine Chemical Leader - The company has focused on the development of functional chemicals for many years, becoming one of the world's top four vitamin producers [10]. - It has established a diversified industrial layout with four main segments: nutrition products, flavor and fragrance, high-end new materials, and raw materials [12]. - The company has built four production bases, enhancing its integrated supply chain and product quality [15]. 2. Vitamin Turning Point, Continuous Volume Growth of Methionine - Vitamins and amino acids are essential organic compounds with high production barriers, primarily used in animal feed [34]. - The company is positioned to benefit from the recovery in the vitamin market and the increasing demand for methionine [4]. 3. Flavor and Fragrance Industry Shifting to Asia and Africa - The company has developed cost advantages in key intermediates like linalool and citral, allowing it to maintain competitive pricing [17]. - The company is expanding its product matrix in the flavor and fragrance sector, optimizing its market competitiveness [4]. 4. High-End Material Technology Breakthroughs, Accelerating Domestic Substitution - The company is advancing in high-end materials, with plans for significant production capacity in PPS and other materials [4]. - It is also establishing a new production line for caprolactam and nylon 66, further diversifying its product offerings [23]. 5. Performance Growth and Cost Control - The company's revenue increased from 7.621 billion yuan in 2019 to 15.117 billion yuan in 2023, with net profit rising from 2.169 billion yuan to 2.704 billion yuan [28]. - The nutrition segment remains the primary revenue source, while the fragrance and new materials segments are showing increasing contributions [30].