NHU(002001) 国金证券·2024-10-24 00:00Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][2][7]. Core Views - The company has shown significant revenue growth, with total revenue reaching 15.78 billion RMB in the first three quarters of 2024, a year-on-year increase of 43.3%. The net profit attributable to shareholders was 3.99 billion RMB, up 89.9% year-on-year [1]. - The price increase of vitamins has led to a rapid improvement in the company's profitability, with a gross margin of 43.6% in Q3 2024, an increase of 8.3 percentage points year-on-year [1]. - The company is expanding its production capacity in the nutrition segment, with a methionine project achieving an annual capacity of 300,000 tons, enhancing market competitiveness [1]. Summary by Relevant Sections Performance Overview - In Q3 2024, the company achieved a total revenue of 5.94 billion RMB, a year-on-year increase of 65.2%, and a net profit of 1.79 billion RMB, up 188.9% year-on-year [1]. - The company’s sales net profit margin reached 30.2%, an increase of 12.9 percentage points year-on-year [1]. Business Analysis - The vitamin prices have entered an upward cycle due to improved supply and demand, with market prices for Vitamin E, A, and C increasing by 78%, 131%, and 30% respectively in Q3 2024 compared to the previous year [1]. - The company is advancing its "Chemicals+" and "Biology+" strategies, with new projects and products being developed systematically [1]. Profit Forecast and Valuation - The company is expected to see net profits of 5.87 billion RMB, 6.55 billion RMB, and 7.03 billion RMB for 2024, 2025, and 2026 respectively, with significant upward adjustments of 58%, 56%, and 45% [2]. - The current market capitalization corresponds to P/E ratios of 12.86, 11.53, and 10.74 for the years 2024, 2025, and 2026 [2].