NHU(002001) 华泰证券·2024-10-24 08:08Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 26.88 [1][5][6] Core Views - The company's Q3 revenue reached RMB 5.9 billion, showing a year-on-year increase of 43% and a quarter-on-quarter increase of 11%. The net profit attributable to the parent company was RMB 1.8 billion, reflecting a year-on-year growth of 90% [1][2] - The growth in revenue is primarily driven by the increase in sales volume and prices of the main products in the nutrition segment, including Vitamin A, Vitamin E, and methionine [2] - The report highlights that the price of Vitamin A, Vitamin E, and methionine has increased significantly, with Q3 prices showing year-on-year increases of 131%, 78%, and 16% respectively [2] - The company is progressing with new projects, including a planned investment of RMB 10 billion in a nylon new materials project, which is expected to support future growth [3] Summary by Sections Financial Performance - Q3 revenue was RMB 5.9 billion, with a year-on-year increase of 43% and a quarter-on-quarter increase of 11% - Net profit attributable to the parent company for Q3 was RMB 1.8 billion, a year-on-year increase of 90% [1][2] - For the first three quarters, the company achieved a total revenue of RMB 15.8 billion, with a net profit of RMB 4 billion [1] Product Pricing and Market Conditions - The average market prices for the main products in the nutrition segment have increased significantly, with Vitamin A at RMB 19.3 thousand/ton, Vitamin E at RMB 12.4 thousand/ton, and methionine at RMB 2.1 thousand/ton in Q3 [2] - The overall gross margin for the first three quarters increased by 6.0 percentage points to 39.5% [2] Future Growth Prospects - The company has ongoing projects with a total investment of RMB 6.2 billion, including a major nylon new materials project with an initial investment of RMB 3 billion [3] - The forecasted net profit for 2024-2026 is RMB 5.5 billion, RMB 6 billion, and RMB 6.4 billion respectively, indicating a strong growth trajectory [3]