新和成：业绩历史新高，白马持续成长

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Insights - The company reported a record high performance with a revenue of 15.8 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 43%, and a net profit attributable to shareholders of 3.99 billion yuan, up 90% year-on-year [2][6] - In Q3 2024, the company achieved a revenue of 5.94 billion yuan, a year-on-year increase of 65%, and a net profit of 1.79 billion yuan, which is a 189% increase year-on-year and a 34% increase quarter-on-quarter [2][6] - The significant growth in performance is primarily attributed to the rising demand for vitamins and the release of 300,000 tons of methionine production capacity [6] Financial Performance Summary - For 2024, the company is expected to generate revenues of 20.93 billion yuan, 26.02 billion yuan, and 27.68 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 38%, 24%, and 6% [6][7] - The net profit attributable to shareholders is projected to be 6.06 billion yuan, 7.48 billion yuan, and 8.74 billion yuan for the same years, with growth rates of 124%, 24%, and 17% respectively [6][7] - The earnings per share (EPS) are expected to be 1.96 yuan, 2.42 yuan, and 2.83 yuan for 2024, 2025, and 2026 respectively, with a three-year compound annual growth rate (CAGR) of 48% [6][7] Market Dynamics - The market prices for vitamin A and E in Q3 2024 were 193 yuan/kg and 124 yuan/kg respectively, showing year-on-year increases of 131% and 78% [6] - The demand for vitamins has improved significantly, with export volumes for vitamin A and E increasing by 31% and 33% year-on-year [6] - The global market for methionine is becoming more concentrated, with the top four producers holding 75% of the market share, indicating a shift towards oligopolistic pricing [6] Growth Drivers - The company has a low-cost and high-growth methionine business, with existing production capacity of 300,000 tons and additional projects underway [6] - The company is also investing in a 500,000-ton adiponitrile capacity project, which aligns with the domestic production trend in the nylon 66 supply chain [6]