NHU(002001) 华安证券·2024-10-24 13:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in net profit for Q3 2024, reaching 1.785 billion yuan, which represents a year-on-year growth of 188.87% and a quarter-on-quarter growth of 33.75% [1] - The core products, including vitamins VA, VE, and VC, benefited from favorable supply-demand dynamics and price increases, with average market prices in Q3 being 189.1, 121.2, and 26.4 yuan per kilogram, respectively, showing substantial quarter-on-quarter increases [1] - The company is expanding its production capacity for liquid methionine and has initiated a project for a new material that aims to integrate key raw materials into the downstream nylon industry [1][2] Financial Performance Summary - The company expects net profits for 2024, 2025, and 2026 to be 4.745 billion, 5.074 billion, and 6.415 billion yuan, respectively, with year-on-year growth rates of 75.5%, 6.9%, and 26.4% [2] - Revenue projections for 2024, 2025, and 2026 are 19.598 billion, 23.175 billion, and 30.911 billion yuan, with corresponding year-on-year growth rates of 29.6%, 18.3%, and 33.4% [4] - The gross profit margin is expected to be 38.7% in 2024, 36.0% in 2025, and 34.4% in 2026 [4][7] Production and Capacity Expansion - The company is expanding its solid-liquid methionine production capacity and has plans for a new facility in Tianjin, which is expected to enhance its market share in the methionine sector [1] - The Tianjin project aims to produce 100,000 tons per year of adiponitrile and is part of a broader strategy to reduce reliance on foreign suppliers [1][2] Market Dynamics - The demand for vitamins is expected to continue growing due to improved profitability in the domestic pig farming sector, which is driving feed demand [1] - The supply chain disruptions caused by the BASF explosion are anticipated to support product prices in the near term [1]