NHU(002001) 开源证券·2024-10-25 09:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a record high in Q3 performance, driven by the rising demand and prices in the nutrition products sector, with expectations for new materials to ramp up production [4] - The report anticipates significant growth in the company's net profit for 2024-2026, with revised estimates of 58.00 billion, 66.93 billion, and 75.09 billion respectively, reflecting a strong upward trend in profitability [4] - The report highlights the strategic focus on "Chemicals+" and "Biological+" initiatives, emphasizing innovation and orderly project advancement [4] Financial Performance Summary - For Q3 2024, the company reported revenue of 15.782 billion, a year-on-year increase of 43.31%, and a net profit of 3.990 billion, up 89.87% year-on-year [4] - The Q3 single-quarter revenue reached 5.937 billion, representing a year-on-year growth of 65.21% and a quarter-on-quarter increase of 11.06% [4] - The report projects a significant increase in earnings per share (EPS) to 1.88, 2.17, and 2.43 for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 12.6, 10.9, and 9.7 [4][6] Market Dynamics - The report notes a notable recovery in the vitamin market, with average prices for VA, VE, and solid egg products showing significant increases compared to the previous year [5] - The delay in BASF's production resumption is expected to tighten supply, potentially supporting continued price increases in vitamins [5] - The company is set to enhance its methionine production capacity significantly, with plans for a joint venture with Sinopec and ongoing projects expected to boost annual capacity to 550,000 tons [5]