NHU(002001) 国海证券·2024-10-25 16:00Investment Rating - The report maintains a "Buy" rating for the company [2][5][13] Core Views - The company has achieved record high performance in Q3 2024, driven by increased sales and prices of its main products in the vitamin and nutrition categories [2][3][5] - The company’s revenue for the first three quarters of 2024 reached 15.782 billion yuan, a year-on-year increase of 43.31%, while net profit attributable to shareholders was 3.990 billion yuan, up 89.87% year-on-year [2][3] - The high demand for vitamins is expected to continue benefiting the company, with vitamin prices remaining elevated [4][5] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 5.937 billion yuan, a year-on-year increase of 65.21% and a quarter-on-quarter increase of 11.06% [3][5] - The net profit attributable to shareholders for Q3 2024 was 1.785 billion yuan, reflecting a year-on-year increase of 188.87% and a quarter-on-quarter increase of 33.75% [3][5] - The operating cash flow for the first three quarters was 4.577 billion yuan, up 74.33% year-on-year [2][3] Profitability Metrics - The gross profit margin for Q3 2024 was 43.56%, an increase of 8.34 percentage points year-on-year [3][5] - The net profit margin for Q3 2024 was 30.18%, up 12.85 percentage points year-on-year [3][5] Market Position and Growth Drivers - The company is expanding its product lines and investing in new projects, including a nylon new material project with an estimated investment of 10 billion yuan [5] - The company has stable production capacity in its nutrition product segment, with methionine production reaching 300,000 tons per year [5] - The report forecasts revenue growth for 2024-2026, with expected revenues of 20.518 billion yuan, 23.526 billion yuan, and 24.901 billion yuan respectively [5][6]