NHU(002001) 华创证券·2024-10-27 15:17Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 29.40 CNY, compared to the current price of 22.93 CNY [1][2]. Core Insights - The company achieved record quarterly performance in Q3 2024, with revenue of 59.37 billion CNY, a year-on-year increase of 65.21%, and a net profit of 17.85 billion CNY, reflecting a year-on-year growth of 188.87% [1][2]. - The increase in performance is attributed to the rise in vitamin prices following the BASF incident, which caused significant supply disruptions and heightened demand for overseas inventory replenishment [2]. - The delay in BASF's production recovery is expected to further boost vitamin exports in Q4, as demand typically peaks during this period [2]. - The company has a robust project pipeline, including a joint venture for liquid methionine production and various projects in flavor and fragrance, new materials, and nylon production, indicating a shift in capital expenditure focus towards new materials [2][3]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 157.82 billion CNY, up 43.31% year-on-year, and a net profit of 39.90 billion CNY, up 89.87% year-on-year [1][2]. - The projected net profits for 2024-2026 are 60.58 billion CNY, 72.06 billion CNY, and 77.67 billion CNY, respectively, with corresponding P/E ratios of 12, 10, and 9 [2][3]. - The company’s total revenue is expected to reach 21.79 billion CNY in 2024, with a year-on-year growth rate of 44.1% [3].