NHU(002001) 长城证券·2024-10-28 03:15Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [15]. Core Views - The company achieved record high revenues and profits in Q3 2024, with total revenue reaching 15.782 billion yuan, a year-on-year increase of 43.31%, and net profit attributable to shareholders at 3.99 billion yuan, up 89.87% year-on-year [1]. - The increase in revenue and profit is attributed to rising prices of key products such as methionine, vitamin E, and vitamin A, alongside a continuously expanding product line [2]. - The company’s gross profit margin for the first three quarters of 2024 was 39.54%, an increase of 5.99 percentage points compared to the same period in 2023 [2]. - The cash flow from operating activities increased by 74.33% year-on-year, reaching 4.577 billion yuan, primarily due to increased revenue and improved collection of receivables [2]. - The report highlights a positive outlook for vitamin E and A prices, with expectations of continued strength in the market due to supply constraints [2][5]. Financial Summary - For 2024, the company is projected to achieve revenues of 21.856 billion yuan and a net profit of 6.224 billion yuan, with corresponding EPS of 2.01 yuan [6]. - The company’s operating cash flow is expected to be 5.269 billion yuan in 2024, with a significant increase in net profit forecasted for the following years [9][10]. - The report indicates a significant reduction in financial expenses and a stable management cost structure, contributing to improved profitability [2][6]. Industry Insights - The vitamin E industry is expected to maintain a favorable market structure with no new capacity or players entering the market in the short term, which is beneficial for the company's performance [5]. - The methionine market is also projected to remain stable, with the company expanding its production capacity, which is anticipated to enhance its competitive edge [5][6]. - The report emphasizes the company's innovation-driven growth strategy across various segments, including nutrition products, flavor and fragrance, and new materials [6].