Adisseo(600299) Guohai Securities·2024-11-03 13:47Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights strong sales of methionine, with significant year-on-year and quarter-on-quarter improvements in Q3 performance [2][3] - The company achieved a revenue of 11.376 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 18.32% [2] - The net profit attributable to shareholders reached 1.003 billion yuan, a substantial recovery from a loss of 34 million yuan in the same period last year [2] - The report anticipates continued growth in revenue and profit for the years 2024 to 2026, with projected revenues of 15.317 billion yuan, 16.979 billion yuan, and 18.031 billion yuan respectively [6] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 4.115 billion yuan, up 25.23% year-on-year and 9.28% quarter-on-quarter [3] - The net profit for Q3 was 396 million yuan, compared to a loss of 680 million yuan in the same quarter last year, marking a quarter-on-quarter increase of 19.65% [3] - The operating cash flow for the quarter was 990 million yuan, reflecting a strong operational performance [3] Product Performance - The methionine segment saw a significant increase in both volume and price, with a revenue growth of 31% year-on-year and a gross profit increase of 296% [3] - The average price of 99% methionine in Q3 2024 was 20.69 yuan per kilogram, showing a year-on-year increase of 15.8% [3] - The vitamin A and E segments also experienced substantial price increases, contributing to improved profitability [3] Future Outlook - The company is expanding its production capacity, with ongoing construction of a 150,000-ton/year solid methionine plant in Quanzhou and a 37,000-ton/year specialty feed additive plant in Nanjing [6] - The report projects that the company will benefit from the favorable market conditions for its main products, methionine and vitamins, and maintain its leading position in the industry [6]