NHU(002001) 申万宏源·2024-11-05 03:42Investment Rating - The report maintains an "Outperform" rating for the company [4][5]. Core Views - The company reported a revenue of 15.782 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 43.31%, and a net profit attributable to shareholders of 3.990 billion yuan, up 89.87% year-over-year [4][5]. - The global supply of vitamins is expected to tighten due to production delays at BASF, which will positively impact the company's performance in the vitamin segment [4]. - The company is progressing well with its new materials projects and aims to expand its presence in the pesticide market, enhancing its "Chemicals+" and "Biology+" platforms [4]. Financial Summary - For 2024, the company is projected to achieve total revenue of 21.580 billion yuan, with a net profit of 6.057 billion yuan, reflecting a year-over-year growth of 124.0% [5][7]. - The gross margin is expected to improve to 45.3% in 2024, with a return on equity (ROE) of 19.7% [5][7]. - The company plans to invest significantly in new projects, including a 30 billion yuan investment in a new adiponitrile project and a 30 billion yuan investment in a herbicide project [4].