AHB(688639) 山西证券·2024-11-06 16:48Investment Rating - The investment rating for the company is "Buy-B" [1] Core Views - The price of valine is expected to stabilize, and attention should be paid to the volume of new product releases [1] - The company reported a revenue of 1.539 billion yuan for the first three quarters of 2024, a year-on-year increase of 12.82%, but a net profit of 170 million yuan, a year-on-year decrease of 46.9% [1] - The average price of valine and myo-inositol in Q3 2024 was 13.66 yuan/kg and 46.86 yuan/kg, respectively, showing declines of 8.25% and 20.83% from Q2 2024 [1] - The demand for valine remains strong, with an expected production volume of 180,000 to 190,000 tons in 2024 [1] Financial Performance Summary - Revenue is projected to reach 2.281 billion yuan in 2024, with a year-on-year growth of 17.7% [2] - Net profit is expected to decline to 234 million yuan in 2024, a decrease of 48.0% [2] - The gross margin is forecasted to be 29.5% in 2024, down from 40.5% in 2023 [2] - The diluted EPS for 2024 is estimated at 0.94 yuan, with a P/E ratio of 37.1 [2] Financial Ratios and Projections - The company’s ROE is projected to be 10.8% in 2024, with a gradual increase to 15.5% by 2026 [2] - The net profit margin is expected to be 10.2% in 2024, decreasing from 23.2% in 2023 [2] - The company’s total assets are projected to grow from 2.027 billion yuan in 2024 to 6.286 billion yuan by 2026 [3]