梅花生物：事件点评：扩品类+拿药证，跨境收购开启氨基酸2.0新时代

Investment Rating - The report maintains a "Recommend" rating for Meihua Biological (600873 SH) [3] Core Views - Meihua Biological is entering the "Amino Acid 2 0" era through a cross-border acquisition of Kirin Holdings' subsidiary Kyowa Hakko's food amino acids, pharmaceutical amino acids, and HMO businesses for 10 5 billion yen (approximately RMB 500 million) [1] - The acquisition will enhance Meihua's technical capabilities, business structure, product portfolio, and global presence by adding new amino acid varieties, fermentation strains, GMP certifications, and HMO production capabilities [1] - Despite the target assets' short-term financial pressure (EBITDA of -4 89 billion yen in 2023), Meihua's expertise in amino acids is expected to improve the assets' performance and boost overall company growth [1] Financial Forecasts - Revenue is projected to grow from RMB 27 761 million in 2023 to RMB 37 342 million in 2026, with a CAGR of 10 3% [2][6] - Net profit attributable to shareholders is expected to increase from RMB 3 077 million in 2024 to RMB 3 352 million in 2026, with a CAGR of 7 0% [2][6] - EPS is forecasted to rise from RMB 1 08 in 2024 to RMB 1 18 in 2026, with a PE ratio declining from 10X to 9X [2][6] Business Expansion - The acquisition will provide Meihua with new amino acid varieties (e g , arginine, histidine, citrulline), fermentation strains, and HMO production capabilities, strengthening its position in the global amino acid market [1] - Meihua will gain access to multiple domestic and international production entities, enabling the implementation of its industrial globalization strategy [1] Financial Metrics - Gross margin is expected to decline slightly from 19 68% in 2023 to 16 56% in 2026, while net profit margin will decrease from 11 46% to 8 98% [6] - ROE is projected to decrease from 22 46% in 2023 to 15 96% in 2026, reflecting the impact of the acquisition and expansion [6] - The company's debt-to-asset ratio is expected to improve from 38 84% in 2023 to 33 25% in 2026, indicating a healthier financial structure [6]