梅花生物：公司拟收购协和发酵氨基酸和HMO业务，加快海外布局步伐

Investment Rating - The report maintains an "Outperform" rating for Meihua Holdings Group [1][4][14] Core Views - The company intends to acquire the HMO business of Kyowa Hakko, which will accelerate its overseas expansion [1][10][12] - The acquisition is valued at 10.5 billion yen (approximately 500 million RMB) and involves the purchase of food amino acids, pharmaceutical amino acids, and HMO businesses and assets [1][10][14] - The acquisition will enhance the company's technological capabilities, business structure, product structure, and industrial layout [12][14] Financial Summary - The company's projected revenue for 2024 is 28.56 billion RMB, with a net profit of 3.03 billion RMB [2][8][14] - Earnings per share (EPS) for 2024 is estimated at 1.06 RMB, with a projected price-to-earnings (P/E) ratio of 10.91 [2][8][14] - The company expects net profits to grow to 3.46 billion RMB in 2025 and 3.87 billion RMB in 2026 [2][14] Acquisition Details - The acquisition will add new amino acid categories and strains, extending the company's product offerings [12][14] - The company will gain fermentation strains and patents for over ten types of amino acids, enhancing its production capabilities [12][14] - The transaction is expected to be completed by the fourth quarter of fiscal 2025 [13][14]