花园生物：全球VD3一体化龙头，迈向综合性大健康营养企业

Investment Rating - The report initiates coverage with a rating of "Buy" for the company [6]. Core Viewpoints - The company is a global leader in the vitamin D3 industry, leveraging its integrated production chain from cholesterol to 25-hydroxy vitamin D3, ensuring supply chain stability and market dominance [1][18]. - The vitamin D3 market has seen a price rebound from 50 RMB/kg to 250 RMB/kg by Q3 2024, indicating a recovery in demand and pricing power for the company [2][29]. - The company has diversified its product offerings beyond vitamin D3 to include multiple vitamins such as A, E, and B6, enhancing its market competitiveness and product value [4][24]. Summary by Sections 1. Vitamin D3 Industry Leadership - The company has established a complete production chain for vitamin D3, holding approximately 70% of the global market share in NF-grade cholesterol and 30% in vitamin D3 [4][24]. - The company is positioned to maintain rapid growth due to its unique ability to produce both NF-grade cholesterol and 25-hydroxy vitamin D3 independently [5][45]. 2. Financial Performance and Forecast - In 2024, the company is projected to achieve revenues of 1.41 billion RMB, with a growth rate of 29.21%, and a net profit of 298.1 million RMB [5][28]. - The company reported a significant revenue increase in Q3 2024, achieving 337 million RMB, a year-on-year growth of 39.99% [29][30]. 3. Pharmaceutical Sector Expansion - The company is focusing on high-demand chronic disease products, such as hypertension and respiratory medications, to drive growth in its pharmaceutical segment [4][24]. - Continuous investment in R&D is aimed at enhancing its competitive edge in high-tech pharmaceutical formulations [4][39]. 4. Market Dynamics and Pricing Trends - The vitamin D3 market is characterized by cyclical price fluctuations, with recent trends indicating a recovery in prices due to reduced supply and increased demand from the livestock sector [49][51]. - The company has effectively managed its cost structure, allowing it to maintain profitability even during periods of market downturn [53][57].