安迪苏：全球领先的动物营养添加剂供应商

Investment Rating - The report gives a rating of "Outperform" for the company, indicating a positive outlook compared to the market [54]. Core Views - The company is expected to benefit from a stable demand for methionine, driven by the growth in the livestock industry and increasing meat consumption globally [10][9]. - The report highlights the company's strong brand recognition and competitive advantages in product quality and pricing, which are expected to support its market position [23][53]. - The projected revenue growth for the company is based on favorable market conditions and the introduction of new products, with an estimated revenue of 156.90 billion, 165.51 billion, and 174.65 billion for 2024-2026 [66][54]. Summary by Sections Investment Rating - The company is rated "Outperform" with a target price range of 12.42 to 13.50, reflecting a potential upside from the current price [54]. Market Demand and Growth - The global demand for methionine is projected to grow due to increased meat consumption, particularly in developing countries, where per capita meat consumption is still low compared to developed nations [10]. - The report notes that the livestock sector accounts for 90% of methionine usage, emphasizing its critical role in animal nutrition [9]. Financial Projections - The company is expected to achieve a compound annual growth rate (CAGR) of 19.01% in revenue for 2024, with a gradual decline in growth rates in subsequent years [70]. - The estimated net profit for the company is projected to be 14.51 billion, 16.05 billion, and 17.90 billion for 2024-2026, with corresponding diluted EPS of 0.54, 0.60, and 0.67 [54][66]. Competitive Position - The company holds a leading position in the methionine market, with significant production capacity and a strong brand presence compared to its peers [53]. - The report identifies key competitors and highlights the company's advantages in terms of production experience and customer service [25][53]. Valuation - The report employs both absolute and relative valuation methods, concluding that the company's stock is reasonably valued at a price-to-earnings (PE) ratio of 23-25 based on its growth prospects [54][72].