山西证券：研究早观点-20241221

Group 1 - The report discusses the initial ruling on anti-dumping duties for lysine, indicating that the impact is expected to be limited based on historical precedents [17][31][32] - The report highlights that China's lysine production capacity holds significant global importance, and finding cost-competitive alternatives overseas is challenging in the short term [32] - It notes that European clients have already engaged in inventory replenishment actions prior to the anti-dumping event, suggesting that the short-term impact will be minimal [33] Group 2 - The report on Stik's issuance of restricted stock grants emphasizes clear performance assessment targets, with revenue growth targets set at 40% for 2025, 25% for 2026, and 26% for 2027 [16][26] - The performance targets for 2025, 2026, and 2027 are higher than the consensus expectations of 31% and 22% for those years, indicating a more optimistic outlook [16]