Adisseo(600299) 光大证券·2024-12-29 02:11Investment Rating - The report maintains a "Buy" rating for the company [20][99]. Core Views - The methionine industry is experiencing a significant recovery, and the company is expected to benefit from this trend [99]. - The company has a stable financial condition and strong profitability, with a notable increase in earnings projected for 2024-2026 [99]. - The company is positioned as a global leader in the methionine market, with ongoing capacity expansion and a focus on specialty products [99]. Summary by Sections Company Overview - The company has over 80 years of development history and is a leader in the methionine industry, with a global business layout [28][36]. - The company has implemented a "dual pillar" strategy to strengthen its leadership in methionine while accelerating the development of specialty products [36][37]. Financial Performance - In 2023, the company faced challenges with a revenue of 13.18 billion yuan, down 9.26% year-on-year, and a net profit of 52 million yuan, down 95.82% year-on-year [6]. - However, in the first three quarters of 2024, the company reported a revenue of 11.38 billion yuan, up 18.32% year-on-year, and a net profit of 1.003 billion yuan, an increase of 10.37 billion yuan year-on-year [6][99]. - The company’s gross margin has remained above 30% in recent years, although it faced pressure in 2022-2023 due to declining methionine prices and rising energy costs [9][99]. Industry Analysis - The methionine market is expected to see improved supply-demand dynamics, with prices likely to rise in the medium to long term [57][99]. - The company has increased its market share from 23% in 2012 to 28% in 2023, supported by capacity expansions in Europe and China [36][38]. Future Outlook - The company is projected to achieve net profits of 1.359 billion yuan in 2024, 1.520 billion yuan in 2025, and 1.750 billion yuan in 2026, with significant growth rates anticipated [99]. - The company is expected to benefit from ongoing reforms within its parent company, China National Chemical Corporation, which aims to enhance resource synergy [99].