山西证券：研究早观点-20241230

Group 1 - The report highlights that the company, New Hope Liuhe, is positioned as a leader in the fine chemical industry, leveraging its technological capabilities to achieve high profitability through the production of high-value, high-barrier products [10][21]. - The vitamin market is experiencing a supply tightness, which is driving up industry profitability. The company benefits from this trend due to its strong technical capabilities and cost advantages, maintaining a net profit margin of 28% for vitamin E despite price pressures in 2023 [21][11]. - The global flavor and fragrance market is recovering, with a market size exceeding $30 billion. The company's scale and product diversity allow it to achieve significantly higher gross margins compared to competitors [12][21]. Group 2 - The amino acid market, particularly methionine, is projected to exceed $30 billion. The company is expanding its capacity with an 18,000-ton liquid methionine facility, expected to contribute approximately $1.4 billion in revenue and $500 million in net profit [22][21]. - The new materials segment, particularly PPS and high-temperature nylon, is seeing increased demand driven by the automotive and consumer electronics sectors. The company is a leader in PPS production technology and is expanding its production capacity for PA66 [23][21]. - The financial projections for the company indicate significant revenue growth, with expected revenues of $21.23 billion, $24.43 billion, and $27.70 billion for 2024 to 2026, respectively, alongside net profits of $5.38 billion, $6.09 billion, and $6.86 billion during the same period [25][21].