AHB(688639) 申万宏源·2025-01-20 07:45Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company is expected to see a turning point in its performance in 2025, driven by stabilized valine prices and the ramp-up of new projects [1][8] - The company has faced significant profit declines in 2024 due to falling prices of valine and challenges in new product launches [8] - The company is actively advancing project construction and testing, with new products expected to contribute to growth in 2025 [8] Financial Data and Earnings Forecast - Total revenue is projected to grow from 1,938 million in 2023 to 3,231 million in 2025, reflecting a growth rate of 53.8% [7] - Net profit attributable to the parent company is expected to recover from 203 million in 2024 to 363 million in 2025, with a growth rate of 78.4% [7] - The company anticipates a significant increase in earnings per share from 0.81 in 2024 to 1.45 in 2025 [7] - The gross margin is expected to stabilize around 28.6% in 2025, up from 27.9% in 2024 [7] Investment Analysis - The report maintains the profit forecast for 2024-2026 at 2.03 billion, 3.63 billion, and 5.65 billion respectively, with corresponding price-to-earnings ratios of 33, 18, and 12 [8]