MEIHUA BIO、MeiHua Group(600873) 海通国际·2025-02-12 07:50Investment Rating - The report maintains an "Outperform" rating for Meihua Holdings Group [2][6][12] Core Views - The company has released a draft for its 2025 Employee Stock Ownership Plan, with a total share limit of 250 million and a subscription price of 1 yuan per share, aiming to raise up to 250 million yuan [1][8] - The company is actively conducting share repurchases and plans to cancel share capital, with a new repurchase plan announced in September 2024, targeting a total repurchase amount between 300 million and 500 million yuan [9][10] - Meihua Holdings is making overseas arrangements, including a planned acquisition of amino acid and HMO businesses from Kyowa Hakko Kirin for approximately 500 million yuan [10][11] - The company is recognized as a global leader in synthetic biology, with a strong foundation in fermentation technology and significant production capacity, allowing for cost leadership in the industry [11] - Earnings forecasts indicate net profits attributable to the parent company for 2024, 2025, and 2026 are expected to be 3.026 billion yuan, 3.456 billion yuan, and 3.867 billion yuan respectively, with a target price of 11.56 yuan based on a P/E ratio of 9.55 for 2025 [12] Financial Summary - Revenue projections for the company are 27.761 billion yuan for 2023, 28.561 billion yuan for 2024, 30.474 billion yuan for 2025, and 32.581 billion yuan for 2026, reflecting a growth rate of 7% in 2025 and 2026 [4][5] - The diluted EPS is projected to be 1.12 yuan for 2023, 1.06 yuan for 2024, 1.21 yuan for 2025, and 1.36 yuan for 2026 [4][5] - The gross profit margin is expected to improve from 18.1% in 2024 to 19.2% in 2026 [4][5]