MEIHUA BIO、MeiHua Group(600873) 海通国际·2025-02-13 05:57Investment 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 to use between 300 million to 500 million yuan for share buybacks [9][10] - Meihua Holdings is making overseas arrangements, including a planned acquisition of amino acid and HMO businesses for approximately 500 million yuan [10][11] - The company is recognized as a global leader in synthetic biology, focusing on cost leadership and advanced fermentation technology for mass production of amino acids [11][12] Financial Summary - Revenue projections for 2024, 2025, and 2026 are 28.561 billion yuan, 30.474 billion yuan, and 32.581 billion yuan respectively, with a growth rate of 3%, 7%, and 7% [2][4] - Net profit forecasts for the same years are 3.026 billion yuan, 3.456 billion yuan, and 3.867 billion yuan, with growth rates of -5%, 14%, and 12% [2][4] - The company is expected to have a P/E ratio of 9.55 for 2025, leading to a target price of 11.56 yuan [12]