Adisseo(600299) 国信证券·2025-02-28 03:20Investment Rating - The investment rating for the company is "Outperform the Market" [4][17]. Core Views - The company achieved record-high revenue and significantly improved net profit in 2024, with total revenue reaching 15.534 billion yuan, a year-on-year increase of 17.83%, and net profit attributable to shareholders soaring to 1.204 billion yuan, a remarkable growth of 2208.66% [1][7]. - The company's methionine production maintained high stability, contributing to a sales gross margin of 30.21%, up 8.83 percentage points year-on-year, and a net margin of 7.76% [1][9]. - The company is expanding its production capacity with a new solid methionine plant expected to be operational by 2027, which will enhance its market leadership [2][12]. Summary by Sections Financial Performance - In 2024, the company reported a net profit of 1.204 billion yuan, a staggering increase of 2208.66% compared to the previous year, with basic earnings per share rising to 0.45 yuan, up 2150.0% [1][7]. - The fourth quarter of 2024 saw revenue of 4.158 billion yuan, reflecting a year-on-year growth of 16.5% and a net profit of 201 million yuan, up 132.23% [7]. Product Performance - The company's liquid and solid methionine sales both reached historical highs, with the methionine product segment achieving a revenue growth of 24% [2][11]. - The functional products segment generated revenue of 11.622 billion yuan in 2024, a year-on-year increase of 31.95%, with a gross margin of 26.02% [12]. Strategic Initiatives - The company is implementing a "dual pillar" strategy, focusing on the steady development of specialty products, which saw revenue growth of 8.87% in 2024, reaching 3.913 billion yuan [3][13]. - New projects, including a 37,000-ton specialty feed additive plant in Nanjing, are expected to contribute to future growth [13]. Future Outlook - The company anticipates continued growth, with projected net profits of 1.625 billion yuan, 1.795 billion yuan, and 2.040 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 35.0%, 10.4%, and 13.6% [4][17]. - The estimated earnings per share for the same period are expected to be 0.61 yuan, 0.67 yuan, and 0.76 yuan, with corresponding price-to-earnings ratios of 17.8, 16.1, and 14.2 [4][17].