AHB(688639) 申万宏源·2025-03-02 14:01Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The report highlights that the decline in valine prices has put pressure on profits, but there is potential for performance improvement with the ramp-up of new products [1][8] - The company is expected to see a turning point in performance in 2025 as new products are launched and valine prices stabilize [8] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,938 million in 2023 to 4,462 million by 2026, with a CAGR of approximately 36.8% [2] - The net profit attributable to the parent company is expected to decrease significantly in 2024 to 200 million, before rebounding to 363 million in 2025 and 565 million in 2026 [2] - The gross margin is forecasted to stabilize around 28.7% in 2025, with a slight increase to 29.7% by 2026 [2] Market Data - As of February 28, 2025, the closing price of the stock is 31.54 yuan, with a market capitalization of 7,202 million [3] - The stock has experienced a significant price fluctuation over the past year, with a high of 130.50 yuan and a low of 26.11 yuan [3] Company Performance Insights - The company reported a total revenue of 2.184 billion for 2024, reflecting a year-on-year growth of 12.7%, but a significant decline in net profit by 55.5% [8] - The report indicates that the decline in valine prices and increased competition have adversely affected profitability, but new product launches are expected to provide growth opportunities [8] - The company is actively working on ramping up production of new products such as arginine and tryptophan, which are anticipated to contribute positively to future revenues [8]