Adisseo(600299) 东兴证券·2025-03-05 10:23Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Insights - The company achieved a total revenue of 15.534 billion RMB in 2024, representing a year-on-year increase of 17.83%, and a net profit attributable to shareholders of 1.204 billion RMB, reflecting a significant year-on-year growth of 2208.66% [3]. - The functional products segment saw a robust revenue growth of 23.54% to 11.622 billion RMB, driven by strong sales of methionine, with both liquid and solid methionine achieving record sales [3]. - The specialty products segment's revenue increased by 3.61% to 3.913 billion RMB, with stable growth in poultry and swine products, strong sales of selenium products, and good performance in palatability and mycotoxin management products [3]. - The company's overall gross margin improved significantly by 8.83% to 30.21%, with the functional products segment's gross margin increasing by 13 percentage points to 26.02% due to high production stability and effective supply chain management [3]. Production Capacity and Market Position - The company has two methionine production platforms located in Europe and Nanjing, China, with a total annual capacity increase of 80,000 tons from the European platform expansion since Q3 2021 and a new liquid methionine plant in Nanjing with an annual capacity of 180,000 tons that commenced operations in September 2022 [4]. - A new solid methionine plant with an annual capacity of 150,000 tons is under construction in Quanzhou, expected to be operational by 2027, to meet global demand and strengthen the company's leadership in the methionine industry [4]. - The company is also exploring the feasibility of establishing another methionine production platform in the dollar zone to mitigate geopolitical risks [4]. Financial Forecasts - The company is projected to achieve net profits of 1.637 billion RMB, 1.852 billion RMB, and 2.025 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.61, 0.69, and 0.75 RMB [5]. - The current stock price corresponds to P/E ratios of 18, 15, and 14 for the years 2025, 2026, and 2027, respectively [5].