Adisseo(600299) EBSCN·2025-03-06 07:25Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company's performance in 2024 is driven by strong growth in methionine sales, with a significant increase in both volume and price, leading to a projected net profit of 1.2 billion yuan, a year-on-year increase of 2209% [5][9]. - The company has successfully managed to increase its gross margin despite rising raw material costs, showcasing its effective supply chain management and cost transfer capabilities [5]. - The methionine business has seen a 24% year-on-year revenue growth, with both liquid and solid methionine sales reaching historical highs [5]. - The company is expanding its production capacity with a new solid methionine plant expected to be operational by 2027, which will further strengthen its market position [7]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 15.5 billion yuan, up 18% year-on-year, and a net profit attributable to shareholders of 1.2 billion yuan, up 2209% year-on-year [5][9]. - The fourth quarter alone saw operating revenue of 4.2 billion yuan, a 17% increase year-on-year, and a net profit of 200 million yuan, a 132% increase year-on-year [5]. Market Position - The company has increased its market share in methionine from 23% in 2012 to 28% in 2023, solidifying its position as a global leader in the industry [7]. - The report highlights the company's ability to leverage synergies with Sinochem Group to enhance its competitive edge [5]. Future Outlook - The company forecasts net profits of 1.52 billion yuan, 1.75 billion yuan, and 2.12 billion yuan for 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [9]. - The report anticipates a recovery in methionine prices due to improved supply-demand dynamics, with recent price increases from leading companies in the sector [6].