Adisseo(600299) 太平洋·2025-03-07 00:23Investment Rating - The report maintains an "Overweight" rating for the company [1][6][14] Core Views - The company's revenue for 2024 reached 15.534 billion yuan, representing a year-on-year growth of 17.83%, while the net profit attributable to shareholders surged by 2208.66% to 1.204 billion yuan [3][4] - The sales volume of both liquid and solid methionine hit historical highs, driving a 24% revenue increase in this segment [4] - Despite fluctuations in raw material prices, improved production stability and supply chain optimization led to a significant increase in gross margin, with functional product gross margin rising by 13 percentage points to 26.02% [4] - The demand for specialty products, particularly in the poultry, aquaculture, and ruminant sectors, has shown resilience, especially with the recovery of the North American market [4] - The company has successfully launched enzyme composite packages to enhance breeding efficiency, with sales growth exceeding 20% in Europe and Asia-Pacific markets [4] - The company has reduced recurring costs by 179 million yuan, contributing to a net profit margin increase from 0.4% to 7.76% [4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 15.534 billion yuan and a net profit of 1.204 billion yuan, with significant growth rates of 17.83% and 2208.66% respectively [3][4] - The forecasted EPS for 2025, 2026, and 2027 are 0.59 yuan, 0.64 yuan, and 0.72 yuan respectively [6][8] Capacity Expansion - The company is accelerating capacity construction, with a 37,000-ton specialty feed additive factory in Nanjing expected to complete trial operations by December 2024 [5] - A 30,000-ton capacity expansion project in Europe has been completed, with ramp-up currently underway [5] - The company plans to transition key ruminant product esterification processes from outsourcing to in-house production, with trial production expected to start in the second half of 2025 [5] Investment Outlook - The company is positioned as a global leader in the methionine industry, with a diversified specialty product portfolio serving as a second growth pillar [6] - The expected revenue growth rates for 2025, 2026, and 2027 are 10.13%, 10.14%, and 9.78% respectively [8]