MEIHUA BIO、MeiHua Group(600873) 华鑫证券·2025-03-19 06:07Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [8]. Core Views - The company has experienced a year-on-year increase in the production and sales volume of amino acid products, despite a decline in revenue due to falling prices of major products [5][4]. - The company is committed to enhancing shareholder returns, with a cash dividend of 1.699 billion yuan in 2024, resulting in a dividend per share of 0.60 yuan and a dividend yield of 5.95% [7]. - The company's financial metrics indicate a significant decrease in financial expense ratio and an increase in R&D expenses aimed at improving technological competitiveness [6]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 25.069 billion yuan, a decrease of 9.69% year-on-year, and a net profit attributable to shareholders of 2.740 billion yuan, down 13.85% year-on-year [4]. - The Q4 2024 results showed an operating revenue of 6.389 billion yuan, a year-on-year decline of 11.69% but a quarter-on-quarter increase of 5.8% [4]. Product Performance - The production and sales volume of animal nutrition amino acids increased significantly in 2024, with production reaching 2.7804 million tons (up 6.51% year-on-year) and sales at 2.7842 million tons (up 5.65% year-on-year) [5]. - The production of human medical amino acids was 10,198 tons (down 4.81% year-on-year), while the production of food flavor optimization products was 988,200 tons (down 5.22% year-on-year) [5]. Future Outlook - The company is expected to see rapid capacity release, with profit forecasts for 2025-2027 being 3.106 billion, 3.524 billion, and 3.905 billion yuan respectively, indicating a strong growth outlook [8][10]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 9.3, 8.2, and 7.4 for the years 2025, 2026, and 2027 respectively, highlighting the investment value [8].