梅花生物（600873）：黄原胶诉讼和解，海外市场拓展加速

Investment Rating - Investment rating is maintained as "Buy" [1] Core Views - The company reported a revenue of 25.069 billion yuan in 2024, a year-on-year decrease of 9.69%, with a net profit attributable to shareholders of 2.740 billion yuan, down 13.85% year-on-year [4][5] - The price of feed amino acids has increased, which helps to mitigate the downward pressure on the price of MSG [5] - A settlement was reached in the xanthan gum lawsuit, which will stabilize the xanthan gum business [7][8] - The company is accelerating its overseas market expansion, which is expected to drive future growth [10] Financial Performance Summary - In 2024, the company achieved revenue of 25.069 billion yuan, with a year-on-year decline of 9.69%. The operating cost was 20.037 billion yuan, down 10.14% year-on-year, and the basic earnings per share were 0.94 yuan, a decrease of 11.32% year-on-year [4][5] - The revenue from animal nutrition amino acids was 14.624 billion yuan, up 0.58% year-on-year, while the revenue from human medical amino acids and food flavor optimization products decreased by 15.35% and 19.19% respectively [5] - The company expects net profits for 2025-2027 to be 3.411 billion, 3.640 billion, and 3.895 billion yuan respectively, with year-on-year growth rates of 24.5%, 6.7%, and 7.0% [11] Market Dynamics - The company’s main products, threonine and lysine, saw average market prices increase by 6.34% and 18.72% respectively by the end of 2024 [6] - Recent tariff increases on certain imported agricultural products are expected to drive domestic agricultural prices upward, potentially benefiting the demand for feed amino acids [9] - The company’s revenue from overseas markets reached 8.424 billion yuan in 2024, accounting for 33.48% of total revenue, indicating a strong international presence [10]