梅花生物：黄原胶诉讼和解，海外市场拓展加速-20250320

Investment Rating - The investment rating for the company is "Buy" (maintained) [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 is expected to stabilize the company's xanthan gum business [7][8] - The company is accelerating its overseas market expansion, which is expected to contribute to its platform development [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 breakdown includes 14.624 billion yuan from animal nutrition amino acids (up 0.58% year-on-year), 0.476 billion yuan from human medical amino acids (down 15.35% year-on-year), and 7.945 billion yuan from food flavor optimization products (down 19.19% year-on-year) [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 is benefiting from rising prices of feed amino acids due to strong overseas demand and tight supply, which has helped offset the decline in MSG prices [5][6] - Recent tariff increases on certain imported agricultural products are expected to drive domestic agricultural prices higher, potentially increasing demand for feed amino acids [9] - The company has made strategic acquisitions to enhance its presence in the overseas market, which is anticipated to open new growth avenues [10]