MEIHUA BIO、MeiHua Group(600873) 民生证券·2025-03-18 06:09Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future growth potential [4][6]. Core Viewpoints - The company reported a revenue of 25.069 billion yuan in 2024, 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 [1][2]. - The decline in revenue was primarily due to falling prices of monosodium glutamate, xanthan gum, and corn by-products, which reduced income by approximately 4.046 billion yuan, while increased sales of products like threonine and feed-grade valine contributed an increase of about 1.355 billion yuan [2]. - The company is focusing on overseas investments and research and development to drive future growth, including establishing an overseas investment project team and acquiring assets from Xiehe Fermentation for approximately 500 million yuan [3][4]. Business Performance Overview - In 2024, the company achieved revenues from various segments: animal nutrition amino acids (14.624 billion yuan), human medical amino acids (0.476 billion yuan), food flavor optimization products (7.945 billion yuan), and other products (1.833 billion yuan) [2]. - The gross profit margins for these segments were 19.65%, 25.68%, 19.45%, and 23.31% respectively [2]. - The company’s R&D investment reached 733 million yuan in 2024, focusing on foundational research and the promotion of new technologies and strains [3]. Financial Forecasts - The projected net profits for 2025, 2026, and 2027 are 3.173 billion yuan, 3.242 billion yuan, and 3.345 billion yuan respectively, with corresponding EPS of 1.11 yuan, 1.14 yuan, and 1.17 yuan [4][5]. - The report anticipates a revenue growth rate of 12.3% in 2025, followed by modest growth rates in subsequent years [5][10]. - The current price of the stock is 9.81 yuan, with a projected PE ratio of 9X for 2025 [4][6].