MEIHUA BIO、MeiHua Group(600873) 海通证券·2025-03-20 03:11Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that the company aims to become a leader in synthetic biology, with a focus on expanding its market share in amino acids and optimizing its product offerings [5][7] - The company has implemented various strategies to consolidate its leading position in the industry, including international expansion and digital transformation initiatives [7][10] Financial Performance and Forecast - The company reported a revenue of 250.69 billion yuan in 2024, a decrease of 9.69% year-on-year, with a net profit of 27.40 billion yuan, down 13.85% year-on-year [7] - The fourth quarter of 2024 saw a significant increase in net profit, with a 98.95% quarter-on-quarter rise, attributed to strong performance in core products [7] - Revenue projections for 2025-2027 are 280.88 billion yuan, 29.90 billion yuan, and 31.60 billion yuan respectively, with corresponding net profits of 32.00 billion yuan, 34.56 billion yuan, and 37.28 billion yuan [6][10] Business Segments - The animal nutrition segment showed a significant increase in sales volume, particularly in products like threonine, which saw a 25.31% increase year-on-year [7] - The food flavor optimization products segment experienced a decline in both production and sales volume, with revenues dropping by 19.19% year-on-year [7] - The human medical amino acids segment also faced challenges, with a revenue decrease of 15.35% year-on-year [7] Market Position and Strategy - The company is actively pursuing an internationalization strategy through acquisitions and expanding its production capacity to enhance operational efficiency [7][10] - The implementation of a Manufacturing Execution System (MES) is aimed at improving transparency and efficiency in production processes [7] Valuation - The report suggests a reasonable valuation range for the company at 11.20 to 13.44 yuan per share based on a price-to-earnings (PE) ratio of 10-12 times for 2025 [7][11]