MEIHUA BIO、MeiHua Group(600873) 申万宏源证券·2025-03-20 06:15Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's Q4 2024 performance met expectations, with significant recovery in amino acid profitability anticipated, indicating potential improvement in market dynamics for MSG and amino acids [9][10] - The company is expanding its product matrix through cross-border acquisitions, enhancing its overseas strategic layout [9] - The company has experienced a decline in MSG prices but has seen price increases in lysine and threonine, which may lead to a recovery in performance [9] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 27,761 million, with a decline to 25,069 million in 2024, followed by a recovery to 28,129 million in 2025, and further growth to 31,510 million in 2026 and 35,278 million in 2027 [8][10] - Net profit attributable to the parent company is expected to decrease from 3,181 million in 2023 to 2,740 million in 2024, before recovering to 3,063 million in 2025, 3,347 million in 2026, and 3,634 million in 2027 [8][10] - The company’s gross margin is projected to be 19.5% in 2025, with a return on equity (ROE) of 19.6% [8] Operational Highlights - In Q4 2024, the company achieved a revenue of 63.89 billion, with a year-over-year decline of 12% but a quarter-over-quarter increase of 6% [9] - The company plans to distribute a cash dividend of 4.206 yuan per 10 shares, totaling 12 billion yuan, which represents 82.84% of the net profit [9] - The company has reached a settlement regarding a lawsuit, which may enhance collaboration with a key competitor in the industry [9]