MEIHUA BIO、MeiHua Group(600873) 申万宏源·2025-03-20 06:45Investment Rating - The report maintains an "Outperform" rating for the company [2][9][10] Core Views - The company's Q4 2024 performance met expectations, with improvements anticipated in the amino acid sector and overall market conditions [1][9] - The company is expanding its product matrix through a cross-border acquisition, which is expected to enhance its overseas strategic layout [9][10] - The company has experienced a significant recovery in amino acid profitability, with Q4 2024 performance showing a notable increase in operational metrics [9][10] 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 expected in subsequent years [8][10] - The net profit attributable to the parent company is forecasted to decrease from 3,181 million in 2023 to 2,740 million in 2024, before rebounding to 3,063 million in 2025 [8][10] - The gross profit margin is expected to stabilize around 19.5% in 2025, with a return on equity (ROE) projected at 19.6% [8][10] Market Data - As of March 19, 2025, the closing price of the company's stock is 10.41 yuan, with a market capitalization of 29,698 million yuan [2][9] - The company has a price-to-book ratio of 2.0 and a dividend yield of 5.72% based on the most recent dividend announcements [2][9]