NHU(002001) 华鑫证券·2025-04-16 00:23Investment Rating - The report gives a "Buy" investment rating for the company, marking the first coverage of the stock [1][6]. Core Insights - The company has experienced significant growth in both revenue and net profit, with a total revenue of 21.61 billion yuan in 2024, representing a year-on-year increase of 42.95%, and a net profit of 5.87 billion yuan, up 117.01% year-on-year [1][2]. - The increase in profit is attributed to the release of new production capacity for key products like methionine and the recovery of market prices in the nutrition segment [2][5]. - The company is focusing on its "Chemicals+" and "Biological+" strategies, enhancing its competitive edge through innovation and the development of new projects [3][5]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 5.83 billion yuan, a year-on-year increase of 41.99%, and a net profit of 1.88 billion yuan, up 211.60% year-on-year [1][2]. - The financial expense ratio increased due to exchange rate fluctuations, impacting foreign exchange gains [2]. - The net cash flow from operating activities for 2024 was 7.07 billion yuan, a 38.16% increase year-on-year, driven by higher sales revenue [2]. Production and Capacity - The company reported a production volume of 1.02 million tons for pharmaceutical and chemical products in 2024, a 29.18% increase year-on-year, with sales volume rising by 26.87% [2]. - The nutrition segment saw a production increase of 49.48% and sales growth of 61.46% due to rising market demand for new materials [2]. Future Projections - The company forecasts net profits of 6.50 billion yuan, 7.16 billion yuan, and 7.76 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 10.5, 9.5, and 8.8 [6][8].