NHU(SZ:002001) KAIYUAN SECURITIES·2025-04-16 01:31Investment Rating - The investment rating for the company is "Buy" (maintained) [2][17] Core Views - The company achieved a 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. The Q4 revenue was 5.83 billion yuan, with a year-on-year increase of 41.99% [5] - The company plans to distribute a cash dividend of 5 yuan per share (including tax), with a total cash dividend ratio of 36.66% for 2024 [5] - The company expects a net profit of 1.80 to 1.90 billion yuan in Q1 2025, reflecting a year-on-year growth of 107% to 118% [5] - The company maintains a positive outlook on its "Chemicals+" and "Biological+" strategic pathways, with ongoing project developments [5] Financial Summary - In 2024, the company’s revenue from nutrition products, flavors, and new materials was 15.06 billion yuan, 3.92 billion yuan, and 1.68 billion yuan respectively, with year-on-year growth rates of 52.58%, 19.62%, and 39.51% [9] - The gross profit margin for nutrition products and flavors was 43.18% and 51.84%, showing increases of 13.27 and 1.33 percentage points year-on-year [9] - The company forecasts net profits of 6.69 billion yuan, 7.51 billion yuan, and 8.08 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.18, 2.44, and 2.63 yuan per share [5][6] Market Performance - The current stock price is 22.18 yuan, with a market capitalization of 68.17 billion yuan and a circulating market value of 67.36 billion yuan [2] - The stock has a P/E ratio of 10.2 for 2025, indicating a favorable valuation compared to historical performance [6]