NHU(SZ:002001) Guoxin Securities·2025-04-16 09:15Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][26] Core Views - The company achieved significant revenue and profit growth in 2024, with operating income reaching 21.61 billion yuan, a year-on-year increase of 42.95%, and net profit attributable to shareholders of 5.87 billion yuan, up 117.01% [1][9] - The growth was driven by the nutrition products segment, which saw revenue of 15.06 billion yuan, a 52.58% increase, and a gross margin of 43.18%, up 13.27 percentage points [1][9] - The flavor and fragrance segment also performed well, with revenue of 3.92 billion yuan, a 19.62% increase, and a gross margin of 51.84%, up 1.33 percentage points [1][9] - The new materials segment reported revenue of 1.68 billion yuan, a 39.51% increase [1][9] - The company expects continued growth in the first quarter of 2025, with net profit projected to be between 1.8 billion and 1.9 billion yuan, representing a year-on-year growth of 107%-118% [10] Summary by Sections Financial Performance - In 2024, the company reported a net cash flow from operating activities of 7.07 billion yuan, a 38.17% increase [9] - The sales gross and net profit margins were 41.78% and 27.29%, respectively, both showing improvements of 8.80 and 9.26 percentage points year-on-year [9] - The selling, general, and administrative expense ratio decreased by 1.74 percentage points to 9.26% [9] Business Segments - The amino acid segment, particularly methionine, saw a market price increase of 14.01% to approximately 20,995.19 yuan per ton in 2024, with the company achieving a net profit of 2.27 billion yuan, up 114.81% [2][18] - The vitamin segment benefited from price increases due to supply disruptions, with vitamin A and E prices rising by 59.91% and 44.11%, respectively [19] - The flavor and fragrance segment's net profit was 1.36 billion yuan, a 16.98% increase, supported by ongoing project developments [3][24] - The new materials segment is expanding with a focus on PPS and nylon materials, with ongoing projects in Tianjin [25] Future Outlook - The company is expected to maintain strong growth, with projected net profits of 6.49 billion, 7.09 billion, and 7.62 billion yuan for 2025, 2026, and 2027, respectively [4][26] - Earnings per share are forecasted to be 2.11, 2.31, and 2.48 yuan for the same years, with corresponding price-to-earnings ratios of 10.0, 9.1, and 8.5 [4][26]