NHU(SZ:002001) EBSCN·2025-04-16 15:20Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown impressive performance due to high prices of vitamins and methionine, with a significant increase in revenue and net profit for 2024 and a strong forecast for Q1 2025 [1][5][8] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 21.6 billion yuan, a year-on-year increase of 43%, and a net profit attributable to shareholders of 5.87 billion yuan, up 117% year-on-year. In Q4 alone, the revenue was 5.83 billion yuan, a 42% increase year-on-year, and net profit was 1.88 billion yuan, up 212% year-on-year [4][5] - For Q1 2025, the company expects a net profit of 1.8 to 1.9 billion yuan, representing a year-on-year increase of 107% to 118% [4] Market Conditions - The average price of domestic vitamin A (VA) was 140 yuan/kg in 2024, up 65% year-on-year, and vitamin E (VE) was 102 yuan/kg, up 44% year-on-year. The average price of solid methionine was 21.3 yuan/kg, up 14% year-on-year [5] - In Q1 2025, the average price of VA was 121 yuan/kg, up 47% year-on-year, and VE was 136 yuan/kg, up 107% year-on-year [5] Project Development - The company is progressing steadily with its projects, including a joint venture with Sinopec to build an 18,000-ton/year liquid methionine project and the stable production of 4,000 tons/year of cysteine [6] - The nutrition segment's methionine project has reached a capacity of 300,000 tons/year, enhancing market competitiveness [6] Shareholder Returns - The company has a consistent cash dividend policy, distributing 30%-50% of its net profit as dividends, with a total cash dividend of 15.5 billion yuan since its listing [7] - In 2024, the company repurchased 17,485,676 shares for 500 million yuan and plans to repurchase an additional 300 million to 600 million yuan in 2025 [7] Profit Forecast and Valuation - The report raises profit forecasts for 2025-2026, with net profits expected to be 6.57 billion yuan (up 18%), 7.27 billion yuan (up 15%), and 8.33 billion yuan for 2027 [8] - The estimated EPS for 2025-2027 is projected to be 2.14, 2.36, and 2.71 yuan respectively [8]