梅花生物（600873）：主产品销量增长，成本优势凸显

Investment Rating - The investment rating for the company is "Buy" [1][7] Core Insights - The company reported a decline in revenue but a significant increase in net profit due to volume growth and cost reductions [2][3] - The animal nutrition amino acid segment showed stable performance with improved gross margins despite challenges in the market [4] - New projects and international expansion strategies are being actively pursued, contributing to future growth [5][6] Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 6.269 billion yuan, a year-on-year decrease of 3.36%, while net profit attributable to shareholders was 1.019 billion yuan, up 35.52% year-on-year [2][3] - The decline in revenue was primarily due to lower sales prices of key products despite volume growth [3] Cost and Margin Analysis - The animal nutrition amino acid segment experienced a 5.65% increase in sales volume, with revenue remaining stable and gross margin improving by 7.43 percentage points to 19.65% [4] - The decrease in raw material costs, particularly corn, contributed to the improved margins [4] Project Development and International Strategy - The company invested approximately 2 billion yuan in new projects in 2024, with several projects reaching production [5] - An agreement was signed to acquire assets from a fermentation company, enhancing the company's international presence and product offerings [5][6] Earnings Forecast and Valuation - Revenue forecasts for 2025 and 2026 have been adjusted downwards to 27.739 billion yuan and 30.075 billion yuan, respectively, with net profit estimates also revised [6][7] - The projected earnings per share for 2025 is 1.10 yuan, with a price-to-earnings ratio of 10 times [7]