Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company faced pressure on its annual performance in 2024, but there is a trend of improvement in Q4, supported by a rich reserve of amino acids that enhances competitiveness [1][6] - The company reported a revenue of 339 million yuan in 2024, a decrease of 12.9% year-on-year, with a net profit of 43 million yuan, down 19.8% year-on-year [6] - The company is actively expanding its special medical food and overseas raw material drug markets while continuing to enhance its amino acid product offerings through research and development [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 368 million yuan, with a projected net profit of 50 million yuan, reflecting a year-on-year growth of 16.7% [5][8] - The company’s gross margin is expected to be 29.4% in 2025, slightly down from 30.5% in 2024 [5] - The company plans to maintain a focus on R&D, with an estimated R&D expense of 32 million yuan by 2027, indicating a commitment to product development [5][6]
无锡晶海（836547）：24全年业绩承压，Q4延续改善态势，丰富氨基酸储备增强竞争力