Adisseo(600299) Dongxing Securities·2025-04-30 08:41Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Views - The company reported a robust growth in Q1 2025, achieving a revenue of 4.299 billion yuan, a year-on-year increase of 22.98%, and a net profit of 465 million yuan, up 67.85% year-on-year [3]. - The core business segments showed strong performance, particularly the functional products segment, which saw a revenue increase of 29% to 3.319 billion yuan, driven by excellent performance in methionine and vitamin businesses [3]. - The company is expanding its methionine production capacity to solidify its leading position in the industry, with ongoing investments in its production platforms in Europe and Nanjing, China [4]. Financial Performance Summary - The company is projected to maintain its profit forecasts for 2025-2027, with net profits expected to be 1.637 billion yuan, 1.852 billion yuan, and 2.025 billion yuan respectively, corresponding to EPS of 0.61, 0.69, and 0.75 yuan [5][10]. - The current P/E ratios for 2025, 2026, and 2027 are projected to be 16, 14, and 13 times respectively [5]. Production Capacity Expansion - The company has two methionine production platforms, with a total annual capacity increase of 80,000 tons in Europe and 180,000 tons in Nanjing, China [4]. - A new solid methionine plant with an annual capacity of 150,000 tons is under construction in Quanzhou, expected to be operational by 2027 [4]. Market Position - The company is recognized as a leading player in the global animal nutrition industry and is the second-largest methionine producer worldwide, capable of producing both solid and liquid methionine [6].