AHB(SH:688639) Tianfeng Securities·2025-06-08 07:13Investment Rating - The investment rating for the company is "Hold" with a downward adjustment [6][27]. Core Views - The company reported a revenue of 2.18 billion yuan in 2024, representing a year-on-year growth of 12.4%, while the net profit attributable to shareholders decreased by 58% to 190 million yuan [1][11]. - The amino acid products generated 1.51 billion yuan in revenue, accounting for 69% of total revenue, with a production volume of 99,400 tons, an increase of 20.7% year-on-year [2][13]. - The company is actively advancing new projects, including the construction of various production bases, which are expected to provide significant growth in 2025 [3][24]. Financial Performance - In 2024, the company achieved a gross profit of 543 million yuan, a decrease of 243 million yuan year-on-year, with a gross margin of 24.9%, down 15.6 percentage points [3][19]. - The first quarter of 2025 saw a revenue of 687 million yuan, a year-on-year increase of 37.2%, while the net profit attributable to shareholders was 51 million yuan, down 41% [11][12]. - The company’s EBITDA for 2024 is projected at 450.26 million yuan, with a significant decline in net profit forecasted for 2025 to 293 million yuan [5][30]. Production and Sales - The company’s production capacity is being expanded, with significant increases in sales volume from various production bases, particularly the Qinhuangdao and Chifeng bases [2][12]. - The average price of valine, a key product, has decreased significantly by 36.5% year-on-year, impacting overall profitability [2][13]. Research and Development - The company has maintained a high level of R&D investment, with R&D expenses reaching 124 million yuan in 2024, an increase of 15 million yuan from the previous year [22]. - The company has filed for 10 new invention patents and 8 utility model patents in 2024, bringing the total number of patents to 247 [22]. Future Outlook - The company is expected to see a gradual recovery in profitability as new projects come online, with net profit forecasts for 2025, 2026, and 2027 at 293 million, 371 million, and 418 million yuan respectively [4][27]. - The ongoing construction of various production facilities is anticipated to contribute significantly to revenue growth in the coming years [3][24].