赖、苏氨酸有望景气回暖，中企出海大有可为

Investment Rating - Industry investment rating: Overweight [1] Core Viewpoints - The core investment logic highlights that lysine and threonine, as major feed amino acids, are expected to benefit from the rise of "low-protein diets" and "reduced soybean meal," which are gaining attention in the aquaculture industry. The downstream demand remains stable, with high reliance on overseas markets, while supply and raw material impacts are significant. The continuous decline in corn and soybean meal prices over the past two years has closely correlated with amino acid prices, and if agricultural products enter an upward cycle, it will support lysine and threonine prices. Additionally, domestic lysine production is expanding, while threonine expansion is slowing, creating a favorable market structure. The increasing competition domestically and deteriorating export environment are raising industry entry barriers, prompting companies to seek opportunities abroad. The future of the industry is expected to see a "scale + internationalization" collaborative layout, potentially forming a second growth curve for amino acid performance [4][5][8]. Summary by Sections 1. Importance of Feed Amino Acids and Industry Expansion - Amino acids are essential nutrients for biological life, with significant applications in the feed industry. The global feed amino acid market is projected to grow at a CAGR of 5.8% from 2024 to 2032, driven by policies promoting reduced soybean meal usage [4][44]. - The global supply of the four major feed amino acids (lysine, methionine, threonine, and tryptophan) is expected to reach 6.986 million tons in 2024, a year-on-year increase of 13.5%, with lysine and threonine in China growing by 10.3% and 15.4%, respectively [4][44]. 2. Market Structure and Competitive Landscape - The lysine and threonine markets are highly concentrated, with domestic production accounting for approximately 76.5% and 95% of global capacity, respectively. The CR4 for lysine and threonine in China is 60.31% and 77.48%, indicating a strong competitive advantage among leading companies [4][5]. - The increasing concentration of production capacity and the strategic push for international expansion by leading companies are expected to enhance market dynamics and create new growth opportunities [4][5]. 3. Price Trends and Profitability Outlook - The prices of feed amino acids are anticipated to rise in 2024, with the global market value for feed amino acids reaching $15.21 billion, a year-on-year increase of 24.9%. The recovery of corn prices is expected to support lysine and threonine prices, while the relationship between soybean meal and feed amino acids will drive demand [5][7]. - As of May 2025, 70% of lysine prices have rebounded, and threonine prices have stabilized, indicating a positive trend for profitability in the industry [5][7]. 4. Investment Recommendations - The report suggests focusing on companies such as Meihua Biological, Fufeng Group, and Xinghuo Technology, which are well-positioned to capitalize on the growth in lysine and threonine markets due to their strong production capabilities and strategic international expansion plans [8].