NHU(SZ:002001) Bank of China Securities·2025-06-23 03:45Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 21.70 and a sector rating of "Outperform" [2][5]. Core Insights - The company has experienced rapid growth in performance, particularly in the methionine and new materials sectors, with orderly capacity release and ongoing project construction [5][10]. - For 2024, the company achieved a revenue of RMB 21.61 billion, a year-on-year increase of 42.95%, and a net profit attributable to shareholders of RMB 5.87 billion, up 117.01% year-on-year [5][11]. - The first quarter of 2025 saw a revenue of RMB 5.44 billion, reflecting a 20.91% year-on-year growth, and a net profit of RMB 1.88 billion, which is a 116.18% increase year-on-year [5][13]. Financial Performance Summary - The company’s revenue and net profit for 2024 were significantly boosted by the sales and price increases of key products in the nutrition segment, alongside effective cost management [10][11]. - The gross margin for 2024 was 41.78%, an increase of 8.80 percentage points year-on-year, while the net margin reached 27.29%, up 9.26 percentage points year-on-year [10]. - The company plans to distribute a cash dividend of RMB 5.00 per 10 shares to all shareholders [5]. Earnings Forecast - The earnings forecast for 2025-2027 projects net profits of RMB 64.65 billion, RMB 74.16 billion, and RMB 79.25 billion respectively, with corresponding earnings per share of RMB 2.10, RMB 2.41, and RMB 2.58 [7][15]. - The report anticipates a price-to-earnings ratio of 10.3, 9.0, and 8.4 for the years 2025, 2026, and 2027 respectively [7][15]. Shareholder Information - The major shareholder is Xinhengcheng Holdings Group Co., Ltd., holding 50.08% of the company [10].