梅花生物（600873）：深度研究报告：稳健成长的氨基酸行业龙头，出海战略打开第二成长曲线

Investment Rating - The report assigns a "Strong Buy" rating to the company with a target price of 13.20 CNY, compared to the current price of 10.76 CNY [1][12]. Core Views - The company focuses on the amino acid industry and aims to become a leader in synthetic biology, leveraging its extensive experience and capabilities in the sector [5][16]. - The company has established a strong market position in various segments, including animal nutrition amino acids, flavor enhancers, human medical amino acids, and colloidal polysaccharides, with significant production capacities [5][9]. - The acquisition of Xiehe Fermentation is expected to enhance the company's product portfolio and accelerate its international expansion strategy [10][11]. Summary by Sections 1. Focus on Amino Acid Core Business - The company has been deeply engaged in the amino acid industry for years, establishing a leading position with production bases in Jilin, Inner Mongolia, and Xinjiang [5][16]. - Current production capacities include 1.1 million tons/year for MSG, 1 million tons/year for lysine, and 450,000 tons/year for threonine, with plans for further expansion [5][25]. 2. Steady Demand Growth and Competitive Advantage - The demand for animal nutrition amino acids is steadily increasing, driven by rising consumer income and the need for high-quality animal protein [5][9]. - The company benefits from a strong competitive position, with a high concentration in the threonine industry and a significant market share in lysine [5][9]. 3. Acquisition and International Expansion - The planned acquisition of Xiehe Fermentation is expected to enhance the company's capabilities in pharmaceutical amino acids and facilitate its international market entry [10][11]. - This acquisition will allow the company to optimize its product structure and strengthen its risk resistance in the global market [10][11]. 4. Financial Performance and Shareholder Returns - The company has maintained a strong cash flow, with cumulative cash dividends of 11.51 billion CNY from 2012 to 2024 and a dividend payout ratio of 62% in 2024 [10][11]. - The report forecasts revenue growth from 27.24 billion CNY in 2025 to 32.78 billion CNY in 2027, with corresponding net profits increasing from 3.14 billion CNY to 3.86 billion CNY [12][7].