NHU(SZ:002001) HTSC·2025-07-02 05:28Investment Rating - The report maintains an "Accumulate" rating for the company [6][4] Core Views - The company is expected to achieve a net profit attributable to shareholders of 3.3-3.75 billion RMB for H1 2025, representing a year-on-year increase of 50%-70% [1][2] - The main products in the nutrition segment, including Vitamin A, Vitamin E, and solid methionine, have seen significant price increases, contributing to the expected profit growth [2][3] - The company anticipates stable high profitability due to favorable product supply dynamics and steady development in new materials and flavoring businesses [1][4] Summary by Sections Performance Forecast - For H1 2025, the company expects a net profit of 3.3-3.75 billion RMB, with a year-on-year growth of 50%-70% [1][2] - Q2 2025 is projected to yield a net profit of 1.42-1.87 billion RMB, reflecting a year-on-year increase of 6%-40% [1][2] Market Dynamics - The average market prices for key products in H1 2025 are projected to be 92,000 RMB/ton for Vitamin A, 119,000 RMB/ton for Vitamin E, and 22,000 RMB/ton for solid methionine, with significant year-on-year changes [2] - The report notes a recent decline in vitamin prices due to seasonal demand weakness, while methionine prices have slightly increased due to supply constraints [3] Profitability and Valuation - The company’s net profit forecasts for 2025-2027 are 6.6 billion, 7.2 billion, and 7.9 billion RMB, respectively, with year-on-year growth rates of 12%, 9%, and 10% [4][10] - The report assigns a target price of 23.65 RMB based on an 11x PE valuation for 2025, considering the company's early-stage projects and recent price declines [4][7]