NHU(SZ:002001) KAIYUAN SECURITIES·2025-08-28 04:37Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10] Core Views - The company has shown a significant increase in net profit, with a year-on-year growth of 63.5% in Q2 2025, aligning with expectations. The company is steadily advancing new projects in liquid egg and nylon materials [6] - The revenue for H1 2025 reached 11.101 billion yuan, representing a 12.8% increase year-on-year, while the net profit attributable to the parent company was 3.603 billion yuan [6][9] - The company is expected to maintain strong growth momentum due to the development of new projects and products, with a projected net profit of 6.693 billion yuan for 2025 [6][10] Financial Performance Summary - For H1 2025, the company achieved revenue of 72.00 billion yuan in the nutrition segment, with a year-on-year growth of 7.78%, and a gross margin of 47.79% [7][12] - The new materials segment reported revenue of 10.38 billion yuan, reflecting a year-on-year increase of 43.75% [7] - The company's gross margin and net margin for H1 2025 were 45.89% and 32.62%, respectively, showing improvements of 8.78 and 10.1 percentage points year-on-year [7][9] Project Progress - The company has initiated trial production for its 180,000 tons/year liquid methionine project and completed compliance approvals for the Tianjin nylon new materials project [7][10] - The company is actively pursuing market opportunities in nutrition, new materials, and flavors while promoting the market expansion of new products such as HA series and tryptophan [7][10] Market Conditions - The average market prices for Vitamin A, Vitamin E, and solid methionine as of August 27, 2025, were 64.0, 65.5, and 22.6 yuan per kilogram, respectively, indicating significant year-on-year declines for Vitamin A and E [7][15] - The company’s profitability is supported by the recovery in Vitamin E prices and the full production capacity of solid methionine [7][10]