NHU(SZ:002001) Shenwan Hongyuan Securities·2025-08-29 03:42Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Insights - The company's H1 2025 performance met expectations, with total revenue of 11.101 billion yuan (YoY +13%) and net profit attributable to shareholders of 3.603 billion yuan (YoY +63%) [6] - Vitamin prices declined in Q2, while the methionine market showed an upward trend, and the fine chemical platform continued to expand [6] - The company is progressing well with new material projects and is entering the pesticide market, enhancing its "Chemical+" and "Biological+" platforms [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 23.936 billion yuan, with a YoY growth rate of 10.8% [5] - Net profit attributable to shareholders is projected at 6.510 billion yuan for 2025, reflecting a YoY increase of 10.9% [5] - The company’s gross margin is expected to be 41.2% in 2025, with a return on equity (ROE) of 19.0% [5] - The PE ratios for 2025-2027 are estimated at 12X, 11X, and 9X respectively, indicating a high safety margin [6]