NHU(SZ:002001) Dongxing Securities·2025-08-29 08:29Investment Rating - The report maintains a "Strong Buy" rating for the company [2][4]. Core Views - The company achieved a revenue of 11.101 billion yuan in the first half of 2025, representing a year-on-year increase of 12.76%, and a net profit of 3.603 billion yuan, up 63.46% year-on-year [3]. - The increase in market prices for core products such as vitamins and methionine has driven the company's revenue growth [3]. - The company is progressing steadily with new product and project developments, enhancing its product system [4]. Financial Performance - The nutrition segment's revenue grew by 7.78% to 7.200 billion yuan, while the flavor and fragrance segment's revenue increased by 9.35% to 2.105 billion yuan [3]. - The overall gross margin rose significantly by 8.78 percentage points to 45.89%, contributing to the substantial increase in net profit [3]. - The gross margin for the nutrition segment improved by 11.93 percentage points to 47.79%, and for the flavor and fragrance segment, it increased by 4.32 percentage points to 54.01% [3]. Project Development - The company is advancing its projects, including a joint venture with Sinopec for an 180,000 tons/year liquid methionine project, which has entered trial production [4]. - The Tianjin nylon new materials project has completed compliance approvals for energy and land resources [4]. - Ongoing upgrades and management improvement projects are progressing steadily, with new project planning being conducted in an orderly manner [4]. Profit Forecast - The profit forecast for the company remains unchanged, with expected net profits of 6.197 billion yuan, 7.006 billion yuan, and 7.796 billion yuan for 2025, 2026, and 2027 respectively, corresponding to EPS of 2.02 yuan, 2.28 yuan, and 2.54 yuan [4][5]. - The current stock price corresponds to P/E ratios of 12, 11, and 10 for the years 2025, 2026, and 2027 respectively [4].