Adisseo(SH:600299) Great Wall Securities·2025-09-18 12:57Investment Rating - The investment rating for the company is "Buy" with a target of outperforming the industry index by more than 15% over the next six months [5]. Core Views - The company has shown significant growth in sales of methionine and vitamin products in the first half of 2025, indicating a strong long-term development potential [1][4]. - The company's financial performance is supported by a substantial increase in sales volume, particularly in the methionine segment, which has benefited from rising market penetration of liquid methionine products [4][11]. - The company is focusing on a "dual pillar strategy" to strengthen its leadership in the methionine industry while expanding its high-value specialty products [9][10]. Financial Summary - For the first half of 2025, the company reported a revenue of 8.512 billion yuan, a year-on-year increase of 17.23%, and a net profit attributable to shareholders of 740 million yuan, up 21.82% year-on-year [1]. - The projected revenue for 2025 is 17.288 billion yuan, with a net profit of 1.714 billion yuan, reflecting a year-on-year growth of 42.3% [11]. - The company's gross profit margin for the first half of 2025 was 28.41%, slightly down from the previous year, but the net profit margin improved to 8.71% [2][3]. Operational Performance - The company's cash flow from operating activities increased by 17.82% year-on-year, reaching 1.45 billion yuan in the first half of 2025 [3]. - The accounts receivable turnover ratio improved from 3.93 times in 2024 to 4.20 times in 2025, indicating better efficiency in collecting receivables [3]. - The inventory turnover ratio decreased from 2.52 times in 2024 to 2.37 times in 2025, suggesting a potential area for improvement in inventory management [3]. Market Position and Strategy - The company is enhancing its production capacity for solid methionine and expanding its liquid methionine production in Europe, with plans for full operation by the end of 2025 [9]. - The specialty products segment is diversified, with a strong focus on ruminant products, which account for over 50% of market share, and enzyme preparations aimed at improving feed digestibility [10]. - The company plans to accelerate local production capacity in China and Spain, integrating recent acquisitions to enrich its product matrix [10].