NHU(SZ:002001) East Money Securities·2025-09-30 10:30Investment Rating - The report maintains an "Add" rating for the company [5] Core Views - The company is a leading player in the domestic market for Vitamin A, Vitamin E, and methionine, with the methionine project entering trial operation, which is expected to gradually contribute to profits [5] - The company achieved significant year-on-year growth in revenue and net profit in the first half of 2025, with revenue reaching 11.101 billion yuan, up 12.76% year-on-year, and net profit of 3.603 billion yuan, up 63.46% year-on-year [4][5] - The report highlights the company's focus on cost reduction and efficiency improvement in production, alongside the steady progress of various projects [4][5] Financial Summary - Revenue projections for 2025-2027 are estimated at 23.938 billion, 26.136 billion, and 28.785 billion yuan, respectively, with net profits projected at 6.741 billion, 7.139 billion, and 7.641 billion yuan [5][6] - The company’s earnings per share (EPS) are expected to be 2.19, 2.32, and 2.49 yuan for 2025, 2026, and 2027, respectively [6][12] - The report indicates a projected price-to-earnings (P/E) ratio of 10.83, 10.23, and 9.55 for the years 2025, 2026, and 2027, respectively [5][12] Market Performance - The company’s stock has shown a 52-week increase of 21.48% [4] - The report notes a decline in the prices of major products in Q2 2025, with Vitamin A and Vitamin E prices decreasing by 14.73% and 22.90% respectively, while methionine prices increased by 2.30% [4][5]