Adisseo(SH:600299) EBSCN·2025-12-04 13:05Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company is set to launch a new generation of sodium butyrate products, Sanion Tetra, to strengthen its leadership in animal health management. Additionally, the updated McCaw® Nutrition Guide will provide global feed manufacturers with systematic vitamin nutrition references [1][2]. - The company is expanding its product and service matrix, focusing on high-concentration sodium butyrate solutions, which align with the global trend of reducing antibiotic use in livestock and promoting sustainable nutrition [2][3]. - The company is accelerating the development of specialty products and deepening its layout in the animal nutrition and health sector, supported by a "dual pillar" strategy that aims to balance its business structure while maintaining its global leadership in methionine [3]. Summary by Sections Product Development - The launch of Sanion Tetra aims to enhance the company's product matrix in animal health resilience management and respond to industry trends [2]. - The updated McCaw® Nutrition Guide expands the classification of animal species and production stages, providing comprehensive updates on recommended values based on current feed efficiency levels and new formulation technologies [2]. Financial Forecast and Valuation - The company is expected to benefit from its dual pillar strategy while maintaining its leadership in the methionine industry. The profit forecast for 2025-2027 is as follows: net profit of 1.318 billion, 1.535 billion, and 1.784 billion yuan, with corresponding EPS of 0.49, 0.57, and 0.67 yuan per share [4][10]. - Revenue projections for 2025-2027 are 17.866 billion, 20.545 billion, and 23.627 billion yuan, with growth rates of 15.01%, 15.00%, and 15.00% respectively [10]. Profitability and Efficiency - The company is expected to maintain a gross margin of 28.8% in 2025, with a projected return on equity (ROE) of 7.97% [12][13]. - The operating profit margin is forecasted to be 11.1% in 2025, indicating a strong operational efficiency [12].