Adisseo(SH:600299) Dongxing Securities·2026-03-13 09:10Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Insights - The company achieved a revenue of 17.231 billion yuan in 2025, representing a year-on-year growth of 10.92%, while the net profit attributable to shareholders was 1.155 billion yuan, down 4.13% year-on-year [3]. - The functional products segment saw a revenue increase of 11.12% to 12.914 billion yuan, driven by strong sales of liquid methionine, which reached a historical record in global market penetration [3]. - The special products segment also grew by 10.31% to 4.316 billion yuan, with significant sales growth in ruminant products in North America and Europe, particularly the Stemin product line, which grew over 20% [3]. - The company has implemented an "Operational Efficiency Improvement Plan" since 2019, which has helped reduce regular operating costs by 230 million yuan, showcasing strong cost competitiveness [3]. Financial Performance - The company forecasts net profits of 1.454 billion yuan, 1.682 billion yuan, and 1.864 billion yuan for 2026, 2027, and 2028, respectively, with corresponding EPS of 0.47, 0.55, and 0.61 yuan [5][6]. - The projected P/E ratios for 2026, 2027, and 2028 are 30, 26, and 24 times, respectively [5][6]. - The comprehensive gross margin decreased by 1.90 percentage points to 28.31% [3]. Capacity Expansion and Market Position - The company is expanding its methionine production capacity, with a solid methionine plant in Quanzhou, Fujian, expected to start trial operations by the end of 2026, and a liquid methionine plant in Spain nearing full production capacity [4]. - The ongoing expansion of methionine capacity and excellent operational performance of major plants will support further increases in methionine product sales [4]. - The company's dual production platforms in China and Europe allow for flexible supply adjustments and optimization of global supply costs [4].