Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - The global amino acid market was valued at USD 26.19 billion in 2021, with a projected CAGR of 7.5% from 2022 to 2030. Domestic companies have largely achieved the replacement of mid-to-low-end amino acid products and are gradually moving towards high-end, high-value-added amino acid products [2]. - Wuxi Jinghai is recognized as one of the leading domestic companies capable of large-scale production of amino acid products through biological manufacturing methods, holding over 30% market share in the domestic amino acid raw material market [7][11]. - The company has established a solid foundation in the pharmaceutical sector, with a diverse product range that meets one-stop procurement needs for clients, expanding its application fields from pharmaceuticals to health products, food, and daily chemicals [7][11]. Market Position and Financials - The company's amino acid product revenue from 2020 to 2022 was CNY 263 million, CNY 380 million, and CNY 383 million, respectively, with pharmaceutical-related culture medium products contributing CNY 27 million, CNY 103 million, and CNY 56 million [18]. - The company is accelerating its international raw material registration efforts, aiming to enhance exports to Europe and other mature markets following capacity expansion [14]. - The projected revenue for the company is expected to grow from CNY 387 million in 2022 to CNY 575 million by 2025, with a net profit forecasted to increase from CNY 64 million to CNY 104 million in the same period [25]. Industry Overview - The amino acid industry in China is experiencing continuous innovation and application development, focusing on transforming traditional production methods and integrating advanced scientific technologies [40]. - The report highlights the increasing international demand for amino acids in food and health products, with the company successfully entering international procurement sequences and maintaining revenue growth from these products [11][18]. - The report emphasizes the potential for high-end amino acid products to replace imports, driven by the company's expansion plans and technological advancements [50][58].
北交所首次覆盖报告：氨基酸“小巨人”出海，扩产高附加值药品及保健化妆品