AHB(SH:688639)2024-02-25 16:00Investment Rating - The report maintains an "Outperform" rating for the company [6]. Core Views - The company has achieved a significant year-on-year growth in performance, with a revenue of 1.939 billion yuan (YoY +36.66%) and a net profit attributable to shareholders of 451 million yuan (YoY +40.84%) for 2023, aligning with expectations [6]. - The growth is attributed to increased sales volume of main products and continuous optimization of production processes to reduce costs [6]. - The company is actively advancing new projects, including fermentation-based succinic acid and malic acid, which are expected to contribute to future growth [6]. Summary by Sections Market Data - Closing price: 108.57 yuan - One-year high/low: 193.65/82.21 yuan - Market capitalization: 11,068 million yuan [3]. Financial Performance - For Q4 2023, the company reported a revenue of 575 million yuan (YoY +32.14%, QoQ +11.74%) and a net profit of 131 million yuan (YoY +26.99%, QoQ +1.62%) [6]. - The company’s gross profit margin for 2023 is projected at 39.1% [8]. Future Projections - Revenue projections for 2024 and 2025 are 4.086 billion yuan and 5.411 billion yuan, respectively, with expected growth rates of 110.8% and 32.4% [8]. - The net profit attributable to shareholders is forecasted to reach 668 million yuan in 2024 and 1.188 billion yuan in 2025 [8]. Project Developments - The company is investing in fermentation projects for succinic acid and malic acid, which are in the debugging production phase and expected to generate revenue in 2024 and 2025 [6]. - The company is also focusing on amino acids and new material intermediates to further enhance growth potential [6].