四季度创全年业绩高点，致力于成为合成生物学领军企业

Investment Rating - The report maintains an "Outperform" rating for Meihua Holdings Group with a target price of RMB 13.00, based on a current price of RMB 10.49 [2][14]. Core Views - The company aims to become a leader in synthetic biology, leveraging its large-scale bio-manufacturing capabilities and focusing on collaborations with top global biotechnology firms [6][13]. - The earnings forecast has been adjusted downward due to a decline in product prices, with expected EPS for 2024-2026 at RMB 1.20, RMB 1.32, and RMB 1.46 respectively [14]. Financial Performance Summary - In 2023, the company achieved operating income of RMB 27.761 billion, a year-on-year decline of 0.63%, and a net profit of RMB 3.181 billion, down 27.81% [9][10]. - The fourth quarter of 2023 saw a revenue of RMB 7.234 billion, up 4.27% quarter-on-quarter and 1.66% year-on-year, with a net profit of RMB 1.020 billion, reflecting a 29.22% increase quarter-on-quarter and 5.99% year-on-year [9][10]. - The recurring net profit for Q4 2023 was RMB 983 million, up 42.39% quarter-on-quarter and 17.84% year-on-year [9][10]. Business Segment Performance - The animal nutrition amino acids segment reported revenue of RMB 14.539 billion, down 2.46% year-on-year, with a gross profit margin of 12.22% [11]. - The human medical amino acids segment achieved revenue of RMB 563 million, up 2.25% year-on-year, with a gross margin of 27.25% [11]. - The food taste optimization products segment generated RMB 9.832 billion in revenue, down 2.64% year-on-year, while the other products segment saw a revenue increase of 14.46% year-on-year to RMB 2.504 billion [11]. R&D and Product Development - The company has increased its investment in R&D, successfully launching new strains and processes that significantly reduce production costs [12][13]. - New projects in xanthan gum, threonine, and raw material ammonia have reached production capacity as planned, enhancing operational scale and competitive strength [12][13].