业绩符合市场预期，苏、赖氨酸价差持续走高

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.52 CNY per share [6][9]. Core Insights - The company's Q1 2024 performance met market expectations, with revenue of 6.5 billion CNY, a year-on-year decrease of 6.7%, and a net profit attributable to shareholders of 750 million CNY, down 6.1% year-on-year [2][3]. - The decline in revenue and profit was primarily due to falling prices of xanthan gum, MSG, and other raw material by-products, although the increase in lysine prices and the growth in threonine volume helped mitigate some of the losses [3]. - The company has been actively investing in synthetic biology, enhancing its R&D capabilities by recruiting nearly 40 professionals from renowned institutions, which is expected to open up growth opportunities in this field [4]. - The company has a strong commitment to shareholder returns, with a cumulative dividend payout of 9.15 billion CNY since its listing and a proposed dividend of nearly 1.2 billion CNY for 2023 [5]. Financial Summary - Revenue projections for 2024-2026 are 29.1 billion CNY, 30.4 billion CNY, and 31.0 billion CNY, with year-on-year growth rates of 5%, 5%, and 2% respectively [6]. - Net profit forecasts for the same period are 3.3 billion CNY, 3.5 billion CNY, and 3.7 billion CNY, with growth rates of 4%, 7%, and 5% respectively [6]. - The company's earnings per share (EPS) are projected to be 1.13 CNY, 1.20 CNY, and 1.26 CNY for 2024, 2025, and 2026, respectively [6].