价格下滑拖累营收，静待氨基酸景气复苏

Investment Rating - The report assigns an investment rating of "Buy" for the company, indicating a positive outlook for future performance [8]. Core Insights - The company is projected to experience revenue growth, with estimates of $27.76 billion in 2023, increasing to $34.59 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 9.5% [8]. - Earnings before interest and taxes (EBIT) are expected to rise from $2.24 billion in 2023 to $2.74 billion in 2026, showcasing a steady growth trajectory [8]. - The report highlights a significant improvement in operating margins, projected to increase from 8.1% in 2023 to 10.3% in 2026, indicating enhanced operational efficiency [8]. Financial Projections - Revenue projections for the next four years are as follows: $27.76 billion in 2023, $29.66 billion in 2024, $31.59 billion in 2025, and $34.59 billion in 2026, with respective growth rates of -0.6%, 6.8%, 6.5%, and 9.5% [8]. - The company's net income is forecasted to grow from $2.23 billion in 2023 to $2.75 billion in 2026, reflecting a positive trend in profitability [8]. - The report anticipates a steady increase in earnings per share (EPS), projected to rise from $1.08 in 2023 to $1.44 in 2026 [8]. Market Position - The company is positioned to capitalize on market trends, with a focus on expanding its product offerings and enhancing customer engagement strategies [8]. - Competitive advantages include a strong brand presence and a diversified portfolio, which are expected to drive market share growth [8].