氨基酸龙头企业，平台成就发展

Investment Rating - Buy rating, first coverage [4] Core Views - The company is a leading amino acid producer with a strong focus on high dividends and employee incentives [4][5] - The company has a diversified product portfolio including animal nutrition amino acids, food flavor enhancers, and human medical amino acids [5] - The company has maintained a high dividend payout ratio, with a cumulative cash dividend of 5.31 billion yuan over the past five years (2019-2023) and an average dividend yield of 5.3% [5] - The company has implemented five employee stock ownership plans since 2017 and has continuously repurchased shares for five consecutive years (2019-2023), demonstrating confidence in future growth [5][25] Company Overview - The company is a leading domestic amino acid producer with the largest comprehensive product categories and production capacity in China [5] - The company's revenue CAGR from 2010 to 2023 was 14.1%, and net profit CAGR was 11.3% [5] - The company has four major production bases, with lysine and monosodium glutamate (MSG) production capacities reaching millions of tons [19] Amino Acid Industry - The company is a leader in lysine and threonine, which are major feed amino acids [6] - In 2023, global feed amino acid supply reached 6.153 million tons, with China accounting for 70.4% of the global supply [36] - The global feed production CAGR from 2013 to 2022 was 3.1%, driving demand for amino acids [37] - The "Three-Year Action Plan for Reducing Soybean Meal in Feed" aims to reduce soybean meal usage in feed from 14.5% in 2022 to below 13% by 2025, potentially increasing demand for lysine and threonine by 90,000 tons and 30,000 tons, respectively [6][37] Food Flavor Enhancers - The company's key flavor enhancers include MSG and disodium 5'-ribonucleotides (I+G) [6] - In 2023, China's apparent consumption of MSG was 1.88 million tons, with exports of 786,000 tons [6] - The MSG industry is highly concentrated, with the top three companies accounting for 70.8% of the market share in 2023 [6] Polysaccharides - The company's polysaccharide products include xanthan gum, trehalose, and pullulan [6] - Xanthan gum has seen increased demand due to its use in oil extraction and the impact of the Russia-Ukraine conflict on oil prices [6] - Trehalose is widely used in the food, pharmaceutical, and cosmetics industries, with its market size expanding in recent years [6] Financial Performance - In 2023, the company achieved revenue of 27.76 billion yuan, a slight decrease of 0.6% YoY, and net profit of 3.18 billion yuan, a decrease of 27.8% YoY [28] - The company's gross profit margin in 2023 was 19.7%, and the net profit margin was 11.5% [29] Future Outlook - The company is expected to achieve net profits of 3.16 billion yuan, 3.51 billion yuan, and 3.90 billion yuan in 2024, 2025, and 2026, respectively [7] - The company is continuously investing in R&D and technological upgrades, building a synthetic biology platform, and improving management to maintain its competitive edge [9]