全球氨基酸行业龙头，多品类布局持续发力

Investment Rating - The report gives a "Buy" rating for the company with a target price of 15.29 CNY based on a 14x PE for 2024 [4][8]. Core Views - The company is a global leader in the amino acid industry, with a diversified product portfolio that includes animal nutrition amino acids, flavor enhancers, and pharmaceutical amino acids [1][12]. - The global demand for amino acids is expected to grow steadily, driven by the reduction of soybean meal in feed, which increases the need for amino acid supplementation [2][27]. - The company has a strong focus on R&D and cost optimization, which enhances its competitive advantage and supports its growth in various product categories [2][19]. Summary by Sections Company Overview - The company specializes in amino acid products and has a comprehensive production capability that includes strain design, fermentation, and extraction [12]. - As of 2022, the company has a production capacity of over one million tons for lysine and MSG, and 300,000 tons for threonine, leading the industry [1][12]. Market Dynamics - The global amino acid production exceeded 10 million tons in 2021, with an expected CAGR of 4.7% from 2022 to 2027, reaching 13.8 million tons by 2027 [2][31]. - The reduction of soybean meal in feed is expected to increase the demand for feed amino acids, as outlined in government initiatives [37]. Business Strategy - The company maintains a strong focus on R&D, which has led to continuous improvements in production efficiency and cost reduction [2][19]. - The company has implemented a proactive profit distribution policy, with cash dividends totaling 7.097 billion CNY from 2016 to 2022, representing 59.16% of net profits during that period [19]. Financial Projections - Revenue forecasts for 2024-2026 are 27.826 billion CNY, 28.932 billion CNY, and 30.958 billion CNY, respectively, with corresponding net profits of 3.215 billion CNY, 3.608 billion CNY, and 3.859 billion CNY [3][8]. - The expected EPS for 2024-2026 is 1.09 CNY, 1.23 CNY, and 1.31 CNY, respectively [8][21].