AHB(SH:688639) Guoxin Securities·2024-04-22 06:00Investment Rating - The investment rating for the company is "Buy" [4][10][12] Core Views - The company achieved a record high net profit in 2023, driven by continuous growth in amino acid product sales and improved gross margins [1][5] - The company is expanding its product portfolio from amino acids and vitamins to bio-based new material monomers, establishing itself as a global leader in synthetic biology [1][11] - The company plans to accelerate the construction of new product projects, including a production base for amino acids and bio-based materials, which will enhance its market competitiveness [8][9] Financial Performance - In 2023, the company reported operating revenue of 1.938 billion yuan, a year-on-year increase of 36.63%, and a net profit of 449 million yuan, up 40.32% year-on-year [1][5] - The gross margins for amino acid products, vitamin products, and other products were 43.32%, 55.1%, and 42.51% respectively in 2023 [1][5] - For Q1 2024, the company achieved a main operating revenue of 501 million yuan, a year-on-year increase of 25.12%, and a net profit of 86.57 million yuan, up 6.62% year-on-year [1][5] Product Development and Market Expansion - The company is actively promoting the sales of products such as diacid, apple acid, isoleucine, and others, with a positive outlook for their market demand [2][10] - The company has ongoing projects to produce 60,000 tons of branched-chain amino acids and 10,000 tons of refined amino acids, which are expected to be operational in 2024 [9][10] - The company is also entering into a technology licensing agreement to enhance its production capabilities in arginine, further diversifying its product offerings [8][10] Future Earnings Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 622 million yuan, 790 million yuan, and 910 million yuan respectively, with year-on-year growth rates of 38.5%, 26.9%, and 15.2% [2][10][11] - The diluted EPS for the same years is expected to be 3.95 yuan, 5.01 yuan, and 5.77 yuan respectively [2][10][11]