NHU(SZ:002001) Guohai Securities·2024-04-25 14:00Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company reported a revenue of 15.117 billion yuan in 2023, a year-on-year decrease of 5.13%, and a net profit attributable to shareholders of 2.704 billion yuan, down 25.30% year-on-year [1][2]. - The first quarter of 2024 is expected to show significant improvement, with a projected net profit of 836 to 900 million yuan, representing a year-on-year increase of 30%-40% [6][39]. - The company is positioned as one of the world's top four vitamin producers, with ongoing projects and product development expected to drive future growth [7][39]. Summary by Sections Financial Performance - In 2023, the company achieved a gross profit of 4.986 billion yuan, a decrease of 15.29% year-on-year, with a gross margin of 32.98%, down 3.96 percentage points [1][2]. - The revenue from the nutrition segment was 9.867 billion yuan, a decline of 9.91% year-on-year, while the flavor and fragrance segment saw revenue growth of 10.34% to 3.274 billion yuan [2][11]. Market Trends - The average prices of key products such as Vitamin A and E have shown a downward trend, impacting overall revenue [2][12]. - The company is expected to benefit from the stabilization and potential recovery of vitamin and amino acid prices in 2024 [6][39]. Future Projections - Revenue forecasts for 2024-2026 are set at 19.650 billion, 23.301 billion, and 26.200 billion yuan, respectively, with net profits projected at 4.046 billion, 4.941 billion, and 5.658 billion yuan [39][10]. - The report anticipates a recovery in profitability driven by improved product pricing and ongoing project developments [39].