NHU(SZ:002001) KAIYUAN SECURITIES·2024-04-30 08:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The company's Q1 performance significantly improved due to the simultaneous increase in both volume and price of methionine, with revenue reaching 4.499 billion yuan, a year-on-year increase of 24.5% and a quarter-on-quarter increase of 9.6%. The net profit attributable to shareholders was 870 million yuan, up 35.2% year-on-year and 44.2% quarter-on-quarter [4][5]. - The report highlights that while the prices of vitamins and other nutritional products are under pressure, the orderly release of methionine, flavoring agents, and polymer materials projects is driving steady recovery in the company's performance [4][5]. - The company is expected to maintain its "Chemicals+" and "Biology+" strategic pathways, focusing on innovation and orderly project advancement, which supports the positive outlook for the company's long-term growth [4][5]. Financial Summary - For 2024-2026, the forecasted net profit attributable to shareholders is 3.901 billion yuan, 4.525 billion yuan, and 5.202 billion yuan respectively, with corresponding EPS of 1.26, 1.46, and 1.68 yuan per share. The current stock price corresponds to P/E ratios of 15.0, 12.9, and 11.2 times [4][6]. - The sales gross margin and net margin for Q1 2024 were 35.04% and 19.40%, respectively, showing improvements compared to the previous year [5][6]. - The company has a robust project pipeline, including a 250,000-ton methionine project that has been completed, and several other projects under construction, which are expected to contribute to future profitability [5][6].