NHU(SZ:002001)2024-05-24 11:01Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [7]. Core Insights - The company's performance in 2023 met expectations, with a notable rebound in the nutrition segment and steady expansion of its "Chemical+" and "Biological+" platforms [7]. - The company reported a revenue of 15.117 billion yuan in 2023, a year-on-year decrease of 5.13%, and a net profit of 2.704 billion yuan, down 25.3% year-on-year [7]. - In Q1 2024, the company achieved a revenue of 4.499 billion yuan, reflecting a year-on-year increase of 24.54%, and a net profit of 870 million yuan, up 35.21% year-on-year [7]. Summary by Sections Financial Performance - The company reported a total revenue of 15.117 billion yuan in 2023, with a net profit of 2.704 billion yuan [8]. - For Q1 2024, the revenue was 4.499 billion yuan, and the net profit was 870 million yuan, indicating strong growth compared to the previous year [8]. - The average gross margin for 2023 was 32.98%, down 3.96 percentage points year-on-year [7]. Product Segments - The nutrition segment generated revenue of 9.867 billion yuan in 2023, down 9.9% year-on-year, with a gross margin of 29.91% [7]. - The flavor and fragrance business saw revenue growth of 10.35% year-on-year, reaching 3.274 billion yuan, with a gross margin of 50.51% [7]. - The new materials segment reported revenue of 1.202 billion yuan, up 3.1% year-on-year [7]. Market Trends - The vitamin market showed signs of recovery in Q1 2024, with average prices for key products increasing compared to the previous quarter [7]. - The company is actively expanding its production capacity and investing in new projects, including a joint venture for liquid methionine production [7]. Future Projections - The company forecasts net profits of 4.157 billion yuan for 2024, 5.045 billion yuan for 2025, and 6.041 billion yuan for 2026, with corresponding PE ratios of 15X, 12X, and 10X [8].