主营业务销售强劲，动物营养龙头安迪苏（600299）(600299.SH)业绩持续高增。 4月28日，蓝星安迪苏股份有限公司(下称"安迪苏")公布了2025年一季度业绩报告。报告期内，公司营 收同比增长23%至43亿元，毛利同比增长14%至12.7亿元，净利润同比增长67.9%至4.65亿元。 据了解，安迪苏是一家具有80余年发展历史的全球化动物营养添加剂龙头企业。近年来，安迪苏一直实 施"双支柱"战略，即在不断巩固蛋氨酸行业领先地位的同时，加快特种业务的发展。 长江商报记者注意到，蛋氨酸是安迪苏的主要产品之一，2025年一季度，安迪苏功能性产品实现营收 33.18亿元，同比增长29%。其中，蛋氨酸业务销量同比增长24%，创单季销量纪录，这主要源于液体蛋 氨酸市场渗透率持续提升。 数据显示，2025年一季度，安迪苏两大"支柱业务"均实现增长。 公司功能性产品实现营收33.18亿元，同比增长29%，该业务毛利率为26%。其中，蛋氨酸业务销量同比 增长24%，创单季销量纪录。这主要源于密切监测产品价格并采取灵活机动的价格管理战略；所有工厂 均实现优异的生产稳定性和高产能利用率，抵消了原材料价格上涨带来的不利影响等 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][18]. Core Views - The company's revenue and net profit for the first quarter of 2025 showed significant year-on-year and quarter-on-quarter growth, with revenue reaching 4.299 billion yuan, a year-on-year increase of 22.99% and a quarter-on-quarter increase of 3.38%. The net profit attributable to shareholders was 465 million yuan, up 67.85% year-on-year and 131.19% quarter-on-quarter [1][7]. - The growth in the company's methionine business, which saw a 29% year-on-year increase in sales revenue, was driven by a 24% increase in liquid methionine sales volume and price increases implemented during the quarter [2][10]. - The company is implementing a "dual pillar" strategy, with steady growth in specialty products, which saw a 7% increase in revenue and a 5% increase in gross profit [2][17]. Summary by Sections Financial Performance - In Q1 2025, the company's gross profit increased by 14% to 1.27 billion yuan, with functional product sales revenue growing by 29% and specialty product sales revenue increasing by 7% [1][7]. - The gross margin for sales was 29.64%, a year-on-year decrease of 2.32 percentage points but a quarter-on-quarter increase of 0.43 percentage points. The net profit margin was 10.82%, up 2.90 percentage points year-on-year and 5.96 percentage points quarter-on-quarter [1][7]. Business Segments - The methionine segment's sales revenue grew by 29% year-on-year, supported by price increases and high production capacity utilization, which mitigated the impact of rising raw material costs [2][10]. - The vitamin segment performed well, with strong sales growth despite price pressures on vitamin A and robust demand for vitamin E [2][15]. - Specialty products showed stable growth, with notable increases in sales from specific product lines, including a 21% increase in selenium products and a 24% increase in palatability products [2][17]. Profit Forecasts - The company is expected to achieve net profits of 1.625 billion yuan, 1.795 billion yuan, and 2.040 billion yuan for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 35.0%, 10.4%, and 13.6% [3][18].