| | 嘉实基金 陈路华 | | --- | --- | | | 中信资管 王子宁 | | | 容光投资 黄沛然 | | | 建信保险资管 班培琪 | | | 交银施罗德基金 张明晓 | | | 天风证券 唐婕、邢颜凝 | | | 富国基金 范妍、沈衡 | | 时间 | 2026 年 1 月 22 日、2026 年 1 月 23 日 | | 地点 | 上海浦东香格里拉大酒店，公司总部会议室 | | 形式 | 现场交流 | | | 年公司营养品板块主要产品价格出现波动，如何展 1、2025 | | | 望 年相关产品的市场价格走势？ 2026 | | | 年公司营养品主要产品价格受供应、需求端情况 答：2025 | | | 的综合影响出现波动，公司通过产销联动积极拓展国内外市场， | | | 持续创新并优化生产工艺，推进成本费用精细化管控，各业务板 | | | 块实现稳健经营。从行业发展趋势来看，蛋氨酸作为构成蛋白质 | | | 的必需氨基酸之一，受益于全球人口持续增长、居民健康意识提 | | | 升等多重因素，市场需求保持稳步增长态势，维生素品类价格四 | | | 季度以来已实现企稳回升。公司致力于打造"化工 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Views - The company reported a revenue of 5.44 billion yuan in Q1 2025, representing a year-on-year increase of 20.91% and a quarter-on-quarter decrease of 6.66%. The net profit attributable to the parent company was 1.16 billion yuan, up 116.18% year-on-year and 0.05% quarter-on-quarter, driven by the increase in both volume and price of nutritional products [5] - The company maintains its profit forecast, expecting net profits of 6.69 billion yuan, 7.51 billion yuan, and 8.08 billion yuan for 2025-2027, with corresponding EPS of 2.18, 2.44, and 2.63 yuan per share [5] - The company is optimistic about its "Chemicals+" and "Biological+" strategic main channels, and is steadily advancing project construction [5] Financial Summary - Revenue for 2023 was 15.12 billion yuan, with a year-on-year decrease of 5.1%. For 2024, revenue is projected to be 21.61 billion yuan, a year-on-year increase of 43.0%, and for 2025, it is expected to reach 25.86 billion yuan, a year-on-year increase of 19.6% [7][9] - The net profit attributable to the parent company for 2023 was 2.70 billion yuan, with a year-on-year decrease of 25.3%. For 2024, it is projected to be 5.87 billion yuan, a year-on-year increase of 117.0%, and for 2025, it is expected to be 6.69 billion yuan, a year-on-year increase of 14.0% [7][9] - The gross margin for 2023 was 33.0%, expected to rise to 41.8% in 2024 and remain stable in 2025 [10] Market Conditions - The market prices for Vitamin A (VA), Vitamin E (VE), and solid egg products have shown significant year-on-year changes, with VA increasing by 37.4% and VE by 109.9% in Q1 2025 [5] - The domestic export volume of methionine in Q1 2025 was 79,000 tons, a year-on-year increase of 7.35% [5] Project Progress - The company has achieved full production capacity of 300,000 tons of solid egg products and is nearing completion of the construction of 180,000 tons/year of liquid egg products [5] - New projects in aldehyde series, SA projects, and the first phase of the fragrance industrial park are progressing steadily [5]