基础化工 2025 年 07 月 03 日 新和成 (002001) ——业绩符合预期，维生素景气回落，蛋氨酸盈利提升， 新材料项目打开未来空间 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 07 月 03 日 | | --- | --- | | 收盘价（元） | 22.10 | | 一年内最高/最低（元） | 25.00/18.50 | | 市净率 | 2.2 | | 股息率%（分红/股价） | 3.17 | | 流通 A 股市值（百万元） | 67,118 | | 上证指数/深证成指 | 3,461.15/10,534.58 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 9.96 | | 资产负债率% | 29.74 | | 总股本/流通 A 股（百万） | 3,073/3,037 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 07-03 08-03 09-03 10-03 11-03 12-03 01-03 02-0 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][20][6] Core Views - The company's first-quarter net profit reached a historical high, with a revenue of 5.44 billion yuan, representing a year-on-year growth of 20.91% and a net profit of 1.88 billion yuan, up 116.18% year-on-year [1][9] - The profitability is supported by a decrease in expense ratios and a sustained high level of R&D investment, with a gross margin of 46.70% and a net margin of 34.70% in the first quarter [1][9] - The methionine market is experiencing price increases, with the average price in 2024 rising by 14.01% compared to 2023, positively impacting the company's performance [2][11] - The company is expanding its production capacity, with a total methionine capacity expected to reach 460,000 tons per year, positioning it as the third-largest globally [2][16] Financial Performance - The company achieved a net profit of 1.88 billion yuan in Q1 2025, with a year-on-year growth of 116.18% and a slight quarter-on-quarter increase of 0.05% [1][9] - The R&D expense ratio was 4.72%, indicating a commitment to innovation and development [1][9] - The forecasted net profits for 2025-2027 are 6.49 billion, 7.09 billion, and 7.62 billion yuan respectively, with corresponding earnings per share of 2.11, 2.31, and 2.48 yuan [4][20] Market Trends - The prices of vitamins A and E are under pressure, while vitamin D3 prices are on the rise, contributing to the overall performance of the company [3][18] - The methionine market is expected to continue benefiting from rising prices and increased production capacity, supporting the company's growth trajectory [2][16]