Investment Rating - The investment rating for the company is "Buy" [1][7] Core Insights - The company reported a decline in revenue but a significant increase in net profit due to volume growth and cost reductions [2][3] - The animal nutrition amino acid segment showed stable performance with improved gross margins despite challenges in the market [4] - New projects and international expansion strategies are being actively pursued, contributing to future growth [5][6] Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 6.269 billion yuan, a year-on-year decrease of 3.36%, while net profit attributable to shareholders was 1.019 billion yuan, up 35.52% year-on-year [2][3] - The decline in revenue was primarily due to lower sales prices of key products despite volume growth [3] Cost and Margin Analysis - The animal nutrition amino acid segment experienced a 5.65% increase in sales volume, with revenue remaining stable and gross margin improving by 7.43 percentage points to 19.65% [4] - The decrease in raw material costs, particularly corn, contributed to the improved margins [4] Project Development and International Strategy - The company invested approximately 2 billion yuan in new projects in 2024, with several projects reaching production [5] - An agreement was signed to acquire assets from a fermentation company, enhancing the company's international presence and product offerings [5][6] Earnings Forecast and Valuation - Revenue forecasts for 2025 and 2026 have been adjusted downwards to 27.739 billion yuan and 30.075 billion yuan, respectively, with net profit estimates also revised [6][7] - The projected earnings per share for 2025 is 1.10 yuan, with a price-to-earnings ratio of 10 times [7]

盈利预测与估值：我们预测公司25-27 年实现营业收入272.3、299.1、308.1 亿元，同比+8.6%、+9.8%、 +3.0%；实现归母净利润30.4、33.4、36.1 亿元，同比+10.9%、+10.0%、+8.0%，对应PE 分别为10、 9、9 倍，维持"强烈推荐"评级。 风险提示：豆粕价格大幅波动；原材料成本上涨；产品价格波动等 关税摩擦背景下公司业绩有望有益于豆粕涨价预期。中国大豆严重依赖进口，其中进口自美国大豆占比 约为21%，随着中美关税摩擦升温可能导致国内大豆价格上涨进而利多豆粕价格。同时，随着国家豆粕 减量替代工作推进，豆粕价格上涨有望加速替代进程，促进氨基酸产品需求增长。并且公司大原料副产 品业务利润跟随豆粕和玉米价格，因此豆粕价格上涨有利于公司业绩释放。 持续推进分红+回购，公司兼具防御属性。2024 年度公司计划实施现金分红和回购金额合计22.7 亿元， 占年度归属于上市公司股东净利润的比例82.84%。公司持续推进回购措施，截至2025 年3 月底，公司 通过集中竞价交易方式回购股份3571 万股，占公司总股本的1.25%，支付总额为3.52 亿元。 事件：公司发布202 ...

2025年全球脯氨酸行业市场规模约5.6亿美元 中国市 场占据重要地位[图] 共研产业研究院通过对公开信息分析、业内资深人士和相关企业高管的深度访谈，以及分析师专业性判断 和评价撰写了《2025-2031年中国脯氨酸市场调查与投资潜力分析报告》。本报告为脯氨酸企业决策人及投 资者提供了重要参考依据。 为确保脯氨酸行业数据精准性以及内容的可参考价值，共研产业研究院团队通过上市公司年报、厂家调 研、经销商座谈、专家验证等多渠道开展数据采集工作，并运用共研自主建立的产业分析模型，结合市 场、行业和厂商进行深度剖析，能够反映当前市场现状、热点、动态及未来趋势，使从业者能够从多种维 度、多个侧面综合了解当前脯氨酸行业的发展态势。 脯氨酸是一种环状的亚氨基酸，它是蛋白质的组成成分之一，也是哺乳动物的非必需氨基酸和生糖氨基 酸。脯氨酸作为一种重要的氨基酸，在生物体内具有多种生物学功能和代谢途径。它在蛋白质结构、代谢 调节以及疾病治疗等方面都发挥着重要作用。 脯氨酸生物功能 | 脯氨酸在肽链中有 | 它可以作为蛋白质 | 脯氨酸生物功能 脯氨酸可以通过脯 氨酸羟化酶的作用 | 脯氨酸还可以作为 | | | --- | --- ...