天风证券研报指出，金达威主营保健品、辅酶Q10、维生素系列等，2025H1公司营收17.28亿元（同比 +13.5%），归母净利润2.47亿元（同比+90.1%）。保健品市场持续扩容，健康消费需求日益旺盛。短 期来看，公司辅酶Q10稳健增长、保健品品牌多特倍斯国内需求爆发，业绩有望延续25H1高增长；中长 期来看，公司成长路径清晰，一方面预计可依靠合成生物技术平台孵化EPA等高附加值新品（有望复制 辅酶Q10成功路径）、另一方面公司转债募投辅酶Q10改扩建、30000吨阿洛酮糖和5000吨肌醇项目，有 望带来新业绩增长点、再者公司保健品品牌化也在持续推进升级和落地。我们预计25-27年归母净利润 分别为4.4/6.5/7.9亿元，增速分别为29%/47%/22%；参考可比公司汤臣倍健、若羽臣等，给予公司2026 年1.1倍PEG，对应PE为35X，目标市值157亿，对应目标价25.7元，维持"买入"评级。 ...

Group 1 - The company currently offers inositol as its vitamin product and plans to launch additional vitamin and amino acid products in the future [1]

Investment Rating - The investment rating for the company is "Buy" with expectations of a stock price increase of over 15% relative to the industry index in the next six months [5][20]. Core Viewpoints - The company is advancing its "Bio + AI" strategy to build a multi-dimensional product system, which includes amino acids, vitamins, and bio-based new material monomers. This diversification is expected to enhance profitability and growth potential as new products are gradually launched and technical upgrades are completed [9][10][11]. - The company reported a revenue of 1.489 billion yuan in the first half of 2025, a year-on-year increase of 46.54%, while the net profit attributable to the parent company was 115 million yuan, a decrease of 23.26% year-on-year [1][2]. Financial Performance Summary - **Revenue Growth**: The projected revenue for 2025 is 2.617 billion yuan, with a year-on-year growth rate of 20.1%. The revenue is expected to continue growing to 3.098 billion yuan in 2026 and 3.591 billion yuan in 2027 [1][11]. - **Net Profit**: The net profit attributable to the parent company is projected to be 240 million yuan in 2025, recovering to 298 million yuan in 2026 and 381 million yuan in 2027, with corresponding growth rates of 26.6%, 24.3%, and 27.6% respectively [1][11]. - **Profitability Ratios**: The return on equity (ROE) is expected to improve from 7.2% in 2024 to 12.2% in 2027, indicating a recovery in profitability [1][11]. - **Earnings Per Share (EPS)**: The EPS is projected to be 0.96 yuan in 2025, increasing to 1.19 yuan in 2026 and 1.52 yuan in 2027 [1][11]. Cash Flow and Financial Health - The net cash flow from operating activities in the first half of 2025 was 75 million yuan, a decrease of 9.93% year-on-year. The net cash flow from investing activities was -261 million yuan, an increase of 40.91% year-on-year, primarily due to reduced cash payments for fixed assets and intangible assets [3]. - The company’s cash and cash equivalents at the end of the period were 379 million yuan, a decrease of 3.63% year-on-year [3]. Market Conditions and Product Pricing - The overall gross profit margin for the first half of 2025 was 24.11%, a decline of 7.49 percentage points compared to the same period in 2024. This decline is attributed to rising costs of amino acids and vitamins, as well as a decrease in the prices of certain products [2][4]. - The price of L-alanine dropped approximately 42.86% from early 2025 to the end of June 2025, which has exerted pressure on the company's performance [4]. Strategic Initiatives - The company is focusing on enhancing its research and development capabilities, particularly in the integration of AI technology within its operations. This initiative aims to improve production efficiency and product quality, thereby supporting sustainable growth [10].

Market Performance - The new materials sector experienced a decline this week, with the new materials index falling by 0.31%, underperforming the ChiNext index by 2.67% [1][2] - Over the past five trading days, the synthetic biology index decreased by 0.51%, semiconductor materials dropped by 4.74%, and specialty chemicals fell by 1.54%. In contrast, biodegradable plastics saw a slight increase of 0.02%, while industrial gases declined by 1.20%. Battery chemical products surged by 13.36% [1][2] Price Tracking - Amino acids prices showed the following changes: valine at 12,750 CNY/ton (-1.92%), arginine at 22,900 CNY/ton (-1.08%), tryptophan at 39,500 CNY/ton (-4.82%), and methionine at 22,050 CNY/ton (-0.68%) [3] - Prices for biodegradable materials remained stable: PLA (FY201 injection grade) at 17,800 CNY/ton, PLA (REVODE201 blow film grade) at 17,200 CNY/ton, PBS at 17,800 CNY/ton, and PBAT at 9,850 CNY/ton [3] - Vitamin prices were as follows: Vitamin A at 64,000 CNY/ton (unchanged), Vitamin E at 64,500 CNY/ton (-1.53%), Vitamin D3 at 227,500 CNY/ton (unchanged), calcium pantothenate at 40,500 CNY/ton (unchanged), and inositol at 26,000 CNY/ton (unchanged) [3] - Industrial gases and wet electronic chemicals prices remained unchanged: UPSSS grade hydrofluoric acid at 11,000 CNY/ton and EL grade hydrofluoric acid at 5,600 CNY/ton [3] - In the plastics and fibers category, carbon fiber remained at 83,750 CNY/ton (unchanged), polyester industrial yarn at 8,500 CNY/ton (-2.30%), and aramid at 102,700 CNY/ton (+17.62%). The export average price for polyester tire cord fabric in July was 16,353 CNY/ton (-0.61%) [3] Investment Opportunities - The DAC project has been included in Shanghai's 2025 key technology research and development plan, highlighting opportunities in domestic DAC adsorbents and equipment [4] - The recognition and strong support from various government levels for DAC technology mark a significant milestone in addressing climate change and promoting green energy development [5] - The establishment of a thousand-ton demonstration project will provide valuable engineering data and operational experience for future commercial projects, potentially enhancing DAC product performance and reducing capture costs [5] - Companies to watch for key adsorbent materials and related equipment include Blue Sky Technology, Jianlong Micro-Nano, Xizhuang Co., China Energy Construction, GCL-Poly, and United Water [5]

Core Viewpoint - The company has announced a delay in the "Malic Acid Co-production Tryptophan Project," extending the expected operational date from 2025 to October 2026 due to project implementation and investment progress considerations [5][6][7]. Fundraising and Investment Project Overview - The company raised approximately RMB 699.99 million through a private placement of 21,122,510 shares at RMB 33.14 per share, with net proceeds after expenses amounting to RMB 683.81 million [1][2]. - The total planned investment for the projects was adjusted from RMB 700 million to RMB 683.81 million, with specific allocations for projects detailed in a table [2][3]. Fund Usage and Project Status - As of June 30, 2025, the company has fully utilized the raised funds for the "Succinic Acid Co-production Valine/Inositol Project" and the "Malic Acid Co-production Tryptophan Project," with investment ratios exceeding 100% for both projects [4]. - The company has established a special account for the management of the raised funds, ensuring compliance with regulatory requirements [2][3]. Delay Reasons and Impact - The delay in the "Malic Acid Co-production Tryptophan Project" is based on the need for technical upgrades to production equipment and alignment with market demand [5][6]. - The company asserts that the delay will not affect the project's investment direction, implementation entity, or method, and it does not pose any risk to shareholder interests [6][7]. Approval and Compliance - The board of directors and the supervisory board have approved the delay, and the decision complies with relevant regulations and internal governance [7][8].

Core Viewpoint - The company has decided to postpone the completion date of the "Apple Acid Co-production Tryptophan Project" from 2025 to October 2026 due to actual construction progress and investment considerations [5][6][7]. Fundraising and Investment Project Overview - The company has successfully raised a net amount of RMB 683.81 million after deducting issuance costs of RMB 16.19 million, with all funds received by October 21, 2024 [1][2]. - The adjusted fundraising allocation for investment projects totals RMB 683.81 million, down from an initial plan of RMB 700 million [2][3]. Fund Usage and Project Status - As of June 30, 2025, the company has fully utilized the raised funds for the "Apple Acid Co-production Tryptophan Project" and the "Succinic Acid Co-production Valine/Inositol Project," with investment ratios exceeding 100% for both projects [5][6]. - The company has established a special account for the management of raised funds, ensuring compliance with regulatory requirements [2][3]. Delay Details - The postponement of the "Apple Acid Co-production Tryptophan Project" is based on market demand and technical upgrades to production equipment, with no changes to the project's investment direction or implementation [6][7]. - The company has confirmed that the delay will not adversely affect the normal operation of the company or the interests of shareholders, particularly minority investors [8]. Approval and Oversight - The decision to postpone the project has been approved by the company's board and supervisory committee, adhering to necessary regulatory procedures [8][9]. - The sponsor institution has conducted a thorough review and supports the decision, confirming that it aligns with relevant laws and regulations [8][9].

Investment Rating - The report maintains a "Buy" rating for the company [9][12]. Core Views - The company reported a revenue of 1.49 billion yuan for the first half of 2025, representing a year-on-year increase of 46.5%. However, the net profit attributable to shareholders decreased by 23.3% to 110 million yuan [2][6]. - In Q2 2025, the company achieved a revenue of 800 million yuan, which is a 55.6% increase year-on-year and a 16.7% increase quarter-on-quarter. The net profit for the same quarter was 60 million yuan, reflecting a year-on-year increase of 1.0% and a quarter-on-quarter increase of 24.9% [2][6]. - The company is focusing on optimizing product resource allocation and enhancing profitability through investments in bio-based new materials, particularly 1,3-propanediol [12][12]. - The company is advancing its projects systematically, with ongoing developments in various production facilities aimed at increasing output for products like tryptophan and L-valine [12][12]. - The company is leveraging AI technology in its research and development processes to enhance operational efficiency and product development [12][12]. - The company is recognized as a leading player in the bio-manufacturing sector, with high technical barriers for its products, and future growth in new product volumes is anticipated [12][12]. Financial Summary - The company expects net profits attributable to shareholders to reach 280 million yuan, 380 million yuan, and 640 million yuan for the years 2025, 2026, and 2027, respectively [12][12]. - The gross margin for Q2 2025 was reported at 23.9%, a decrease of 5.7 percentage points year-on-year and a decrease of 0.4 percentage points quarter-on-quarter [12][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [6][19]. Core Insights - The company achieved impressive performance in H1 2025, with revenue of 1.728 billion yuan, a year-on-year increase of 13.46%, and a net profit attributable to shareholders of 247 million yuan, up 90.12% year-on-year [1][2]. - The company is the largest global producer of Coenzyme Q10, holding a market share of approximately 50%, and is expanding its production capacity through a convertible bond issuance plan to raise up to 1.292 billion yuan [4][5]. - The company is focusing on enhancing its product matrix and expanding its market presence, particularly in the domestic e-commerce sector, where sales have shown significant growth [2][4]. Financial Performance Summary - Revenue projections for 2025-2027 are 3.751 billion yuan, 4.379 billion yuan, and 4.988 billion yuan, with year-on-year growth rates of 15.8%, 16.7%, and 13.9% respectively [1][10]. - Net profit attributable to shareholders is expected to reach 505 million yuan, 690 million yuan, and 859 million yuan for the same period, with growth rates of 47.5%, 36.8%, and 24.4% respectively [1][10]. - The company's gross margin and net profit margin for H1 2025 were 40.45% and 14.31%, reflecting year-on-year increases of 3.42 and 5.77 percentage points [3]. Product and Market Development - The company has seen a significant recovery in its Vitamin A business, with revenue from this segment increasing by 213.06% year-on-year [2]. - The company is actively expanding its product offerings, including the construction of a new fermentation workshop for Coenzyme Q10 and the development of Allulose and Inositol products, which are expected to benefit from global health trends [4]. Investment Recommendations - The report forecasts that the company will achieve revenue of 3.751 billion yuan in 2025, with a corresponding P/E ratio of 24.8, maintaining the "Buy" rating [10].

Group 1 - The company reported a revenue of 1.489 billion yuan for the first half of 2025, representing a year-on-year increase of 47%, while the net profit attributable to shareholders decreased by 23% to 115 million yuan [1] - In Q2 2025, the company achieved a revenue of 802 million yuan, up 56% year-on-year, with a net profit of 64 million yuan, reflecting a slight increase of 1% [1] - The amino acids and vitamins segment generated revenues of 1.057 billion yuan and 80 million yuan respectively in H1 2025, with year-on-year growth of 42% and a decline of 5% [1] Group 2 - The company is investing 390 million yuan to establish an AI-driven bio-manufacturing R&D and pilot demonstration base, aiming to integrate AI technology into synthetic biology and operational management [2] - The "bio + AI" strategy will enhance the company's capabilities by combining self-cultivated strains, reliable process scaling systems, and large-scale production capacity [2] - The company anticipates steady growth in performance as the production capacity of amino acids and bio-based new materials is gradually released [1][2] Group 3 - The projected net profit attributable to shareholders for 2025-2027 is estimated to be 270 million yuan, 380 million yuan, and 450 million yuan respectively [3]

Core Viewpoint - The issuance of "Jinwei Convertible Bonds" has a remarkably low subscription rate of 0.0024%, making it one of the most difficult bonds to acquire this year. The bond issuance is part of the company's expansion plan, but it is overshadowed by declining profit margins and increasing debt levels [1][2]. Fundraising and Strategic Expansion - Jinwei raised 1.292 billion yuan through the issuance of convertible bonds, marking its largest refinancing move in recent years. The high proportion of preferential allocation to existing shareholders (83.49%) indicates strong confidence from major shareholders, while also serving to protect their control [2][3]. - Approximately 60% of the raised funds will be directed towards specific construction projects, with a significant focus on expanding the production capacity of its flagship product, coenzyme Q10, and investing over 460 million yuan in new product areas such as allulose and inositol [2][3]. Financial Performance and Concerns - In the first half of 2025, Jinwei reported a revenue of 1.728 billion yuan, a year-on-year increase of 13.46%, and a net profit of 247 million yuan, up 90.12% [5]. - Despite the apparent growth, the company faces challenges regarding the quality of its earnings and assets, with a notable decline in the profitability of its core products [6][7]. - The gross margin of coenzyme Q10 has decreased from 77.57% in 2020 to 48.2% in 2024, indicating a loss of competitive advantage [10][13]. Debt and Cash Flow Issues - Jinwei's total liabilities reached 2.303 billion yuan in the first quarter of this year, a significant year-on-year increase of 48.74%. The company has experienced rapid debt growth for two consecutive years [14][15]. - The company has seen a sharp rise in short-term debt, with short-term borrowings increasing from 58 million yuan in 2023 to 661 million yuan in the first half of this year, reflecting a 252% increase [14][15]. - Cash flow from investment activities has been negative for four consecutive years, totaling 1.307 billion yuan, indicating financial strain due to aggressive expansion strategies [16]. Market Risks and Strategic Challenges - Jinwei's expansion into unfamiliar product areas such as allulose and inositol poses significant risks, as the company has not previously marketed these products [4]. - The sweetener market is highly competitive, and Jinwei's ability to capture market share as a latecomer remains uncertain, raising concerns about the synergy with its core business [4]. - The company has accumulated goodwill of 515 million yuan, which constitutes 11.9% of its net assets, primarily from acquisitions of overseas brands. However, there are risks of goodwill impairment if these acquisitions do not meet performance expectations [18][19]. Currency and Economic Exposure - Jinwei's overseas revenue reached 2.566 billion yuan in 2024, accounting for 79.2% of total revenue, making it vulnerable to currency fluctuations, particularly with the depreciation of the US dollar against the yuan [22]. - The company has benefited from foreign exchange gains in recent years, but potential shifts in currency trends could lead to losses, impacting overall profitability [22].