以科技创新为核心 全力推动企业自身发展 为全面贯彻落实"十四五"规划纲要中"增强农业综合生产能力、深化农业结构调整"的要求，安迪苏 围绕产能布局优化、科技创新驱动、智慧农业转型与ESG发展四大方向精准发力，全面融入农业现代化 进程。 图为安迪苏南京液体蛋氨酸工厂 在提升农业综合生产能力方面，安迪苏持续发挥在食品供应链安全稳定中的引领作用，积极推动农 业供给侧结构性改革。蛋氨酸是动物体内参与蛋白质合成和代谢调节的必需氨基酸，对动物的生长发育 具有关键作用，已成为提高饲料品质和动物健康水平的核心添加剂。作为全球少数同时具备液体和固体 蛋氨酸生产能力的企业，安迪苏凭借高品质产品显著提升饲料利用率，优化农业供给效率，助力养殖业 降本增效。 围绕农业结构调整，安迪苏以科技创新为核心驱动力，积极践行"大食物观"，助力构建多元化食物 供给体系。公司依托南京研发创新中心，打造动物营养领域的原创技术策源地，推动传统农业与新质生 产力深度融合。其创新营养解决方案已广泛应用于牛、羊、鸡、猪、虾等所有养殖业动物的饲料与养殖 环节，从源头提升了饲料转化率和动物生产水平，助力客户实现经济效益与环境效益的双赢。 中国上市公司协会联合新华网 ...

东吴证券晨会纪要 东吴证券晨会纪要 2025-10-09 证券研究报告 宏观策略 [Table_MacroStrategy] 宏观量化经济指数周报 20250928：9 月以来基建实物工作量边际回暖 预计货币政策或延续 9 月 26 日二次操作 14 天期逆回购的"滴灌呵护" 基调，适时呵护资金面以平抑季节性因素的影响 海外周报 20250928：国庆假期海外市场前瞻 固收周报 20250928：新能源转债配置空间再思考 建议持续关注平衡性风光储转债标的配置窗口。 固收点评 20250928：二级资本债周度数据跟踪（20250922-20250926） 一级市场发行情况：本周（20250922-20250926）银行间市场及交易所市 场无新发行二级资本债。二级市场成交情况：本周（20250922-20250926） 二级资本债周成交量合计约 2299 亿元，较上周增加 521 亿元。 固收点评 20250927：绿色债券周度数据跟踪（20250922-20250926） 一级市场发行情况：本周（20250922-20250926）银行间市场及交易所市 场共新发行绿色债券 23 只，合计发行规模约 309.74 ...

公 司 研 究 / 基 础 化 工 / 证 券 研 究 报 告 新和成（002001）财报点评 Q2 维生素价格环比下降，蛋氨酸项目 投入试运行 2025 年 09 月 30 日 【投资要点】 挖掘价值 投资成长 增持（维持） 东方财富证券研究所 证券分析师：张志扬 证书编号：S1160524100006 证券分析师：梅宇鑫 证书编号：S1160525020002 相对指数表现 -20% -12% -4% 4% 12% 20% 2024/9 2025/3 2025/9 新和成 沪深300 | 基本数据 | | | --- | --- | | 总市值（百万元） | 72,993.76 | | 流通市值（百万元） | 72,125.47 | | 52 周最高/最低（元） | 25.19/19.55 | | 52 周最高/最低（PE） | 13.19/10.24 | | 52 周最高/最低（PB） | 2.64/2.05 | | 52 周涨幅（%） | 21.48 | | 52 周换手率（%） | 51.74 | 注：数据更新日期截止 2025 年 09 月 29 日 相关研究 《公司产品量价齐升，2024 年保持 ...

Financial Performance - In the first half of 2025, the company achieved a revenue of 11.101 billion yuan, a year-on-year increase of 12.76% [1] - The net profit attributable to shareholders was 3.603 billion yuan, reflecting a significant year-on-year growth of 63.46% [1] - For Q2 2025, the company reported a revenue of 5.661 billion yuan, up 5.89% year-on-year and 4.07% quarter-on-quarter [1] - The net profit for Q2 2025 was 1.723 billion yuan, showing a year-on-year increase of 29.12% but a quarter-on-quarter decrease of 8.32% [1] Product Development and Market Expansion - The company is actively promoting new products such as HA series and tryptophan while maintaining its market advantage in existing products [2] - The liquid methionine project in partnership with Sinopec is in trial production, and the Tianjin nylon new materials project has completed compliance approvals [2] - Other technical upgrades and management improvement projects are progressing steadily, with new project planning being conducted in an orderly manner [2] Pricing and Market Trends - Prices for major products showed a mixed trend, with some prices decreasing quarter-on-quarter while others increased year-on-year [3] - The average prices for vitamins A, E, D3, C, and methionine in Q2 2025 were 73.67, 104.38, 237.15, 21.04, and 22.27 yuan/kg, respectively [3] - The nutrition products segment generated a revenue of 7.200 billion yuan in H1 2025, a year-on-year increase of 7.78%, with a gross margin of 47.79%, up 11.93 percentage points year-on-year [3] Future Outlook - The company is a leading player in the domestic market for vitamins A, E, and methionine, with the methionine project expected to gradually contribute to profits [4] - Revenue forecasts for 2025-2027 are projected at 23.938 billion, 26.136 billion, and 28.785 billion yuan, with net profits of 6.741 billion, 7.139 billion, and 7.641 billion yuan, respectively [4] - The price-to-earnings ratios for 2025-2027 are estimated to be 10.83, 10.23, and 9.55 times, maintaining a "buy" rating [4]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment opportunities [3]. Core Views - The company is a global leader in the methionine industry, with a robust development in specialty products. The forecasted net profit for 2025-2027 is expected to be 1.6 billion, 1.7 billion, and 2.1 billion yuan respectively, with growth rates of 29%, 11%, and 20% [3]. - The company is currently undervalued, with a reasonable valuation range for 2025 estimated between 27.6 billion and 29.1 billion yuan, and for 2026 between 30.3 billion and 33.2 billion yuan [3]. Summary by Sections Company Overview - The company is a leading global producer of animal nutrition additives, with production bases in Europe, the USA, China, and Thailand. Its main products include methionine, vitamins, and specialty products [9][15]. - The company has a strong backing from state-owned enterprises, enhancing its market position and credibility [15][22]. Methionine Market Dynamics - The methionine industry is characterized by high barriers to entry and strong demand growth. The global supply is stable, with limited new capacity expected, leading to a favorable supply-demand balance [9][15]. - The company is one of the few manufacturers capable of producing both solid and liquid methionine, with significant production capacities in both forms [9][32]. Specialty Products Development - Specialty products represent the company's second major business pillar, with a diverse product matrix that includes hundreds of products. The gross margin for specialty products is approximately 41% [9][37]. - The company is actively expanding its specialty product offerings through product localization, new product launches, and acquisitions [9][37]. Financial Performance and Forecast - The company's total revenue is projected to grow from 13.18 billion yuan in 2023 to 19.94 billion yuan in 2027, with a compound annual growth rate (CAGR) of 13.65% [3]. - The net profit is expected to rebound significantly in 2024, reaching approximately 1.2 billion yuan, driven by rising methionine prices and increased sales volumes [3][37]. Valuation and Investment Potential - The report highlights that the company's current valuation is low compared to its growth potential, with a projected P/E ratio decreasing from 20.96 in 2024 to 12.10 in 2027 [3]. - The company is well-positioned to capitalize on the growing demand for methionine and specialty products, making it an attractive investment opportunity [3].

Group 1 - The core viewpoint of the article highlights the reasons behind the stock surge of Hebang Biotechnology, including its strategic shift towards mineral resources, strong performance in methionine business, and successful convertible bond issuance [1] Group 2 - The company is transitioning from traditional chemicals to a dual-driven model of "chemicals + resources," having acquired 40 mining rights, including 22 lithium exploration rights, which is expected to contribute to future profit growth [1] - The methionine business has shown impressive performance with a year-on-year sales increase of 72.58%, maintaining high sales prices, which positively impacts the overall company performance [1] - The successful issuance of 4.6 billion yuan in convertible bonds provides sufficient funding for the annual production of 500,000 tons of glyphosate, supporting the company's business development [1] - The chemical sector has seen active performance from certain stocks, with Hebang Biotechnology experiencing capital inflow in its specific sub-sector [1] - Technical indicators, such as the MACD showing a golden cross, suggest a positive short-term technical outlook, attracting technical investors [1]

本周（09.15-09.21）国际油价小幅下跌，WTI原油期货价格收于62.68美元/桶，收盘价周跌幅0.02%布伦 特原油期货价格收于66.68美元/桶，收盘价周跌幅0.46%。宏观方面，美国总统特朗普近日加码施压俄 罗斯，呼吁北约停止购买俄罗斯石油；美国计划敦促七国集团盟友就印度购买俄罗斯石油问题，对印度 征收高达100%的关税。供应方面，根据EIA数据，截至9月12日当周，美国原油日均产量1,348.2万桶， 较前一周日均产量减少1.3万桶，较去年同期日均产量增加28.2万桶。需求方面，EIA数据显示，截至9 月12日当周，美国石油需求总量日均2,063.7万桶，较前一周增加85.6万桶，其中美国汽油日均需求量 881.0万桶，较前一周增加30.2万桶。库存方面，EIA数据显示，截至9月12日当周，包括战略储备在内 的美国原油库存总量82,110万桶，较前一周减少880万桶。展望后市，短期内国际油价面临关税政策与 OPEC+增产的压力，但地缘风险溢价、OPEC+的干预能力以及全球需求韧性有望支撑油价底部；另一 方面，宏观层面的不确定性或将加大油价的波动水平。本周NYMEX天然气期货收于2.92美元/mm ...

Core Viewpoint - The chemical industry is experiencing mixed price movements, with 33 products increasing in price, 31 decreasing, and 36 remaining stable during the week of September 15-21. The report highlights the impact of various macroeconomic factors on the industry, including oil prices and supply-demand dynamics [1][3][4]. Chemical Industry Overview - During the week of September 15-21, 40% of tracked chemical products saw a month-on-month price increase, while 47% experienced a decrease, and 13% remained stable [1][3]. - The top gainers in average weekly prices included acetic acid (East China), NYMEX natural gas, sulfur (CFR China spot price), calcium carbide (East China), and trichloroethylene (East China) [3]. - The top losers in average weekly prices were vitamin E, nitric acid (East China), epoxy chloropropane (East China), dichloromethane (East China), and polyester FDY (East China) [3]. Oil Market Dynamics - International oil prices saw a slight decline, with WTI crude oil futures closing at $62.68 per barrel (down 0.02%) and Brent crude oil futures at $66.68 per barrel (down 0.46%) [4]. - U.S. crude oil production averaged 13.482 million barrels per day, a decrease of 13,000 barrels from the previous week but an increase of 282,000 barrels year-on-year [4]. - U.S. oil demand totaled 20.637 million barrels per day, an increase of 856,000 barrels from the previous week, with gasoline demand at 8.810 million barrels per day, up 302,000 barrels [4]. Fertilizer Market Insights - Urea prices decreased, with the average market price on September 19 at 1,675 yuan per ton, down 0.95% week-on-week and 11.70% year-on-year [6]. - The average daily production of urea was 193,300 tons, an increase of approximately 5,700 tons week-on-week [6]. - The average operating load of compound fertilizer was 40.78%, showing a slight increase of 1.42 percentage points from the previous week [6]. Investment Recommendations - The SW basic chemical sector's price-to-earnings ratio (TTM) is at 25.29 times, in the 75.31% historical percentile, while the price-to-book ratio is at 2.21 times, in the 52.99% historical percentile [8]. - The SW oil and petrochemical sector's price-to-earnings ratio (TTM) is at 11.50 times, in the 23.70% historical percentile, and the price-to-book ratio is at 1.14 times, in the 19.28% historical percentile [8]. - Key investment themes include the resilience of oil prices, the growth potential in new materials, and the recovery of demand supported by policy measures [9].

Investment Rating - The report rates the chemical industry as "Outperform the Market" [2] Core Views - The report highlights the impact of "anti-involution" on the supply side of related sub-industries, the increasing importance of self-controllable electronic materials companies, undervalued industry leaders, and energy companies with stable dividend policies [2][10] - It suggests that the oil price is expected to remain at a medium to high level, with continued high prosperity in the oil and gas extraction sector, and emphasizes the growth potential in new materials, particularly in electronic materials and renewable energy materials [10] Industry Dynamics - As of September 21, 2025, among 100 tracked chemical products, 33 saw price increases, 31 saw decreases, and 36 remained stable. 40% of products had month-on-month average price increases, while 47% saw declines [9] - International oil prices experienced slight declines, with WTI crude oil futures closing at $62.68 per barrel, down 0.02%, and Brent crude oil futures at $66.68 per barrel, down 0.46% [9][10] - Urea prices decreased, with the domestic average price at 1,675 RMB per ton, down 0.95% week-on-week and 11.70% year-on-year [10] - Methionine prices also fell, with the domestic average at 21.65 RMB per kilogram, down 0.69% week-on-week but up 5.71% year-on-year [10] Investment Recommendations - The report recommends focusing on the following areas: 1. The impact of "anti-involution" on supply in related sub-industries 2. Electronic materials companies in the context of increasing self-control 3. Undervalued industry leaders 4. Energy companies with stable dividend policies [10] - Long-term investment themes include the sustained high prosperity of the oil and gas extraction sector, rapid development in downstream industries, and the potential for recovery in demand supported by policy [10] - Recommended companies include China Petroleum, China National Offshore Oil Corporation, China Petrochemical Corporation, and various technology and chemical firms [10]

Investment Rating - The investment rating for the company is "Buy" with a target of outperforming the industry index by more than 15% over the next six months [5]. Core Views - The company has shown significant growth in sales of methionine and vitamin products in the first half of 2025, indicating a strong long-term development potential [1][4]. - The company's financial performance is supported by a substantial increase in sales volume, particularly in the methionine segment, which has benefited from rising market penetration of liquid methionine products [4][11]. - The company is focusing on a "dual pillar strategy" to strengthen its leadership in the methionine industry while expanding its high-value specialty products [9][10]. Financial Summary - For the first half of 2025, the company reported a revenue of 8.512 billion yuan, a year-on-year increase of 17.23%, and a net profit attributable to shareholders of 740 million yuan, up 21.82% year-on-year [1]. - The projected revenue for 2025 is 17.288 billion yuan, with a net profit of 1.714 billion yuan, reflecting a year-on-year growth of 42.3% [11]. - The company's gross profit margin for the first half of 2025 was 28.41%, slightly down from the previous year, but the net profit margin improved to 8.71% [2][3]. Operational Performance - The company's cash flow from operating activities increased by 17.82% year-on-year, reaching 1.45 billion yuan in the first half of 2025 [3]. - The accounts receivable turnover ratio improved from 3.93 times in 2024 to 4.20 times in 2025, indicating better efficiency in collecting receivables [3]. - The inventory turnover ratio decreased from 2.52 times in 2024 to 2.37 times in 2025, suggesting a potential area for improvement in inventory management [3]. Market Position and Strategy - The company is enhancing its production capacity for solid methionine and expanding its liquid methionine production in Europe, with plans for full operation by the end of 2025 [9]. - The specialty products segment is diversified, with a strong focus on ruminant products, which account for over 50% of market share, and enzyme preparations aimed at improving feed digestibility [10]. - The company plans to accelerate local production capacity in China and Spain, integrating recent acquisitions to enrich its product matrix [10].