25H1归母净利润同比增长72.1%，受益于新增产能释放

25H1归母净利润同比增长72.1%，受益于新增产能释放25H1Profit +72.1%YoY &Release of new production capacity 最新动态 ➢2025H1归母净利润同比增长72.1%。25H1，公司取得收入139.60亿元，同比增加4.4%；归母净利润17.92亿元，同比增加72.1%。25H1，公司收入增加主要由于动物营养分部收入增长所致。公司归母净利润增加主要由于：（1）产品（包括味精、苏氨酸及赖氨酸）销量增加及主要原材料（包括玉米及煤）成本下降导致毛利增加，从而增加股东应占溢利；及(2)收到新疆梅花及梅花生物赔偿人民币2.33亿元。 ➢新增产能释放。25H1，1）40万吨的味精新增产能已在25H1全面投产。2）苏氨酸销量增加反映市场已消化公司于2024年投产的2万吨苏氨酸新增产能。3）赖氨酸销量增加反映市场已消化公司于2024年投产的10万吨苏氨酸新增产能。 ➢国际化进程取得突破。公司位于哈萨克斯坦的首个海外生产基地已于25H1动工。公司在哈萨克斯坦斯坦发展的第一阶段投资目标约为3.50亿美元。公司计划于发展的第一阶段制造及销售动物营养及高档氨基酸产品。 动向解读 ➢产品价格承压。1）25H1，食品和饮料市场对味精的需求持续低迷，且下游客户需求仍然疲弱，导致味精价格在低水平徘徊。根据卓创信息的数据，25H1味精的平均价格为每吨约人民币7180元，同比减少9.1%。2）黄原胶的价格自2024年起逐渐回落至相对合理水平，且25H1市场上出现新产量亦进一步对黄原胶的价格造成压力。根据卓创信息的数据，25H1的黄原胶的平均价格同比下跌13.7%至每吨约人民币21990元。3）受惠于海外需求增加，使苏氨酸和98%赖氨酸的价格自2024H2逐渐上升。然而，由于苏氨酸及98%赖氨酸的分部尚未整合，市场上不断出现新产能，对价格造成压力。苏氨酸及98%赖氨酸于25H1的价格未能延续上升趋势，并回落至2024H1的水平。 ➢原材料及能源成本有所下降。25H1，玉米颗粒占总生产成本约54.9%（24H1：58.2%）。25H1玉米颗粒平均价格（主要原材料成本）为每吨约人民币1780元，同比减少14.3%。25H1，玉米颗粒的总成本下降1.7%，乃由于玉米平均价格同比有所下跌。煤炭成本为主要的能源成本。25H1，煤炭占总生产成本约16.0%（24H1：16.6%）。25H1，煤炭平均单位成本为每吨约人民币349元，同比下跌10.3%。集团的主要生产基地有其自身的发电厂，通过直接自签订长期合约的当地煤矿中采购煤炭，尽享该等地区低成本煤炭之利，以保证公司的煤炭供应量。 策略建议 ➢盈利预测。我们预计公司2025-2027年归母净利润分别为30.39亿元、33.50亿元和36.47亿元。考虑到同行业可比公司估值，我们给予公司2025年8.5倍PE，对应目标价为10.29元，按港币兑人民币汇率为0.91计算，对应目标价为11.30港元，给予为“买入”评级。 风险提示 产品价格波动的风险、原材料价格波动的风险。 What’s New ➢The net profit increased by 72.1%YoYin 2025H1.In25H1, the company achieved a revenue of 13.96 billionyuan(+4.4%YoY); The net profit was 1.792 billion yuan(+72.1%YoY).In25H1, the increase in companyrevenue is mainly due to the growth in revenue of the animal nutrition division. The increase in net profitattributable to the parent company is mainly due to: (1) an increase in salesof products (including monosodiumglutamate, threonine, and lysine) and a decrease in the cost of major raw materials (including corn and coal),resulting in an increase in gross profit, thereby increasing the profit attributable to shareholders; And (2) receivedcompensation of RMB 233 million from Xinjiang Meihua andMeiHua Holdings Group. ➢Release of new production capacity.In 2025H1, the newly added production capacity of 400,000 tonnesofmonosodium glutamate was fully operational. The increase in methionine sales reflects the market's acceptanceof the company's additional 20,000-tonne methionine production capacity, which is scheduled for completion in2024. Similarly, the increase inlysine sales indicates that the market has accepted the company's additionalproduction capacity of 100,000 tonnes of methionine, which is scheduled for completion in 2024. ➢Breakthroughs have beenmade in the internationalization process.The company's first overseasproduction base in Kazakhstan started construction in 25H1. The investment target for the first phase ofKazakhstan's development is approximatelyUSD350 million.The companyplansto manufacture and sellanimal nutrition and high-end amino acid products in the first stage of development. What’s Different ➢Product prices are under pressure.In 2023H1, demand for monosodium glutamate in the food and beveragemarket remained sluggish, resulting in weak downstream customer demand and prices for monosodiumglutamate remaining low. According toSublime China, the average 25H1 monosodium glutamate price wasaround RMB 7180 per tonne(-9.1%YoY). Since 2024, the price of xanthan gum has gradually fallen back to arelatively reasonable level, and new production in the 25H1 market has further put pressure on its price.According toSublime China, the average xanthan gum pricein 25H1decreased by 13.7% year on year toapproximately RMB 21,990 per tonne. Due to increased overseas demand, methionine and 98% lysine priceswill gradually rise from 2024H2. However, due to a lack of integration between methionine and 98% lysinedivisions, new production capacity continues to emerge in the market, putting pressure on prices. Prices ofmethionine and 98% lysine failed to continue their upward trend in 2024H1, falling back to the level seen in2024H1. ➢The cost of raw materials and energy has decreased.In 25H1, corn kernels accounted for around 54.9% ofthe total production cost (compared to 58.2% in 24H1). The average price of corn kernels in 25H1 was aboutRMB 1,780 per tonne(-14.3%YoY). In 25H1, the total cost of corn kernels decreased by 1.7%, primarily due toa year-on-year decrease in the average corn price. Coal costs represent the main energy cost. In 25H1, coalaccounted for approximately 16.0% of the total production cost (In24H1,16.6%). In 25H1, the average unit costof coal was approximately RMB 349 per tonne, representing a year-on-year decrease of 10.3%. The group'smain production base has its own power plant which purchases coal directly from local mines with which it hassigned long-term contracts. This ensures a steady supply of low-cost coal. Action ➢Profit forecast.Weexpectthat the company's net profitin 2025-2027will be3.039billion yuan,3.350billionyuan, and 3.647billion yuan. Considering the valuation of comparable companies in t