研報掘金丨太平洋證券:維持安迪蘇“增持”評級,蛋氨酸量價齊升與特種產品韌性凸顯
太平洋證券研報指出,安迪蘇(600299.SH)2024年歸母淨利潤12.04億元,同比激增2208.66%。液體與固體蛋氨酸銷量雙雙創歷史新高,推動該業務營收增長24%。在奶業市場承壓背景下,公司突破性推出酶製劑複合包,提升下遊養殖效率,歐洲、亞太市場銷量增速超20%,特種產品業務整體實現4%的營收增長,毛利率提升至42.67%。公司運營效率提升,全年縮減經常性成本1.79億元,疊加研發與產能投入的有效對衝,淨利率從0.4%躍升至7.76%,降本增效成果顯著。產能擴張與全球化協同並進。泉州15萬噸固體蛋氨酸工廠預計2027年投產,爲中長期增長奠定基礎。公司是全球蛋氨酸行業龍頭企業,特種產品多元佈局形成公司業務的第二支柱並持續成長。維持“增持”評級。
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