研報掘金丨華泰證券:維持新和成“增持”評級,目標價23.65元
華泰證券研報指出,新和成25H1淨利預增,蛋氨酸景氣有望維持。25H1公司主產品維生素A/維生素E/固體蛋氨酸市場均價為9.2/11.9/2.2 萬元/噸,同比+9%/+77%/0%,主要系24Q2 以來,維生素行業由於國內外供應不穩定等因素,價格迎來一輪顯著上行。今年維生素需求淡季影響下價格走弱,蛋氨酸供給端受限下有所升價。認為在供給格局較好、下游養殖盈利有所改善,以及美國關税豁免下,蛋氨酸等產品高盈利有望維持,助力公司業績穩步發展。結合可比公司25年平均13倍的Wind一致預期PE,考慮公司部分項目仍處於早期階段且部分產品價格近期有所下跌,給予公司25年11倍PE估值,維持目標價23.65元,維持“增持”評級。
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