主要产品涨价，Q3 公司盈利能力同比显著提升据博亚和讯，24Q3 VB1、VB6、叶酸、生物素均价分别为196、157、183、35 元/千克，同比分别变动+70.1%、+10.0%、-8.8%、-15.4%，环比分别变动+14.2%、+4.4%、持平、+5.5%。24Q3 公司B 族维生素收入约4 亿元，同比增21.71%，环比降16.6%，收入环比下降预计系季节影响，Q3 通常为维生素淡季。24Q3 公司销售毛利率42.67%，同比增6.88pct，环比降1.11pct；销售净利率27.30%，同比增4.69pct，环比降7.24pct，Q3 净利率环比下降主要系财务费用环比增加约4400万元。24Q3 公司存货周转率1.91 同比有所下降，应收账款周转率7.13 同比有所增加。10 月VB1VB6 均价分别为201、162.5 元/千克，较Q3 均价继续上涨2.7%、3.4%，主要产品涨价有望驱动公司盈利能力进一步提升。Report guide
The company released its 2024 three-quarter report, achieving revenue of 1.614 billion yuan, up 8.49% year on year; net profit to mother 0.494 billion yuan, up 19.76% year on year; net profit after deducting non-return to mother 0.468 billion yuan, up 23.60% year on year. Among them, 24Q3 single-quarter revenue was 0.547 billion yuan, up 49.12% year on year and 4.40% month on month; net profit to mother was 0.149 billion yuan, up 80.01% year on year, down 24.44% month on month; net profit without return to mother was 0.138 billion yuan, up 127.04% year on year, down 28.24% month on month, and performance was slightly lower than our previous expectations.
Key points of investment
Prices of major products increased significantly, and the profitability of Q3 companies increased significantly year-on-year. According to Boya Hexun, the average prices of 24Q3 VB1, VB6, folic acid, and biotin were 196, 157, 183, and 35 yuan/kg, respectively, with year-on-year changes of +70.1%, +10.0%, -8.8%, and -15.4%, respectively. 24Q3's B vitamin revenue was about 0.4 billion yuan, up 21.71% year on year and down 16.6% month on month. The month-on-month decline in revenue is expected to be affected by the season. Q3 is usually low season for vitamins. 24Q3's gross sales margin was 42.67%, up 6.88 pcts year on year, down 1.11 pct month on month; net sales margin was 27.30%, up 4.69 pct year on year, down 7.24 pct month on month. The decline in Q3 net interest rate was mainly due to a month-on-month increase in financial expenses of about 44 million yuan. In 24Q3, the company's inventory turnover rate decreased by 1.91 year on year, and the accounts receivable turnover ratio of 7.13 increased year on year. The average price of VB1\ VB6 in October was 201 and 162.5 yuan/kg, respectively, and continued to rise 2.7% and 3.4% from the average price in Q3. The price increase for major products is expected to drive the company's profitability further.
Multiple projects are progressing steadily, and product line extension is expected to accelerate growth
As of 24Q3, the company is currently constructing 0.96 billion yuan. Currently, the company is mainly constructing 1,000 tons of VA, 7,000 tons of VB5, and 0.06677 million tons of fine chemicals projects in Ningxia. Among them, 3000 tons of VB5 phase I have been mass-produced, 500 tons of VA phase 1 are expected to reach the intended state of use by the end of 24, and the Ningxia fine chemicals project is expected to be put into operation in 2026. With the implementation of the above project, on the one hand, it continues to expand the company's product categories, and on the other hand, it extends upstream to guarantee the supply of raw materials for existing vitamins, which is optimistic about the company's long-term growth.
Profit forecasting and valuation
The prices of the main products VB1 and VB6 have risen. The company's net profit for 24-26 is estimated to be 0.688/0.768/0.857 billion yuan, and PE corresponding to current prices is 17.55, 15.72, and 14.08. The company is a leader in B-group vitamins. Prices for major products are rising. Furthermore, new production capacity for new products is gradually being implemented, and the company's performance is expected to gradually improve and maintain a “buy” rating.
Risk warning
Risk of vitamin price fluctuations; risk of new production capacity being released less than expected; risk of fluctuating raw material prices.