Adisseo (600299): Tree animal nutrition and health industry benchmarks methionine bottom performance safety boost, elastic foot
Report Summary: A global leader in animal nutrition and health.
The company has nearly 80 years of R & D, production, and sales experience in the field of animal nutrition additives. It has established a global production and sales network. Its main products include methionine, vitamin A, and special products.
The company ranks second in the global methionine market and has a leading advantage in the better performing liquid methionine market.
In 2018, 厦门夜网 the bottom of the company’s comprehensive gross profit margin was nearly 35%, and the industry’s repair and cost improvement had a conductive upward elasticity.
The company intends to acquire minority shareholders’ rights and optimize the company’s organizational structure while increasing the profit of the parent company.
Methionine oligopoly, the bottom of the long-term price cycle, the company’s performance is safe and flexible.
The methionine industry has a high entry barrier, and the global oligopoly competition pattern is present.
With the improvement of the economic level of the budget, the continuous development of modern breeding industry, the increase of new applicable animal species such as supplementary sampling, the demand for methionine will continue to develop rapidly.
In the next three years, the 北京桑拿洗浴保健 industry’s increased production capacity will be concentrated in the Asia-Pacific region. Considering the pace of enterprise investment, it is expected that the industry’s supply and demand structure will remain basically stable this year and next.
China ‘s import of methionine is high, and if anti-dumping is approved, it will be beneficial to related companies with production bases in it. The price of methionine has continued to decline since 2015. At present, the price is close to the break-even line of non-competitive companies in the industry, and there is limited room for further decline.
The company’s integrated industrial chain and industry-leading scale have obvious cost advantages and high performance safety. The company currently has a methionine production capacity of 49. With each price increase of 1 yuan / kg, net profit is expected to increase by nearly 300 million yuan.
Build a second pillar industry and accelerate the development of special product business.
Relying on the company’s advantages in R & D and sales, the company has successfully launched new products almost every year. Relying on product innovation and new market development, the company’s endogenous development momentum for special products is sufficient.
The company acquired Nutriad, a special feed company, to further expand the company’s product portfolio and strengthen the company’s leading advantage in the field of animal nutrition and health.
The company’s specialty products business is accelerating its development momentum.
Profit forecast: The company’s revenue for 2019-2021 is expected to be 126.
2.3 billion yuan, corresponding to the net profit of the mother is 11.
10ppm, corresponding to PE is 24X, 20X, 18X, the first coverage, given a “buy” rating.
Risk warning: downstream demand is less than expected; environmental protection, production safety risk; exchange rate risk