FUFENG Fufeng Group Limited 阜 豐 集 團 有 限 公 司 (incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) Stock Code 股份代號 : 546 2024 INTERIM REPORT 中期報告 Head Office in 2024 2024年總部 CONTENTS 目錄 Financial Highlights 財務摘要 2 Management Review 管理層回顧 | --- | --- | |----------------------------------------------|-------| | | | | Market Overview 市場概覽 | 3 | | Business and Financial Review 業務及財務回顧 | 4 | | Outlook and Future Plan 展望及未來計劃 | 16 | | Other Information 其他資料 | 18 | | --- | --- | |------------ ...

Investment Rating - Buy (First Coverage) with a target price of HKD 5.51 [1] Core Views - Fufeng Group is a global leader in biological fermentation with a diversified product portfolio, including food additives, animal nutrition, high-end amino acids, and colloids [7] - The company faces short-term profitability pressure due to declining revenue and net profit in H1 2024, primarily driven by reduced income from colloids and other segments [2] - Despite challenges, the company maintains a stable revenue base in food additives and animal nutrition, with high-end amino acids showing strong growth potential [2][12] Business Performance - H1 2024 revenue decreased by 1.6% YoY to RMB 13.37 billion, with net profit declining by 32.3% YoY to RMB 1.04 billion [2] - Food additives and animal nutrition segments contributed 51.7% and 31.4% of total revenue, respectively, while high-end amino acids grew by 29.9% YoY [2] - Gross margin dropped by 5.1 percentage points to 17.2%, mainly due to lower profitability in colloids and other segments [2][16] Segment Analysis - **Food Additives**: Revenue increased by 5.5% YoY to RMB 6.92 billion, but gross margin fell by 3.8 percentage points to 11.0% due to lower MSG prices [2][16] - **Animal Nutrition**: Revenue grew by 2.5% YoY to RMB 4.20 billion, with gross margin improving by 5.9 percentage points to 20.4% driven by threonine and lysine price increases [2][16] - **High-End Amino Acids**: Revenue surged by 29.9% YoY to RMB 1.08 billion, with gross margin slightly up by 0.7 percentage points to 36.8% [2][16] - **Colloids**: Revenue dropped by 44.9% YoY to RMB 900 million, with gross margin plunging by 21.9 percentage points to 39.2% due to a 48.2% decline in xanthan gum prices [2][16] Geographic Expansion - Domestic revenue accounted for 73.1% of total revenue in 2023, growing by 4.9% YoY, while overseas revenue declined by 5.4% [17] - The company plans to establish production bases in the US and Eastern Europe for threonine and lysine to mitigate geopolitical risks and improve supply chain efficiency [17] Cost Control - Sales and management expense ratios remained stable at 6.9% and 3.5%, respectively, in H1 2024 [2][20] - The company aims to optimize logistics and reduce unit transportation costs to further lower expense ratios [20] Financial Projections - Net profit is expected to grow to RMB 2.19 billion, RMB 3.23 billion, and RMB 4.32 billion in 2024, 2025, and 2026, respectively [3] - EPS is projected to be RMB 0.87, RMB 1.28, and RMB 1.71 for 2024, 2025, and 2026 [3] Valuation - The company is valued at 4x 2025 earnings, translating to a target price of HKD 5.51 based on a 0.93:1 exchange rate [3]

2024 年 09 月 02 日 证券研究报告•2024 年中报点评 买入 （首次） 当前价：4.24 港元 阜丰集团（0546.HK）食品饮料 目标价：5.51 港元 生物发酵龙头，多品类蓄势待发 [Table_Summary 事件：阜丰集团发布 ] 2024年中报，24H1公司实现营收 133.7亿元，同比下降 1.6%；实现归母净利润 10.4亿元，同比下降 32.3%。公司整体营收增速回落， 短期盈利承压。 食品添加剂及动物营养基本盘稳健，收益组合多元化。分业务来看，24H1食品 添加剂/动物营养/高档氨基酸/胶体/其他分别实现营收 69.2/42.0/10.8/9.0/2.8 亿 元，同比 +5.5%/+2.5%/+29.9%/-44.9%/-40.1% ，营收占比分别为 51.7%/31.4%/8.0%/6.7%/2.1%。24H1 公司营收下降主要由于胶体和其他收入 减少较多，抵销了另外三个板块的收入增长。归母净利润下降较多主要是由于 胶体毛利率下降较多叠加其他板块毛利率由正转负所致。 味精及黄原胶价格波动致毛利承压，苏氨酸赖氨酸格局改善。24H1公司毛利率 为 17.2%，同比-5.1pp，净 ...

研究报告 Research Report 2 Sep 2024 阜丰集团 Fufeng Group (546 HK) 2024H1 股东应占溢利同比减少 32.3%，公司宣派中期股息每股 18 港仙 NPAtS -32.3% yoy in 2024H1 with interim DPS of HKD0.18 [Table_yemei1] 观点聚焦 Investment Focus | --- | --- | --- | --- | --- | |-------------------------------------------------------------|---------------------|---------------|---------------------|------------------------| | [Table_Info] 维持优于大市 | | | Maintain OUTPERFORM | | | 评级 | | | 优于大市 | OUTPERFORM | | 现价 | | | | HK$4.24 | | 目标价 | | | | HK$6.51 | | HTI ESG ...

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 香港交易及結算所有限公司以及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Fufeng Group Limited 阜豐集團有限公司 (Incorpor ...

研究报告Research Report 7 May 2024 阜丰集团 Fufeng Group (546 HK) 2023 年股东应占溢利同比下降 18.57%，公司积极布局海外生产基地 Net Profit in 2023 Down 18.57% YOY, the Company Actively Layouts Production Bases Overseas [观Ta点bl聚e_焦yem Ieniv1e]s tment Focus [Tab 维le_ 持Inf 优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 评级 优于大市OUTPERFORM  2023 年股东应占溢利同比下降 18.57%，公司拟派发现金分红总额 约13.42亿元。公司2023年实现主营业务收入280.07亿元，同比增 现价 HK$5.89 长 1.94%，毛利 62.47 亿元，同比下降 13.38%，股东应占年内溢利 目标价 HK$6.51 31.44 亿元，同比下降 18.57%。公司股东应占年内溢利减少主要由 HTI ESG 4 ...

Fufeng Group Limited 阜 豐 集 團 有 限 公 司 (incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) Stock Code股份代號 : 546 2023 ANNUAL REPORT 年報 | --- | --- | --- | --- | |---------------------|---------------------------|-------|-------| | | | | | | | | | | | | -[1]-11- -11-10-10-10-10- | -10 | | | | | | | | TIVE | | | | | Head Office in 1999 | | | | 1999年總部 CONTENTS 目錄 | --- | |----------------------------------------------| | | | Chairman's Letter 主席信札 | | Financial Highlights 財務摘要 | | Manage ...

海 外 研 证券研究报告 究 ＃industryId＃ 食品饮料行业 ＃00546 .HK ＃阜dy丰Com集pa团ny＃ 港股通（沪、深） dyStockco ＃inve 增stSu 持ggest ion＃ ( i维nv＃ e持stS ） d e＃ 营收 增速回落，＃ 高tit 档le＃ 氨 基酸表现亮眼 uggesti onC han ＃createTime1＃ ge＃ 2024年 3月 29日 投资要点 公 ＃市场ma数rk据et Data＃ ＃summary＃ 司 ⚫ 整体营收增速回落，高档氨基酸营收增速提升。2023年，公司营收为280.1 日期 2024.03.28 跟 收盘价（港元） 5.07 亿元，同比增长 1.9%，增速同比-25.6pcts。食品添加剂分部营收同比增 踪 总股本（亿股） 25.36 长1.5%至135.0亿元，增速同比-26.6pcts，占比48.2%，同比-0.2pcts；动 报 总市值（亿港元） 128.60 物营养分部营收同比减少 7.1%至 89.0 亿元，增速同比-32.8pcts，占比 告 净资产（亿元） 173.24 31.8%，同比-3.1pcts；高档氨基 ...

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 香港交易及結算所有限公司以及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示概不就因本公告全部或部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Fufeng Group Limited 阜豐集團有限公司 (Incorporat ...

Fufeng Group Limited 阜 豐 集 團 有 限 公 司 (incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) Stock Code股份代號 : 546 2023 INTERIM REPORT 中期報告 | --- | --- | --- | --- | |---------------------|--------------------|-------|-------| | | | | | | | | | | | | -01-11- -10-0 -10- | -101 | | | | | | | | TINE | | | | | Head Office in 1999 | | | | 1999年總部 CONTENTS 目錄 Financial Highlights 財務摘要 2 Management Review 管理層回顧 Market Overview 市場概覽 3 Business and Financial Review 業務及財務回顧 4 Future Plan and Progr ...