%% %% 丨证券研究报告丨 公司研究丨点评报告丨恒顺醋业（600305.SH） [Table_Title] 恒顺醋业2024 年中报点评：聚焦主品"醋酒酱"， 短期促销费用提升 | --- | --- | |----------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 恒顺醋业发布 2024 年中报，公司 2024H1 营业总收入 10.04 亿元（同比 -11.83% ）；归母净利 | | | 9368.47 万元（同比 -24.16% ），扣非净利润 8147.43 万元（同比 -30.85% ）。 2024Q2 营业总 | | | 5.44 亿元（同比 +3.36% ）；归母净利润 3846.86 万元（同比 -24.06% ），扣非净利润 3606.1 | | | 万元（同比 -23.57% ）。 | | 分析师及联系人 [Table_Au ...

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company reported a revenue of 1 billion yuan in the first half of 2024, a year-on-year decrease of 11.8%, and a net profit attributable to shareholders of 94 million yuan, down 24.2% year-on-year. In Q2 2024, revenue was 540 million yuan, an increase of 3.4% year-on-year, with a net profit of 39 million yuan, down 24.1% year-on-year [1] - The main business of vinegar showed signs of recovery in Q2, while the low base of cooking wine led to high growth. For H1 2024, revenue from vinegar, wine, and sauce products was 680 million, 160 million, and 80 million yuan, respectively, with year-on-year changes of -7.1%, +3.5%, and -24.2%. In Q2 2024, the growth rates for vinegar, wine, and sauce were +6.8%, +92.7%, and +12.1% respectively [1] - The company is undergoing a reform period, focusing on optimizing organizational structure and accelerating the implementation of a performance appraisal system. A restricted stock incentive plan has been launched in 2024 to enhance employee motivation [2] Summary by Sections Financial Performance - In H1 2024, the company's gross margin was 36.6%, up 0.8 percentage points year-on-year, while Q2 gross margin was 32.5%, down 4 percentage points year-on-year. The decline in profitability is attributed to changes in product mix, with lower-margin products like wine and sauce increasing in proportion [1] - The company expects EPS for 2024, 2025, and 2026 to be 0.14 yuan, 0.16 yuan, and 0.17 yuan, respectively, corresponding to dynamic PE ratios of 50x, 46x, and 43x [2] Market Strategy - The company aims to focus on the "big single product" strategy, promoting simultaneous development of vinegar, wine, and sauce categories to enhance brand strength in key markets [2] - There is an emphasis on expanding distribution channels, particularly in the restaurant and e-commerce sectors, to improve market competitiveness [2] Regional Performance - In Q2 2024, revenue growth varied by region, with East China remaining stable, while Central and South China experienced faster growth rates of +12.5% and +13.2% year-on-year, respectively [1]

股票代码：600305 股票简称：恒顺醋业 公告编号：临 2024-065 江苏恒顺醋业股份有限公司 关于注销公司回购专用证券账户剩余股份实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 江苏恒顺醋业股份有限公司（以下简称"公司"）于 2024 年 7 月 17 日 召开第九届董事会第三次会议和第九届监事会第三次会议，并于 2024 年 8 月 2 日召开 2024 年第二次临时股东大会，审议通过了《关于注销回购专用证券账户 剩余股份的议案》，同意公司对回购专用证券账户中剩余股份 401.2424 万股进 行 注 销 。 本 次 注 销 完 成 后 ， 公 司 总 股 本 将 由 1,112,956,032 股 减 少 为 1,108,943,608 股 ， 公 司 注 册 资 本 也 将 由 1,112,956,032 元 减 少 至 1,108,943,608 元。 ● 本次注销的相关情况 | 回购专用证券账户股份数量（股） | 注销股份数量（股） | 注销日期 | | | | | | - ...

Q2 收入加速，毛利率同比承压 [评级Table_Title] ：买入（维持） [公司盈利预测及估值 Table_Finance] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2,139 2,106 2,000 2,228 2,436 增长率 yoy% 13% -2% -5% 11% 9% 净利润（百万元） 138 87 131 156 179 增长率 yoy% 16% -37% 50% 20% 15% 每股收益（元） 0.12 0.08 0.12 0.14 0.16 每股现金流量 0.17 0.22 0.16 0.20 0.21 净资产收益率 6% 3% 4% 5% 5% P/E 58.1 92.2 61.3 51.3 44.8 P/B 3.7 2.4 2.4 2.3 2.3 备注：股价选取自 2024 年 8 月 30 日收盘价 市场价格：7.20 [Table_Profit] 基本状况 总股本(百万股) 1,113 流通股本(百万股) 1,107 市价(元) 7.20 市值(百万元) 8,013 流通市值(百万元) 7,971 恒顺醋业（600305.SH）/食 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 1,004,488,986.73, a decrease of 11.83% compared to CNY 1,139,322,113.44 in the same period last year[13]. - The net profit attributable to shareholders for the first half of 2024 was CNY 93,684,727.55, down 24.16% from CNY 123,526,202.60 in the previous year[13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 81,474,295.12, a decline of 30.85% compared to CNY 117,819,379.89 in the same period last year[13]. - The basic earnings per share for the first half of 2024 was CNY 0.0739, down 35.40% from CNY 0.1144 in the previous year[14]. - The total assets at the end of the reporting period were CNY 3,980,398,446.64, a decrease of 1.79% from CNY 4,053,131,840.29 at the end of the previous year[13]. - The net assets attributable to shareholders at the end of the reporting period were CNY 3,296,877,336.44, a slight decrease of 0.15% from CNY 3,301,735,141.13 at the end of the previous year[13]. - The weighted average return on equity decreased by 1.95 percentage points to 2.81% compared to the same period last year[15]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, decreased by 30.85% year-on-year, primarily due to a decline in sales revenue[15]. - The basic earnings per share, excluding non-recurring gains and losses, decreased by 35.40% compared to the same period last year[15]. Cash Flow and Investments - The net cash flow from operating activities was CNY 194,328,770.52, reflecting a significant increase of 52.75% compared to CNY 127,221,524.77 in the previous year[13]. - The net cash flow from investment activities significantly decreased by 16,489.55% to -¥146,385,414.75, mainly due to increased purchases of financial products[32]. - The net cash flow from financing activities decreased by 107.87% to -¥78,524,776.03, primarily due to last year's private placement fundraising[32]. - The company reported a significant increase of 146.43% in cash recovered from investments, totaling ¥690,000,000.00, compared to ¥280,000,000.00 in the previous year[32]. - The company utilized 130 million RMB of raised funds to invest in wealth management products, achieving a total return of 1.6047 million RMB by February 19, 2024[97]. Operational Developments - The company has applied for 23 patents during the reporting period, including 17 invention patents, and has obtained 18 authorized patents[24]. - The company optimized its marketing organization from ten major regions to six, and from forty-three districts to thirty-one, achieving a flatter management structure[24]. - The company aims to strengthen production and sales coordination by establishing a standardized production management system and supply chain[24]. - The company is leveraging digital marketing to enhance e-commerce development and achieve a fully controllable digital marketing system[24]. - The company is actively disposing of inefficient assets to improve asset efficiency and is focusing on expanding its production capacity[24]. Subsidiary Performance - As of June 30, 2024, Hengshun Wine Industry reported total assets of CNY 329.37 million and a net profit of CNY 11.12 million for the first half of 2024[42]. - Xuzhou Hengshun Wantong reported total assets of CNY 266.31 million but incurred a net loss of CNY 1.84 million in the first half of 2024[42]. - The company’s subsidiary, Hengshun Chongqing Condiment Co., Ltd., reported total assets of CNY 233.68 million and a net profit of CNY 2.53 million for the first half of 2024[42]. Environmental Compliance - The company’s wastewater treatment plant achieved a COD discharge concentration of 55.47 mg/L, well below the limit of 500 mg/L, with a total discharge of 6.23 tons[59]. - The ammonia nitrogen discharge concentration from the company was 2.19 mg/L, significantly under the limit of 45 mg/L, with a total discharge of 0.21 tons[59]. - The company’s wastewater treatment facility is compliant with the discharge standards, with no exceedances reported for the pollutants monitored[59]. - Jiangsu Hengshun Vinegar Industry Co., Ltd. completed the 2024 Q1 and Q2 execution reports for the pollutant discharge permit, with no environmental violations or administrative penalties during the period[69]. Shareholder Matters - The 2023 annual shareholders' meeting was held on May 20, 2024, with 451,962,718 shares represented, accounting for 40.9782% of the total voting shares[49]. - The company announced a three-year dividend return plan for shareholders covering 2024-2026[49]. - The company has initiated a restricted stock incentive plan for 2024, with details disclosed on the Shanghai Stock Exchange[54]. - The company distributed a cash dividend of approximately 0.07 RMB per share, totaling 77.21 million RMB, based on a total share count of 1,102,933,808 shares after excluding repurchased shares[100]. Risk Management - There are no significant risks or uncertainties disclosed that could impact the company's future performance[3]. - The company faces risks related to raw material price fluctuations, particularly for glutinous rice, which could impact gross margins and profitability[47]. - Brand infringement risks are present, as the Hengshun brand is well-known in the seasoning industry, and any infringement could lead to reduced consumer trust and sales[47]. - Food safety control risks are heightened due to increasing regulatory scrutiny and consumer awareness, necessitating strict quality management to avoid potential operational risks[47]. - The company has implemented risk management strategies to mitigate potential operational risks associated with quality control and market dynamics[47]. Financial Management - The company has engaged Zhonghui Certified Public Accountants for the 2024 financial report audit, marking a change from Tianheng, which had provided services for 23 years[99]. - The company has maintained compliance with legal procedures in its financial management activities[100]. - The company recognizes significant bad debt provisions for receivables over RMB 5 million and those accounting for over 10% of the balance[153]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the financial statements reflect a true and complete picture of its financial status[149].

股票代码：600305 股票简称：恒顺醋业 公告编号：临 2024-060 江苏恒顺醋业股份有限公司 第九届董事会第四次会议决议公告 具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）上的《江苏恒顺 醋业股份有限公司 2024 年半年度报告》、《江苏恒顺醋业股份有限公司 2024 年半年度报 告摘要》。 报告中的财务信息已经公司董事会审计委员会审议通过。 表决结果：同意 9 票、反对 0 票、弃权 0 票。 二、审议通过《关于 2024 年半年度募集资金存放与实际使用情况的专项报告》 具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）上的《江苏恒顺 醋业股份有限公司关于 2024 年半年度募集资金存放与实际使用情况的专项报告》（公告 编号：临 2024-063）。 上述议案经公司董事会审计委员会审议通过。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 江苏恒顺醋业股份有限公司（以下简称"公司"）第九届董事会第四次会议于 2024 年 8 月 28 日以现场结合通讯表决方式召开 ...

股票代码：600305 股票简称：恒顺醋业 公告编号：临 2024-061 江苏恒顺醋业股份有限公司 第九届监事会第四次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 江苏恒顺醋业股份有限公司（以下简称"公司")第九届监事会第四次会议于 2024 年 8 月 28 日以现场结合通讯表决方式召开。本次会议的通知于 2024 年 8 月 23 日以书面、 邮件和电话的方式发出。本次会议由监事会主席陈月娥女士主持，会议应出席监事 3 人， 实际出席监事 3 人（其中：现场出席监事 2 人，以通讯表决方式出席监事 1 人）。会议召 开符合《公司法》和《公司章程》的有关规定。与会监事经过认真审议，形成如下决议： 一、审议通过《公司 2024 年半年度报告全文及摘要》 特此公告！ 江苏恒顺醋业股份有限公司监事会 3、在公司监事会提出本意见前，未发现参与 2024 年半年度报告编制和审议的人员 有违反保密规定的行为。 表决结果：同意 3 票、反对 0 票、弃权 0 票。 二、审议通过《关于 2024 年半年度募集资金存放 ...

股票代码：600305 股票简称：恒顺醋业 公告编号：临 2024-064 江苏恒顺醋业股份有限公司 关于 2024 年度"提质增效重回报"行动方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 公司为践行"以投资者为本"的发展理念，维护全体股东利益，推动公司高 质量发展和投资价值提升，结合自身实际情况，制定了 2024 年度"提质增效重 回报"专项行动方案。具体内容如下： 一、聚焦主业主责，提升核心竞争力 公司主要从事"醋、酒、酱"三大调味品的生产和经营。近几年，通过剥离 非主营业务、清理低效无效等资产，聚焦调味品主业。依托公司特有的技术优势 和品牌影响力，实现了多渠道、多维度、多层次的布局。通过成立产品战略委员 会，实现了产品的推陈出新和更新迭代，产品品类更为优化、丰富。坚持以聚焦 大单品战略为主导原则，以客户需求为导向，进一步优化市场策略，重新梳理划 分全国性产品、区域性产品，集中优势资源对准产品、规格、渠道，推动"醋、 酒、酱"三大品类同步发展，"一业多品"的产业格局逐步显现。同时，利用资 本赋能产业发展 ...

股票代码：600305 股票简称：恒顺醋业 公告编号：临 2024-062 江苏恒顺醋业股份有限公司 2024 年第二季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第3号——行业信息披露第十四号食 品制造》的相关规定，江苏恒顺醋业股份有限公司（以下简称"公司"）现将与行业 相关的定期经营数据（未经审计）披露如下： 一、2024年第二季度主要经营数据 1、按照产品类别分类情况： 2、按照销售模式分类情况： 单位：万元 产品类别 2024年第二季 度销售收入 2023年第二季 度销售收入 同比增减% 2024年1-6月 份销售收入 2023年1-6月 份销售收入 同比增减% 醋系列 37,677.60 35,281.20 6.79 68,356.73 73,612.69 -7.14 酒系列 8,258.01 4,285.04 92.72 15,953.20 15,415.38 3.49 酱系列 4,990.51 4,450.17 12.14 8,264.62 1 ...

章 程 （2024年8月修订） 1 目 录 2 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东大会 第一节 股东 第二节 股东大会的一般规定 第三节 股东大会的召集 第四节 股东大会的提案与通知 第五节 股东大会的召开 第六节 股东大会的表决和决议 第五章 董事会 第一节 董事 第二节 董事会 第六章 经理及其他高级管理人员 第七章 监事会 第一节 监事 第二节 监事会 第八章 党组织 第九章 职工民主、劳动人事制度 第十章 财务会计制度、利润分配和审计、审计与违规经营投资责任追究 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第四节 违规经营投资责任 第十一章 通知和公告 第一节 通知 第二节 公告 第十二章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十三章 修改章程 第十四章 附则 第一章 总 则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为，根据《中 华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简 称《 ...