证券代码：600866 证券简称：星湖科技 广东肇庆星湖生物科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------------|-------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | □ | 特定对象调研 □分析师会议 | | | □ | 媒体采访 □业绩说明 ...

Investment Rating - The report gives a "Recommend" rating for Xinghu Technology (600866 SH) [1] Core Views - Xinghu Technology has successfully acquired Yipin Bio, becoming a leading player in the corn deep processing industry [1] - The amino acid industry is benefiting from the policy of reducing soybean meal usage, leading to increased demand for lysine and threonine [1] - The monosodium glutamate (MSG) industry is oligopolistic, with the I+G market experiencing rapid growth [1] - Xinghu Technology's capacity and financial advantages are becoming more prominent, with profitability expected to continue improving [1] Company Overview - Xinghu Technology, originally a MSG producer, expanded its business to include food additives, pharmaceutical intermediates, and bio-APIs after acquiring Yipin Bio in 2022 [1] - Post-acquisition, the company's revenue surged from 1 235 billion yuan in 2021 to 17 486 billion yuan in 2022, a 329 51% increase [1] - Net profit attributable to the parent company rose from 106 million yuan in 2021 to 608 million yuan in 2022, a 299 85% increase [1] - In the first three quarters of 2024, the company achieved revenue of 12 79 billion yuan, a 0 48% YoY increase, and net profit of 677 million yuan, a 38 38% YoY increase [1] Amino Acid Industry - The demand for lysine and threonine is expected to grow due to the reduction in soybean meal usage [1] - The supply side is characterized by a concentration of production capacity among leading companies, with Xinghu Technology being a global leader [1] - The industry is moving towards consolidation, which will further highlight the scale advantages of leading companies [1] MSG and I+G Industry - China is the world's largest producer and consumer of MSG, with production and demand reaching 2 69 million tons and 2 68 million tons respectively in 2023 [1] - The MSG industry is dominated by three major players: Fufeng Group, Meihua Group, and Xinghu Technology [1] - The I+G market, known as "strong MSG," is also growing steadily, with major players including CJ, Meihua Group, and Xinghu Technology [1] Financial Performance and Projections - Xinghu Technology's revenue is projected to grow from 17 374 billion yuan in 2023 to 23 058 billion yuan in 2026 [1] - Net profit attributable to the parent company is expected to increase from 678 million yuan in 2023 to 1 371 billion yuan in 2026 [1] - EPS is forecasted to rise from 0 41 yuan in 2023 to 0 83 yuan in 2026 [1] - The company's PE ratio is expected to decrease from 17X in 2023 to 8X in 2026 [1] Strategic Advantages - Xinghu Technology's global leading production capacity and cost control capabilities are significant advantages [1] - The company's financial strength is increasing, with improved operational capabilities [1] - In 2023, the company increased its cash dividend ratio to 93 13%, with a dividend yield of 5 63% [1]

研究报告 Research Report 30 Oct 2024 星湖科技 STAR LAKE Bioscience (600866 CH) 前三季度扣非后净利润同比增长 62.99%，苏赖价格上涨，价差扩大 Recurring Net Profit up 62.99% YOY in 2024Q1-Q3, Prices of Threonine and Lysine Increase with Spread Widening [Table_yemei1] 观点聚焦 Investment Focus | --- | --- | --- | --- | --- | |-------------------------------------------------------------|---------------------|---------------|--------------------------------|------------------------| | [Table_Info] 维持优于大市 \n评级 | | | Maintain OUTPERFORM \n优于大市 | OUTPER ...

广东肇庆星湖生物科技股份有限公司 2024 年第三季度报告 单位：元币种：人民币 证券代码：600866 证券简称：星湖科技 广东肇庆星湖生物科技股份有限公司 2024 年第三季度报告 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法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|---------------------------------------|-------------------|--------- ...

证券代码：600866 证券简称：星湖科技 公告编号：临 2024-039 广东肇庆星湖生物科技股份有限公司 关于参加 2024 年广东辖区上市公司投资者网上集体 接待日活动暨召开 2024 年半年度业绩说明会的公告 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 担法律责任。 重要内容提示： 会议召开时间：2024 年 9 月 12 日(星期四)下午 15:30-16:30 会议召开地点：全景路演（网站：http://rs.p5w.net） 会议召开方式：网络互动 广东肇庆星湖生物科技股份有限公司（以下简称"公司"）已于 2024 年 8 月 27 日披露了公司《2024 年半年度报告》，为进一步加强 与投资者的互动交流，公司将参加由广东证监局、广东上市公司协会 于 2024 年 9 月 12 日（星期四）下午 15:30-16:30 联合举办的 2024 年广东辖区上市公司投资者网上集体接待日活动，暨召开 2024 年半 年度业绩说明会，就投资者关心的问题进行交流。 一、 会议主题 本次活动以网络互动形式召开，公司将针对 2024 年 ...

研究报告 Research Report [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb5.00 目标价 Rmb7.92 HTI ESG 4.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 Rmb8.31bn / US$1.16bn 日交易额 (3 个月均值) US$35.72mn 发行股票数目 1,661mn 自由流通股 (%) 52% 1 年股价最高最低值 Rmb8.18-Rmb3.53 注：现价 Rmb5.00 为 2024 年 08 月 26 日收盘价 1mth 3mth 12mth 绝对值 -3.5% -23.5% 2.9% 绝对值（美元） -1.6% -22.4% 5.1% 相对 MSCI China -6.3% -16.9% 5.5% [Table_Profit] Rmb mn Dec-23A Dec-24E Dec-25E Dec-26E Revenue 17,374 17,753 18,765 19,703 Re ...

2024 年半年度报告 公司代码：600866 公司简称：星湖科技 广东肇庆星湖生物科技股份有限公司 2024 年半年度报告 1 / 203 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人刘立斌、主管会计工作负责人陈军来及会计机构负责人（会计主管人员）刘艳娟 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、业务规划等前瞻性描述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司结合自身实际情况，已在本报告"第三 ...

①今年市场是否会重演2023年下半年情形；②政策自上而下鼓励支持，合成生物2.0阶段具有较大的成 长空间与相对高确定性，替代原有生产方式过程中业绩有望快速增长，分析师梳理代表性公司；③今日 全市场机构研报共发布289篇，三棵树评级得到下调，10家公司获得首度覆盖，其中客车、重卡行业获 新财富分析师深度覆盖；④在个股机构关注度排行中，红旗连锁首次上榜，前五名依次为拓普集团>宁 德时代>红旗连锁>宋城演艺>西部矿业。 | --- | --- | |----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 《风口研报》7月29日要点 | | 行业/公司 | 评级机构核心逻辑 | | | ①7月26日，国家电网年中上调投资预算，2024年电网投资将超过60 ...

Investment Rating and Target Price - The report initiates coverage with a "Buy" rating and a target price of RMB 7.56 [1] Core Views - The company is a global leader in the amino acid industry, with annual production capacities of 800,000 tons for lysine and 268,000 tons for threonine, ranking second globally in both categories [3][8] - The company is expected to benefit from the growing demand for amino acids as a substitute for soybean meal, driven by food security concerns and the potential cost reduction from the adoption of genetically modified corn [3][8] - The company is expanding into synthetic biology, with plans to produce small-scale amino acids and bio-based nylon, which could drive future growth [8][33] - The integration of Yipin Bio is showing positive results, and the company's high dividend payout ratio of 93% in 2023, along with synergies from its parent group, could lead to a revaluation of the company [8][9] Industry and Market Dynamics - The amino acid industry is experiencing improved supply-demand dynamics, with leading companies gaining stronger pricing power [4] - The demand for amino acids is expected to grow due to the substitution of soybean meal in animal feed, supported by the recovery in pig prices and export demand [3][8] - The supply side has seen consolidation, with some capacity exiting the market, leading to an optimized industry structure [3] - The company's lysine and threonine production capacities are among the largest globally, giving it significant scale and cost advantages [3][8] Synthetic Biology and New Growth Opportunities - The company is investing in synthetic biology, with plans to build a 600,000-ton corn deep processing production line and a cogeneration project in Xinjiang, aiming to produce small-scale amino acids such as valine, isoleucine, tryptophan, and arginine [9][33] - The company is also developing a full industrial chain for bio-based nylon, including the production of 1,5-pentanediamine (PDA) and PA56, with a planned annual capacity of 10,000 tons [9][33] - The company's focus on synthetic biology could open up new growth opportunities, particularly in small-scale amino acids and bio-based materials [33][35] Financial Performance and Projections - The company's revenue and net profit are expected to grow, with projected net profits of RMB 1.05 billion, RMB 1.29 billion, and RMB 1.46 billion for 2024-2026, respectively [8] - The company's EPS is projected to be RMB 0.63, RMB 0.78, and RMB 0.88 for 2024-2026, respectively [8] - The company's high dividend payout ratio of 93% in 2023 reflects its commitment to shareholder returns [9][14] Competitive Advantages - The company has significant scale and cost advantages in the production of lysine and threonine, with global rankings of second in both categories [3][8] - The company's production bases are located in major corn-producing regions in China, ensuring stable and cost-effective raw material supply [57][77] - The company's integration with Yipin Bio has strengthened its position in the amino acid market, with improved operational efficiency and profitability [9][61] Market Trends and Future Outlook - The adoption of genetically modified corn could further reduce production costs for amino acids, enhancing their competitiveness as a substitute for soybean meal [13][69] - The global demand for amino acids is expected to grow, driven by the increasing use of amino acids in animal feed and the potential for cost reductions through synthetic biology [8][33] - The company's focus on innovation and expansion into new product lines, such as bio-based nylon, positions it well to capitalize on future market trends [33][35] Risks and Challenges - The report does not include specific risk factors, but potential challenges could include fluctuations in raw material prices, changes in regulatory policies, and competition in the amino acid market [8][33]

证券代码:600866 证券简称:星湖科技 公告编号:临 2024-033 广东肇庆星湖生物科技股份有限公司 2024 年半年度业绩预告 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 担法律责任。 重要内容提示: 本业绩预告适用情形:实现盈利,且净利润与上年同期相比上 升 50%以上。 广东肇庆星湖生物科技股份有限公司(以下简称"公司")预 计 2024 年半年度实现归属于上市公司股东的净利润为 4.80-5.30 亿 元,与去年同期相比预计增长约 108.54%-130.26%。 扣除非经常性损益事项后,预计公司 2024 年半年度实现归属 于上市公司股东的净利润 5.00-5.50 亿元,与去年同期相比预计增长 约 113.39%-134.73%。 一、 本期业绩预告情况 (一) 业绩预告期间 2024 年 1 月 1 日至 2024 年 6 月 30 日。 (二) 业绩预告情况 主要财务指标 本报告期 上年同期 盈利:62,000-67,000 万元 盈利:29,425.85 万元 利润总额 与上年同期相比,预计增加 32,574 ...