Investment Rating - The report maintains a "Buy" investment rating for the company [4][9]. Core Views - The acquisition of minority stakes in Guangdong Chubang Food Co., Ltd. will enhance the company's profit performance, as the net profit from Chubang will now fully belong to the company, increasing earnings per share and return on equity [7]. - The company is actively reforming its distribution channels and has implemented price increases to ensure profitability for distributors, while also supporting key distributors to improve efficiency [8]. - The company aims to accelerate mergers and acquisitions, with a target revenue of 6.784 billion yuan and profit margins by 2025 [8]. Summary by Sections Company Overview - The company has a current stock price of 23.62 yuan and a total market capitalization of 18.5 billion yuan, with a total share count of 783 million [2]. Financial Performance - The average net profit of Chubang from 2021 to 2023 was 191 million yuan, contributing approximately 6.31% to the company's net profit [7]. - The company forecasts earnings per share (EPS) of 0.94, 1.12, and 1.30 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 25, 21, and 18 [9]. Revenue and Profit Forecast - The company expects a revenue growth rate of 6.1% in 2024, followed by 8.1% in 2025 and 7.4% in 2026 [12]. - The projected net profit for 2024 is 734 million yuan, with a significant increase of 20% in 2025 [12]. Strategic Initiatives - The company is focusing on channel reform and has made personnel adjustments to enhance operational efficiency [8]. - The management is committed to executing its strategies effectively, with a focus on internal resource integration and decision-making efficiency [7][8].

Key Points Industry or Company Involved - The discussion revolves around a specific company within the fast-moving consumer goods (FMCG) industry, focusing on its financial performance, strategic initiatives, and market dynamics. Core Views and Arguments - **Impact of Minority Equity**: The company has received significant profits from minority equity, contributing around 60-70 million RMB to its profits. This is a major positive for the company, and the full impact will be calculated after the equity transfer. - **Profitability and Cost Reduction**: The company has experienced a decline in profits due to increased competition and weak demand. However, cost-saving measures, including reduced raw material prices and improved procurement strategies, have contributed to a 70% cost reduction. - **Product Development and Sales**: The company has launched new products, including a simplified version of its existing product and a new packaging. However, the progress of these new products has been slower than expected due to weak consumer demand. - **Sales and Distribution**: The company has faced challenges in sales and distribution, particularly in the community store and chain supermarket channels. The company is working to improve its distribution network and expand its dealer base. - **Marketing and Sales Strategy**: The company has implemented a new marketing strategy, focusing on cost-effective sales and improving the efficiency of the sales team. The company plans to increase its marketing budget in the future to support product innovation and brand building. - **Investment and Acquisition**: The company is considering investment and acquisition opportunities to expand its product portfolio and distribution channels. However, the company will remain cautious in its approach to ensure that these initiatives do not negatively impact its financial performance. Other Important Points - **Sales Performance**: The company's sales performance has been stable in recent months, with a slight increase in October and November. The company expects further growth in December. - **Price Control Measures**: The company has implemented price control measures to improve dealer profitability and increase their enthusiasm for purchasing. These measures have had a positive impact, but the company will continue to monitor their effectiveness. - **Debt Repayment**: The company has made progress in repaying its debt, and its debt-to-equity ratio has improved. - **Regulatory Environment**: The company is closely monitoring the regulatory environment and ensuring compliance with all relevant laws and regulations. - **Future Outlook**: The company remains optimistic about its future prospects, despite the challenges it has faced in the current market environment. The company expects to see improved sales and profitability in the coming years.

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 28.20 CNY per share, compared to the current price of 23.21 CNY [6]. Core Views - The company announced the acquisition of minority shares in Guangdong Chubang Food Co., Ltd., which will enhance its financial statements by consolidating profits from this subsidiary [2]. - The revenue for Chubang is projected to be 1.789 billion CNY with a net profit of 317 million CNY for the first three quarters of 2024. The net profit is expected to increase to 427 million CNY in 2024 and 491 million CNY in 2025 due to reforms and improved profit margins [2][3]. - The company anticipates a recovery in revenue in Q4 2024, driven by channel reforms and improved sales performance, with significant contributions expected from the restaurant channel and products like soy sauce and chicken essence [3]. Financial Summary - Revenue projections for 2024-2026 are 5.394 billion CNY, 5.970 billion CNY, and 6.639 billion CNY, reflecting year-on-year growth rates of 4.96%, 10.68%, and 11.20% respectively [4]. - The forecasted net profit for the parent company is 779 million CNY in 2024, 993 million CNY in 2025, and 1.141 billion CNY in 2026, with year-on-year changes of -54.11%, +27.53%, and +14.87% respectively [4]. - The company’s EBITDA is expected to grow from 1.091 billion CNY in 2024 to 1.503 billion CNY in 2026, indicating a positive trend in operational efficiency [5]. Valuation Metrics - The estimated P/E ratios for the company are projected to be 20, 15, and 13 for the years 2024, 2025, and 2026 respectively, suggesting a favorable valuation compared to historical performance [4]. - The report assumes a reasonable value of the real estate business at 3 billion CNY, which impacts the overall market valuation [4].

证 券 研 究 报 告 | 行 业 定 期 报 告 2 0 2 4 年 1 2 月 9 日 签 约 客 户 可 长 按 扫 码 阅 读 报 告 近期酒企召开经销商大会等，对明年增长定调，茅台、汾酒、今世缘等管理 层纷纷表态。各家酒企对明年目标更加理性务实，进入供给侧主动收缩去包袱的阶 段，市场将更关注实际动销，股价或先于报表出现拐点。 食品板块提前完成去库存，四季度有望继续环比改善，调味品龙头低基数下 增长加速，液态奶降幅收窄，零食公司备战春节旺季。中期来看，乳制品、饮料、 榨菜等细分龙头率先走出调整，未来 1-2 年有望盈利上修。 最新观点 核心公司跟踪：汾酒 25 年巩固期稳定为主，中炬无偿受让厨邦少数股权 山西汾酒： 汾酒 2024 年度经销商大会总结了在汾酒复兴纲领实施的第一阶段的高质量发展成效。此外，青 26 新品上市，公司还提出了四轮驱动。 25 年巩固期稳定为主，预计增长目标有望回归合理。 中炬高新： 阳西美味鲜无偿受让朗天慧德持有的厨邦公司 20% 股权，本次股权转让完成后，厨邦公司成为中炬 的全资孙公司，厨邦公司 20% 股权对应的平均少数股东损益对公司净利润的平均贡献率为 6.31% 。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [7][8]. Core Insights - The company has announced the acquisition of a minority stake in Guangdong Chubang Food Co., Ltd., which is expected to enhance its financial performance [8][9]. - The new management team has extensive experience in consumer goods and has established an ambitious three-year plan to boost the seasoning business [8]. - The company is undergoing comprehensive reforms, with improvements expected in operational efficiency and market coverage, particularly in the northern regions of China [9]. Financial Data Summary - The projected net profits for 2024-2026 are estimated at 800 million, 1.01 billion, and 1.26 billion respectively, with year-on-year changes of -53%, +27%, and +25% [8][10]. - The company's total revenue for 2024 is forecasted to be 5.48 billion, with a growth rate of 6.7% [10]. - The average net profit contribution from the acquired 20% stake in Chubang is estimated at 38 million, which will now fully benefit the company [9]. Performance Metrics - The current price-to-earnings (PE) ratios for 2024-2026 are projected to be 23x, 18x, and 14x respectively [8]. - The company's return on equity (ROE) is expected to improve from 11.8% in 2024 to 18.1% by 2026 [10].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 31.35 CNY, compared to the current price of 23.21 CNY [1]. Core Views - The company has announced the acquisition of a 20% stake in Chubang Company, which will result in full ownership and is expected to enhance management efficiency and profitability starting from 2025 [1]. - The recovery of the stake is seen as a positive governance move, indicating the management's commitment to strategic reforms and operational improvements [1]. - The company is gradually adjusting its operations, with expectations for revenue and profit recovery in the latter half of the year, driven by pricing strategies and enhanced sales support [1]. - The report projects a significant increase in earnings per share (EPS) for 2024-2026, with adjusted forecasts of 1.43 CNY, 2.03 CNY, and 1.39 CNY respectively [1]. Summary by Sections Company Overview - The company is set to fully control Chubang Company, which is expected to contribute an additional 60-80 million CNY to the parent company's profits starting in 2025 [1]. - The average net profit of Chubang from 2021 to 2023 was approximately 190.93 million CNY, with the 20% stake previously contributing about 37.83 million CNY to the overall net profit [1]. Financial Performance - The company reported total revenue of 5,139 million CNY for 2023, with a projected increase to 5,774 million CNY in 2024, representing a year-on-year growth of 12.3% [1]. - The net profit for 2023 was 1,697 million CNY, with a significant projected decline of 34% to 1,120 million CNY in 2024, followed by a recovery to 1,594 million CNY in 2025 [1]. - The report highlights a recovery in operational margins, with Q3 showing positive revenue growth and significant profit improvement [1]. Strategic Initiatives - The management is focusing on optimizing the product portfolio and enhancing channel strategies to boost sales and market presence [1]. - The report emphasizes the importance of internal resource integration and management efficiency as key drivers for the company's future growth [1]. - The company is expected to benefit from land compensation and potential mergers and acquisitions, which could further enhance its financial flexibility [1].

证券代码：600872 证券简称：中炬高新 公告编号：2024-068 中炬高新技术实业（集团）股份有限公司 关于无偿受让广东厨邦食品有限公司少数股权的公告 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。 重要内容提示： ●中炬高新全资孙公司阳西美味鲜近日与朗天慧德签订了《股权 转让合同》，阳西美味鲜无偿受让朗天慧德持有的厨邦公司 20%股权。 ●该股权变更登记事项已于 2024 年 12 月 5 日办理完成。 ●本次交易不涉及关联交易，也不构成重大资产重组。 ●根据《上海证券交易所股票上市规则》《公司章程》等有关规 定，本次交易无需提交公司董事会、股东大会审议。 一、本次交易概述 2024 年 12 月 4 日，中炬高新技术实业（集团）股份有限公司（以 下简称：公司、本公司、中炬高新）全资孙公司阳西美味鲜食品有限 公司（以下简称：阳西美味鲜）与北京朗天慧德企业管理有限公司（曾 用名：北京朗天慧德投资管理有限公司、曲水朗天慧德企业管理有限 公司，以下简称：朗天慧德）签订了《股权转让合同》，朗天慧德同 意将其持有的本公司控 ...

证券代码：600872 证券简称：中炬高新 公告编号：2024-067 公司于 2024 年 10 月 1 日披露了公司持股 5%以上股东中山润田所 持有的公司 2,435,843 股股票将在淘宝网司法拍卖网络平台上进行公 开拍卖。因案外人对拍卖财产提出确有理由的异议，上述拍卖已撤回。 具体内容详见公司于 2024 年 10 月 1 日披露的《中炬高新关于持股 5%以上股东所持部分公司股份将被司法拍卖的提示性公告》（公告 编号：2024-059）及 2024 年 10 月 29 日披露的《中炬高新关于持股 5%以上股东所持部分公司股份被司法拍卖的进展公告》（公告编号： 2024-062）。 近日，公司于网上查询得知，广东省中山市中级人民法院（以下 简称：中山中院、法院）将于 2024 年 12 月 30 日上午 10 时至 2024 中炬高新技术实业（集团）股份有限公司 关于持股 5%以上股东所持部分公司股份 将被司法拍卖的提示性公告 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 本次将被司法处置的标的为 ...

证券 研究报告 | 行业 定期报告 2024 年 11 月 24 日 签约客户可长按扫码阅读报告 临近年底酒企明年目标定调是关键，近期茅台、五粮液等也在拟定中，考虑各方 对明年需求预期谨慎，有望在理性下调增长目标上达成共识，以维护市场良性。后续渠 道释放包袱、报表触底过程中，投资者更关注实际动销，股价先于报表出现拐点。 食品个股提前完成库存调整，叠加春节备货提前，四季度增长有望超预期。中期 来看，乳制品、饮料、榨菜等板块或龙头也进入向上周期，未来 1-2 年有望盈利上修。 最新观点 核心公司跟踪：金徽酒控股股东增持，中炬高新股东权益变动。 金徽酒： 控股股东亚特集团增持公司股份，增持资金总额不低于人民币 5,000 万元，不超过人民币 10,000 万元。 伊力特： 刘新宇先生因达到法定退休年龄，特向公司董事会提出辞去董事、副总经理以及董事会下设战略委员会、薪酬与考核委员会委员职务。 洽洽食品： 拟回购部分股份，用于股权激励计划或员工持股计划，回购的资金总额不低于人民币 4,000 万元（含），且不超过人民币 8,000 万元（含），回购股份约占公司总 股本为 0.17% — 0.33% 。 中炬高新： 持股 ...

证券代码：600872 证券简称：中炬高新 公告编号：2024-066 中炬高新技术实业（集团）股份有限公司 关于持股 5%以上股东权益变动超过 1%的提示性公告 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： 本次权益变动股份为中炬高新技术实业（集团）股份有限公司 （以下简称：公司）持股 5%以上股东中山润田投资有限公司（以下 简称：中山润田）所持公司股份 14,870,000 股。本次权益变动后，中 山润田对公司持股比例从 7.84%变为 5.94%，变动达到公司总股本的 1.90%。 本次权益变动不会对公司经营活动产生影响。 一、权益变动概述 经公司核实，中山润田持有公司股份于 2024 年 11 月 19 日发生 变动，对公司持股股数减少 14,870,000 股，持股比例从 7.84%变为 5.94%，上述股份已折价过户登记至中航信托股份有限公司－中航信 托·天启【2019】381 号宝华伍号集合资金信托计划，每股折价 25.227 元，折价总额 375,125,490.00 元。 1 证券代码 ...