证券代码：600872 证券简称：中炬高新 公告编号：2024-065 中炬高新技术实业（集团）股份有限公司 关于独立董事任期届满辞职的公告 中炬高新技术实业（集团）股份有限公司董事会 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。 中炬高新技术实业（集团）股份有限公司（以下简称：公司）董 事会近日收到独立董事秦志华先生的书面辞职报告。秦志华先生连续 担任公司独立董事 6 年期限届满，根据《上市公司独立董事管理办法》 等法律法规关于独立董事任职期限的规定，秦志华先生申请辞去公司 独立董事及董事会审计委员会、战略委员会、提名委员会、薪酬与考 核委员会、治理委员会委员的职务，辞职后秦志华先生将不再担任公 司任何职务。秦志华先生在辞职报告中就公司的内部控制及公司治理 事项向董事会提出优化建议，董事会将会认真采纳并努力落实上述建 议，以推动公司更好的发展。 鉴于秦志华先生的辞职将导致公司独立董事占董事会成员的比 例低于三分之一，根据《上市公司独立董事管理办法》和《公司章程》 的有关规定，在公司股东大会选举出新任独立董事就任前，秦 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1][6]. Core Views - The company has shown improvement in revenue and profit on a quarter-on-quarter basis, indicating the initial effects of adjustments [1]. - The company achieved a revenue of 3.95 billion yuan in the first three quarters of 2024, with a year-on-year decrease of 0.17%, and a net profit attributable to shareholders of 580 million yuan, reflecting a year-on-year increase of 19.3% [1][2]. - The gross profit margin has continued to improve, reaching 38.8% in Q3 2024, up by 5.0 percentage points year-on-year, primarily due to decreases in material procurement prices and production costs [3]. - The company is focusing on its core seasoning business and is expected to continue releasing performance elasticity through ongoing reforms [3][4]. Financial Summary - For 2024E, the company is projected to achieve a revenue of 5.602 billion yuan, with a year-on-year growth rate of 9.0% [1][9]. - The net profit attributable to shareholders is expected to be 726 million yuan in 2024E, with a year-on-year decrease of 57.2% [1][9]. - The company's EPS is projected to be 0.93 yuan in 2024E, increasing to 1.41 yuan by 2026E [1][9]. - The company has a total market capitalization of approximately 18.32 billion yuan [1]. Segment Performance - In Q3 2024, the company’s revenue from soy sauce, chicken essence, and chicken powder reached 740 million yuan, 180 million yuan, and 130 million yuan respectively, with year-on-year changes of 0.5%, 14.0%, and -9.2% [2]. - The company has increased its number of distributors to 2,395, with a net increase of 311 distributors this year, mainly in the central and northern regions [2]. Cost Management - The sales expense ratio, management expense ratio, and R&D expense ratio were 6.3%, 7.0%, and 2.8% respectively, showing improvements in cost management [3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5][13]. Core Views - The company's performance in Q3 showed a quarter-on-quarter improvement, with expectations for steady growth throughout the year. The revenue for Q1-3 of 2024 is projected to be 57.56 billion, 66.21 billion, and 76.35 billion for 2024-2026, reflecting a growth rate of 12%, 15%, and 15% respectively [3][4]. - The company achieved a net profit of 5.76 billion for Q1-3 of 2024, with a significant increase in the net profit margin due to reduced costs and improved product structure [2][3]. Financial Performance Summary - For Q3 2024, the company reported revenue of 13.28 billion, a year-on-year increase of 2.23%, and a net profit of 2.26 billion, reflecting a 32.90% increase [1][2]. - The gross margin improved significantly to 38.82%, up by 4.95 percentage points year-on-year, driven by lower material costs and optimized product structure [2][4]. - The company’s net profit for 2024 is expected to be 7.55 billion, with a projected P/E ratio of 24X for 2024 [3][4]. Regional Performance - The Eastern region showed rapid growth with a revenue increase of 8.57% year-on-year, while the Central and Western regions experienced declines [2]. - The number of distributors increased by 285 to a total of 2395, indicating stable growth in the distribution network [2]. Revenue Breakdown - The revenue from various product lines in Q3 2024 was as follows: soy sauce at 7.41 billion, chicken essence at 1.81 billion, cooking oil at 1.30 billion, and other income at 1.47 billion [1][2].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a total revenue of 3.946 billion yuan for Q1-Q3 2024, a slight decrease of 0.17% year-on-year, while the net profit attributable to the parent company was 576 million yuan, indicating a turnaround from losses [4][6]. - The company's main product line, "Meiwei Xian," generated a revenue of 3.808 billion yuan in the same period, reflecting a year-on-year increase of 0.46% [4]. - In Q3 2024, the total revenue reached 1.328 billion yuan, up 2.23% year-on-year, with a net profit of 226 million yuan, marking a significant increase of 32.9% [4][6]. Revenue Breakdown - Revenue from soy sauce for Q1-Q3 2024 was 2.299 billion yuan, down 2.4% year-on-year, but showed a recovery in Q3 with a growth of 0.47% [4]. - Revenue from chicken essence and powder was 508 million yuan, up 4.48% year-on-year, with Q3 growth of 13.99% [4]. - Revenue from edible oil was 345 million yuan, a slight increase of 1.94% year-on-year, but decreased by 9.16% in Q3 [4]. - The company expanded its distribution channels, with a total of 2,395 distributors by the end of Q3 2024, an increase of 110 from the previous quarter [4]. Profitability Improvement - The company's net profit margin for Q1-Q3 2024 improved by 46.79 percentage points to 14.6%, with a gross margin increase of 4.79 percentage points to 37.36% [5]. - In Q3 2024, the net profit margin rose by 3.94 percentage points to 17.05%, with a gross margin of 38.82%, reflecting effective cost control measures [5]. - The company has implemented cost reduction and efficiency improvement strategies, contributing to enhanced profitability [5]. Future Outlook - The company expects net profits of approximately 999 million yuan and 998 million yuan for 2024 and 2025, respectively, with an estimated EPS of 1.27 yuan for both years [6]. - The PE valuation is projected to be 18 times for both years, indicating a stable outlook for the company's financial performance [6].

Financial Performance - The company's operating revenue for Q3 2024 was CNY 1,327,758,283.03, representing a year-on-year increase of 2.23%[2] - Net profit attributable to shareholders for the same period was CNY 226,440,418.82, reflecting a significant increase of 32.90% compared to the previous year[2] - Basic earnings per share for Q3 2024 reached CNY 0.2906, up by 31.55% year-on-year[3] - For the first nine months of 2024, the company achieved a total revenue of 3.946 billion RMB, a decrease of 6.8662 million RMB, representing a decline of 0.17% year-on-year[10] - The net profit attributable to the parent company for the first nine months of 2024 was 576 million RMB, an increase of 1.849 billion RMB, marking a year-on-year growth of 3,206.67%[11] - The company reported a net profit of 16.20 million RMB from the headquarters for the first nine months, an increase of 1.763 billion RMB, primarily due to the reversal of provisions related to a previous lawsuit[11] - The net profit for the third quarter of 2024 reached CNY 636,810,826.88, a significant recovery from a net loss of CNY 1,237,802,632.73 in the same period last year[19] - The total revenue from operating activities for the first three quarters of 2024 was CNY 4,396,545,585.18, slightly up from CNY 4,379,753,161.57 in the previous year[21] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 7,472,148,214.53, an increase of 11.21% compared to the end of the previous year[3] - Total liabilities rose to CNY 2,025,656,863.55, up from CNY 1,518,352,188.76 in the previous year[16] - Current assets totaled CNY 4,533,893,888.89, an increase from CNY 3,732,807,567.52 year-over-year[16] - The total equity attributable to shareholders increased to CNY 4,890,102,988.04 from CNY 4,704,744,444.34[17] Cash Flow and Investments - The company’s cash and cash equivalents as of September 30, 2024, were 404.63 million RMB, down from 500.45 million RMB at the end of 2023[14] - The cash flow from operating activities generated a net amount of CNY 914,201,209.36, an increase from CNY 844,936,774.05 in the previous year[22] - The investment activities resulted in a net cash outflow of CNY 1,161,224,650.18, compared to a net outflow of CNY 650,648,781.54 in the previous year[22] - The financing activities generated a net cash inflow of CNY 145,810,425.35, a recovery from a net outflow of CNY 1,992,369.98 in the same period last year[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 60,809[7] - The top shareholder, Zhongshan Torch Group Co., Ltd., holds 11.02% of the shares, totaling 86,344,162 shares[7] Cost Management - The company has seen a decrease in material procurement costs and logistics expenses, contributing to improved profit margins[6] - The company is focusing on optimizing product structure and reducing costs, which has positively impacted gross profit margins[11] - Total operating costs decreased to CNY 3,275,872,184.10 from CNY 3,419,182,947.19 year-over-year[18] - Operating costs included CNY 2,471,655,035.74 in cost of goods sold, down from CNY 2,665,153,050.40 in the previous year[18] Legal Matters - The company has resolved ongoing litigation with the Industrial Union Company, leading to the withdrawal of three lawsuits and the lifting of asset freezes[12][13] Other Income and Expenses - The company reported non-recurring gains of CNY 13,847,084.09 for the current period, with significant contributions from asset disposals and government subsidies[4] - Investment income from held term deposits was CNY 35,401,196.39, indicating a stable source of income for the company[5] - The company reported an increase in other income to CNY 26,566,511.05, up from CNY 13,094,214.55 in the previous year[19]

[ T able_StockInfo] 2024 年 10 月 30 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：22.61 元 中炬高新（600872）食品饮料 目标价：——元（6 个月） Q3 利润端持续改善，改革稳步推进 [Table_Summary 事件：公司发布] 2024年三季报，前三季度实现营收 39.5亿元，同比-0.2%；实 现归母净利润 5.8亿元，比去年同期增加了 18.5亿元；实现扣非归母净利润 5.5 亿元，同比+19.3%。其中 24Q3实现营收 13.3亿元，同比+2.2%；实现归母净 利润 2.3亿元，同比+32.9%；实现扣非归母净利润 2.1亿元，同比+27.7%；公 司业绩超市场预期。 酱油主业恢复增长，鸡精鸡粉维持高增。24Q3 美味鲜子公司实现收入 12.5 亿 元，同比+2.8%。分产品看，24Q3 酱油/鸡精鸡粉/食用油/其他产品收入增速分 别为+0.5%/+14%/-9.2%/-9.1%；其中酱油主业实现恢复性增长，鸡精鸡粉高基 数下维持快速增长。分区域看，24Q3 东部/南部/中西部/北部收入增速分别为 +8.6%/+1.2%/-12.9 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company has shown a notable improvement in profit performance in Q3 2024, with a revenue of RMB 13.3 billion, up 2.2% year-on-year, and a net profit of RMB 2.3 billion, up 32.9% year-on-year [3][5]. - Internal reforms are ongoing, leading to a stabilization in the main seasoning business, with price adjustments and inventory control measures being implemented [3][5]. - The company is expected to benefit from a recovery in dining demand and consumer spending, with revenue growth forecasts of 7.1%, 14.1%, and 14.0% for 2024 to 2026, respectively [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a total revenue of RMB 39.5 billion, a slight decrease of 0.2% year-on-year, while the net profit attributable to shareholders was RMB 5.8 billion, reflecting a growth of 19.3% [3][5]. - In Q3 2024, the company achieved a gross margin of 38.8%, an increase of 5.0 percentage points year-on-year, attributed to lower raw material costs and a higher proportion of high-margin products [5][3]. Product and Regional Performance - The company's main product, soy sauce, generated RMB 7.4 billion in revenue in Q3 2024, a year-on-year increase of 0.5%, while chicken essence and powder saw a significant growth of 14.0% year-on-year [3][5]. - Revenue growth varied by region, with the eastern and southern regions showing increases of 8.6% and 1.2%, respectively, while the central region experienced a decline of 12.9% [3][5]. Valuation and Forecast - The report maintains previous profit forecasts, projecting net profit growth rates of 58.2%, 27.2%, and 22.9% for 2024 to 2026, with corresponding price-to-earnings ratios of 24.9X, 19.6X, and 16.0X [3][4].

证券代码：600872 证券简称：中炬高新 公告编号：2024-063 中炬高新技术实业（集团）股份有限公司 关于征地补偿合同的进展公告 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。 一、基本情况 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） 以及本公司控股子公司广东中汇合创房地产有限公司（以下简称：中汇合 创公司）就中山站及周围片区的国有商住土地共约 52.9744 亩的土地征用 问题，与中山火炬高技术产业开发区土地房屋征收中心（以下简称：火炬 区征收中心）分别签订了《深江铁路中山段火炬开发区征地补偿合同》。 就地上附着物及青苗补偿事宜，中汇合创公司并与火炬区征收中心签订了 《深江铁路中山段火炬开发区地上附着物及青苗补偿合同》。 因深江铁路征收出现的征收红线范围内的夹缝地、线外安全防护地面 积共计 112,595.2655 ㎡（折合 168.8929 亩）【其中本公司 106,326.03 ㎡（折 合 159.4890 亩）、中汇合创公司 6,269.2355 ㎡（折合 9.4039 亩）】，导致 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a rebound in operations, with profit growth exceeding expectations [1] - The report indicates that the company has reached a turning point after experiencing a low in operations, and future improvements are anticipated [2] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 5,341 million - 2023A: 5,139 million (down 4% YoY) - 2024E: 5,433 million (up 6% YoY) - 2025E: 6,234 million (up 15% YoY) - 2026E: 7,027 million (up 13% YoY) [1] - **Net Profit Forecasts**: - 2022A: -592 million - 2023A: 1,697 million (up 387% YoY) - 2024E: 767 million (down 55% YoY) - 2025E: 903 million (up 18% YoY) - 2026E: 1,072 million (up 19% YoY) [1] - **Earnings Per Share (EPS)**: - 2022A: -0.75 - 2023A: 2.16 - 2024E: 0.98 - 2025E: 1.15 - 2026E: 1.36 [1] - **Return on Equity (ROE)**: - 2022A: -17% - 2023A: 33% - 2024E: 13% - 2025E: 14% - 2026E: 15% [1] - **Price-to-Earnings (P/E) Ratio**: - 2022A: -31.6 - 2023A: 11.0 - 2024E: 24.4 - 2025E: 20.7 - 2026E: 17.4 [1] - **Price-to-Book (P/B) Ratio**: - 2022A: 6.2 - 2023A: 4.0 - 2024E: 3.6 - 2025E: 3.3 - 2026E: 2.9 [1] Recent Performance Highlights - In the first three quarters of 2024, the company achieved revenue of 39.46 billion, with a year-on-year growth of -0.17% and a net profit of 5.76 billion, showing a year-on-year increase [1] - For Q3 2024, the company reported revenue of 13.28 billion, a year-on-year increase of 2.23%, and a net profit of 2.26 billion [1] - The company’s gross margin improved significantly, with a control over expense ratios [1]

Investment Rating - The report maintains a "Buy" rating for Zhongju Gaoxin (600872) with a target price of 29.1, compared to the last closing price of 23.87 [1][6]. Core Views - The Q3 performance of Zhongju Gaoxin exceeded expectations, with internal adjustments showing some effectiveness. The company reported a revenue of 3.946 billion yuan for the first three quarters of 2024, a slight decrease of 0.17% year-on-year, while the net profit attributable to shareholders reached 576 million yuan, reflecting a growth of 19.25% year-on-year [1][2]. - In Q3 2024, the company achieved a revenue of 1.328 billion yuan, up 2.23% year-on-year, and a net profit of 226 million yuan, which is a significant increase of 32.90% year-on-year. The adjusted net profit was 213 million yuan, marking a growth of 27.66% [1][2]. - The company has made positive adjustments in its main seasoning business, with revenue from its flagship products such as soy sauce and chicken essence showing improvement. The overall price increase for these products was around 2%-3% [1][2]. Financial Summary - For 2024, the company is expected to achieve revenues of 5.424 billion yuan, with a growth rate of 5.54%. The net profit is projected to be 766 million yuan, reflecting a decrease of 54.88% year-on-year [2][4]. - The gross profit margin for Q3 2024 improved by 4.9 percentage points to 38.1%, primarily due to a decline in raw material costs [1][4]. - The company anticipates a gradual recovery in its operations, with new distributors and restaurant channels contributing to revenue growth in the future [1][2].