Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a slight decrease in revenue for the first three quarters of 2024, with a total revenue of 3.946 billion yuan, down 0.17% year-on-year, while the net profit attributable to shareholders was 576 million yuan. In Q3 2024, the company achieved revenue of 1.328 billion yuan, an increase of 2.23% year-on-year, and a net profit of 226 million yuan, up 32.90% year-on-year [2][6] - The company experienced growth in its chicken essence and soy sauce products, with significant regional variations in performance. In Q3 2024, soy sauce, chicken essence, cooking oil, and other products generated revenues of 741 million, 181 million, 130 million, and 147 million yuan, respectively, with year-on-year changes of 0.47%, 13.99%, -9.16%, and -9.05% [6] - The company's gross profit margin improved by 4.96 percentage points year-on-year to 38.82% in Q3 2024, attributed to cost benefits, declining material prices, and the effectiveness of supply chain reforms. The sales expense ratio decreased by 1.86 percentage points to 6.26%, while the net profit margin increased by 4.90 percentage points to 18.94% [6] - The company forecasts revenue for 2024-2026 to be 5.453 billion, 5.894 billion, and 6.535 billion yuan, with year-on-year growth rates of 6.11%, 8.08%, and 10.87%, respectively. The net profit attributable to shareholders is expected to be 707 million, 873 million, and 988 million yuan, with year-on-year growth rates of -58.34%, 23.47%, and 13.14% [6][7] Summary by Sections Financial Data and Valuation - For 2024E, the company is projected to have a revenue of 5.453 billion yuan, with a growth rate of 6.11%. The net profit is expected to be 707 million yuan, reflecting a significant decline of 58.34% year-on-year. The EPS is projected to be 0.90 yuan per share [7] - The company’s P/E ratio for 2024E is estimated at 26.0, while the P/B ratio is 3.5 [7] Revenue Breakdown - In Q3 2024, the revenue from different products showed varied performance, with soy sauce and chicken essence performing well, while cooking oil and other products saw declines [6] - The company’s distribution channels also exhibited differences, with distribution sales declining by 0.90% year-on-year, while direct sales increased by 22.60% [6] Regional Performance - The company added a total of 84 distributors across different regions, with the eastern region showing the best performance, generating 2.94 billion yuan in revenue, an increase of 8.57% year-on-year [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][10] Core Views - The company reported a 2.23% year-on-year revenue growth in Q3 2024, indicating marginal improvement in operational conditions despite a 0.17% decline in total revenue for the first three quarters of 2024 [1][5] - The company’s gross margin increased to 38.8%, up 5 percentage points year-on-year, primarily due to lower raw material costs and a higher proportion of high-margin products [6][8] - The company is undergoing reform measures, with expectations for improved performance in Q4 2024 and 2025 as it continues to implement organizational changes and manage costs effectively [1][6] Financial Performance Summary - For Q3 2024, the company achieved total revenue of 1.328 billion yuan, a 2.23% increase year-on-year, and a net profit of 226 million yuan, up 32.90% year-on-year [1][5] - The first three quarters of 2024 saw total revenue of 3.946 billion yuan, a slight decrease of 0.17% year-on-year, with a net profit of 576 million yuan, down 145.28% [1][5] - The company’s non-recurring net profit for Q3 2024 was 213 million yuan, reflecting a 27.66% increase year-on-year [1][5] Revenue and Profit Forecast - The revenue forecast for 2024-2026 is adjusted to 5.30 billion, 5.79 billion, and 6.29 billion yuan respectively, with year-on-year growth rates of 3.1%, 9.4%, and 8.6% [8][9] - The net profit forecast for the same period is revised to 700 million, 770 million, and 900 million yuan, with corresponding earnings per share (EPS) of 0.89, 0.98, and 1.15 yuan [8][9]

Investment Rating - Investment rating: Buy (maintained) [1] Core Views - The company's revenue performance is under short-term pressure, but profitability has improved year-on-year [1] - The company is expected to achieve growth through both organic and external acquisitions, supporting long-term development [4] - The company has shown a commitment to reform, with expectations for gradual release of reform dividends leading to a recovery in overall revenue growth [4] Revenue and Profitability - In Q3 2024, the company's revenue and net profit attributable to shareholders were 1.328 billion and 226 million yuan, respectively, representing year-on-year changes of +2.23% and +32.90% [1] - The company's gross margin and net margin in Q3 2024 were 38.82% and 18.94%, respectively, showing year-on-year increases of 4.96 and 4.90 percentage points [3] - The company's profitability improvement is attributed to lower raw material costs and optimized procurement and operational models [3] Segment Performance - In Q3 2024, chicken essence and powder revenue grew by 13.99% year-on-year, while soy sauce revenue saw a slight increase of 0.47%. However, revenue from edible oils and other categories experienced a decline [2] - Regional performance in Q3 2024 showed revenue growth in the eastern, southern, and northern regions, with year-on-year increases of 8.57%, 1.20%, and 2.53%, respectively. The central and western regions saw a decline of 12.94%, but the decline was less severe compared to the previous quarter [2] Financial Forecasts - The company forecasts EPS for 2024-2026 to be 0.90, 1.10, and 1.41 yuan, respectively, with corresponding net profits of 700 million, 860 million, and 1.103 billion yuan [1] - The projected revenue for 2024 is 5.536 billion yuan, with a year-on-year growth of 7.7% [5] - The company's P/E ratios for 2024-2026 are projected to be 26.2, 21.4, and 16.7 times, respectively [1]

证券代码：600872 证券简称：中炬高新 公告编号：2024-062 截止本公告披露日，本次拍卖因案外人对拍卖财产提出确有理 由的异议，该场已撤回。后续拍卖进展以广东省中山市中级人民法院 出具的裁定为准。 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。具体内容详见《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）。 2024 年 10 月 28 日，公司经查询淘宝网司法拍卖网络平台，上 述拍卖因案外人对拍卖财产提出确有理由的异议，该场已撤回。 公司将密切关注上述事项的进展情况，根据《上海证券交易所股 1 证券代码：600872 证券简称：中炬高新 公告编号：2024-062 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 被司法拍卖的进展公告 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。 重要内容提示： 本次拍卖事项的股 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company's main business showed year-on-year improvement in Q3 2024, reinforcing confidence in its ongoing reforms [2][3]. - For the first three quarters of 2024, the company achieved revenue of 3.946 billion yuan, a slight decrease of 0.2% year-on-year, while net profit attributable to shareholders was 576 million yuan, with a 19.3% increase in net profit excluding non-recurring items [3][4]. - The company has been actively enhancing its distribution channels and product offerings, with a focus on health-oriented products and price adjustments to improve channel profitability [4][6]. Financial Performance - In Q3 2024, the company reported revenue of 1.33 billion yuan, up 2.2% year-on-year, and a net profit of 230 million yuan, reflecting a 32.9% increase year-on-year [3][4]. - The gross margin for the first three quarters of 2024 was 37.4%, an increase of 4.8 percentage points year-on-year, while the net profit margin was 14.6% [4][6]. - The company’s revenue projections for 2024 to 2026 have been adjusted downward due to increased industry competition and weak demand, with expected revenues of 5.540 billion, 6.493 billion, and 7.661 billion yuan respectively [6][7]. Product and Market Dynamics - The revenue from soy sauce and chicken essence improved year-on-year in Q3 2024, while other product categories like edible oil saw significant declines [3][4]. - The company has increased its distributor count to 2,395, with a focus on enhancing recruitment efforts in the central and northern regions [3][4]. - The company has implemented price increases on certain products, primarily in the soy sauce and chicken essence categories, with increases around 30% [4][6]. Profitability and Cost Management - The company’s operating efficiency has improved, contributing to a rise in gross margins due to lower raw material costs and enhanced operational efficiency [4][6]. - The report indicates a slight increase in the expense ratio, primarily due to ongoing channel reforms and increased marketing efforts [4][6]. Valuation Metrics - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.98 yuan, 1.25 yuan, and 1.54 yuan respectively [6][7]. - The report highlights a projected return on equity (ROE) of 14.94% for 2024, increasing to 17.74% by 2026 [7][8].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The company is experiencing revenue pressure, but profit margins are continuing to improve [3]. - In Q3 2024, the company's net profit attributable to shareholders increased by 32.9% year-on-year, driven by lower raw material costs and optimized product structure [5][6]. - The company achieved a revenue of 3.946 billion yuan in the first three quarters of 2024, a slight decrease of 0.17% year-on-year, while the net profit attributable to shareholders was 576 million yuan, with a non-recurring net profit of 552 million yuan, reflecting a year-on-year increase of 19.25% [5][6]. Financial Performance Summary - In Q3 2024, the company reported a revenue of 1.328 billion yuan, up 2.23% year-on-year, and a net profit of 226 million yuan, up 32.9% year-on-year [5]. - The gross profit margin for the first three quarters of 2024 was 37.36%, an increase of 4.79 percentage points year-on-year, attributed to declining costs [6]. - The company’s revenue from chicken essence and powder increased by 13.99% year-on-year in Q3 2024, while other product categories showed mixed results [6]. Regional and Channel Performance - In Q3 2024, revenue from the eastern region grew by 8.57% year-on-year, while the central and western regions saw declines [6]. - The company has increased its dealer network by 12.99% compared to the end of 2023, focusing on the central and northern regions [6]. Earnings Forecast and Valuation - The company is expected to have earnings per share (EPS) of 0.98, 1.12, and 1.32 yuan for the years 2024, 2025, and 2026 respectively [7]. - The report suggests a reasonable valuation range of 34.3 to 39.2 yuan based on a price-to-earnings (P/E) ratio of 35-40 times for 2024 [6][7].

证 券 研 究 报 告 中炬高新（600872）2024 年三季报点评 强推（维持） 积极纠偏，重回升势 目标价：31.35 元 当前价：23.87 元 事项： ❖ 公司发布 2024 年三季报，前三季度实现营业收入 39.46 亿元，同比-0.17%； 归母净利润 5.76 亿元，实现扭亏为盈。单 Q3 实现营收 13.28 亿元，同比+2.23%； 归母净利润 2.26 亿，同比+32.90%。 评论： ❖ 美味鲜边际改善，但期内公司更重自然动销，营收增速略低于预期。24Q3 公 司实现营收 13.3 亿，同比+2.2％，其中美味鲜营收 12.5 亿，同比+2.6％，实现 小幅转正。分产品来看，酱油同比+0.5％，环比 Q2 边际改善明显，鸡精鸡粉 同比+14.0％，贡献主要增长来源，而食用油预计受到发货节奏影响，营收同 比-9.2％。分渠道来看，24Q3 分销/直销模式营收分别同比-0.9%/+22.6%，其中 直销在定制业务带动下延续较快增长。分区域来看，除中西部地区仍在下滑外， 东部/南部/北部同比均实现转正，分别同比+8.6％/+1.2％/+2.5％。此外，公司 24Q3 经销商数目净增 110 ...

证券研究报告·公司点评报告·调味发酵品Ⅱ 中炬高新（600872） 2024 年三季报点评：经营环比改善，改革势 能向上 2024 年 10 月 28 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|----------|---------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 5341 | 5139 | 5499 | 6270 | 7170 | | 同比（ % ） | 4.41 | (3.78) | 7.01 | 14.01 | 14.36 | | 归母净利润（百万元） | (592.25) | 1,696.95 | 700.57 | 905.95 | 1,109.85 | | 同比（ % ） | (179.82) | 386.53 | (58.72) | 29.32 | 22.51 | | EPS- 最新摊薄（元 / ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][5] Core Views - The company's Q3 performance shows sequential improvement with significant optimization in expense allocation [2][3] - The company achieved a revenue of 3.946 billion yuan in the first three quarters of 2024, a slight decrease of 0.2% year-on-year, while the net profit attributable to shareholders was 576 million yuan, marking a turnaround from loss to profit [2][3] - The company is undergoing a channel reform that is gradually stabilizing, with main product sales showing signs of recovery [3][4] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 1.328 billion yuan, an increase of 2.2% year-on-year, and a net profit of 226 million yuan, up 32.9% year-on-year [2][3] - The gross profit margin continued to show a high growth trend, reaching 38.82%, benefiting from lower raw material costs and improved production efficiency [3][4] Market Strategy - The company is focusing on a national strategy, accelerating its layout in the central and northern markets while optimizing distributor quality in the eastern and southern regions [3][4] - The number of national distributors increased by 110 in Q3 2024, indicating a positive trend in channel reform [3][4] Future Outlook - The company is expected to achieve revenues of 5.5 billion, 6.3 billion, and 7.1 billion yuan in 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7%, 15%, and 13% [5][6] - The net profit attributable to shareholders is projected to be 735 million, 889 million, and 1.062 billion yuan for the same years, with corresponding EPS of 0.94, 1.13, and 1.36 yuan [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a marginal improvement in revenue and cost optimization, leading to an increase in gross profit. For the first three quarters of 2024, the company achieved revenue of 3.946 billion yuan, a slight decrease of 0.2% year-on-year, with a net profit of 576 million yuan, marking a return to profitability [2][3] - The company is undergoing a reform of its distribution system, which is expected to enhance its operational efficiency and market performance. The revenue from soy sauce and chicken essence showed improvement, while edible oil revenue declined due to inventory adjustments [3][4] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 1.328 billion yuan, an increase of 2% year-on-year, with a net profit of 226 million yuan, up 33% year-on-year. The gross margin improved by 5 percentage points to 38.82% due to lower material and logistics costs [2][3] - The company expects EPS for 2024-2026 to be 0.94, 1.12, and 1.30 yuan respectively, with corresponding PE ratios of 26, 21, and 18 times [4] Product and Regional Performance - In Q3 2024, revenue from soy sauce, chicken essence, edible oil, and other products was 741 million, 181 million, 130 million, and 147 million yuan respectively, with year-on-year growth rates of +0.5%, +14%, -9%, and -9% [3] - Revenue by region for Q3 2024 was 294 million, 522 million, 237 million, and 147 million yuan for the eastern, southern, central-western, and northern regions respectively, with growth in all but the central-western region [3] Distribution Channel Reform - The company has increased its number of distributors to 2,395, a net increase of 311 since the beginning of the year. The reform aims to optimize resource allocation towards major clients and leverage the strengths of beer distributors in the restaurant channel [3][4]