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]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 ——中炬高新（600872）2024 年三季报点评 业绩超预期，改革效果初显 中炬高新(600872) 食品饮料 [Table_Industry] /必需消费 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------|--------------|------------------|-------|------------------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | [table_Authors] | 訾猛 ( | 分析师 ) | | 徐洋 ( 分析师 ) | | | | | | | | | 021-38676442 | | | 021-38032032 | | | | | | | | | | zim ...

司 | --- | --- | --- | --- | --- | --- | |--------------------|-------|-------|-------|-------|-------| | 财务数据和估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 5,341 | 5,139 | 5,385 | 6,097 | 6,865 | | 增长率 | 4% | -4% | 5% | 13% | 13% | | 净利润（百万元） | -592 | 1,697 | 795 | 966 | 1,161 | | 增长率 | -180% | 387% | -53% | 22% | 20% | | EPS（元/ 股） | -0.77 | 2.20 | 1.03 | 1.25 | 1.51 | | 市盈率（ P/E） | -31.1 | 10.8 | 23.2 | 19.0 | 15.9 | | 市净率（ P/B） | 6.1 | 3.9 | 3.4 | 3.0 | 2.6 | 中炬高新（600872.SH） Q3 业绩大幅增长，高弹性有望延续 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [3]. Core Insights - The company reported a slight decline in revenue for the first three quarters of 2024, with total revenue of 3.95 billion, a year-on-year decrease of 0.2%. However, it achieved a net profit of 576 million, marking a return to profitability compared to the previous year [3][4]. - In Q3 2024, the company generated revenue of 1.33 billion, a year-on-year increase of 2.2%, and a net profit of 230 million, up 33% year-on-year, indicating strong profit growth despite slightly lower revenue than expected [3][4]. - The new management team has extensive experience in consumer goods and has set an ambitious three-year plan aimed at enhancing the company's performance in the seasoning business [3]. Financial Summary - For 2024, the company forecasts net profits of 800 million, 970 million, and 1.25 billion for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of -53%, +22%, and +28.7% [3][4]. - The gross margin for Q3 2024 improved to approximately 38.1%, a year-on-year increase of 5 percentage points, driven by lower raw material costs and improved operational efficiency [4]. - The company’s return on equity (ROE) is projected to be 11.8% in 2024, increasing to 18.0% by 2026, reflecting improved profitability and efficiency [4].

中炬高新（600872.SH）2024 年三季报点评 改革稳步推进，经营环比改善 2024 年 10 月 27 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：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%；实现归母净利润 5.76 亿元，同比+145.28%；实现扣非净利润 5.52 亿 元，同比+19.25%。单季度看，24Q3 实现营业收入 13.28 亿元，同比+2.23%； 实现归母净利润 2.26 亿元，同比+32.90%；实现扣非净利润 2.13 亿元，同比 +27.66%。 ➢ 主业边际改善，其他调味品仍有承压。24Q1-3/24Q3 美味鲜分别实现营收 38.08/12.51 亿元，同比+0.47%/+2.63%，三季度增速回正。分产品看，24Q3 酱油/鸡精鸡粉/食用油/其他分别实现营收 7.4/1.8/1.3/1.5 亿元，同比 +0.47%/+13.99%/-9.16%/-9.05%，酱油、鸡精鸡粉边际改善，蚝油、料酒等 仍 有 承 压 。 分 区 域 看 ， 24Q3 东 部 / 南 部 / 中 西 部 / 北 部 分 别 ...

来源：公司年报、国金证券研究所 中炬高新 (600872.SH) 买入（维持评级） 买入（维持评级） 业绩简评 10 月 25 日公司发布三季报，24Q1-Q3 实现营收 39.46 亿元，同比 -0.17%；扣非归母净利润 5.52 亿元，同比+19.25%。其中，24Q3 实 现营收 13.28 亿元，同比+2.23%；扣非归母净利润 2.13 亿元，同 比+27.66%。其中，美味鲜 24Q3 营收 12.51 亿元，同比+2.7%；归 母净利润 12.06 亿元，同比+30.0%，业绩略超预期。 经营分析 基本盘企稳修复，经营调整初具成效。1）分产品来看，Q3 受益于 低基数+内部调整，酱油基本盘开始修复；食用油收入下滑主要系 下游囤货时点差异及高基数扰动。24Q3 酱油/鸡精鸡粉/食用油/其 他产品收入分别为 7.41/1.81/1.30/1.47 亿 元 ， 同 比 +0.5%/+14.0%/-9.2%/-9.0%。2）分地区来看，主销区动销改善， 外埠区域加快网点渗透。24Q3 南部/东部/中西部/北部地区收入同 比+1.2%/+8.6%/-12.9%/2.5%。24 年前三季度经销商净增加 3 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][4] Core Views - The company reported Q3 2024 revenue of 1.328 billion yuan, a year-on-year increase of 2.23%, and a net profit attributable to shareholders of 226 million yuan, up 32.90% year-on-year [3] - The revenue growth is attributed to the increase in sales of chicken essence and powder, while the company is undergoing reforms including the launch of low-sodium and zero-additive soy sauce [3] - The company expects continued improvement in revenue and profitability in Q4 2024 due to low base effects and price increases implemented in September [3][4] Financial Performance Summary - Q3 2024 revenue by product category: soy sauce +0.47%, chicken essence and powder +13.99%, cooking oil -9.16%, and other products -9.05% [3] - Q3 2024 gross margin improved to 38.82%, up 4.95 percentage points year-on-year, driven by lower raw material costs and improved marketing efficiency [3] - The company forecasts revenue for 2024-2026 to be 5.402 billion, 6.106 billion, and 6.961 billion yuan respectively, with year-on-year growth rates of 5.11%, 13.03%, and 14.02% [4][5] - Expected net profit for 2024-2026 is 745 million, 889 million, and 1.071 billion yuan, with corresponding year-on-year growth rates of -56.10%, 19.36%, and 20.51% [4][5]

| --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------- ...

财联社财经通讯社打开APP17:44:26【中炬高新：第三季度净利润2.26亿元 同比增长32.90%】财联社10 月25日电，中炬高新发布2024年第三季度报告，公司前三季度实现营业收入39.46亿元，同比下降 0.17%；净利润5.76亿元。 其中，第三季度实现营业收入13.28亿元，同比增长2.23%；净利润2.26亿元，同比增长32.9%。 中炬高新+4.05%A股公告速递查看公告原文财联社声明：文章内容仅供参考，不构成投资建议。 投资者据此操作，风险自担。 2024-10-25 17:44:2630652 阅读商务合作发送 ...

证券代码：600872 证券简称：中炬高新 公告编号：2024-061 中炬高新技术实业（集团）股份有限公司 2024 年第三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。 中炬高新技术实业(集团)股份有限公司董事会 2024 年 10 月 25 日 1 证券代码:600872 证券简称:中炬高新 公告编号: 2024-061 | 3、报告期内主营业务按地区分部分 | | | 单位:万元 | | --- | --- | --- | --- | | 地区分部 | 2024 年 1-9 月 | 2023 年 1-9 月 | 营业收入比上年增减 | | 东部区域 | 90,461.30 | 86.294.44 | 4.83% | | 南部区域 | 148,717.18 | 152,260.15 | -2.33% | | 中西部区域 | 75.340.95 | 82.374.71 | -8.54% | | 北部区域 | 49.618.93 | 53,293.46 | -6.89% | | 主营收入合计 | ...