公司报告 | 年报点评报告 中炬高新（600872） 证券研究报告 24 年扣非利润表现优秀，期待 25 年改革红利释放 事件：2024 年公司收入/归母净利润分别为 55.19/8.93 亿元（同比 +7.39%/-47.37%）；24Q4 公司收入/归母净利润分别为 15.73/3.17 亿元（同 比+32.59%/-89.33%）。 Q4 营收增速恢复，全年扣非归母净利润表现优秀。24 年美味鲜营收/净利 润 50.75/7.75 亿元，同比+2.89%/29.48%。2024 年公司酱油/鸡精鸡粉/食用 油/其他收入 29.82/6.74/5.67/6.31 亿元（同比-2%/-0.2%/+27%/-12%）；销量 分别同比+4%/+6%/+35%/-6%，吨价分别同比-5%/-6%/-6%/-6%。24Q4 酱油 /鸡精鸡粉/食用油/其他收入分别同比+2%/-12%/+106%/-8%。酱油/鸡精粉 增长稳健，食用油增长较多。24 年确认征地收入 2.96 亿元，实现 2.14 亿 元征地收益。 线上快速增长，新渠道发展靓眼。2024 年公司东部/南部/中西部/北部收 入分别为 12/20/10/6 ...

公司报告 | 年报点评报告 中炬高新（600872） 证券研究报告 24 年扣非利润表现优秀，期待 25 年改革红利释放 事件：2024 年公司收入/归母净利润分别为 55.19/8.93 亿元（同比 +7.39%/-47.37%）；24Q4 公司收入/归母净利润分别为 15.73/3.17 亿元（同 比+32.59%/-89.33%）。 Q4 营收增速恢复，全年扣非归母净利润表现优秀。24 年美味鲜营收/净利 润 50.75/7.75 亿元，同比+2.89%/29.48%。2024 年公司酱油/鸡精鸡粉/食用 油/其他收入 29.82/6.74/5.67/6.31 亿元（同比-2%/-0.2%/+27%/-12%）；销量 分别同比+4%/+6%/+35%/-6%，吨价分别同比-5%/-6%/-6%/-6%。24Q4 酱油 /鸡精鸡粉/食用油/其他收入分别同比+2%/-12%/+106%/-8%。酱油/鸡精粉 增长稳健，食用油增长较多。24 年确认征地收入 2.96 亿元，实现 2.14 亿 元征地收益。 线上快速增长，新渠道发展靓眼。2024 年公司东部/南部/中西部/北部收 入分别为 12/20/10/6 ...

Investment Rating - The report maintains an "Outperform" rating for Jonjee Hi-Tech Industrial and Commercial Holding [2][7] Core Insights - Jonjee achieved a revenue of RMB 5.52 billion in 2024, representing a year-on-year increase of 7.4%, while net profit attributable to shareholders decreased by 47.4% to RMB 890 million [4][9] - In Q4 2024, the company reported revenue of RMB 1.57 billion, a significant year-on-year increase of 32.6%, although net profit attributable to shareholders fell by 89.3% to RMB 320 million [4][9] - The company is expected to continue expanding its channels and sales regions while enhancing management efficiency, with projected revenues of RMB 5.99 billion, RMB 6.56 billion, and RMB 7.23 billion for 2025, 2026, and 2027 respectively [7][13] Financial Performance Summary - Revenue and Net Profit Forecast: - 2024 Revenue: RMB 5,519 million - 2025 Revenue Estimate: RMB 5,988 million (up 8.5% YoY) - 2026 Revenue Estimate: RMB 6,557 million (up 9.5% YoY) - 2027 Revenue Estimate: RMB 7,232 million (up 10.3% YoY) - 2024 Net Profit: RMB 893 million - 2025 Net Profit Estimate: RMB 972 million (up 16.2% YoY) - 2026 Net Profit Estimate: RMB 1,084 million (up 17.6% YoY) - 2027 Net Profit Estimate: RMB 1,213 million (up 18.0% YoY) [2][8][12] Profitability Analysis - The gross profit margin increased to 39.8% in 2024, up 7.1 percentage points, while the net profit margin attributable to shareholders decreased to 16.2% [6][12] - In Q4 2024, the gross margin rose to 45.8%, with a net profit margin of 20.2% [6][12] Market Position and Strategy - The company is focusing on channel transformation and expanding its market presence, achieving a county-level market penetration of 75.4% and a prefecture-level penetration of 95.8% by the end of the reporting period [5][11] - Meiweixian, a key product line, reported a revenue of RMB 5.07 billion in 2024, with a year-on-year growth of 2.9% [10][11]

Core Viewpoint - The company reported a mixed financial performance for 2024, with revenue growth but a significant decline in net profit, indicating challenges in profitability despite operational improvements [2][3][5]. Financial Performance - In 2024, the company achieved a revenue of 5.519 billion, a year-on-year increase of 7.4%, while the net profit attributable to shareholders was 893 million, down 47.4% [2]. - The fourth quarter of 2024 saw a revenue of 1.57 billion, up 32.6% year-on-year, but the net profit dropped by 89.3% to 320 million [2]. - The company's gross margin improved to 39.8% for the year and 45.8% for Q4, reflecting a year-on-year increase of 7.1 and 12.7 percentage points, respectively [5]. Business Segments - The "Meiwei Xian" segment generated a revenue of 5.074 billion in 2024, with a net profit of 707 million, representing a year-on-year growth of 2.86% and 26.02%, respectively [2][3]. - The revenue from direct sales channels grew significantly by 26.42% in 2024, while distribution channels saw a slight decline of 1.01% [3]. Market Expansion - The total number of distributors for "Meiwei Xian" reached 2,554 by the end of 2024, an increase of 470 compared to the end of 2023, indicating a focus on expanding into lower-tier markets [4]. - The company achieved a county development rate of 75.35% and a city development rate of 95.81% in 2024 [4]. Strategic Initiatives - The company implemented a three-tier organizational structure and enhanced customer management, leading to improved distributor numbers and market penetration [7]. - The e-commerce business experienced over 30% revenue growth, contributing positively to overall performance [3][7]. Future Outlook - For Q1 2025, the company anticipates a potential decline in sales revenue due to a high base in Q1 2024 and a focus on market price recovery [8]. - The company aims to achieve three key operational goals in 2025: complete at least one industry acquisition, ensure continuous revenue growth, and build core capabilities in precise marketing, continuous innovation, and refined operations [8].

Investment Rating - The report maintains an "Outperform" rating for Jonjee Hi-Tech Industrial and Commercial Holding [2][7] Core Insights - Jonjee achieved a revenue of RMB 5.52 billion in 2024, representing a year-on-year increase of 7.4%, while the net profit attributable to shareholders decreased by 47.4% to RMB 890 million [4][9] - In Q4 2024, the company reported a revenue of RMB 1.57 billion, a significant year-on-year increase of 32.6%, although the net profit attributable to shareholders fell by 89.3% to RMB 320 million [4][9] - The company is expected to continue expanding its channels and sales regions while enhancing management efficiency, with projected revenues of RMB 5.99 billion, RMB 6.56 billion, and RMB 7.23 billion for 2025, 2026, and 2027 respectively [7][13] Financial Performance Summary - Revenue and Net Profit Forecast: - 2024 Revenue: RMB 5,519 million - 2025 Revenue Estimate: RMB 5,988 million (up 8.5% YoY) - 2026 Revenue Estimate: RMB 6,557 million (up 9.5% YoY) - 2027 Revenue Estimate: RMB 7,232 million (up 10.3% YoY) - 2024 Net Profit: RMB 893 million - 2025 Net Profit Estimate: RMB 972 million (up 16.2% YoY) - 2026 Net Profit Estimate: RMB 1,084 million (up 17.6% YoY) - 2027 Net Profit Estimate: RMB 1,213 million (up 18.0% YoY) [2][8][12] Profitability Analysis - The gross profit margin increased to 39.8% in 2024, up 7.1 percentage points from the previous year, while the net profit margin attributable to shareholders decreased to 16.2% [6][12] - In Q4 2024, the gross margin rose to 45.8%, with a net profit margin of 20.2% [6][12] Market Position and Strategy - The company is focusing on channel transformation and expanding its online direct sales, which saw a growth of 11.8% in 2024, while traditional distribution channels experienced a decline of 8.4% [5][11] - By the end of the reporting period, Jonjee achieved a county-level market penetration of 75.4% and a prefecture-level penetration of 95.8% [5][11]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 5.519 billion yuan in 2024, representing a year-on-year increase of 7.4%, while the net profit attributable to shareholders was 893 million yuan, a decrease of 47.4% [4][10] - The company is expected to recover minority interests, which is anticipated to enhance profits in 2025 [9] - The company has implemented significant reforms, resulting in improved profitability and a focus on market price recovery in 2025 [9][10] Financial Performance Summary - In 2024, the company reported a revenue of 5.519 billion yuan, with a net profit of 893 million yuan and a non-recurring net profit of 670 million yuan, showing a 28% increase year-on-year [4][10] - The fourth quarter of 2024 saw a revenue of 1.57 billion yuan, up 32.6% year-on-year, but the net profit dropped by 89.3% to 320 million yuan [4][10] - The gross margin for 2024 was 39.8%, an increase of 7.1 percentage points year-on-year, driven by lower raw material costs and improved production efficiency [7][14] Revenue Breakdown - The company's main product, Meiwai Xian, achieved a revenue of 5.074 billion yuan in 2024, with a net profit of 707 million yuan, reflecting a year-on-year growth of 2.86% and 26.02% respectively [4][5] - The revenue from direct sales channels grew by 26.42% in 2024, while distribution channels saw a decline of 1.01% [5][6] Cost and Expense Management - The company’s expense ratio for 2024 was 19.1%, a decrease of 0.5 percentage points year-on-year, with sales expenses increasing due to channel reforms and promotional activities [8][15] - The company’s net profit margin for 2024 was 16.2%, down 16.8 percentage points year-on-year, but the adjusted net profit margin showed an increase [7][14] Future Outlook - The company aims to achieve three key operational goals in 2025: complete at least one industrial acquisition, ensure continuous revenue growth, and build three core capabilities: refined marketing, continuous innovation, and precise operations [9][10] - The forecast for net profit attributable to shareholders in 2025 is adjusted to 966 million yuan, reflecting a 1.6% decrease from previous estimates [10]

分析师及联系人 [Table_Author] 丨证券研究报告丨 公司研究丨点评报告丨中炬高新（600872.SH） [Table_Title] 中炬高新 2024 年年报点评：收入环比提速，盈 利改善显著 报告要点 [Table_Summary] 公司在 2024 年历经渠道转型，收入增长承压，但原辅材料成本下行带来的盈利改善显著。展 望 2025 年，公司的经营计划包括：内生+外延共同驱动调味品主业的规模增长，同时强化精益 化、数智化管理，并提升产品创新延展，加强对东南亚、日韩、欧美等海外市场的营销拓展。 同时随着少数股权问题已得到解决，2025 年的归母净利润有望增厚。 董思远 徐爽 SAC：S0490517070016 SAC：S0490520030001 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中炬高新（600872.SH） cjzqdt11111 [Table_Title 中炬高新 2024 2] 年年报点评：收入环比提速，盈 利改善显著 [Table_Summary2] 事件描述 中炬高新发布 2024 年年报，公司全年 ...

Macro Strategy - The report suggests that the depreciation of the RMB against the USD may be a response to overseas risk events and a proactive measure to release risks in currency management, with a gradual approach expected in the depreciation process [1][12] - The expected range for USDCNY is projected to gradually rise to 7.40-7.50, indicating a controlled release of risks while maintaining a stable exchange rate [12] Fixed Income - The report on Weicai Convertible Bond indicates an expected listing price range of 112.72 to 125.13 RMB, with a subscription rate of 0.0046% and a conversion premium of approximately 35% [2][14] - The report on Anji Convertible Bond anticipates a listing price range of 109.63 to 122.00 RMB, with a subscription rate of 0.0037% and a conversion premium of around 28% [3][15] - The report on Qingyuan Convertible Bond expects a listing price range of 100.22 to 111.65 RMB, with a subscription rate of 0.0020% and a conversion premium of about 25% [3][17] Industry Analysis - The engineering machinery sector is entering an upward cycle, with a projected 2-3 years of growth ahead, supported by significant share buybacks from major companies like Sany Heavy Industry and XCMG [20][21] - The report highlights a 38% year-on-year increase in domestic excavator sales in Q1 2025, indicating strong market demand and potential for upward valuation adjustments [21] - The engineering machinery companies have low exposure to the US market, with Sany's exposure at approximately 3%, making the overall risk manageable [21] Company Insights - Pengding Holdings reported a revenue of 35.14 billion RMB and a net profit of 3.62 billion RMB for 2024, with significant growth in the automotive and server sectors [5][22] - The company is expanding its production capacity with a projected capital expenditure of 5 billion RMB in 2025, reflecting confidence in future market demand [6][22] - The report on Jerey Co. indicates a projected net profit of 3.03 billion RMB for 2025, with a focus on overseas expansion despite tariff risks [7][8]

食品饮料/调味发酵品Ⅱ 中炬高新（600872.SH） 调味品业务恢复正增长，改革进程持续推进 2025 年 04 月 10 日 投资评级：买入（维持） | 日期 | 2025/4/10 | | --- | --- | | 当前股价(元) | 21.40 | | 一年最高最低(元) | 30.63/16.08 | | 总市值(亿元) | 167.61 | | 流通市值(亿元) | 164.99 | | 总股本(亿股) | 7.83 | | 流通股本(亿股) | 7.71 | | 近 3 个月换手率(%) | 80.32 | 股价走势图 数据来源：聚源 -60% -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 中炬高新 沪深300 相关研究报告 《营收表现短期承压，盈利能力同比 改 善 — 公 司 信 息 更 新 报 告 》 -2024.10.28 《收入增长短期承压，改革进程持续 推进—公司信息更新报告》-2024.8.12 《内部管理成效显现，2024Q1 利润表 现 超 预 期 — 公 司 信 息 更 新 报 告 》 -2024.4.25 调味品业务扭转下滑态势， ...

食品饮料/调味发酵品Ⅱ | 日期 | 2025/4/10 | | --- | --- | | 当前股价(元) | 21.40 | | 一年最高最低(元) | 30.63/16.08 | | 总市值(亿元) | 167.61 | | 流通市值(亿元) | 164.99 | | 总股本(亿股) | 7.83 | | 流通股本(亿股) | 7.71 | | 近 3 个月换手率(%) | 80.32 | 股价走势图 数据来源：聚源 -60% -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 中炬高新 沪深300 相关研究报告 《营收表现短期承压，盈利能力同比 改 善 — 公 司 信 息 更 新 报 告 》 -2024.10.28 中炬高新（600872.SH） 调味品业务恢复正增长，改革进程持续推进 2025 年 04 月 10 日 投资评级：买入（维持） 《收入增长短期承压，改革进程持续 推进—公司信息更新报告》-2024.8.12 《内部管理成效显现，2024Q1 利润表 现 超 预 期 — 公 司 信 息 更 新 报 告 》 -2024.4.25 张宇光（分析师） 方一苇 ...