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 ...

2024/24Q4 公司整体毛利率同比分别变动+7.1pct/+12.7pct，销售费用率、管理费用率、研发费用率同比 分别变动+0.2pct/-1.9pct、-0.4pct/-4.4pct、-0.5pct/-1.0pct，四季度收入增长较好带动费用率下行，扣非净 利率同比分别变动+2.0pct/+2.4pct。其中，2024 年美味鲜毛利率为37.0%，同比+4.3pct，主要系原材料 及包材采购单价下降、生产效率提升所致；销售费用率、管理费用率、研发费用率同比分别变动 0.8pct、0.2pct、-0.4pct，销售费用同比增加主要系渠道改造及促销推广费用投入，管理费用同比增加主 要系股权激励费用确认，期间费用率整体有所提升。 2025 年推动内生增长与外延并购，持续构建营销、创新及精益运营核心能力。1）完成至少一起产业并 购，补齐短板或空白品类，巩固并扩大基础调味品基本盘，提升发展效率；2）面向国内外市场，积极 探索渠道多元化、品类多元化、模式多元化及业务多元化，实现营收持续增长；3）构建三大核心基础 能力，营销向精细化数智化方向转型、持续创新、精益运营，推动形成营销、采购、生产、物流、质控 等各环节或 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 met expectations, with total revenue reaching 55.19 billion yuan, a year-on-year increase of 7.39%. However, the net profit attributable to shareholders decreased by 47% to 8.93 billion yuan [8] - The company is undergoing continuous internal reforms, which are expected to gradually release reform dividends and improve performance in the future [8] - The company has adjusted its revenue and profit forecasts for 2025 and 2026 due to weak industry demand, with new revenue expectations of 58 billion yuan and 66 billion yuan respectively [8] Financial Summary - Total revenue for 2023 was 51.39 billion yuan, with a projected increase to 55.19 billion yuan in 2024, and further growth expected in subsequent years [1][9] - The net profit attributable to shareholders for 2023 was 1.70 billion yuan, with a significant drop to 893 million yuan in 2024, but a recovery is anticipated in the following years [1][9] - The company's gross margin improved significantly, reaching 39.8% in 2024, up by 7.1 percentage points year-on-year [8] - The company has expanded its distributor network, increasing the number of distributors to 2,554 by the end of 2024 [8] Earnings Forecast - Earnings per share (EPS) for 2024 is projected at 1.14 yuan, with expectations of gradual increases in the following years [1][9] - The price-to-earnings (P/E) ratio is expected to decrease from 18.60 in 2024 to 14.34 by 2027, indicating potential value appreciation [1][9]

证券研究报告·公司点评报告·调味发酵品Ⅱ 中炬高新（600872） 2024 年报点评：业绩符合预期，改革持续优 化 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,139 | 5,519 | 5,825 | 6,565 | 7,459 | | 同比（%） | (3.78) | 7.39 | 5.54 | 12.71 | 13.61 | | 归母净利润（百万元） | 1,696.95 | 893.07 | 894.78 | 1,013.94 | 1,158.74 | | 同比（%） | 386.53 | (47.37) | 0.19 | 13.32 | 14.28 | | EPS-最新摊薄（元/股） | 2.17 | 1.14 | 1.14 | 1.29 | 1.48 | | P/E（现价&最新摊薄） | 9.79 | 18.60 | 18.57 | 16.38 | 14.34 | [关键词： Table_T ...

执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 783.22 | | 流通股本(百万股) | 770.99 | | 市价(元) | 21.21 | | 市值(百万元) | 16,612.15 | | 流通市值(百万元) | 16,352.65 | 调味发酵品Ⅱ 2024-10-27 2024-08-10 2024-04-24 中炬高新（600872.SH） 证券研究报告/公司点评报告 2025 年 04 月 10 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | | 2025E | 2026E | 2027E | | 分析师：熊欣慰 | | 营业收入（百万元） | | 5,139 | | 5,519 | 5,633 | 6,079 | 6,479 | | | | 增长率 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 31.35 CNY [2][8]. Core Views - The company achieved a total revenue of 5.52 billion CNY in 2024, representing a year-on-year increase of 7.4%. The net profit attributable to shareholders was 890 million CNY, while the net profit excluding non-recurring items was 671 million CNY, showing a significant year-on-year growth of 28.0% [2][8]. - In Q4 2024, the company recorded a revenue of 1.57 billion CNY, a year-on-year increase of 32.6%, with a net profit of 317 million CNY and a non-recurring net profit of 119 million CNY, reflecting a remarkable year-on-year growth of 93.9% [2][8]. - The company is focused on strategic optimization and gradual reform, aiming to enhance its core capabilities in fine marketing, continuous innovation, and lean operations [2][8]. Financial Performance Summary - The company reported a total revenue of 5,519 million CNY for 2024, with a year-on-year growth rate of 7.4%. The projected revenue for 2025 is 6,151 million CNY, indicating an expected growth rate of 11.4% [8]. - The net profit attributable to shareholders for 2024 was 893 million CNY, with a projected slight increase to 900 million CNY in 2025, reflecting a growth rate of 0.7% [8]. - The earnings per share (EPS) for 2024 was 1.14 CNY, with projections of 1.15 CNY for 2025, 1.32 CNY for 2026, and 1.45 CNY for 2027 [8]. Market Position and Strategy - The company aims to achieve continuous revenue growth and plans to complete at least one industrial acquisition in 2025 to fill gaps in its product categories [2][8]. - The company has successfully reduced inventory levels to a safe range and anticipates improved operational performance in Q2 2025 as the market stabilizes [2][8]. - The report highlights the potential for profit growth through the recovery of minority stakes and ongoing cost advantages, alongside the expected benefits from acquisitions [2][8].

喊着"再造一个新厨邦"的口号，中炬高新交出2024年"成绩单"。 2024年，中炬高新实现营业收入约55.19亿元，同比增长7.39%；归属于上市公司股东的净利润约8.93亿元，同比下滑47.37%；归属于上市公司股东的扣除非 经常损益的净利润约6.71亿元，同比增长27.97%。 截至2024年底，中炬高新归属于上市公司股东的净资产约为56.14亿元，同比增长19.33%；公司总资产约为82.37亿元，同比增长22.59%。 去年调味品收入超50亿元 多品类发展格局逐步形成 中炬高新成立于1993年1月，1995年1月在上海证券交易所上市，目前公司所从事的业务包括调味食品、园区运营及城市开发等。 对于中炬高新而言，2024年是公司管理变革和转型升级的启动之年。这一年，中炬高新启动了营销变革、研发创新、运营优化、数字化建设、组织能力提升 等战略举措，最终实现了营收个位数增长、归母净利润两位数下滑、扣非净利润两位数增长。 具体来看，2024年，中炬高新的调味品业务实现收入50.75亿元，同比增加2.89%；房地产销售收入5484万元，同比减少50.75%。归母净利润下滑的主要原因 是公司与中山火炬工业联合有限公 ...

事项： 公司发布2024 年报，2024 年实现总营收55.2 亿元，同比+7.4%；归母净利润8.9 亿元；扣非归母净利润 6.71 亿元，同比+28.0%。单24Q4 实现营收15.7 亿元，同比+32.6%；归母净利润3.17 亿元；扣非归母净 利润1.19 亿元，同比+93.9%。 评论： 美味鲜同比小幅增长，加上土地征收补偿2.9 亿确认报表，全年营收同比+7.4％。24 年美味鲜营收实现 50.8 亿，同比+2.9％，24 年经销商净增470 个至2554 个，其中分产品来看，酱油/鸡精鸡粉/食用油/其他 产品分别同比-1.5％/-0.2％/+27.0％/-11.9％；分地区来看，东部/南部/中西部/北部分别同比+6.0％/持 平/-6.7％/-1.0％；而分销售模式来看，分销/直销分别同比-1.0％/+26.4％，直销增长较多主系线上营收 高增带动。此外年内公司完成中山站及周边土地的征收工作，总征地价款 2.93 亿元确认报表、进一步 贡献营收增量，最终公司全年营收同比+7.4％。而单24Q4 美味鲜实现营收12.7 亿元，同比+11.0%，一 是受益于春节提前备货，二是食用油给予促销拉动、单Q ...

Core Viewpoint - The company reported its 2024 annual results, showing a revenue increase but a significant decline in net profit, indicating mixed performance in the financial year [1] Financial Performance - In 2024, the company achieved a total revenue of 5.519 billion yuan, representing a year-on-year increase of 7.39% [1] - The net profit attributable to shareholders was 893 million yuan, down 47.37% year-on-year, while the net profit after deducting non-recurring items was 671 million yuan, up 27.97% year-on-year [1] - For Q4 2024, the company reported revenue of 1.573 billion yuan, a year-on-year increase of 32.59%, but the net profit attributable to shareholders fell by 89.33% to 317 million yuan [1][2] Segment Analysis - In Q4 2024, the parent company generated revenue of 296 million yuan, significantly up from 18 million yuan in Q4 2023, mainly due to recognized land income [2] - The subsidiary, Meiwai Xian, achieved revenue of 1.267 billion yuan, a year-on-year increase of 10.95%, driven by pre-holiday stocking [2] - Product-wise, Q4 2024 saw revenue changes: soy sauce (+1.66%), chicken essence and powder (-12.36%), cooking oil (+106.14%), and others (-7.87%) [2] - Regionally, revenue growth in Q4 2024 was highest in the northern region (+29.48%), while the central and western regions saw a slight decline [2] Cost and Margin Analysis - The company's gross margin for the seasoning business in 2024 was 37.32%, an increase of 5.13 percentage points year-on-year, attributed to raw material cost benefits and improved production efficiency [3] - The sales expense ratio increased by 0.24 percentage points to 9.14%, while the management expense ratio decreased by 0.43 percentage points to 6.92% [3] - The net profit margin after deducting non-recurring items improved by 1.95 percentage points to 12.15% due to enhanced gross margins [3] Future Outlook - For 2025, the company plans to deepen its existing distribution channels, develop restaurant and special channels, and expand into overseas markets, with expectations of significant profit growth from previously recovered minority stakes [4] - Revenue projections for 2025-2027 are 6.042 billion, 6.668 billion, and 7.377 billion yuan, with respective year-on-year growth rates of 9.48%, 10.35%, and 10.63% [4] - Expected net profits for the same period are 909 million, 1.030 billion, and 1.141 billion yuan, with year-on-year growth rates of 1.76%, 13.35%, and 10.78% [4]