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]

Investment Rating - The report maintains a "Recommendation" rating for the company [2] Core Views - The company's profitability has significantly improved, and there is a continuous focus on the pace of transformation [1] - The company achieved a revenue of 55.2 billion yuan in 2024, representing a year-on-year growth of 7.4%, while the net profit attributable to shareholders was 8.9 billion yuan, down 47.4% year-on-year [5] - The report anticipates revenue growth rates of 10.1%, 12.2%, and 12.35% for 2025, 2026, and 2027 respectively, with net profit growth rates of 17.5%, 12.9%, and 13.0% for the same years [5] Financial Forecast Summary - **Revenue Forecast (in million yuan)**: - 2024A: 5518.76 - 2025E: 6076.15 - 2026E: 6817.44 - 2027E: 7659.40 - **Net Profit Forecast (in million yuan)**: - 2024A: 893.07 - 2025E: 1048.94 - 2026E: 1184.34 - 2027E: 1338.77 - **Earnings Per Share (EPS)**: - 2024A: 1.14 - 2025E: 1.34 - 2026E: 1.51 - 2027E: 1.71 - **Price-to-Earnings Ratio (PE)**: - 2024A: 17.44 - 2025E: 14.85 - 2026E: 13.15 - 2027E: 11.64 [2][7] Operational Insights - The company has seen a significant improvement in its main business, with a revenue increase of 2.9% for the year, and a notable 56.7% increase in revenue from the parent company due to land income recognition [5] - The overall gross margin for the company improved to 39.8%, up 7.1 percentage points year-on-year, driven by lower raw material costs and enhanced production efficiency [5] - The company aims to achieve a revenue target of 10 billion yuan for its flagship product by 2026, focusing on refined marketing, continuous innovation, and lean operations [5]

食品安全风险；市场竞争加剧风险；内部改革不及预期风险 4 月 8 日公司发布年报，2024 年实现营收 55.19 亿元，同比+7.39%； 实现归母净利润 8.93 亿元，同比-47.37%；实现扣非归母净利润 6.71 亿元，同比+27.97%。24Q4 年实现营收 15.73 亿元，同比 +32.59%；实现归母净利润 3.17 亿元，同比-89.33%；实现扣非归 母净利润 1.19 亿元，同比+93.95%，业绩符合预期。 Q4 美味鲜收入同比+10.98%，主要系食用油翻倍增长驱动。1）24 年酱油 / 鸡 精 鸡 粉 / 食用油 / 其他分别 实现收入 29.82/6.74/5.67/6.31 亿元，同比-1.5%/-0.2%/+27.0%/-11.8%。 （Q4 同比+1.7%/-12.4/+106.1%/-7.9%）。全年主业增长仍有压力， 主要系下游需求较为疲软，叠加内部改革期需调整磨合，Q4 低基 数下呈修复态势。2）分区域来看，24 年东部/南部/中西部/北部 分别实现收入 11.83/20.34/10.08/6.29 亿 元 ， 同 比 +6.0%/+0.0%/-6.7%/-1.0% ...

2025 年 04 月 09 日 营收边际提速，渠道变革持续推进 —中炬高新（600872.SH）公司事件点评报告 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2025-04-08 | | --- | --- | | 当前股价（元） | 19.89 | | 总市值（亿元） | 156 | | 总股本（百万股） | 783 | | 流通股本（百万股） | 771 | | 52 周价格范围（元） | 16.25-29.92 | | 日均成交额（百万元） | 292.21 | 市场表现 -50 -40 -30 -20 -10 0 10 20 30 (%) 中炬高新 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《中炬高新（600872）：降本增 效持续推进，盈利能力同比提升》 2025-01-24 2、《中炬高新（600872）：无偿受 让少数股权，增厚公司利润表现 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a revenue of 5.519 billion RMB for 2024, a year-on-year increase of 7.39%, while the net profit attributable to shareholders was 893 million RMB, a decrease of 47.37% [2]. - The company experienced a significant recovery in Q4 2024, with revenue reaching 1.573 billion RMB, up 32.59% year-on-year, and a non-GAAP net profit of 119 million RMB, up 93.95% year-on-year [2][4]. - The company is focusing on cost reduction and efficiency improvements, leading to a net profit margin of 13.9% for 2024, an increase of 2.6 percentage points year-on-year [4]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 5.519 billion RMB, with a growth rate of 7.39%. The net profit attributable to shareholders was 893 million RMB, reflecting a decline of 47.37% [2][9]. - The company’s Q4 2024 results showed a revenue of 1.573 billion RMB, with a year-on-year growth of 32.59% and a net profit of 317 million RMB, down 89.33% year-on-year [2][3]. Business Segments - The revenue from the main business segments in Q4 2024 included soy sauce at 2.982 billion RMB, chicken essence at 674 million RMB, cooking oil at 567 million RMB, and others at 631 million RMB, with cooking oil showing a significant increase of 27% year-on-year [3]. - The company added 470 new distributors in 2024, primarily in the central and northern regions, which is expected to support expansion in 2025 [3][4]. Profitability and Cost Management - The gross profit margin for 2024 was 37.0%, an increase of 4.3 percentage points year-on-year, attributed to optimized procurement costs and improved production efficiency [4]. - The company reported a significant increase in net profit margin in Q4 2024, reaching 11.8%, up 4.3 percentage points year-on-year [4]. Future Outlook - The company expects to see a net profit of 1.054 billion RMB in 2025, representing a growth of 18% year-on-year, and a net profit of 1.177 billion RMB in 2026, reflecting a growth of 12% year-on-year [5][9]. - The anticipated contribution from the recovery of minority interests in a subsidiary is estimated to be between 60 to 80 million RMB in 2025 [4].

2025 年 04 月 09 日 营收边际提速，渠道变革持续推进 —中炬高新（600872.SH）公司事件点评报告 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2025-04-08 | | --- | --- | | 当前股价（元） | 19.89 | | 总市值（亿元） | 156 | | 总股本（百万股） | 783 | | 流通股本（百万股） | 771 | | 52 周价格范围（元） | 16.25-29.92 | | 日均成交额（百万元） | 292.21 | 市场表现 -50 -40 -30 -20 -10 0 10 20 30 (%) 中炬高新 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《中炬高新（600872）：降本增 效持续推进，盈利能力同比提升》 2025-01-24 2、《中炬高新（600872）：无偿受 让少数股权，增厚公司利润表现 ...

| | 和 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601228 | 广州港 | 0.1280 | 96443.07 | -10.63 | 1407293.13 | 6.66 | | 301488 | 豪恩汽 | 1.1000 | 10091.18 | -11.15 | 140893.71 | 17.25 | | | 电 | | | | | | | 001324 | 长青科 | 0.4361 | 6018.00 | -16.41 | 46042.71 | -13.16 | | | 技 | | | | | | | 002535 | 林州重 | 0.1189 | 9534.40 | -18.47 | 168353.14 | -8.38 | | | 机 | | | | | | | 002075 | 沙钢股 | 0.0700 | 16258.29 | -27.75 | 1441626.09 | -7.69 | | | 份 | | | | | | | 002860 | 星帅尔 | 0.4700 | 14369.40 | -29.03 | 207 ...

Core Viewpoint - In 2024, Zhongju Gaoxin (600872.SH) aims to implement its three-year strategy of "Rebuilding a New Chubang for High-Quality Development," achieving steady growth in revenue and profit while enhancing its product and channel strategies [1][2][9]. Financial Performance - In 2024, Zhongju Gaoxin reported a revenue of 5.519 billion yuan, a year-on-year increase of 7.39% [1][8] - The net profit attributable to shareholders, after deducting non-recurring gains and losses, reached 671 million yuan, up 27.97% year-on-year [1][8] - Operating cash flow net amount was 1.088 billion yuan, reflecting a 29.20% increase year-on-year [1][8] Product and Market Strategy - The company launched 29 new products across various categories, focusing on health-oriented features such as "low salt" and "organic" [3] - Chubang brand remains a leader in the basic seasoning market, ranking second in the soy sauce category and third in oyster sauce according to the C-BPI index [2][3] - The soy sauce category accounted for 61.44% of total revenue, while chicken essence and cooking oil contributed 13.89% and 11.67% respectively, indicating a diversification in product structure [3] Brand and Marketing Initiatives - Zhongju Gaoxin has enhanced its brand presence through emotional and cultural marketing themes, such as "Home Cooking" [4] - The appointment of celebrity spokesperson Nicholas Tse is expected to broaden market reach [4] - E-commerce sales grew over 30% year-on-year, with significant increases on platforms like JD.com, which saw a 40% growth [4][7] Channel Optimization - The company increased its number of distributors by 470, bringing the total to 2,554, a year-on-year growth of 22.55% [5] - Coverage rates reached 75.35% in county areas and 95.81% in prefecture-level cities, enhancing market penetration [5] - A new "four-quadrant" distributor management system was implemented to improve operational efficiency and resource allocation [6] Operational Efficiency - The company achieved a reduction in operating costs to 3.323 billion yuan, a decrease of 3.9% year-on-year [8] - The weighted average return on net assets after deducting non-recurring gains was 13.69%, reflecting a slight improvement [8] - The overall cash flow quality improved significantly, supporting the company's internal growth capabilities [8][9]

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：600872 公司简称：中炬高新 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 2、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 3、公司全体董事出席董事会会议。 4、天职国际会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 5、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司总股本为783,222,372股，扣除公司已回购的库存股4,062,462股，拟以779,159,910股流通股为基数， 每10股派发现金红利4.2元（含税），共分配现金红利327,247,162.20元，剩余未分配利润结转至下一年 度。 公司2024年实施了一次回购，年度回购金额总计100,565,793.65元，加上本次利润分配方案所拟分配的 现金，2024年度纳入现金分红口径的现金为427,812,9 ...