Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [7][8]. Core Insights - The company has announced the acquisition of a minority stake in Guangdong Chubang Food Co., Ltd., which is expected to enhance its financial performance [8][9]. - The new management team has extensive experience in consumer goods and has established an ambitious three-year plan to boost the seasoning business [8]. - The company is undergoing comprehensive reforms, with improvements expected in operational efficiency and market coverage, particularly in the northern regions of China [9]. Financial Data Summary - The projected net profits for 2024-2026 are estimated at 800 million, 1.01 billion, and 1.26 billion respectively, with year-on-year changes of -53%, +27%, and +25% [8][10]. - The company's total revenue for 2024 is forecasted to be 5.48 billion, with a growth rate of 6.7% [10]. - The average net profit contribution from the acquired 20% stake in Chubang is estimated at 38 million, which will now fully benefit the company [9]. Performance Metrics - The current price-to-earnings (PE) ratios for 2024-2026 are projected to be 23x, 18x, and 14x respectively [8]. - The company's return on equity (ROE) is expected to improve from 11.8% in 2024 to 18.1% by 2026 [10].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 31.35 CNY, compared to the current price of 23.21 CNY [1]. Core Views - The company has announced the acquisition of a 20% stake in Chubang Company, which will result in full ownership and is expected to enhance management efficiency and profitability starting from 2025 [1]. - The recovery of the stake is seen as a positive governance move, indicating the management's commitment to strategic reforms and operational improvements [1]. - The company is gradually adjusting its operations, with expectations for revenue and profit recovery in the latter half of the year, driven by pricing strategies and enhanced sales support [1]. - The report projects a significant increase in earnings per share (EPS) for 2024-2026, with adjusted forecasts of 1.43 CNY, 2.03 CNY, and 1.39 CNY respectively [1]. Summary by Sections Company Overview - The company is set to fully control Chubang Company, which is expected to contribute an additional 60-80 million CNY to the parent company's profits starting in 2025 [1]. - The average net profit of Chubang from 2021 to 2023 was approximately 190.93 million CNY, with the 20% stake previously contributing about 37.83 million CNY to the overall net profit [1]. Financial Performance - The company reported total revenue of 5,139 million CNY for 2023, with a projected increase to 5,774 million CNY in 2024, representing a year-on-year growth of 12.3% [1]. - The net profit for 2023 was 1,697 million CNY, with a significant projected decline of 34% to 1,120 million CNY in 2024, followed by a recovery to 1,594 million CNY in 2025 [1]. - The report highlights a recovery in operational margins, with Q3 showing positive revenue growth and significant profit improvement [1]. Strategic Initiatives - The management is focusing on optimizing the product portfolio and enhancing channel strategies to boost sales and market presence [1]. - The report emphasizes the importance of internal resource integration and management efficiency as key drivers for the company's future growth [1]. - The company is expected to benefit from land compensation and potential mergers and acquisitions, which could further enhance its financial flexibility [1].

证券代码：600872 证券简称：中炬高新 公告编号：2024-068 中炬高新技术实业（集团）股份有限公司 关于无偿受让广东厨邦食品有限公司少数股权的公告 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： ●中炬高新全资孙公司阳西美味鲜近日与朗天慧德签订了《股权 转让合同》，阳西美味鲜无偿受让朗天慧德持有的厨邦公司 20%股权。 ●该股权变更登记事项已于 2024 年 12 月 5 日办理完成。 ●本次交易不涉及关联交易，也不构成重大资产重组。 ●根据《上海证券交易所股票上市规则》《公司章程》等有关规 定，本次交易无需提交公司董事会、股东大会审议。 一、本次交易概述 2024 年 12 月 4 日，中炬高新技术实业（集团）股份有限公司（以 下简称：公司、本公司、中炬高新）全资孙公司阳西美味鲜食品有限 公司（以下简称：阳西美味鲜）与北京朗天慧德企业管理有限公司（曾 用名：北京朗天慧德投资管理有限公司、曲水朗天慧德企业管理有限 公司，以下简称：朗天慧德）签订了《股权转让合同》，朗天慧德同 意将其持有的本公司控 ...

证券代码：600872 证券简称：中炬高新 公告编号：2024-067 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。因案外人对拍卖财产提出确有理由的异议，上述拍卖已撤回。 具体内容详见公司于 2024 年 10 月 1 日披露的《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）及 2024 年 10 月 29 日披露的《中炬高新关于持股 5%以上股东所持部分公司股份被司法拍卖的进展公告》（公告编号： 2024-062）。 近日，公司于网上查询得知，广东省中山市中级人民法院（以下 简称：中山中院、法院）将于 2024 年 12 月 30 日上午 10 时至 2024 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 将被司法拍卖的提示性公告 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 本次将被司法处置的标的为 ...

证券 研究报告 | 行业 定期报告 2024 年 11 月 24 日 签约客户可长按扫码阅读报告 临近年底酒企明年目标定调是关键，近期茅台、五粮液等也在拟定中，考虑各方 对明年需求预期谨慎，有望在理性下调增长目标上达成共识，以维护市场良性。后续渠 道释放包袱、报表触底过程中，投资者更关注实际动销，股价先于报表出现拐点。 食品个股提前完成库存调整，叠加春节备货提前，四季度增长有望超预期。中期 来看，乳制品、饮料、榨菜等板块或龙头也进入向上周期，未来 1-2 年有望盈利上修。 最新观点 核心公司跟踪：金徽酒控股股东增持，中炬高新股东权益变动。 金徽酒： 控股股东亚特集团增持公司股份，增持资金总额不低于人民币 5,000 万元，不超过人民币 10,000 万元。 伊力特： 刘新宇先生因达到法定退休年龄，特向公司董事会提出辞去董事、副总经理以及董事会下设战略委员会、薪酬与考核委员会委员职务。 洽洽食品： 拟回购部分股份，用于股权激励计划或员工持股计划，回购的资金总额不低于人民币 4,000 万元（含），且不超过人民币 8,000 万元（含），回购股份约占公司总 股本为 0.17% — 0.33% 。 中炬高新： 持股 ...

证券代码：600872 证券简称：中炬高新 公告编号：2024-066 中炬高新技术实业（集团）股份有限公司 关于持股 5%以上股东权益变动超过 1%的提示性公告 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： 本次权益变动股份为中炬高新技术实业（集团）股份有限公司 （以下简称：公司）持股 5%以上股东中山润田投资有限公司（以下 简称：中山润田）所持公司股份 14,870,000 股。本次权益变动后，中 山润田对公司持股比例从 7.84%变为 5.94%，变动达到公司总股本的 1.90%。 本次权益变动不会对公司经营活动产生影响。 一、权益变动概述 经公司核实，中山润田持有公司股份于 2024 年 11 月 19 日发生 变动，对公司持股股数减少 14,870,000 股，持股比例从 7.84%变为 5.94%，上述股份已折价过户登记至中航信托股份有限公司－中航信 托·天启【2019】381 号宝华伍号集合资金信托计划，每股折价 25.227 元，折价总额 375,125,490.00 元。 1 证券代码 ...

证券代码：600872 证券简称：中炬高新 公告编号：2024-065 中炬高新技术实业（集团）股份有限公司 关于独立董事任期届满辞职的公告 中炬高新技术实业（集团）股份有限公司董事会 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（以下简称：公司）董 事会近日收到独立董事秦志华先生的书面辞职报告。秦志华先生连续 担任公司独立董事 6 年期限届满，根据《上市公司独立董事管理办法》 等法律法规关于独立董事任职期限的规定，秦志华先生申请辞去公司 独立董事及董事会审计委员会、战略委员会、提名委员会、薪酬与考 核委员会、治理委员会委员的职务，辞职后秦志华先生将不再担任公 司任何职务。秦志华先生在辞职报告中就公司的内部控制及公司治理 事项向董事会提出优化建议，董事会将会认真采纳并努力落实上述建 议，以推动公司更好的发展。 鉴于秦志华先生的辞职将导致公司独立董事占董事会成员的比 例低于三分之一，根据《上市公司独立董事管理办法》和《公司章程》 的有关规定，在公司股东大会选举出新任独立董事就任前，秦 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1][6]. Core Views - The company has shown improvement in revenue and profit on a quarter-on-quarter basis, indicating the initial effects of adjustments [1]. - The company achieved a revenue of 3.95 billion yuan in the first three quarters of 2024, with a year-on-year decrease of 0.17%, and a net profit attributable to shareholders of 580 million yuan, reflecting a year-on-year increase of 19.3% [1][2]. - The gross profit margin has continued to improve, reaching 38.8% in Q3 2024, up by 5.0 percentage points year-on-year, primarily due to decreases in material procurement prices and production costs [3]. - The company is focusing on its core seasoning business and is expected to continue releasing performance elasticity through ongoing reforms [3][4]. Financial Summary - For 2024E, the company is projected to achieve a revenue of 5.602 billion yuan, with a year-on-year growth rate of 9.0% [1][9]. - The net profit attributable to shareholders is expected to be 726 million yuan in 2024E, with a year-on-year decrease of 57.2% [1][9]. - The company's EPS is projected to be 0.93 yuan in 2024E, increasing to 1.41 yuan by 2026E [1][9]. - The company has a total market capitalization of approximately 18.32 billion yuan [1]. Segment Performance - In Q3 2024, the company’s revenue from soy sauce, chicken essence, and chicken powder reached 740 million yuan, 180 million yuan, and 130 million yuan respectively, with year-on-year changes of 0.5%, 14.0%, and -9.2% [2]. - The company has increased its number of distributors to 2,395, with a net increase of 311 distributors this year, mainly in the central and northern regions [2]. Cost Management - The sales expense ratio, management expense ratio, and R&D expense ratio were 6.3%, 7.0%, and 2.8% respectively, showing improvements in cost management [3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5][13]. Core Views - The company's performance in Q3 showed a quarter-on-quarter improvement, with expectations for steady growth throughout the year. The revenue for Q1-3 of 2024 is projected to be 57.56 billion, 66.21 billion, and 76.35 billion for 2024-2026, reflecting a growth rate of 12%, 15%, and 15% respectively [3][4]. - The company achieved a net profit of 5.76 billion for Q1-3 of 2024, with a significant increase in the net profit margin due to reduced costs and improved product structure [2][3]. Financial Performance Summary - For Q3 2024, the company reported revenue of 13.28 billion, a year-on-year increase of 2.23%, and a net profit of 2.26 billion, reflecting a 32.90% increase [1][2]. - The gross margin improved significantly to 38.82%, up by 4.95 percentage points year-on-year, driven by lower material costs and optimized product structure [2][4]. - The company’s net profit for 2024 is expected to be 7.55 billion, with a projected P/E ratio of 24X for 2024 [3][4]. Regional Performance - The Eastern region showed rapid growth with a revenue increase of 8.57% year-on-year, while the Central and Western regions experienced declines [2]. - The number of distributors increased by 285 to a total of 2395, indicating stable growth in the distribution network [2]. Revenue Breakdown - The revenue from various product lines in Q3 2024 was as follows: soy sauce at 7.41 billion, chicken essence at 1.81 billion, cooking oil at 1.30 billion, and other income at 1.47 billion [1][2].

Financial Performance - The company's operating revenue for Q3 2024 was CNY 1,327,758,283.03, representing a year-on-year increase of 2.23%[2] - Net profit attributable to shareholders for the same period was CNY 226,440,418.82, reflecting a significant increase of 32.90% compared to the previous year[2] - Basic earnings per share for Q3 2024 reached CNY 0.2906, up by 31.55% year-on-year[3] - For the first nine months of 2024, the company achieved a total revenue of 3.946 billion RMB, a decrease of 6.8662 million RMB, representing a decline of 0.17% year-on-year[10] - The net profit attributable to the parent company for the first nine months of 2024 was 576 million RMB, an increase of 1.849 billion RMB, marking a year-on-year growth of 3,206.67%[11] - The company reported a net profit of 16.20 million RMB from the headquarters for the first nine months, an increase of 1.763 billion RMB, primarily due to the reversal of provisions related to a previous lawsuit[11] - The net profit for the third quarter of 2024 reached CNY 636,810,826.88, a significant recovery from a net loss of CNY 1,237,802,632.73 in the same period last year[19] - The total revenue from operating activities for the first three quarters of 2024 was CNY 4,396,545,585.18, slightly up from CNY 4,379,753,161.57 in the previous year[21] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 7,472,148,214.53, an increase of 11.21% compared to the end of the previous year[3] - Total liabilities rose to CNY 2,025,656,863.55, up from CNY 1,518,352,188.76 in the previous year[16] - Current assets totaled CNY 4,533,893,888.89, an increase from CNY 3,732,807,567.52 year-over-year[16] - The total equity attributable to shareholders increased to CNY 4,890,102,988.04 from CNY 4,704,744,444.34[17] Cash Flow and Investments - The company’s cash and cash equivalents as of September 30, 2024, were 404.63 million RMB, down from 500.45 million RMB at the end of 2023[14] - The cash flow from operating activities generated a net amount of CNY 914,201,209.36, an increase from CNY 844,936,774.05 in the previous year[22] - The investment activities resulted in a net cash outflow of CNY 1,161,224,650.18, compared to a net outflow of CNY 650,648,781.54 in the previous year[22] - The financing activities generated a net cash inflow of CNY 145,810,425.35, a recovery from a net outflow of CNY 1,992,369.98 in the same period last year[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 60,809[7] - The top shareholder, Zhongshan Torch Group Co., Ltd., holds 11.02% of the shares, totaling 86,344,162 shares[7] Cost Management - The company has seen a decrease in material procurement costs and logistics expenses, contributing to improved profit margins[6] - The company is focusing on optimizing product structure and reducing costs, which has positively impacted gross profit margins[11] - Total operating costs decreased to CNY 3,275,872,184.10 from CNY 3,419,182,947.19 year-over-year[18] - Operating costs included CNY 2,471,655,035.74 in cost of goods sold, down from CNY 2,665,153,050.40 in the previous year[18] Legal Matters - The company has resolved ongoing litigation with the Industrial Union Company, leading to the withdrawal of three lawsuits and the lifting of asset freezes[12][13] Other Income and Expenses - The company reported non-recurring gains of CNY 13,847,084.09 for the current period, with significant contributions from asset disposals and government subsidies[4] - Investment income from held term deposits was CNY 35,401,196.39, indicating a stable source of income for the company[5] - The company reported an increase in other income to CNY 26,566,511.05, up from CNY 13,094,214.55 in the previous year[19]