Q2 表现承压，期待改革成效 2024 年 08 月 09 日 ➢ 事件：公司发布 2024 年中报，24H1 实现营业收入 26.18 亿元，同比-1.35%； 归母净利润 3.50 亿元，同比+124.24%；扣非净利润 3.39 亿元，同比+14.53%。 单季度看，24Q2 实现营业收入 11.34 亿元，同比-11.96%；归母净利润 1.11 亿 元，同比+106.95%；扣非净利润 1.03 亿元，同比-32.37%。 ➢ Q2 调味品表现承压，改革调整持续推进。24H1/Q2 美味鲜收入分别 25.6/10.9 亿元，同比-0.6%/-12.1%，主业承压主因宏观经济环境、行业竞争加 剧等多重因素影响下蚝油、料酒同比减少。分品类看，24Q2 酱油/鸡精鸡粉/食 用油/其他收入分别 6.1/1.5/1.1/1.3 亿元，同比-22.0%/-15.4%/+29.1%/- 30.9%/-18.7% 。 分区域看 ， 24Q2 东 部 / 南 部 / 中 西 部 / 北 部 收 入 分 别 2.4/4.4/1.9/1.2 亿元，同比-18.7%/-11.1%/-25.0%/-31.2%，中西部、北部主 ...

证券研究报告·公司点评报告·调味发酵品Ⅱ 中炬高新（600872） 2024H1 业绩点评：业绩承压，24H2 改革红 利有望释放 2024 年 08 月 09 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|----------|----------|---------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 5341 | 5139 | 5555 | 6362 | 7251 | | 同比（%） | 4.41 | (3.78) | 8.09 | 14.52 | 13.98 | | 归母净利润（百万元） | (592.25) | 1,696.95 | 700.12 | 908.85 | 1,106.62 | | 同比（%） | (179.82) | 386.53 | (58.74) | 29.81 | 21.76 | | EPS-最新摊薄（元/股） ...

中 炬高新(600872) Q2 阶段性承压，全年目标不变 -中炬髙新 24 年中报点评 事件 24HI 音业总校入 26.18 亿元，同比-1.4%；归母净利润 3.50 亿元，担存为盈； 标 非归母净利润 3.39 亿元，阿比+14.5%； 毛利率 36.6%，阿比+4.7pct，净利率 14.7%。 单 24Q2 营业总收入 11.34 亿元，同比-12.0%；归母净利润 1.11 亿元，担存为盈； 实现书非归母净利润 1.03 亿元，同比-32.4%。毛利率 36.2%，同比+3.7pct，净利率 10.9%。 被资卖点 □ 冬到龙观经济卡尤争彩响，Q2 收入永压，经销商教主显着增加 分产品未看， 24H1 酱油/鸡精鸡粉/食用油/共收入 15.6/3.3/2.2/3.4 亿元，阿比- 3.7%/-0.1%/+10.1%/-14.5%。24Q2 酱油/鸡精鸡粉/食用油/其他妆入 6.1/1.5/1.1/1.3 亿元，阿 比-22.0%/-15.4%/+29.1%/-30.9%。除食用油，酱油、鸡精鸡粉及其他调 株品品类均有下降，收入下降主要是受宏观经济环境、行业竞争加剧等多重因素 影响 分地区未看，2 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.70 CNY, compared to the current price of 19.80 CNY [3]. Core Views - The company reported a revenue of 2.618 billion CNY for the first half of 2024, a year-on-year decrease of 1.35%, while achieving a net profit of 350 million CNY, marking a return to profitability. The non-recurring net profit was 339 million CNY, up 14.53% year-on-year, aligning with the forecasted levels [2]. - The company is undergoing channel reforms while facing short-term demand pressures. In Q2 2024, revenue from the main product line, Meiwai Xian, was 1.095 billion CNY, down 12.12% year-on-year, primarily due to weak industry demand and intensified competition [2]. - The company is focusing on optimizing its distribution channels and managing expenses, with a net profit margin of 9.00% in Q2 2024, down 2.81 percentage points due to increased expense ratios [2]. Financial Summary - Revenue projections for 2024-2026 are 5.476 billion CNY, 6.227 billion CNY, and 7.111 billion CNY, reflecting growth rates of 6.55%, 13.72%, and 14.19% respectively [2]. - The forecasted net profit for the same period is 725 million CNY, 919 million CNY, and 1.113 billion CNY, with year-on-year changes of -57.30%, +26.77%, and +21.20% respectively [2]. - The company expects Meiwai Xian's revenue to grow from 5.322 billion CNY in 2024 to 7.032 billion CNY in 2026, with corresponding net profits of 700 million CNY, 912 million CNY, and 1.107 billion CNY [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported its 2024 semi-annual results, with Q2 revenue at 1.134 billion (down 12%) and net profit attributable to shareholders at 111 million (up 107%) [1] - For H1, revenue was 2.618 billion (down 1.4%) and net profit attributable to shareholders was 350 million (up 124.2%) [1] - The performance aligns with previous forecasts, but demand remains weak across multiple product categories [1] - The company is expected to see gradual improvement in revenue in H2 as channel efficiency is anticipated to enhance [1] Financial Performance - Q2 gross margin was 36.17%, an increase of 3.6 percentage points year-on-year, attributed to cost reduction and optimized procurement [1] - H1 non-net profit was 339 million (up 14.5%) [1] - The company plans to optimize sales expenses in H2, which is expected to lead to profit release [1] Product and Regional Performance - Q2 revenue by product: soy sauce 611 million (down 22%), chicken essence 146 million (down 15%), cooking oil 114 million (up 29%), and other categories 129 million (down 31%) [1] - Q2 revenue by region: East 19% down, South 11% down, Central and Western 25% down, North 31% down, with significant impact from reforms in the North [1] - The company added 104 new distributors in Q2, achieving a development rate of 95% in prefecture-level cities and 70% in county-level cities [1] Earnings Forecast - The earnings forecast has been adjusted, with expected total revenue for 2024-2026 at 5.57 billion, 6.132 billion, and 6.836 billion respectively, reflecting year-on-year growth of 8.4%, 10.1%, and 11.5% [1][4] - Expected net profit attributable to shareholders for the same period is 725 million, 884 million, and 1.095 billion, with year-on-year changes of -57.3%, 21.9%, and 23.9% [1][4]

证 2024 年 08 月 09 日 告 公 司 研 究 究 报 成本优化利好盈利，高端化战略持续推进 —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 | --- | --- | |----------------------|-------------| | 基本数据 | 2024-08-08 | | 当前股价（元） | 19.8 | | 总市值（亿元） | 155 | | 总股本（百万股） | 783 | | 流通股本（百万股） | 771 | | 52 周价格范围（元） | 18.04-35.88 | | 日均成交额（百万元） | 254.29 | 市场表现 -60 -50 -40 -30 -20 -10 0 10 (%) 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）：改革阵 痛期业绩承压，关注需求回暖及策 略优化》2024-07-10 2、《中炬高新（600872）：改革成 效显现，推进酱油高端化策略》 2024-04-24 3、《中炬高新（600 ...

Investment Rating - The report maintains a "Strong Buy" rating for Zhongju Gaoxin (600872) with a target price of 31.35 CNY, compared to the current price of 19.80 CNY [1]. Core Views - The company reported a revenue of 2.618 billion CNY for H1 2024, a year-on-year decrease of 1.35%, but achieved a net profit of 350 million CNY, marking a return to profitability [1]. - Q2 revenue was 1.134 billion CNY, down 11.96% year-on-year, with the main product line, Meiwai Xian, facing challenges due to macroeconomic conditions and intensified industry competition [1]. - The company is focused on strategic reforms and operational adjustments, aiming for a return to normal growth in the second half of the year [1]. Financial Summary - Total revenue for 2023 is projected at 5.139 billion CNY, with a year-on-year decline of 3.8%. Revenue is expected to grow to 5.794 billion CNY in 2024, representing a 12.7% increase [9]. - The net profit for 2023 is estimated at 1.697 billion CNY, with a significant year-on-year growth of 386.5%. However, a decline of 37.4% is expected in 2024, bringing the net profit down to 1.062 billion CNY [9]. - Earnings per share (EPS) is forecasted to be 2.17 CNY for 2023, decreasing to 1.36 CNY in 2024, and then recovering to 2.03 CNY in 2025 [9]. Operational Insights - The company has added 104 new distributors in the current period, with a development rate of 95% in prefecture-level cities and 70% in county-level areas [1]. - The gross margin for Q2 was 36.2%, an increase of 3.6 percentage points year-on-year, attributed to lower raw material costs and improved operational efficiency [1]. - The sales expense ratio increased by 6.4 percentage points year-on-year in Q2, reflecting higher investments in channel reform and marketing efforts [1].

华福证券 中炬高新（600872.SH） Q2 经营面临调整，期待 H2 旺季改革逐步见效 事件：公司披露 2024 年半年度业绩公告：24H1 公司实现营收 26.18 亿元， 同比-1.35%；归母净利润 3.5 亿元，扭亏为盈；扣非归母净利润 3.39 亿元， 同比+14.53%。其中，Q2 公司营收 11.34 亿元，同比-11.96%；归母净利润 1.11 亿元；扣非归母净利润 1.03 亿元，同比-32.37%。子公司方面，美味鲜 H1 实现营收 25.56 亿元，同比-0.6%，归母净利润 3.51 亿元，同比+11.1%； 其中 Q2 营收 10.95 亿元，同比-12.1%；实现归母净利润 1.07 亿元，同比 -34.4%。Q2 需求乏力导致主业承压。 Q2 核心品类销售承压，电商渠道快速增长。分品类看，24 年 Q2 酱油、 鸡精鸡粉、食用油及其他调味品营收分别同比-22%/-15%/+29%/-31%，其 中酱油、鸡精粉以及其他调味品受需求疲软、竞争加剧等影响下滑较多， 对此，公司聚焦核心品类，推出零添加、减盐等健康化新品，逐步打造大 单品。分渠道看，Q2 分销、直销模式营收分别同比- ...

业绩简评 8 月 8 日公司发布半年报，24H1 实现营收 26.18 亿元，同比-1.35%； 实现归母净利润 3.50 亿元，同比扭亏为盈；扣非归母净利润 3.39 亿元，同比+14.53%。其中，24Q2 实现营收 11.34 亿元，同比- 11.96%；实现归母净利润 1.11 亿元，同比扭亏为盈；扣非归母净 利润 1.03 亿元，同比-32.37%，业绩落在此前预告中枢。 经营分析 需求疲软+内部改革，致 Q2 收入承压。24Q2 美味鲜实现收入 10.95 亿元，同比-12.1%。1）分产品: 食用油实现增长，其他产品因餐 饮需求疲软、竞争加剧而承压。24Q2 酱油/鸡精鸡粉/食用油/其他 产品收入分别为 6.07/1.47/1.15/1.32 亿元，同比分别-22.4%/- 14.5%/+30.6%/-29.1%。2）分地区:主销区相对稳健，其他区域因 组织架构、销售体系变革明显承压，24Q2 东/南/中西/北部区域分 别实现收入 2.41/4.45/1.97/1.29 亿元,同比-18%/-10.7%/- 23.4%/-28.5%。同期经销商净增加 104 家，Q2 对公司经销商进行 分级梳理 ...

上 市 公 司 食品饮料 2024 年 08 月 08 日 中炬高新 (600872) ——24Q2 调味品承压 积极应对改革痛点 | --- | --- | |-------------------------|---------------------| | 市场数据： | 2024 年 08 月 08 日 | | 收盘价（元） | 19.80 | | 一年内最高/最低（元） | 36.20/17.75 | | 市净率 | 3.2 | | 息率（分红/股价） | 2.02 | | 流通 A 股市值（百万元） | 15,266 | | 上证指数/深证成指 | 2,869.90/8,446.21 | | | | | --- | --- | |--------------------------|----------------| | 基础数据: | 年 06 月 30 日 | | 每股净资产（元） | 5.94 | | 资产负债率% | 26.89 | | 总股本/流通 A 股（百万） | 783/771 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-0809-081 ...