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]

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 ...