[Table_MainInfo] 公司研究/食品/食品制造 证券研究报告 中炬高新（600872）公司季报点评 2024年04月29日 [Table_InvestInfo] 投资评级 优于大市 维持 收入稳健增长，利润率逐渐修复 股票数据 [Table_Summary] 0[4Ta月b2le6_日S收to盘ck价（In元fo）] 29.43 投资要点： 52周股价波动（元） 20.50-40.39 总股本/流通A股（百万股） 785/785 总市值/流通市值（百万元） 23114/23114  24Q1 扣非归母净利润同比+13.89%。24Q1 公司收入 14.85 亿元，同比 相关研究 +8.64%，归母净利润 2.39 亿元，同比+59.7%，扣非后归母净利润 2.37 亿 [《Ta激b励le目_R标e积p极or，tI期nf待o]经 营向上》2024.04.01 元，同比+63.91%，经营性现金流量净额 4.03 亿元，同比+106.43%。其中 24Q1美味鲜公司收入14.61亿元，同比+10.2%，归母净利润2.44亿元，同 《Q3 盈利能力提升明显，新任管理层到位》 比+59.75%，主要系采 ...

中[Ta炬ble高_Sto新ckN（am6eR0p0tT8yp7e2] ） 公司研究/公司点评 兼具成长与质量 ——中炬高新 24 年一季报点评 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-04-26 ⚫[ T公ab司le发_S布um2m0a2r4y]年 一季报 ➢ 单Q1：收入14.85亿（+8.64%），归母2.39亿（+59.70%），扣 [收Ta盘bl价e_（Ba元se）D ata] 29.43 非2.37亿（+63.91%）。 近12个月最高/最低（元） 40.39/20.50 ➢ Q1利润端表现超预期。 总股本（百万股） 785 流通股本（百万股） 785 ⚫ 主品类收入双位数增长 流通股比例（%） 100.00 ➢ 产 品 ： 24Q1 酱 油 / 鸡 精 / 食 用 油 品 类 分 别 同 比 总市值（亿元） 231 +13.4%/+16.8%/-5.5%，酱油品类 Q4 主动调整，Q1 轻装上阵， 流通市值（亿元） 231 鸡精品类景气度高，连续 4 个季度同比增长超 15%，食用油需求 [公Ta司ble价_C格ha与rt]沪 深300走势比较 较弱， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported Q1 2024 revenue of 1.485 billion (up 8.64%) and net profit attributable to shareholders of 239 million (up 59.70%) [1] - The main product categories experienced double-digit growth, with soy sauce and chicken essence growing by 13.4% and 16.8% respectively, while edible oil saw a decline of 5.5% [1] - The company is expanding into regions with low penetration rates, particularly in the eastern and southern parts of China, which saw growth rates of 24.5% and 2.6% respectively [1] Financial Performance Summary - For Q1 2024, the gross margin was 36.98%, and the net margin was 17.63%, reflecting improvements in profitability [1] - The company expects revenue growth of 12.4%, 18.2%, and 46.6% for the years 2024, 2025, and 2026 respectively, with net profit projections of 753 million, 951 million, and 1.535 billion [2][3] - The projected P/E ratios for the next three years are 31, 24, and 15 respectively, indicating a favorable valuation outlook [1][2]

股 票 研 究 [Table_industryInfo] 食品饮料/必需消费 [ Table_Main[中ITnaf 炬bol]e 高_Ti新tle]( 600872) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩超预期，渠道改革效果显现 目标价格： 40.29 上次预测： 33.33 公 ——中炬高新（600872）2024 年一季报点评 当前价格： 29.13 司 訾猛(分析师) 徐洋(分析师) 2024.04.26 更 021-38676442 021-38032032 [交Ta易bl数e_M据a rket] 新 zimeng@gtjas.com xuyang022481@gtjas.com 证书编号 S0880513120002 S0880520120008 52周内股价区间（元） 21.30-39.26 报 总市值（百万元） 22,878 告 本报告导读： 总股本/流通 A股（百万股） 785/785 业绩超预期，渠道改革效果充分体现成亮点，远期看内生外延并举，美味鲜有望顺利 流通 B股/H股（百万股） 0/0 流通股比例 100% 达成三年行动方案的目标。 日均成交量（百万股 ...

Investment Rating - The report maintains a "Buy" rating for Zhongju Gaoxin (600872) [1][3]. Core Views - The company's Q1 2024 performance exceeded market expectations, with revenue of 1.48 billion yuan, a year-on-year increase of 8.6%, and a net profit attributable to shareholders of 239 million yuan, up 59.7% year-on-year [2]. - The internal management reforms and channel expansion are showing initial results, with the subsidiary Meiwai Xian achieving revenue of 1.46 billion yuan, a 10.2% increase year-on-year [2]. - The gross margin for Meiwai Xian improved to 37.3%, up 6.1 percentage points year-on-year, driven by lower raw material costs and a higher proportion of high-margin products [2]. - The company is expected to see significant future growth due to the ongoing internal reforms and favorable raw material prices [2]. Summary by Sections Financial Performance - Q1 2024 revenue reached 1.48 billion yuan, with a year-on-year growth of 8.6% - Net profit attributable to shareholders was 239 million yuan, reflecting a 59.7% increase year-on-year - The gross margin for Meiwai Xian was 37.3%, up 6.1 percentage points year-on-year [2]. Business Segments - Revenue growth by product for Q1 2024: soy sauce (+13.4%), chicken essence and powder (+16.8%), cooking oil (-5.5%), and other products (-0.3%) [2]. - Revenue growth by region for Q1 2024: Eastern (+24.5%), Southern (+2.6%), Central-Western (+9.9%), and Northern (+7.61%) [2]. Cost and Profitability - The company’s non-net profit margin increased by 5.4 percentage points to 15.9% in Q1 2024, with Meiwai Xian's net profit margin at 18.2%, up 5.9 percentage points year-on-year [2]. - The sales expense ratio decreased by 0.9 percentage points to 7.7%, while the management expense ratio remained stable at 6.4% [2]. Future Outlook - The company’s internal management reforms are expected to yield significant results, with a focus on empowering frontline teams and enhancing sales efficiency [2]. - The 2024 stock incentive plan has been approved, indicating management's confidence in future growth [2]. - The company anticipates strong future performance driven by ongoing reforms and low raw material costs [2].

Investment Rating - Buy/Upgrade with a target price of 33.1, compared to the previous closing price of 29.30 [1] Core Views - The company's Q1 2024 profit exceeded expectations, driven by the gradual release of supply chain optimization benefits [1] - Revenue in Q1 2024 reached 1.485 billion yuan, up 8.64% YoY, while net profit attributable to the parent company was 239 million yuan, up 59.70% YoY [2] - The gross profit margin of the company's subsidiary, Meixian, increased by 6.08 percentage points YoY to 37.28% in Q1 2024, mainly due to optimized procurement costs and a higher proportion of high-margin products [2] - The company's net profit margin in Q1 2024 was 18.21%, up 5.91 percentage points YoY, reflecting stable cost control [2] - The company's three-year plan and equity incentive scheme are in line with expectations, indicating confidence in high-speed and steady growth [2] Financial Performance Summary Revenue and Profit - Q1 2024 revenue: 1.485 billion yuan, up 8.64% YoY [2] - Q1 2024 net profit attributable to the parent company: 239 million yuan, up 59.70% YoY [2] - Q1 2024 non-GAAP net profit: 237 million yuan, up 63.91% YoY [2] - Forecasted revenue for 2024-2026: 5.756 billion yuan, 6.705 billion yuan, and 7.912 billion yuan, with growth rates of 12.0%, 16.5%, and 18.0% respectively [3] - Forecasted net profit attributable to the parent company for 2024-2026: 746 million yuan, 940 million yuan, and 1.148 billion yuan, with growth rates of -56.01%, 25.93%, and 22.13% respectively [3] Product and Regional Breakdown - Q1 2024 revenue breakdown by product: soy sauce (947 million yuan, up 13.4% YoY), chicken essence and powder (181 million yuan, up 16.8% YoY), edible oil (101 million yuan, down 5.5% YoY), and other products (213 million yuan, down 0.3% YoY) [2] - Q1 2024 revenue breakdown by region: East (372 million yuan, up 24.5% YoY), South (522 million yuan, up 2.6% YoY), Central-West (324 million yuan, up 9.9% YoY), and North (225 million yuan, up 7.6% YoY) [2] Cost and Margin Analysis - Q1 2024 gross profit margin: 37.28%, up 6.08 percentage points YoY [2] - Q1 2024 net profit margin: 18.21%, up 5.91 percentage points YoY [2] - Forecasted gross profit margin for 2024-2026: 33.40%, 34.20%, and 34.50% respectively [4] - Forecasted net profit margin for 2024-2026: 12.97%, 14.02%, and 14.51% respectively [4] Valuation Metrics - Forecasted PE ratios for 2024-2026: 30.83X, 24.48X, and 20.04X respectively [3] - Forecasted PB ratios for 2024-2026: 4.22X, 3.60X, and 3.05X respectively [4] - Forecasted PS ratios for 2024-2026: 4.00X, 3.43X, and 2.91X respectively [4] Strategic Outlook - The company plans to achieve its growth targets through brand marketing, R&D innovation, operational optimization, and investment acquisitions [2] - The company's distributor network expanded by 97 to 2,181 in Q1 2024, indicating steady progress in channel expansion [2] - The company's supply chain optimization strategy, including annual/quarterly bidding for procurement and supplier consolidation, has contributed to cost savings [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2024 results show a significant improvement in profit performance, exceeding expectations, with revenue and net profit increasing by 8.64% and 59.7% year-on-year, respectively [5] - The management restructuring at Meiwai Xian has led to a renewed focus, resulting in double-digit revenue growth and a notable improvement in profit margins [6] - The company is focusing on core products such as soy sauce and chicken essence, which have shown strong growth, while reducing the proportion of lower-margin products like cooking oil [6] - The company has expanded its distribution network, adding 133 new distributors in Q1 2024, bringing the total to 2,181 [6] - Historical issues are gradually being resolved, and the company's three-year strategic plan aims for high-quality growth through channel, product, and organizational innovations [7] Financial Summary - For Q1 2024, the company reported revenue of 1.485 billion yuan and a net profit of 239 million yuan, with significant year-on-year growth [5] - The company expects revenue to reach 5.764 billion yuan in 2024, with a year-on-year growth of 12.17%, and net profit to be 821 million yuan, reflecting a decrease of 51.61% [8] - The projected earnings per share (EPS) for 2024 is 1.05 yuan, with a price-to-earnings (P/E) ratio of 28 times [8] - The company's gross margin improved to 36.98% in Q1 2024, up 5.57 percentage points year-on-year [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's Q1 2024 performance exceeded expectations, with revenue and net profit reaching 1.49 billion and 240 million yuan respectively, representing year-on-year growth of 8.6% and 59.7% [3] - The company has adjusted its internal management, leading to significant profit performance and a rapid growth in the eastern region [4][5] - Long-term growth potential is supported by internal incentives and external expansion strategies [6] Financial Performance Summary - Q1 2024 revenue and net profit were 1.49 billion yuan and 240 million yuan, with year-on-year growth of 8.6% and 59.7% respectively [3] - The company's gross margin improved to 37.0%, an increase of 5.6 percentage points year-on-year, driven by lower raw material costs and product structure upgrades [5] - The company plans to adjust its profit forecasts for 2024-2026, predicting net profits of 800 million, 970 million, and 1.23 billion yuan respectively, with corresponding EPS of 1.02, 1.24, and 1.57 yuan [3] Business Segment Analysis - Revenue growth varied across product categories in Q1 2024, with soy sauce and chicken essence showing increases of 13.4% and 16.8% respectively, while edible oil saw a decline of 5.5% [4] - The company added 97 new distributors in Q1 2024, contributing to revenue recovery across all regions, particularly in the eastern region with a growth rate of 24.5% [4] Long-term Outlook - The company is focusing on internal growth through channel expansion and product tiering, alongside external growth via category supplementation and channel development [6] - Specific measures have been proposed to address channel transformation, organizational restructuring, and supply chain optimization, indicating a commitment to sustained long-term growth [6]

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 调味品 ＃investSuggestion＃ ＃ ＃d中yCo炬mpa高ny＃新 （ 600872 ） investSug 增持 ( 维ges持tionC）h 000009 改革初显成效＃ ，tit 盈le＃ 利提升超预期 ange＃ ＃createTime1＃ 2024年4月 24日 投资要点 公 ＃市场ma数rk据etData＃ ＃sum事ma件ry：＃公司公告24Q1季报，24Q1公司实现营收/归母净利润/扣非归母净利润 司 14.85/2.39/2.37亿元，同比+8.64%/+59.70%/+63.91%，24Q1美味鲜实现营收/归母净 日期 2024-4-23 利润14.61/2.44亿元，同比+10.20%/+59.75%，收入符合预期，利润超预期。24Q1基 点 收盘价（元） 27.55 本EPS为0.31元。 评 总股本（百万股） 785.38  开门红达成，渠道改革初见效用。24Q1收入同比+8.64%，美味鲜收入同比+10.20%， 酱油/鸡精鸡粉/食用油/其他同比+13.44%/+16.83%/-5.5 ...

证券研究报告 公 2024年04月25日 司 报 告 中炬高新(600872) │ 行 业： 食品饮料/调味发酵品Ⅱ 公 投资评级： 买入（维持） 司 当前价格： 29.30元 季 Q1 毛利率超预期，供应链红利开始体现 目标价格： 31.86元 报 点 事件： 评 基本数据 中炬高新公布2024年一季报，公司实现营收14.85亿元，同增8.64%，实 总股本/流通股本(百万股) 785.38/785.38 现归母净利润2.39亿元，同增59.70%。收入符合预期，净利率超预期。 流通A股市值(百万元) 23,011.52 ➢ 美味鲜业绩超预期，毛销差进一步扩大 每股净资产(元) 6.17 受益于酱油、鸡粉销售收入的增长，24Q1美味鲜公司实现营收14.61亿元， 资产负债率(%) 19.92 同比增长10.20%。随着采购单价下降、产品结构优化，美味鲜综合销售毛 一年内最高/最低(元) 40.39/20.50 利率提升至37.28%，较上年同期增加6.08pct。24Q1美味鲜公司广告宣传 费、促销推广费、电商费用支出增加，但人员支出减少，综合影响下公司 股价相对走势 销售费用支出为1.15亿元，同比下降0 ...