Investment Rating - The report maintains an "Outperform" rating for the company [7]. Core Views - The company reported a strong performance in Q1 2024, with revenue of 1.485 billion yuan, a year-on-year increase of 8.6%, and a net profit of 239 million yuan, up 59.7% year-on-year, exceeding profit expectations [7]. - The management team has implemented a three-year strategic plan and is expected to enhance the company's performance in the seasoning business, supported by market-oriented assessments and equity incentives [7]. - The company is focusing on optimizing its product categories, with soy sauce and chicken essence as main products, while edible oil is positioned as a supplementary category [7]. Summary by Sections Market Data - Closing price: 27.55 yuan - One-year high/low: 40.39/20.5 yuan - Market capitalization: 21,637 million yuan [2]. Financial Data - As of March 31, 2024, the company reported a net asset value per share of 6.17 yuan and a debt-to-asset ratio of 19.92% [3]. - Total shares: 785 million [3]. Revenue and Profit Forecast - Projected net profits for 2024-2026 are 758 million, 971 million, and 1.246 billion yuan, respectively, with year-on-year growth rates of -55%, +28%, and +28% [8]. - The gross profit margin is expected to improve, with a forecast of 34.6% in 2024 [8]. Performance Drivers - The increase in revenue from the core product line, "Meiwei Xian," is attributed to improved product structure and reduced cost pressures, leading to a gross margin of approximately 37.3% in Q1 2024 [7]. - The company added 97 new distributors, bringing the total to 2,181, aligning with its annual planning [7].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][19]. Core Views - The company's Q1 2024 earnings exceeded expectations, showcasing early signs of reform effectiveness. The target price is set at 34.5 CNY, with the current price at 27.55 CNY [1]. - The company reported Q1 2024 revenue of 1.485 billion CNY, a year-on-year increase of 8.64%, and a net profit attributable to shareholders of 239 million CNY, up 59.70% year-on-year, indicating strong profit growth despite slight drag from non-core businesses [1][8]. - The report highlights a return to double-digit growth for the company's main product line, "Meiwei Xian," which achieved revenue of 1.46 billion CNY in Q1 2024, a 10.2% increase year-on-year [1][8]. Financial Performance Summary - Revenue for 2024 is projected to reach 5.84 billion CNY, reflecting a 13.6% growth compared to 2023, with net profit expected to be 821 million CNY, a decrease of 51.6% year-on-year [1][12]. - The company achieved a gross margin of 37.0% in Q1 2024, an increase of 5.6 percentage points year-on-year, marking the highest level in three years [1][8]. - The report anticipates a recovery in revenue growth to double digits in 2024, driven by ongoing internal reforms and strategic market expansions [1][8].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 24 日 中 炬高新(600872.SH) 证券研究报告 盈利能力大幅提升，改革初见成效 调味品 投资评级 买入-A 事件： 维持评级 中炬高新发布 2024 年一季报，24Q1 实现营收 14.85 亿元，同比 6个月目标价 34.54元 +8.64%；归母净利润 2.39亿元，同比+59.70%；扣非归母净利润 2.37 股价 (2024-04-23) 27.55元 亿元，同比+63.91%。其中美味鲜实现营收 14.61亿元，同比+10.20%， 归母净利润 2.44亿元，同比+59.75%。 交易数据 改革初见成效，增长动能延续 总市值(百万元) 21,637.11 分产品看，24Q1 酱油/鸡精鸡粉/食用油/其他分别实现 9.5/1.8/ 流通市值(百万元) 21,637.11 1.0/2.1 亿元，同比+13.4%/16.8%/-5.5%/-0.3%，公司事业部改革稳 总股本(百万股) 785.38 步推进，非主销区增长动能显著，促进美味鲜营收增长 10.2%，实现 流通股本(百万股) 785.38 亮眼表现。 ...

证券研究报告·公司点评报告·调味发酵品Ⅱ 中炬高新（600872） 2024Q1 业绩点评：毛利率改善超预期，三年 2024 年 04月 24日 新周期迎开门红 证券分析师 孙瑜 买入（维持） 执业证书：S0600523120002 suny@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 研究助理 周韵 营业总收入（百万元） 5,341 5,139 5,760 6,789 8,025 执业证书：S0600122080088 zhouyun@@dwzq.com.cn 同比（%） 4.41 (3.78) 12.08 17.87 18.20 归母净利润（百万元） (592.25) 1,696.95 736.28 956.10 1,268.98 股价走势 同比（%） (179.82) 386.53 (56.61) 29.86 32.73 中炬高新 沪深300 EPS-最新摊薄（元/股） (0.75) 2.16 0.94 1.22 1.62 12% P/E（现价&最新摊薄） (36.53) 12.75 29.39 22.63 17. ...

业绩简评 4 月 23 日公司发布一季报，24Q1 实现营收 14.85 亿元，同 比+8.6%；实现归母净利润 2.39 亿元，同比+59.7%；扣非归 母净利润 2.37 亿元，同比+63.9%。其中美味鲜子公司Q1实现 营业收入14.61 亿元，同比+10.2%；实现归母净利润 2.44 亿 元，同比+59.8%，业绩超预期。 经营分析 春节开门红+销售改革背景下，主业重启修复。分业务看，Q1 调味品/房地产/其他分别实现收入14.61/0.01/0.23亿元，同比 +10.2%/-81.34%/-38.0%。调味品业务增速重回10%+，主要春节 开门红+聚焦大单品政策推进，酱油和鸡精鸡粉品类拉动明显， 其中酱油/鸡精鸡粉/食用油/其他产品分别实现收入 9.5/1.8/1.0/2.1 亿元，同比+13.4%/+16.8%/-5.5%/-0.3%。公司 持续推进“1+n”战略，完善大单品全国化布局，全年收入端有 人民币(元) 成交金额(百万元) 41.00 900 望延续双位数增长趋势。分区域看，24Q1 公司东部/南部/中西部 800 /北部/地区收入分别同比+24.5%/+2.6%/+9.9%/+7. ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][3]. Core Views - The company has shown significant improvement in profitability due to the effectiveness of reforms and a strategy to upscale soy sauce products [2]. - In Q1 2024, the company reported total revenue of 1.485 billion yuan, a 9% increase year-on-year, and a net profit attributable to shareholders of 239 million yuan [2]. - The gross profit margin increased by 6 percentage points to 36.98%, benefiting from a decrease in raw material procurement prices [2]. - The company is focusing on high-end product strategies, with plans to launch organic, reduced-salt, and zero-additive products in the future [2]. Summary by Sections Financial Performance - In Q1 2024, the company's revenue from soy sauce was 1.461 billion yuan, up 10%, with a net profit of 244 million yuan, a 60% increase [2]. - The company’s sales and management expense ratios decreased to 7.73% and 6.36%, respectively, despite increased advertising and e-commerce spending [2]. - Operating cash flow for Q1 2024 was 403 million yuan, a 106% increase [2]. Market Strategy - The company is enhancing its distribution channels, with revenue from distribution and direct sales channels reaching 1.401 billion yuan and 42 million yuan, respectively, both showing growth [2]. - The total number of distributors increased by 97 to 2,181, indicating an acceleration in recruitment and improved management of distributors [2]. - The company is also focusing on the restaurant chain sector and developing large packaging products suitable for this channel [2]. Earnings Forecast - The company’s EPS is projected to be 1.11 yuan, 1.37 yuan, and 1.68 yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 25, 20, and 16 times [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 34.25 CNY per share, reflecting a 35 times PE for 2024 [5][11]. Core Views - The company reported Q1 2024 results that significantly exceeded expectations, with revenue of 1.485 billion CNY, a year-on-year increase of 8.64%, and a net profit attributable to shareholders of 239 million CNY, up 59.70% year-on-year [2][3]. - The company is focusing on core product categories such as soy sauce and chicken essence, while actively expanding its market presence in weaker regions [2]. - The company is undergoing deep reforms to enhance its organizational capabilities, aiming for substantial growth in the future [3]. Financial Performance Summary - Q1 2024 gross margin was 36.98%, an increase of 5.57 percentage points year-on-year, driven by lower procurement prices and product structure optimization [3]. - The company achieved a net profit margin of 16.1% in Q1 2024, up 5.15 percentage points year-on-year [3]. - Revenue projections for 2024-2026 are 7.7 billion CNY, 9.5 billion CNY, and 12.2 billion CNY, respectively, with expected growth rates of -55%, 23%, and 29% [3][4]. Strategic Initiatives - The company has set a three-year strategic plan for its subsidiary, aiming for revenue and operating profit targets of 10 billion CNY and 1.5 billion CNY by 2026 [3]. - Continuous internal reforms are being implemented to improve organizational structure and internal processes, which are expected to drive future performance [3]. Market Position and Growth Potential - The company is actively increasing its product mix coverage and enhancing its distribution channels, with significant revenue growth in various regions [2]. - The report indicates strong future growth potential due to market capacity and the ongoing release of reform benefits [3].

证券代码：600872 证券简称：中炬高新 公告编号：2024-031 中炬高新技术实业（集团）股份有限公司 2023 年年度股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 279 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 275,968,107 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 35.9837 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长余健华先生主持会议。本次会议采取现 (一) 股东大会召开的时间：2024 年 4 月 23 日 (二) 股东大会召开的地点：广东省中山市火炬开发区厨邦路 1 号广东美味鲜 调味食品有限公司综合楼 904 会议厅 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 场投票 ...

关于 中炬高新技术实业（集团）股份有限公司 二〇二三年年度股东大会的 法律意见书 广东卓建（中山）律师事务所 二〇二四年四月 法律意见书 广东卓建（中山）律师事务所 关于中炬高新技术实业（集团）股份有限公司 二〇二三年年度股东大会的 法律意见书 致：中炬高新技术实业（集团）股份有限公司 广东卓建（中山）律师事务所（以下简称"卓建"）接受中炬高新技术实业（集 团）股份有限公司（以下简称"公司"）的委托，指派律师（以下简称"本所律师"） 出席公司2023年年度股东大会（以下简称"本次股东大会"），并根据《中华人民 共和国证券法》（以下简称"《证券法》"）、《中华人民共和国公司法》（以下 简称"《公司法》"）、《上市公司股东大会规则》（以下简称"《股东大会规则》"） 等法律、法规、规范性文件以及现行有效的《中炬高新技术实业（集团）股份有限 公司章程》（以下简称"《公司章程》"）的规定，在进行必要验证工作的基础上， 对公司本次股东大会的召集、召开程序、出席会议人员和召集人资格、表决程序和 结果等事项的合法性发表见证法律意见。 本所律师已得到公司如下保证：公司已经提供和披露了本所律师认为为出具法 律意见书必需的文件和全 ...

Financial Performance - The company's operating revenue for Q1 2024 was RMB 1,484,645,097.64, representing an increase of 8.64% compared to the same period last year[4]. - Net profit attributable to shareholders was RMB 239,018,826.73, reflecting a significant increase of 59.70% year-on-year[4]. - Basic earnings per share were reported at RMB 0.3117, an increase of 60.59% year-on-year[4]. - Total revenue for Q1 2024 reached RMB 1.485 billion, an increase of RMB 118 million, representing a growth of 8.64% year-on-year[17]. - The consolidated net profit for Q1 2024 was RMB 261.71 million, an increase of RMB 102.24 million, reflecting a year-on-year growth of 64.11%[17]. - The net profit attributable to the parent company was RMB 239.02 million, up RMB 89.35 million, with a growth rate of 59.70%[17]. - The total comprehensive income for Q1 2024 was CNY 261,710,359.49, compared to CNY 159,384,126.02 in Q1 2023, indicating an increase of approximately 64.2%[25]. Cash Flow - The net cash flow from operating activities reached RMB 402,801,054.38, marking a substantial increase of 106.43% compared to the previous year[4]. - In Q1 2024, the company reported cash inflows from operating activities totaling CNY 1,679,597,423.16, an increase from CNY 1,477,060,384.01 in Q1 2023, representing a growth of approximately 13.7%[28]. - The net cash flow from operating activities for Q1 2024 was CNY 402,801,054.38, compared to CNY 195,130,966.05 in Q1 2023, indicating a significant increase of about 106.1%[28]. - Cash inflows from investment activities amounted to CNY 393,296,246.66 in Q1 2024, up from CNY 25,760,668.62 in Q1 2023, reflecting a substantial increase of approximately 1,426.5%[28]. - The company received CNY 390,357,142.00 from the recovery of investments in Q1 2024, a significant increase from CNY 20,134,240.05 in Q1 2023, representing a growth of approximately 1,840.5%[28]. - The company paid CNY 85,885,519.43 in taxes during Q1 2024, compared to CNY 65,183,742.55 in Q1 2023, reflecting an increase of about 31.8%[28]. Assets and Liabilities - Total assets at the end of Q1 2024 were RMB 6,695,221,468.13, a slight decrease of 0.35% from the end of the previous year[5]. - The total liabilities amounted to CNY 1,333,578,901.52, down from CNY 1,518,352,188.76 in the previous year, reflecting a decrease of approximately 12.1%[21]. - The total equity attributable to shareholders of the parent company increased to CNY 4,843,166,568.99 from CNY 4,704,744,444.34, marking a rise of about 2.9%[21]. - The company's equity attributable to shareholders increased by 2.94% to RMB 4,843,166,568.99 compared to the end of the previous year[5]. - The total current liabilities were CNY 1,143,183,825.69, down from CNY 1,337,149,691.84, indicating a reduction of approximately 14.5%[20]. Market and Growth Strategy - The company plans to continue expanding its market presence and investing in new product development to drive future growth[4]. - The revenue from the subsidiary Meiwai Xian increased by RMB 135.19 million to RMB 1.461 billion, marking a growth of 10.20% year-on-year[17]. Shareholder Information - The company repurchased 18,450,462 shares, accounting for 2.35% of the total share capital[14]. - The top ten shareholders collectively hold 53,938 shares, with the largest shareholder owning 10.99%[12]. Inventory and Other Financial Metrics - The inventory as of March 31, 2024, was RMB 1.546 billion, a decrease from RMB 1.618 billion in the previous period[19]. - The company's contract liabilities were CNY 82,671,471.74, compared to CNY 108,240,118.99 in the previous year, reflecting a decrease of about 23.5%[20]. - Research and development expenses for Q1 2024 were CNY 42,637,659.24, slightly down from CNY 43,870,215.70 in Q1 2023, showing a decrease of about 2.8%[22].