上 市 公 司 食品饮料 2024 年03月 31 日 中炬高新 (600872) 公 司 研 究 ——发布三年战略规划 拟实施股权激励 未来表现可期 / 公 司 点 报告原因：有业绩公布需要点评 评 增持 投资要点： （维持）  事件：公司发布2023年年报，2023年实现收入51.39亿，同比下降3.8%，实现归母净 利润16.97亿，同比扭亏为盈，实现扣非归母净利润5.24亿，同比下降5.8%。测算23Q4 证 市场数据： 2024年03月29日 实现收入 11.86亿，同比下降 14.4%，实现归母净利润 29.7 亿，同比扭亏为盈，实现扣 券 收盘价（元） 26.39 非归母净利润0.61亿，同比下降60%，符合此前发布的业绩预盈公告。分红方案为每10 研 一年内最高/最低（元） 40.39/20.5 股派4元（含税），共分配约3.07亿，占23年归母净利润18.1%、占23年扣非归母净 究 市净率 4.4 报 息率（分红/股价） - 利润58.5%。 告 流通A股市值（百万元） 20726 上证指数/深证成指 3041.17/9400.85 此外，公司发布1）2024年限制性股票激励计划，授予价 ...

证券研究报告：食品饮料 | 公司点评报告 2024年4月1日 股票投资评级 中炬高新(600872) 买入|维持 新三年战略规划积极，股权激励同步跟进 个股表现 ⚫ 投资要点 公司发布 2023 年报，全年实现营业收入/归母净利润/扣非净利 中炬高新 食品饮料 润51.39/16.97/5.24亿元，同比-3.78%/扭亏/-5.79%；单Q4实现营 2% -3% 业收入/归母净利润/扣非净利润 11.86/29.69/0.61 亿元，同比 -8% -14.37%/扭亏/-60.02%，整体表现符合此前预告。公司同时发布未来 -13% -18% 三年战略规划，2026年美味鲜公司营业收入目标100亿元，营业利润 -23% -28% 目标 15 亿元。此外公司发布股权激励计划、助力业绩规划达成，计 -33% 划拟授予不超过1438.80 万股限制性股票，占公司股本总额的1.83%， -38% -43% 拟授予激励对象329人。整体看，公司管理层改组后未来规划积极。 2023-04 2023-06 2023-08 2023-11 2024-01 2024-03 ⚫ 核心观点 资料来源：聚源，中邮证券研究所 公司核 ...

业绩简评 3月30日公司发布年报，2023年实现营收51.39亿元，同比-3.78%； 实现归母净利润 16.97 亿元，同比+386.53%；实现扣非归母净利 润 5.24 亿元，同比-5.79%。23Q4 年实现营收 11.86 亿元，同比 -14.37%；实现归母净利润29.69 亿元，同比+393.72%；实现扣非 归母净利润0.61 亿元，同比-60.02%，业绩超此前预告中枢。 同期公告2024 年限制性股票激励草案，拟以每股 14.19 元授予中 高层管理人员、核心业务（技术）骨干一共 329 人，不超过 1438.80 万股。24/25/26 年解锁份额为30%/35%/35%。考核条件包含利润、 收入两方面。23年为基准，24-26年营收增速不低于12%/32%/95%； 营业利润率不低于 15%/16.5%/18%；净资产收益率不低于 14%/15.5%/20%。 经营分析 Q4阵痛调整期，主业明显承压。1）全年调味品/房地产/其他分别 人民币(元) 成交金额(百万元) 实现收入48.66/1.55/0.44 亿元，同比-0.5%/-33.9%/-48.0%。调 41.00 900 味品表 ...

2024 年 03 月 31 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 刘洁铭 S0350521110006 Q4 改革蓄力[ ，Tab 三le_ 年Titl 规e] 划彰显壮志 liujm@ghzq.com.cn 证券分析师： 秦一方 S0350523120001 qinyf@ghzq.com.cn ——中炬高新（ ） 年报点评 600872 2023 联系人 ： 景皓 S0350124030009 jingh@ghzq.com.cn 最近一年走势 事件 : 2024年3月29日，公司发布2023年年报。2023年实现营业收入51.39 亿元，同比-3.78%；归母净利润16.97亿元，实现同比扭亏为盈；扣非 归母净利润5.24亿元，同比-5.79%。2023Q4实现营业收入11.86亿元， 同比-14.37%；归母净利润29.69亿元，同比+393.72%；扣非归母净利 润0.61亿元，同比-60.02%。 投资要点 : 相对沪深300表现 2024/03/29  Q4改革适应期收入受到短期扰动，市场拓展成效渐显。2023年美 表现 1M 3M 12M 味鲜公司实现营收49.32亿元，同 ...

公司研 究 证 券研究 报 告 调味品 2024年03月31日 中 炬高新（600872）2023年报及股权激励点评 强 推 （维持） 激励凝聚人心，改革关键一步，上调目标价 目标价：34.5元 至 34.5 元 当前价：26.39元 事项： 华创证券研究所 ❖ 公司发布2023年年报，2023年公司实现营业收入51.39亿元，同比-3.78%； 归母净利润 16.97 亿元，同比扭亏。单 Q4 实现营业收入 11.86 亿元，同比- 证券分析师：欧阳予 14.37%；归母净利润29.69亿元，同比扭亏。 ❖ 公司拟推出股票激励计划，拟授予不超过1438.80万股限制性股票，占股本总 邮箱：ouyangyu@hcyjs.com 额的1.83%，计划授予包括董事长、总经理等在内的7名公司高管及322名中 执业编号：S0360520070001 层管理人员、核心业务骨干，授予价格为 14.19 元/股。共含 24-26 三个解锁 证券分析师：彭俊霖 期，年度业绩考核目标分别为：以 23 年营收为基准，24/25/26 年营业收入增 长率不低于12％/32％/95%，24/25/26年营业利润率不低于15％/16. ...

Investment Rating - The report maintains a "Buy" rating for Zhongju Gaoxin (600872.SH) [2] Core Views - The company's main operations are stable, and there are expectations for improvements from ongoing reforms [2] - The company has released its 2023 annual report and a 2024 restricted stock incentive plan [2] - The company is expected to enhance its organizational vitality through the stock incentive plan, which aims to motivate employees and improve competitiveness [3] Financial Performance Summary - In 2023, the total revenue was 5.139 billion yuan, a decrease of 4% year-on-year, primarily due to the real estate and belt sectors [2] - The net profit attributable to shareholders was 1.697 billion yuan, a significant turnaround from a loss in the previous year, mainly due to the resolution of litigation and the reversal of provisions [2] - The gross profit margin for 2023 was 32.71%, an increase of 1 percentage point, attributed to lower raw material costs and product structure optimization [2] - The company expects to maintain stable raw material prices and further reduce production costs with new equipment coming online [2] Business Segment Analysis - The revenue from the main product line, Meiwai Xian, was 4.932 billion yuan, a slight decrease of 0.5% year-on-year [2] - Revenue breakdown by product category for 2023: soy sauce (3.028 billion yuan, +0.1%), chicken essence (676 million yuan, +13%), cooking oil (446 million yuan, -11%), and other products (716 million yuan, -7%) [2] - The company has seen an increase in the number of distributors, with a net addition of 81 to a total of 2,084 by the end of 2023 [2] Future Outlook - The company has set a strategic revenue target of 10 billion yuan for Meiwai Xian by 2026, with a profit target of 1.5 billion yuan [4] - Earnings per share (EPS) forecasts for 2024-2026 are 1.11, 1.37, and 1.64 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 24, 19, and 16 times [4] - The report anticipates continued growth in revenue and profitability driven by product matrix expansion, marketing reforms, and development of the catering channel [4]

中[Ta炬ble高_Sto新ckN（am6eR0p0tT8yp7e2] ） 公司研究/公司点评 激励提振，美味鲜 3 年倍增 ——中炬高新 23 年报点评 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-03-31 ⚫[ T公ab司le发_S布um2m0a2r3y]年 业绩 ➢ Q4：收入11.86亿（-14.37%），归母29.69亿（+393.72%），扣 [收Ta盘bl价e_（Ba元se）D ata] 26.39 非0.61亿（-60.02%）。 近12个月最高/最低（元） 39.26/21.30 ➢ Q1-4：收入51.39亿（-3.78%），归母16.97亿（+386.53%），扣 总股本（百万股） 785 非5.24亿（-5.79%）。 流通股本（百万股） 785 流通股比例（%） 100.00 ➢ 业绩表现接近前期预告中枢。 总市值（亿元） 207 ➢ 公司拟每股派息0.4元，对应分红率18.08%（上年31.17%），据 流通市值（亿元） 207 股东回报计划，预计24-26年分红率不低于30%。 [公Ta司ble价_C格ha与rt]沪 深300走势比较 ⚫ ...

Investment Rating - The report upgrades the investment rating to "Recommended" for Zhongju Gaoxin (600872) [1] Core Views - The company achieved a revenue of 5.14 billion yuan in 2023, with a net profit attributable to shareholders of 1.70 billion yuan, reflecting a year-on-year increase of 386.5% [1] - The company is in a transitional phase, with short-term pressures on its main business due to channel restructuring and high base effects from consumer demand [1] - The implementation of an equity incentive plan is expected to support the achievement of strategic goals over the next three years [1] Financial Summary - Revenue for 2023 was 5,139.09 million yuan, with a projected revenue growth rate of -3.78% for 2024, followed by 13.10% in 2025 and 18.20% in 2026 [2] - Net profit for 2023 was 1,696.95 million yuan, with a significant projected decline of -56.62% in 2024, followed by growth rates of 24.77% and 19.91% in 2025 and 2026 respectively [2] - The gross margin for 2023 was 32.71%, with expectations of improvement to 33.50% in 2024 and further increases in subsequent years [2] Strategic Planning - The company has released a three-year strategic plan aiming for a revenue target of 10 billion yuan by 2026, with a focus on operational excellence and dual-driven growth strategies [1] - The equity incentive plan aims to grant restricted stocks covering 1.83% of the total share capital, with ambitious performance targets set for revenue and return on equity [1]

Financial Performance - The company's operating revenue for 2023 was CNY 5,139,091,906.63, a decrease of 3.78% compared to CNY 5,341,040,998.68 in 2022[20]. - The net profit attributable to shareholders of the listed company was CNY 1,696,954,088.26, a significant recovery from a loss of CNY 592,248,272.39 in 2022[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 524,015,533.50, down 5.79% from CNY 556,230,214.23 in the previous year[20]. - Basic earnings per share for 2023 reached CNY 2.2010, a significant increase from CNY -0.7682 in 2022[21]. - The net profit attributable to shareholders for Q4 2023 was CNY 2,969,435,971.02, compared to a loss of CNY -1,592,535,285.67 in Q2 2023[23]. - The total operating profit for 2023 was approximately ¥678.95 million, compared to a loss of ¥37.03 million in the previous year[178]. - The total profit for the year reached approximately ¥1.86 billion, a significant recovery from a loss of ¥1.14 billion in 2022[178]. - The net profit for 2023 was approximately ¥1.87 billion, compared to a net loss of ¥1.15 billion in the previous year[178]. Cash Flow and Assets - The net cash flow from operating activities increased by 24.24% to CNY 841,908,805.69 from CNY 677,654,835.65 in 2022[20]. - The company reported a net cash flow from operating activities of CNY 384,915,318.62 in Q3 2023, showing a positive trend[23]. - The company reported a significant increase in other current assets, totaling CNY 1.29 billion, up 51.4% from CNY 850.09 million in 2022[167]. - The company's cash and cash equivalents decreased to CNY 500.45 million, down 20.4% from CNY 628.36 million in the previous year[167]. - The total cash inflow from investment activities reached ¥779,766,753.78, compared to ¥294,157,465.20 in the previous year, indicating a growth of approximately 165%[182]. - The total cash and cash equivalents at the end of 2023 amounted to ¥53,046,344.24, down from ¥61,986,017.89 at the end of 2022[182]. Strategic Initiatives and Market Position - The company is focusing on brand reshaping, national marketing layout, and supply chain efficiency improvements as part of its strategic initiatives[26]. - The company plans to leverage the recovery in domestic consumption to increase market share and drive growth[26]. - The company is actively expanding its marketing network, focusing on community penetration and e-commerce growth to enhance its distribution capabilities[32]. - The company aims to enhance its brand position in the condiment industry and achieve high-speed growth through "refined marketing, continuous innovation, and lean operations" as part of its development strategy[63]. - The company plans to optimize its supply chain management to increase production efficiency and resource utilization, particularly in soy sauce production[65]. Research and Development - The company’s R&D expenses increased by 1.14% to CNY 180.64 million, reflecting a commitment to innovation and product development[34]. - The company has established multiple R&D platforms, including a provincial technology center and a national key laboratory, with a total of 217 valid patents granted[32]. - The company is investing in research and development, with an increase in R&D spending by 30% to foster innovation[80]. Shareholder and Governance - The company plans to distribute a cash dividend of CNY 4 per 10 shares, totaling CNY 306,770,195.20 based on 766,925,488 circulating shares[4]. - The company held 1 annual general meeting and 2 extraordinary meetings during the reporting period, all procedures complied with relevant regulations[68]. - The total pre-tax compensation for the chairman, Yu Jianhua, was CNY 982,500[74]. - The company has established a diversified performance-oriented compensation and incentive system to attract and retain talent[104]. Environmental and Social Responsibility - The company has committed to sustainable practices and has disclosed its social responsibility and sustainability report for 2023[122]. - The company has reduced carbon emissions by 2,299 tons through the use of photovoltaic power generation, with a total installed capacity of 9.1 MW from 90,000 m² of solar panels[121]. - The company has established online monitoring systems for pollutants such as COD, pH, and nitrogen oxides, ensuring real-time monitoring and compliance with environmental standards[119]. Legal and Compliance - The company faced a significant lawsuit regarding land use rights, resulting in a judgment to compensate 6.02 billion yuan for damages and return 33 million yuan to the plaintiff[131]. - The company has not faced any delisting risks or bankruptcy restructuring during the reporting period[127]. - The company has not reported any significant internal control deficiencies during the reporting period[111].

目 录 审计报告 -- -1 2023年1月1日至 2023年12月 31 日财务报表 --- -7 2023年1月1日至2023年12月31 日财务报表附注- -19 审计报告 天 职 业 字 [2024]8323 号 中炬高新技术实业(集团)股份有限公司 三、关键审计事项 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn) " 审计报告 天职业字[2024]8323 号 中炬高新技术实业(集团)股份有限公司全体股东: 一、审计意见 我们审计了中炬高新技术实业(集团)股份有限公司(以下简称"贵公司"或"中矩高 新")财务报表,包括 2023年12月 31 日的合并及母公司资产负债表,2023年度的合并及 母公司利润表、合并及母公司现金流量表、合并及母公司股东权益变动表以及财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 贵公司 2023年 12月 31日的合并及母公司财务状况以及 2023年度的合并及母公司经营成果 和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告 ...