食品饮料/调味发酵品Ⅱ 公 司 研 究 收入增长短期承压，改革进程持续推进 中炬高新（600872.SH） 2024 年 08 月 12 日 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |--------------------|-------------| | 日期 | 2024/8/9 | | 当前股价(元) | 19.20 | | 一年最高最低(元) | 36.20/17.75 | | 总市值(亿元) | 150.38 | | 流通市值(亿元) | 148.03 | | 总股本(亿股) | 7.83 | | 流通股本(亿股) | 7.71 | | 近 3 个月换手率(%) | 99.56 | 股价走势图 中炬高新 沪深300 -64% -48% -32% -16% 0% 16% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《内部管理成效显现，2024Q1 利润表 现 超 预 期 — 公 司 信 息 更 新 报 告 》 -2024.4.25 《激励草案正式推出，内部活力有望 激发—公司信息更新报告》-2024.4.3 《业绩加速增长，管理层落 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][9]. Core Views - The company experienced a 12% year-on-year decline in revenue for the second quarter of 2024, with ongoing reform measures in place [1]. - The demand for condiments is weak, leading to pressure on the revenue from the company's flagship product, Meiwei Xian [5]. - The company is expected to see gradual improvement in performance in the second half of the year due to ongoing reforms and cost management [1][5]. Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 2.618 billion yuan, a decrease of 1.35% year-on-year, and a net profit attributable to shareholders of 350 million yuan, with a non-recurring net profit of 339 million yuan, up 14.53% year-on-year [1][5]. - In the second quarter of 2024, total revenue was 1.134 billion yuan, down 11.96% year-on-year, with a net profit of 111 million yuan and a non-recurring net profit of 103 million yuan, down 32.37% year-on-year [1][5]. - The company added 104 distributors, bringing the total to 2,285, with a target of adding 300-500 distributors for the year [5]. Margin and Cost Analysis - The gross margin improved to 36.2% in the second quarter of 2024, an increase of 3.7 percentage points year-on-year, attributed to lower raw material costs and enhanced management efficiency [1][5]. - The company’s expense ratios for sales, management, R&D, and finance increased to 14.8%, 7.8%, 3.7%, respectively, due to increased channel investments during the reform process [1][5]. Future Outlook - The company is in the first year of a three-year strategic plan, focusing on organizational reforms and enhancing employee incentives [1][5]. - The performance in the second half of 2024 is expected to improve gradually, supported by reduced cost pressures and better inventory management among distributors [1][5]. Earnings Forecast - The company’s revenue forecasts for 2024-2025 are adjusted to 5.544 billion yuan and 6.085 billion yuan, respectively, with a projected revenue growth of 7.9% and 9.8% year-on-year [7]. - The net profit forecasts for 2024-2025 are adjusted to 714 million yuan and 778 million yuan, with a significant decline of 57.9% in 2024, followed by a recovery of 9.1% in 2025 [7]. - The expected EPS for 2024-2026 is 0.91 yuan, 0.99 yuan, and 1.21 yuan, with corresponding PE ratios of 21.1, 19.3, and 15.9 [7].

股票投资评级 买入|维持 个股表现 中炬高新 食品饮料 -47% -42% -37% -32% -27% -22% -17% -12% -7% -2% 3% 2023-08 2023-10 2024-01 2024-03 2024-05 2024-08 资料来源：聚源，中邮证券研究所 公司基本情况 | --- | --- | |-------------------------|---------------| | 最新收盘价（元） | 19.20 | | 总股本/流通股本（亿股） | 7.83 / 7.71 | | 总市值/流通市值（亿元） | 150 / 148 | | 52 周内最高/最低价 | 35.88 / 18.04 | | 资产负债率(%) | 22.6% | | 市盈率 | 8.72 | 第一大股东 中山火炬集团有限公司 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:华夏霖 SAC 登记编号:S1340522090003 Email:huaxialin@cnpsec.com 中炬高新(600872) 改革下营 ...

2024 年 8 月 11 日 公司研究 24Q2 需求承压明显，期待下半年改革释放发展动能 ——中炬高新（600872.SH）2024 年中报点评 买入（维持） 当前价：19.20 元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com 市场数据 | --- | --- | |---------------------|-------------| | 总股本(亿股) | 7.83 | | 总市值(亿元)： | 150.38 | | 一年最低/最高(元)： | 17.75/35.70 | | 近 3 月换手率： | 100.77% | 股价相对走势 -48% -34% -19% -5% 10% 08/23 11/23 02/24 05/24 中炬高新 沪深300 收益表现 | --- | ...

改革阵痛期，期待成效兑现 [评级Table_Title] ：买入（维持） 市场价格：19.80 80分析师： 熊欣慰 执业证书编号：S0740519080002 电话：021-20315733 Email：xiongxw@ zts.com.cn 分析师：范劲松 执业证书编号：S0740517030001 Email：fanjs@zts.com.cn 分析师：晏诗雨 执业证书编号：S0740523070003 Email：yansy@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |------------------|--------| | 总股本(百万股) | 783 | | 流通股本(百万股) | 771 | | 市价(元) | 19.80 | | 市值(百万元) | 15,508 | | 流通市值(百万元) | 15,266 | [Table_QuotePic] 股价与行业-市场走势对比 公司持有该股票比例 相关报告 1 中炬高新（600872.SH）_点评报告： 业绩超预期，改革红利兑现 2 中炬高新（600872.SH）_点评报告： 三年战略规划落地，再造一 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that the company's revenue is under pressure in the short term but expects improvement [5] - The company achieved a revenue of 2.618 billion yuan in the first half of 2024, a year-on-year decrease of 1.35%, while the net profit attributable to the parent company was 350 million yuan, with a non-recurring net profit of 339 million yuan, showing a year-on-year increase of 14.53% [5] - The gross profit margin significantly improved to 36.63% in the first half of 2024, an increase of 4.68 percentage points year-on-year, mainly due to a decrease in raw material procurement prices and product structure optimization [5] - The report anticipates earnings per share (EPS) for 2024-2026 to be 0.91, 1.16, and 1.45 yuan respectively, with a corresponding reasonable value range of 31.85 to 36.4 yuan based on a price-to-earnings (PE) ratio of 35-40 times for 2024 [6][9] Summary by Sections Revenue and Profitability - In Q2 2024, the company's revenue was 1.134 billion yuan, a year-on-year decrease of 11.96%, with a net profit of 111 million yuan, and a non-recurring net profit of 103 million yuan, down 32.37% year-on-year [5] - The operating cash flow for the first half of 2024 was 5.92 billion yuan, an increase of 28.71% year-on-year [5] Cost Structure - The sales expense ratio increased to 10.8%, management expense ratio to 10.19%, and financial expense ratio to 0.04%, with year-on-year changes of +2.31 percentage points, +0.46 percentage points, and +0.14 percentage points respectively [5] Product Performance - The revenue from edible oil increased by 29.14% year-on-year in Q2 2024, while the revenue from soy sauce and chicken essence showed mixed results [5][6] Market Expansion - The number of distributors continued to increase, reaching 2,285 by the end of the first half of 2024, with a development rate of 95% in prefecture-level cities and 70% in county markets [6] Financial Forecast - The company is projected to have total revenue of 5.139 billion yuan in 2023, increasing to 7.603 billion yuan by 2026, with a net profit forecasted to rise from 1.697 billion yuan in 2023 to 1.134 billion yuan in 2026 [7][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is currently experiencing performance pressure due to external weak demand and internal reform adjustments, particularly in Q2 2024, where revenue and profit showed a decline [2][3] - Despite short-term challenges, the company is focusing on long-term growth through internal improvements and strategic market expansion [5][6] Financial Performance Summary - In H1 2024, the company achieved revenue of 2.618 billion yuan, a year-on-year decrease of 1.35%, while net profit attributable to shareholders was 350 million yuan, showing a positive turnaround [2] - Q2 2024 revenue was 1.134 billion yuan, down 11.96% year-on-year, with net profit of 111 million yuan, indicating a recovery from previous losses [2] - The gross profit margin in Q2 2024 increased by 3.64 percentage points to 36.17%, benefiting from lower raw material costs and improved production efficiency [3] Market Position and Strategy - The company is undergoing a significant reform period, focusing on channel restructuring and enhancing distributor relationships, which is expected to yield long-term benefits [3][5] - The company is implementing a national strategy, increasing the number of distributors in various regions, with notable growth in the central and northern markets [3] Future Projections - Revenue forecasts for 2024-2026 are 5.798 billion, 6.836 billion, and 7.861 billion yuan, representing year-on-year growth rates of 13%, 18%, and 15% respectively [6][7] - Net profit projections for the same period are 761 million, 942 million, and 1.156 billion yuan, with corresponding EPS of 0.97, 1.20, and 1.48 yuan [6][7]

证券研究报告 非金融公司|公司点评|中炬高新（600872） 短期阵痛，蓄势待发 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月09日 证券研究报告 |报告要点 2024H1 中炬高新实现收入 26.18 亿元，同比下降 1.35%，实现归母净利润 3.50 亿元。单 2024Q2 公司实现收入 11.34 亿元，同比下降 11.96%，实现归母净利润 1.11 亿元。 |分析师及联系人 刘景瑜 邓洁 SAC：S0590524030005 SAC：S0590524040002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月09日 中炬高新(600872) 短期阵痛，蓄势待发 | --- | --- | |------------|----------------------| | 行 业： | 食品饮料/调味发酵品Ⅱ | | 投资评级： | 买入（维持） | | 当前价格： | 19.20 元 | 基本数据 总股本/流通股本(百万股) 783.22/770.99 流通 A 股市值(百万元) 14,802.97 每股净资产 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported a revenue of 2.618 billion yuan for H1 2024, a year-on-year decrease of 1.35%, while the net profit attributable to shareholders reached 350 million yuan, an increase of 124.24% [2]. - The Q2 performance showed a revenue of 1.134 billion yuan, down 11.96% year-on-year, with a net profit of 111 million yuan, up 106.95% year-on-year [2]. - The company is undergoing reforms that are expected to yield results in the future, despite facing short-term pressures [2]. Financial Performance Summary - H1 2024 revenue breakdown: - Meiwai Xian revenue: 2.56 billion yuan, down 0.6% year-on-year - Q2 revenue by product category: soy sauce down 22.0%, chicken essence down 15.4%, cooking oil up 29.1%, and others down 18.7% [2]. - Q2 revenue by region: Eastern region down 18.7%, Southern region down 11.1%, Central and Western regions down 25.0% and 31.2% respectively [2]. - The company has optimized costs, achieving a gross margin of 36.6% for H1 2024, up 4.7 percentage points year-on-year [2]. - The net profit margin for H1 2024 was 13.4%, showing a turnaround from previous losses [2]. Future Projections - Revenue projections for 2024-2026 are 5.64 billion, 6.47 billion, and 7.36 billion yuan, representing year-on-year growth of 9.8%, 14.6%, and 13.8% respectively [2]. - Net profit projections for the same period are 810 million, 1.03 billion, and 1.18 billion yuan, with growth rates of 52.5%, 27.2%, and 15.3% respectively [2].

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） ...