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） ...

中 炬高新(600872) Q2 阶段性承压，全年目标不变 -中炬髙新 24 年中报点评 事件 24HI 音业总校入 26.18 亿元，同比-1.4%；归母净利润 3.50 亿元，担存为盈； 标 非归母净利润 3.39 亿元，阿比+14.5%； 毛利率 36.6%，阿比+4.7pct，净利率 14.7%。 单 24Q2 营业总收入 11.34 亿元，同比-12.0%；归母净利润 1.11 亿元，担存为盈； 实现书非归母净利润 1.03 亿元，同比-32.4%。毛利率 36.2%，同比+3.7pct，净利率 10.9%。 被资卖点 □ 冬到龙观经济卡尤争彩响，Q2 收入永压，经销商教主显着增加 分产品未看， 24H1 酱油/鸡精鸡粉/食用油/共收入 15.6/3.3/2.2/3.4 亿元，阿比- 3.7%/-0.1%/+10.1%/-14.5%。24Q2 酱油/鸡精鸡粉/食用油/其他妆入 6.1/1.5/1.1/1.3 亿元，阿 比-22.0%/-15.4%/+29.1%/-30.9%。除食用油，酱油、鸡精鸡粉及其他调 株品品类均有下降，收入下降主要是受宏观经济环境、行业竞争加剧等多重因素 影响 分地区未看，2 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.70 CNY, compared to the current price of 19.80 CNY [3]. Core Views - The company reported a revenue of 2.618 billion CNY for the first half of 2024, a year-on-year decrease of 1.35%, while achieving a net profit of 350 million CNY, marking a return to profitability. The non-recurring net profit was 339 million CNY, up 14.53% year-on-year, aligning with the forecasted levels [2]. - The company is undergoing channel reforms while facing short-term demand pressures. In Q2 2024, revenue from the main product line, Meiwai Xian, was 1.095 billion CNY, down 12.12% year-on-year, primarily due to weak industry demand and intensified competition [2]. - The company is focusing on optimizing its distribution channels and managing expenses, with a net profit margin of 9.00% in Q2 2024, down 2.81 percentage points due to increased expense ratios [2]. Financial Summary - Revenue projections for 2024-2026 are 5.476 billion CNY, 6.227 billion CNY, and 7.111 billion CNY, reflecting growth rates of 6.55%, 13.72%, and 14.19% respectively [2]. - The forecasted net profit for the same period is 725 million CNY, 919 million CNY, and 1.113 billion CNY, with year-on-year changes of -57.30%, +26.77%, and +21.20% respectively [2]. - The company expects Meiwai Xian's revenue to grow from 5.322 billion CNY in 2024 to 7.032 billion CNY in 2026, with corresponding net profits of 700 million CNY, 912 million CNY, and 1.107 billion CNY [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported its 2024 semi-annual results, with Q2 revenue at 1.134 billion (down 12%) and net profit attributable to shareholders at 111 million (up 107%) [1] - For H1, revenue was 2.618 billion (down 1.4%) and net profit attributable to shareholders was 350 million (up 124.2%) [1] - The performance aligns with previous forecasts, but demand remains weak across multiple product categories [1] - The company is expected to see gradual improvement in revenue in H2 as channel efficiency is anticipated to enhance [1] Financial Performance - Q2 gross margin was 36.17%, an increase of 3.6 percentage points year-on-year, attributed to cost reduction and optimized procurement [1] - H1 non-net profit was 339 million (up 14.5%) [1] - The company plans to optimize sales expenses in H2, which is expected to lead to profit release [1] Product and Regional Performance - Q2 revenue by product: soy sauce 611 million (down 22%), chicken essence 146 million (down 15%), cooking oil 114 million (up 29%), and other categories 129 million (down 31%) [1] - Q2 revenue by region: East 19% down, South 11% down, Central and Western 25% down, North 31% down, with significant impact from reforms in the North [1] - The company added 104 new distributors in Q2, achieving a development rate of 95% in prefecture-level cities and 70% in county-level cities [1] Earnings Forecast - The earnings forecast has been adjusted, with expected total revenue for 2024-2026 at 5.57 billion, 6.132 billion, and 6.836 billion respectively, reflecting year-on-year growth of 8.4%, 10.1%, and 11.5% [1][4] - Expected net profit attributable to shareholders for the same period is 725 million, 884 million, and 1.095 billion, with year-on-year changes of -57.3%, 21.9%, and 23.9% [1][4]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][4] Core Insights - The company has experienced a 1% decrease in revenue for H1 2024, achieving a total revenue of 2.618 billion yuan, with a net profit of 350 million yuan, compared to a loss of 1.443 billion yuan in H1 2023 [2][3] - Cost optimization has positively impacted profitability, with a gross margin increase of 4 percentage points to 36.17% in Q2 2024, despite a 12% decline in revenue [2][3] - The company is focusing on high-end product strategies and optimizing its distribution network to enhance operational efficiency and brand recognition [2][3] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 2.618 billion yuan, a 1% decrease year-on-year, while the net profit reached 350 million yuan, a significant recovery from the previous year's loss [2][3] - The Q2 2024 revenue was 1.134 billion yuan, down 12% year-on-year, with a net profit of 111 million yuan, compared to a loss of 1.593 billion yuan in Q2 2023 [2][3] Revenue Breakdown - Revenue from soy sauce, chicken essence, and cooking oil showed mixed results, with soy sauce revenue at 1.557 billion yuan (down 4%), chicken essence at 327 million yuan (down 0.1%), and cooking oil at 215 million yuan (up 10%) [2][3] - The company aims to promote zero-additive and reduced-salt products, with plans for increased production capacity and high-end product lines [2][3] Future Outlook - The company has adjusted its earnings per share (EPS) forecasts for 2024-2026 to 0.94, 1.12, and 1.30 yuan respectively, reflecting a PE ratio of 21, 18, and 15 times [4] - The report anticipates a gradual recovery in external demand and improved operational performance as the company continues its reform initiatives [4]

Investment Rating - The report maintains a "Strong Buy" rating for Zhongju Gaoxin (600872) with a target price of 31.35 CNY, compared to the current price of 19.80 CNY [1]. Core Views - The company reported a revenue of 2.618 billion CNY for H1 2024, a year-on-year decrease of 1.35%, but achieved a net profit of 350 million CNY, marking a return to profitability [1]. - Q2 revenue was 1.134 billion CNY, down 11.96% year-on-year, with the main product line, Meiwai Xian, facing challenges due to macroeconomic conditions and intensified industry competition [1]. - The company is focused on strategic reforms and operational adjustments, aiming for a return to normal growth in the second half of the year [1]. Financial Summary - Total revenue for 2023 is projected at 5.139 billion CNY, with a year-on-year decline of 3.8%. Revenue is expected to grow to 5.794 billion CNY in 2024, representing a 12.7% increase [9]. - The net profit for 2023 is estimated at 1.697 billion CNY, with a significant year-on-year growth of 386.5%. However, a decline of 37.4% is expected in 2024, bringing the net profit down to 1.062 billion CNY [9]. - Earnings per share (EPS) is forecasted to be 2.17 CNY for 2023, decreasing to 1.36 CNY in 2024, and then recovering to 2.03 CNY in 2025 [9]. Operational Insights - The company has added 104 new distributors in the current period, with a development rate of 95% in prefecture-level cities and 70% in county-level areas [1]. - The gross margin for Q2 was 36.2%, an increase of 3.6 percentage points year-on-year, attributed to lower raw material costs and improved operational efficiency [1]. - The sales expense ratio increased by 6.4 percentage points year-on-year in Q2, reflecting higher investments in channel reform and marketing efforts [1].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [11]. Core Insights - The company reported a revenue of 2.618 billion yuan for H1 2024, a year-on-year decrease of 1.35%, but achieved a net profit of 350 million yuan, marking a return to profitability [2]. - The Q2 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, which is a 32.37% decline year-on-year [2]. - The company is focusing on core product categories and launching healthier products to address declining sales in key categories such as soy sauce and chicken essence, which saw revenue declines of 22% and 15% respectively in Q2 [2][3]. - The company is expanding its e-commerce business, with direct sales growing by 23% year-on-year, while distribution sales fell by 20% [2]. Financial Performance Summary - The gross margin for Q2 was 36.17%, an increase of 3.64 percentage points year-on-year, attributed to lower raw material costs and improved product mix [3]. - However, total expenses increased significantly, with a combined expense rate rising by 8.38 percentage points year-on-year, primarily due to increased promotional spending [3]. - The company forecasts net profits of 720 million yuan, 900 million yuan, and 1.16 billion yuan for 2024, 2025, and 2026 respectively, with expected growth rates of -57%, 25%, and 28% [3]. Strategic Outlook - The company is undergoing deep reforms aimed at enhancing operational efficiency and market coverage, with a strategic goal for its subsidiary, Meiwai Xian, to achieve revenues of 10 billion yuan by 2026 [3]. - Despite current challenges, the company anticipates a recovery in sales performance in H2 2024, driven by seasonal demand and improved execution from its business units [3].

业绩简评 8 月 8 日公司发布半年报，24H1 实现营收 26.18 亿元，同比-1.35%； 实现归母净利润 3.50 亿元，同比扭亏为盈；扣非归母净利润 3.39 亿元，同比+14.53%。其中，24Q2 实现营收 11.34 亿元，同比- 11.96%；实现归母净利润 1.11 亿元，同比扭亏为盈；扣非归母净 利润 1.03 亿元，同比-32.37%，业绩落在此前预告中枢。 经营分析 需求疲软+内部改革，致 Q2 收入承压。24Q2 美味鲜实现收入 10.95 亿元，同比-12.1%。1）分产品: 食用油实现增长，其他产品因餐 饮需求疲软、竞争加剧而承压。24Q2 酱油/鸡精鸡粉/食用油/其他 产品收入分别为 6.07/1.47/1.15/1.32 亿元，同比分别-22.4%/- 14.5%/+30.6%/-29.1%。2）分地区:主销区相对稳健，其他区域因 组织架构、销售体系变革明显承压，24Q2 东/南/中西/北部区域分 别实现收入 2.41/4.45/1.97/1.29 亿元,同比-18%/-10.7%/- 23.4%/-28.5%。同期经销商净增加 104 家，Q2 对公司经销商进行 分级梳理 ...

上 市 公 司 食品饮料 2024 年 08 月 08 日 中炬高新 (600872) ——24Q2 调味品承压 积极应对改革痛点 | --- | --- | |-------------------------|---------------------| | 市场数据： | 2024 年 08 月 08 日 | | 收盘价（元） | 19.80 | | 一年内最高/最低（元） | 36.20/17.75 | | 市净率 | 3.2 | | 息率（分红/股价） | 2.02 | | 流通 A 股市值（百万元） | 15,266 | | 上证指数/深证成指 | 2,869.90/8,446.21 | | | | | --- | --- | |--------------------------|----------------| | 基础数据: | 年 06 月 30 日 | | 每股净资产（元） | 5.94 | | 资产负债率% | 26.89 | | 总股本/流通 A 股（百万） | 783/771 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-0809-081 ...

证券研究报告 经营预测指标与估值 中矩高新 (600872 CH) 24H1 扭亏为盈,改革仍处摸索期 年泰研究 2024年8月09日|中国内地 中报点评 食品 24H1 扭亏为盈,主业仍处改革摸索期 24H1 营收 26.2 亿元,同比-1.4%;归母净利 3.5 亿元,扭亏为盈（23H1 为-14.4 亿元）； 扣非净利润 3.4 亿元，同比+14.5%；24Q2 营收/归母净利 /扣非净利 11.3/1.1/1.0 亿元,同比-12.0%/扭亏为盈/-32.4%,符合前次预告 (预计 H1 归母净利润 3.15~3.78 亿元)；主业端,24Q2 美味鲜收入同比 -12.1%，主要系 24Q2 外部需求平淡、行业竞争有所加剧,叠加公司全面开 展渠道改革,当前仍处于前期费用投放/人员磨合与策略调整期间;利润端, 采购政策优化及大豆等成本下行带动美味鲜 Q2 毛利率同比+4.2pct,促销 等费用增加致 Q2公司销售费率同比+6.4pct, Q2 扣非净利率同比-2.7pct。 我们预计 24-26 年 EPS 0.92/1.21/1.45 元,参考可比公司 24 年平均 PE 26x (Wind 一致预期 ...