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 19.68 CNY [1]. Core Views - The company's performance in the first half of 2024 is expected to be below previous forecasts, with revenue projected at approximately 2.62 billion CNY, a year-on-year decline of 1.29%. The net profit attributable to shareholders is estimated to be between 315 million CNY and 378 million CNY, with a non-recurring net profit expected to be between 306 million CNY and 368 million CNY, reflecting a growth of 3.37% to 24.30% year-on-year [1]. - The company is undergoing significant internal reforms and marketing efforts, despite facing challenges from external demand and channel adjustments. The report emphasizes the importance of maintaining internal team confidence and optimizing channel strategies to stabilize operations [1]. Financial Summary - Total revenue for 2023 is reported at 5,139 million CNY, with projections of 5,794 million CNY for 2024, 7,117 million CNY for 2025, and 7,601 million CNY for 2026, indicating a year-on-year growth rate of -3.8% in 2023 and expected growth rates of 12.7%, 22.8%, and 6.8% for the following years [1][9]. - The net profit attributable to shareholders is forecasted to be 1,697 million CNY in 2023, declining to 1,062 million CNY in 2024, then recovering to 1,587 million CNY in 2025 and 1,156 million CNY in 2026, with growth rates of 386.5%, -37.4%, 49.4%, and -27.1% respectively [1][9]. - Earnings per share (EPS) is projected to be 2.17 CNY for 2023, decreasing to 1.36 CNY in 2024, then increasing to 2.03 CNY in 2025 and 1.48 CNY in 2026 [1][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing a transitional phase due to reforms, with expectations for future benefits from these changes [3] - The company reported a revenue forecast of approximately 2.62 billion yuan for H1 2024, a year-on-year decrease of 1.3%, while the net profit attributable to shareholders is expected to be between 315 million and 378 million yuan, marking a turnaround from a loss in the previous year [2][3] - The company is actively reducing inventory to maintain healthy channel development amid weak demand caused by macroeconomic slowdown [3] - Gross margin is expected to improve year-on-year, although profit margins may be pressured due to increased expenses from intensified industry competition [3] - The company is addressing historical issues through eight optimization measures, aiming for channel management improvements and product upgrades [3] - Land disposals are ongoing, with potential revenue increases from government land requisitions expected to enhance annual performance [3] Summary by Sections Earnings Forecast and Valuation - Total revenue for 2022 was 5.34 billion yuan, with a forecast of 5.55 billion yuan for 2024, reflecting an 8.09% year-on-year growth [2] - The net profit attributable to shareholders is projected to be 700.12 million yuan in 2024, down 58.74% year-on-year [2] - The latest diluted EPS is expected to be 0.89 yuan per share in 2024, with a P/E ratio of 22.02 [2] Key Financial Metrics - The company’s operating cash flow for 2024 is estimated at 2.25 billion yuan, with a projected net profit of 711 million yuan [10] - The company’s total assets are expected to reach 7.76 billion yuan in 2024, with a debt ratio of 23.81% [9][10] - The projected gross margin for 2024 is 35.28%, with a net profit margin of 12.60% [9]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][3] Core Views - The company is experiencing performance pressure during a reform period, with a focus on demand recovery and strategy optimization [2] - The second quarter of 2024 saw a decline in both revenue and profit due to weak industry demand, with expected revenue of 2.62 billion yuan, a decrease of 1% year-on-year, and a net profit attributable to shareholders of 315-378 million yuan, compared to a loss of 1.443 billion yuan in the same period of 2023 [2] - The company is undergoing a strategic adjustment, shifting from channel-driven to consumer-driven policies, which has led to temporary resistance due to internal interest distribution adjustments [2] Summary by Sections Financial Performance - The company expects Q2 2024 revenue to be 1.135 billion yuan, down 12% year-on-year, with a net profit of 76-139 million yuan, compared to a loss of 159.3 million yuan in the same period of 2023 [2] - The report forecasts a gradual recovery in performance as external demand improves and internal reform effects are realized, with projected EPS for 2024-2026 at 1.11, 1.37, and 1.69 yuan respectively [3][4] Market Position and Strategy - The company is focusing on optimizing its channel strategy and enhancing customer service quality while gradually adjusting its team structure and channel management to adapt to the current development stage [2] - The company aims to promote product upgrades towards high-end and health-oriented offerings, which is expected to contribute to revenue growth in the future [2] Earnings Forecast - The report provides earnings forecasts for 2023A to 2026E, with main revenue expected to grow from 5.139 billion yuan in 2023 to 8.094 billion yuan in 2026, reflecting a growth rate of 17% in 2024 [4][5] - The net profit attributable to shareholders is projected to decrease significantly in 2024 to 873 million yuan, before recovering to 1.322 billion yuan by 2026 [4][5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 27.60 [7][5]. Core Views - The company is expected to achieve revenue of approximately RMB 26.2 billion in H1 2024, a year-on-year decrease of 1.3%, and a net profit attributable to shareholders of RMB 3.15 to 3.78 billion, marking a turnaround from a loss of RMB 14.4 billion in H1 2023 [2][3]. - The main business is undergoing a reform phase, which has led to short-term challenges, particularly in the seasoning business, where Q2 revenue is expected to decline by about 11% year-on-year due to channel reform and external market pressures [3][4]. Summary by Sections Revenue and Profit Forecast - For 2024, the company is projected to have revenues of RMB 5.549 billion, with a year-on-year growth of 7.97% [6]. - The net profit attributable to shareholders is forecasted to be RMB 723.13 million, a decrease of 57.39% compared to 2023 [6]. Earnings Per Share (EPS) and Valuation - EPS is expected to be RMB 0.92 in 2024, with projections of RMB 1.21 and RMB 1.45 for 2025 and 2026 respectively [5][6]. - The report suggests a reference PE of 30x for 2024, leading to a target price of RMB 27.60 [2][5]. Operational Challenges - The company is currently in a transitional phase with its channel reform, which has resulted in operational difficulties and increased marketing expenses, impacting profitability [3][4]. - The net profit margin for Q2 is projected to be 8.8%, down 3.0 percentage points year-on-year, primarily due to increased advertising and promotional expenses [4]. Future Outlook - The report anticipates improvements in both internal and external environments, which could enhance the company's performance in the coming years [5].

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 [10]. Core Views - The company is expected to achieve revenue of approximately 2.62 billion yuan in the first half of 2024, a year-on-year decrease of 1.29%, while the net profit attributable to shareholders is projected to be between 315 million and 378 million yuan, marking a significant increase from the previous year [2]. - The second quarter of 2024 is anticipated to see a revenue of about 1.14 billion yuan, reflecting a year-on-year decline of 11.83%, with net profit attributable to shareholders expected to range from 76 million to 139 million yuan, also showing a substantial increase compared to the previous year [2]. - The company is undergoing deep reforms aimed at enhancing its operational efficiency and brand image, which are expected to yield positive results in the long term despite short-term fluctuations in profitability [2]. Summary by Sections Financial Performance - The company reported a net profit of 1.7 billion yuan in 2023, with a projected net profit of 721 million yuan for 2024, reflecting a year-on-year decrease of 57% [3]. - Revenue for 2024 is estimated at 5.53 billion yuan, representing an 8% growth compared to 2023 [3]. - The earnings per share (EPS) is expected to be 0.94 yuan for 2024, down from 2.20 yuan in 2023 [3]. Strategic Initiatives - The company is implementing a three-year strategic plan aimed at achieving 10 billion yuan in revenue and 1.5 billion yuan in operating profit by 2026 [2]. - Ongoing reforms include the establishment of a new organizational structure and the introduction of standardized operational manuals for distributors, which may lead to short-term challenges but are expected to enhance long-term performance [2]. Market Position - The company is positioned in the seasoning and condiment industry, facing challenges such as weak consumer demand and seasonal fluctuations in the restaurant sector [2]. - Despite the current pressures, the company aims to leverage its reform initiatives to drive future growth and achieve its ambitious revenue targets [2].

Financial Performance - The company expects a net profit attributable to shareholders of approximately CNY 315 million to CNY 378 million for the first half of 2024, an increase of CNY 1.758 billion to CNY 1.821 billion compared to the same period last year, achieving a turnaround from loss to profit [2]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, is estimated to be around CNY 306 million to CNY 368 million, representing an increase of CNY 10 million to CNY 72 million compared to the previous year, with a growth rate of 3.37% to 24.30% [3]. - The company recorded a net loss of CNY 1.443 billion in the first half of 2023, primarily due to a provision for expected liabilities of CNY 1.747 billion related to a land use rights transfer dispute [4]. Revenue Expectations - The expected operating revenue for the first half of 2024 is approximately CNY 2.620 billion, showing a slight decrease compared to the same period last year [5]. Cost Management and Settlements - The increase in net profit, excluding non-recurring gains and losses, is mainly attributed to a decrease in raw material procurement prices and the company's efforts in fine management to reduce costs and increase efficiency [5]. - The company has reached a settlement regarding the land use rights transfer dispute, which has positively impacted its performance in the current reporting period [5]. Financial Reporting and Risks - The financial data provided is a preliminary estimate by the company's finance department and has not been audited by an accounting firm, with no significant uncertainties affecting the accuracy of the forecast [6]. - Investors are advised to pay attention to investment risks as the final financial data will be disclosed in the official 2024 semi-annual report [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 23.55 CNY [2] Core Views - The company has undergone significant management changes and is now focusing on high-fresh soy sauce, which is expected to benefit from market growth trends. The new round of equity incentives aims to boost market confidence [3][4] - The company is actively enhancing its national distribution and improving channel quality, which is anticipated to lead to revenue growth [5] - Cost reduction and efficiency improvement measures are in progress, with significant potential for margin enhancement [5] Summary by Sections 1. Incentive Implementation and Reform Revival - The company has launched a stock incentive plan aimed at middle and senior management, with a total of 14.388 million shares to be granted at a price of 14.19 CNY per share. The plan includes performance targets related to revenue and profit growth [17][18] 2. Focus on High-Fresh Soy Sauce and Health Trends - The soy sauce market in China has grown from 29.994 billion CNY in 2011 to 65.857 billion CNY in 2022, with a CAGR of approximately 7.41%. High-fresh soy sauce is experiencing a CAGR of 11% from 2018 to 2023, outpacing the overall industry growth [3][21] - The company is developing a product matrix that includes zero-additive and reduced-salt products to align with health trends [27][29] 3. Management Changes and Channel Strengthening - The management restructuring is complete, with the State-owned Assets Supervision and Administration Commission regaining control. The new management team has extensive experience in consumer goods, which is expected to enhance the company's operations [4][31] - The company is implementing a market-oriented reform to improve organizational efficiency and sales team capabilities, aiming to increase the quality and quantity of distributors [5][36] 4. Cost Reduction and Efficiency Improvement - The company has significant room for improvement in gross margins compared to peers. Ongoing reforms and automation initiatives are expected to optimize costs related to labor, transportation, and manufacturing [5][24] 5. Profit Forecast, Valuation, and Investment Recommendations - Revenue forecasts for 2024-2026 are 5.775 billion CNY, 6.812 billion CNY, and 8.112 billion CNY, with year-on-year growth rates of 12.38%, 17.94%, and 19.08% respectively. Net profit forecasts are 770 million CNY, 1.010 billion CNY, and 1.214 billion CNY, with growth rates of -54.60%, 31.02%, and 20.25% respectively [6][14]

中炬高新20240626 ...

证券代码：600872 证券简称：中炬高新 公告编号：2024-050 中炬高新技术实业（集团）股份有限公司 关于注销回购专用账户部分回购股份的公告 本次拟对回购专用证券账户中2,153,578股回购股份进行注销。 注销完成后，公司总股本将由公司总股本将由785,375,950股变更为 783,222,372股。 拟注销日期：2024年6月28日 一、回购股份概况 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个别及连带责任。 重要内容提示： 中炬高新技术实业（集团）股份有限公司（以下简称：公司） 于2024年6月21日办理完公司2024年限制性股票授予登记，公司回购 专用证券账户中剩余部分2,153,578股回购股份的用途变更为"用于注 销并减少公司注册资本"事项已经公司董事会及股东大会审议通过。 公司于 2021 年 4 月 1 日召开第九届董事会第二十二次会议，会 议审议通过了《中炬高新关于回购部分社会公众股份的议案》，同意 公司使用自有资金不低于人民币 3 亿元(含)，且不超过人民币 6 亿元 （含），以不超过人民币 60 元/ ...

食品饮料 上 市 公 司 证 券 研 究 报 告 2024 年 06 月 26 日 中炬高新 (600872) ——坚定改革创新 谋求高质发展 报告原因:调整投资评级 市场数据: 2024 年 06 月 26 日 收盘价(元) 22.91 一年内最高/最低(元) 37.70/20.50 市净率 3.7 息率(分红/股价) 1.75 流通 A 股市值(百万元) 17,713 上证指数/深证成指 2,972.53/8,987.30 注:"息率"以最近一年已公布分红计算 基础数据: 2024 年 03 月 31 日 每股净资产(元) 6.17 资产负债率% 19.92 总股本/流通 A 股(百万) 785/773 流通 B 股/H 股(百万) -/- 一年内股价与大盘对比走势: 06-2607-2608-2609-2610-2611-2612-2601-2602-2603-2604-2605-2606-26 -50% 0% 50% 中炬高新 沪深300指数 (收益率) 相关研究 - 买入(上调)投资要点: ⚫ 源自中山的调味品企业,历经变革整装待发。公司主营业务为调味品的生产与销售,其中 核心品类为酱油,逐步形成多 ...