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。 证券代码：600872 证券简称：中炬高新 公告编号：2024-033 重要内容提示： 每股分配比例 A 股每股现金红利 0.4 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/5/21 | － | 2024/5/22 | 2024/5/22 | 中炬高新技术实业（集团）股份有限公司 2023 年年度权益分派 实施公告 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 4 月 23 日的 2023 年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购 股份》等有关规定，公司存放于 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - In Q1 2024, the company achieved a revenue of 1.485 billion yuan, representing a year-on-year growth of 8.64%, and a net profit attributable to shareholders of 239 million yuan, up 59.70% year-on-year [2][3] - The company is experiencing significant improvements in profitability, with a gross margin of 36.98%, an increase of 5.57 percentage points year-on-year, driven by lower procurement prices and optimized product mix [3] - The new management team is effectively implementing channel reforms, which are expected to enhance market coverage and contribute to revenue growth [3] Financial Performance Summary - Revenue for 2022 was 5.341 billion yuan, with a projected increase to 5.837 billion yuan in 2024, reflecting a growth rate of 13.6% [2][11] - The net profit attributable to shareholders is expected to rise from 776 million yuan in 2024 to 1.196 billion yuan in 2026, with corresponding EPS increasing from 0.99 yuan to 1.52 yuan [2][3] - The company's return on equity (ROE) is projected to improve from 14.0% in 2024 to 16.5% in 2026 [2][11] Segment Performance - The main product line, including soy sauce and chicken essence, showed strong growth, with soy sauce revenue increasing by 13.44% year-on-year [3] - The eastern region of China experienced the fastest growth, with a year-on-year revenue increase of 24.48% in Q1 2024 [3] - The company added 97 new distributors in Q1 2024, indicating effective channel management and expansion efforts [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set above the current price of 29.48 yuan, indicating an expected return of over 20% within the next six months [4][13]. Core Views - The company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items for Q1 2024 were 1.485 billion, 239 million, and 237 million yuan respectively, showing year-on-year increases of 8.64%, 59.70%, and 63.91% [1]. - The company has set a three-year plan aiming for 10 billion yuan in revenue and 1.5 billion yuan in operating profit by 2026, with an expected growth of 12% for the full year of 2024 [1][4]. - The company has experienced significant growth in its soy sauce and chicken essence products, with revenue from these segments increasing by 13.44% and 16.83% respectively in Q1 2024 [1]. - The eastern region has shown rapid growth, with a year-on-year revenue increase of 24.48%, and the total number of distributors has increased by 126 to 2,181 [1]. Financial Summary - The company's revenue for 2024 is projected to be 5.768 billion yuan, with a growth rate of 12.23%, followed by 6.817 billion yuan in 2025 and 8.047 billion yuan in 2026, both showing growth rates of 18% [3][7]. - The net profit attributable to shareholders is expected to be 803.4 million yuan in 2024, increasing to 954.5 million yuan in 2025 and 1.146 billion yuan in 2026, with growth rates of -52.66%, 18.81%, and 20.02% respectively [3][7]. - The company's gross margin and net margin improved significantly in Q1 2024, with gross margin at 36.98% and net margin at 17.63%, reflecting a year-on-year increase of 5.57 and 5.96 percentage points respectively [2].

[Table_MainInfo] 公司研究/食品/食品制造 证券研究报告 中炬高新（600872）公司季报点评 2024年04月29日 [Table_InvestInfo] 投资评级 优于大市 维持 收入稳健增长，利润率逐渐修复 股票数据 [Table_Summary] 0[4Ta月b2le6_日S收to盘ck价（In元fo）] 29.43 投资要点： 52周股价波动（元） 20.50-40.39 总股本/流通A股（百万股） 785/785 总市值/流通市值（百万元） 23114/23114  24Q1 扣非归母净利润同比+13.89%。24Q1 公司收入 14.85 亿元，同比 相关研究 +8.64%，归母净利润 2.39 亿元，同比+59.7%，扣非后归母净利润 2.37 亿 [《Ta激b励le目_R标e积p极or，tI期nf待o]经 营向上》2024.04.01 元，同比+63.91%，经营性现金流量净额 4.03 亿元，同比+106.43%。其中 24Q1美味鲜公司收入14.61亿元，同比+10.2%，归母净利润2.44亿元，同 《Q3 盈利能力提升明显，新任管理层到位》 比+59.75%，主要系采 ...

中[Ta炬ble高_Sto新ckN（am6eR0p0tT8yp7e2] ） 公司研究/公司点评 兼具成长与质量 ——中炬高新 24 年一季报点评 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-04-26 ⚫[ T公ab司le发_S布um2m0a2r4y]年 一季报 ➢ 单Q1：收入14.85亿（+8.64%），归母2.39亿（+59.70%），扣 [收Ta盘bl价e_（Ba元se）D ata] 29.43 非2.37亿（+63.91%）。 近12个月最高/最低（元） 40.39/20.50 ➢ Q1利润端表现超预期。 总股本（百万股） 785 流通股本（百万股） 785 ⚫ 主品类收入双位数增长 流通股比例（%） 100.00 ➢ 产 品 ： 24Q1 酱 油 / 鸡 精 / 食 用 油 品 类 分 别 同 比 总市值（亿元） 231 +13.4%/+16.8%/-5.5%，酱油品类 Q4 主动调整，Q1 轻装上阵， 流通市值（亿元） 231 鸡精品类景气度高，连续 4 个季度同比增长超 15%，食用油需求 [公Ta司ble价_C格ha与rt]沪 深300走势比较 较弱， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported Q1 2024 revenue of 1.485 billion (up 8.64%) and net profit attributable to shareholders of 239 million (up 59.70%) [1] - The main product categories experienced double-digit growth, with soy sauce and chicken essence growing by 13.4% and 16.8% respectively, while edible oil saw a decline of 5.5% [1] - The company is expanding into regions with low penetration rates, particularly in the eastern and southern parts of China, which saw growth rates of 24.5% and 2.6% respectively [1] Financial Performance Summary - For Q1 2024, the gross margin was 36.98%, and the net margin was 17.63%, reflecting improvements in profitability [1] - The company expects revenue growth of 12.4%, 18.2%, and 46.6% for the years 2024, 2025, and 2026 respectively, with net profit projections of 753 million, 951 million, and 1.535 billion [2][3] - The projected P/E ratios for the next three years are 31, 24, and 15 respectively, indicating a favorable valuation outlook [1][2]

股 票 研 究 [Table_industryInfo] 食品饮料/必需消费 [ Table_Main[中ITnaf 炬bol]e 高_Ti新tle]( 600872) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩超预期，渠道改革效果显现 目标价格： 40.29 上次预测： 33.33 公 ——中炬高新（600872）2024 年一季报点评 当前价格： 29.13 司 訾猛(分析师) 徐洋(分析师) 2024.04.26 更 021-38676442 021-38032032 [交Ta易bl数e_M据a rket] 新 zimeng@gtjas.com xuyang022481@gtjas.com 证书编号 S0880513120002 S0880520120008 52周内股价区间（元） 21.30-39.26 报 总市值（百万元） 22,878 告 本报告导读： 总股本/流通 A股（百万股） 785/785 业绩超预期，渠道改革效果充分体现成亮点，远期看内生外延并举，美味鲜有望顺利 流通 B股/H股（百万股） 0/0 流通股比例 100% 达成三年行动方案的目标。 日均成交量（百万股 ...

Investment Rating - The report maintains a "Buy" rating for Zhongju Gaoxin (600872) [1][3]. Core Views - The company's Q1 2024 performance exceeded market expectations, with revenue of 1.48 billion yuan, a year-on-year increase of 8.6%, and a net profit attributable to shareholders of 239 million yuan, up 59.7% year-on-year [2]. - The internal management reforms and channel expansion are showing initial results, with the subsidiary Meiwai Xian achieving revenue of 1.46 billion yuan, a 10.2% increase year-on-year [2]. - The gross margin for Meiwai Xian improved to 37.3%, up 6.1 percentage points year-on-year, driven by lower raw material costs and a higher proportion of high-margin products [2]. - The company is expected to see significant future growth due to the ongoing internal reforms and favorable raw material prices [2]. Summary by Sections Financial Performance - Q1 2024 revenue reached 1.48 billion yuan, with a year-on-year growth of 8.6% - Net profit attributable to shareholders was 239 million yuan, reflecting a 59.7% increase year-on-year - The gross margin for Meiwai Xian was 37.3%, up 6.1 percentage points year-on-year [2]. Business Segments - Revenue growth by product for Q1 2024: soy sauce (+13.4%), chicken essence and powder (+16.8%), cooking oil (-5.5%), and other products (-0.3%) [2]. - Revenue growth by region for Q1 2024: Eastern (+24.5%), Southern (+2.6%), Central-Western (+9.9%), and Northern (+7.61%) [2]. Cost and Profitability - The company’s non-net profit margin increased by 5.4 percentage points to 15.9% in Q1 2024, with Meiwai Xian's net profit margin at 18.2%, up 5.9 percentage points year-on-year [2]. - The sales expense ratio decreased by 0.9 percentage points to 7.7%, while the management expense ratio remained stable at 6.4% [2]. Future Outlook - The company’s internal management reforms are expected to yield significant results, with a focus on empowering frontline teams and enhancing sales efficiency [2]. - The 2024 stock incentive plan has been approved, indicating management's confidence in future growth [2]. - The company anticipates strong future performance driven by ongoing reforms and low raw material costs [2].

Investment Rating - Buy/Upgrade with a target price of 33.1, compared to the previous closing price of 29.30 [1] Core Views - The company's Q1 2024 profit exceeded expectations, driven by the gradual release of supply chain optimization benefits [1] - Revenue in Q1 2024 reached 1.485 billion yuan, up 8.64% YoY, while net profit attributable to the parent company was 239 million yuan, up 59.70% YoY [2] - The gross profit margin of the company's subsidiary, Meixian, increased by 6.08 percentage points YoY to 37.28% in Q1 2024, mainly due to optimized procurement costs and a higher proportion of high-margin products [2] - The company's net profit margin in Q1 2024 was 18.21%, up 5.91 percentage points YoY, reflecting stable cost control [2] - The company's three-year plan and equity incentive scheme are in line with expectations, indicating confidence in high-speed and steady growth [2] Financial Performance Summary Revenue and Profit - Q1 2024 revenue: 1.485 billion yuan, up 8.64% YoY [2] - Q1 2024 net profit attributable to the parent company: 239 million yuan, up 59.70% YoY [2] - Q1 2024 non-GAAP net profit: 237 million yuan, up 63.91% YoY [2] - Forecasted revenue for 2024-2026: 5.756 billion yuan, 6.705 billion yuan, and 7.912 billion yuan, with growth rates of 12.0%, 16.5%, and 18.0% respectively [3] - Forecasted net profit attributable to the parent company for 2024-2026: 746 million yuan, 940 million yuan, and 1.148 billion yuan, with growth rates of -56.01%, 25.93%, and 22.13% respectively [3] Product and Regional Breakdown - Q1 2024 revenue breakdown by product: soy sauce (947 million yuan, up 13.4% YoY), chicken essence and powder (181 million yuan, up 16.8% YoY), edible oil (101 million yuan, down 5.5% YoY), and other products (213 million yuan, down 0.3% YoY) [2] - Q1 2024 revenue breakdown by region: East (372 million yuan, up 24.5% YoY), South (522 million yuan, up 2.6% YoY), Central-West (324 million yuan, up 9.9% YoY), and North (225 million yuan, up 7.6% YoY) [2] Cost and Margin Analysis - Q1 2024 gross profit margin: 37.28%, up 6.08 percentage points YoY [2] - Q1 2024 net profit margin: 18.21%, up 5.91 percentage points YoY [2] - Forecasted gross profit margin for 2024-2026: 33.40%, 34.20%, and 34.50% respectively [4] - Forecasted net profit margin for 2024-2026: 12.97%, 14.02%, and 14.51% respectively [4] Valuation Metrics - Forecasted PE ratios for 2024-2026: 30.83X, 24.48X, and 20.04X respectively [3] - Forecasted PB ratios for 2024-2026: 4.22X, 3.60X, and 3.05X respectively [4] - Forecasted PS ratios for 2024-2026: 4.00X, 3.43X, and 2.91X respectively [4] Strategic Outlook - The company plans to achieve its growth targets through brand marketing, R&D innovation, operational optimization, and investment acquisitions [2] - The company's distributor network expanded by 97 to 2,181 in Q1 2024, indicating steady progress in channel expansion [2] - The company's supply chain optimization strategy, including annual/quarterly bidding for procurement and supplier consolidation, has contributed to cost savings [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2024 results show a significant improvement in profit performance, exceeding expectations, with revenue and net profit increasing by 8.64% and 59.7% year-on-year, respectively [5] - The management restructuring at Meiwai Xian has led to a renewed focus, resulting in double-digit revenue growth and a notable improvement in profit margins [6] - The company is focusing on core products such as soy sauce and chicken essence, which have shown strong growth, while reducing the proportion of lower-margin products like cooking oil [6] - The company has expanded its distribution network, adding 133 new distributors in Q1 2024, bringing the total to 2,181 [6] - Historical issues are gradually being resolved, and the company's three-year strategic plan aims for high-quality growth through channel, product, and organizational innovations [7] Financial Summary - For Q1 2024, the company reported revenue of 1.485 billion yuan and a net profit of 239 million yuan, with significant year-on-year growth [5] - The company expects revenue to reach 5.764 billion yuan in 2024, with a year-on-year growth of 12.17%, and net profit to be 821 million yuan, reflecting a decrease of 51.61% [8] - The projected earnings per share (EPS) for 2024 is 1.05 yuan, with a price-to-earnings (P/E) ratio of 28 times [8] - The company's gross margin improved to 36.98% in Q1 2024, up 5.57 percentage points year-on-year [6]