证券代码：600872 证券简称：中炬高新 公告编号：2025-001 中炬高新技术实业（集团）股份有限公司 第十届董事会第二十六次会议决议公告 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。 中炬高新技术实业（集团）股份有限公司（以下简称：中炬高新、 公司）第十届董事会第二十六次会议于 2024 年 12 月 31 日发出会议 通知，于 2025 年 1 月 6 日上午以通讯方式召开。会议应到董事 8 人， 实到 8 人，本次会议有效表决票数为 8 票。全体监事列席了会议，本 次会议的召集、召开及表决程序符合法律法规及《公司章程》的有关 规定。会议由董事长余健华先生主持，经到会董事认真审议，以书面 表决方式，审议通过了以下议案： 一、审议通过《关于选举方祥先生为公司独立董事的议案》； 表决结果：7 票赞成，0 票反对，1 票弃权。 详见公司同日披露的《中炬高新增补公司第十届董事会独立董事 的公告》。 本议案尚需提交公司股东大会审议。 二、审议通过《关于召开 2025 年第一次临时股东大会的议案》。 表决结果：7 票赞成 ...

Key Points Industry or Company Involved - The company discussed in the call is focused on the food and beverage industry, specifically in the sauce and condiment sector. Core Points and Arguments - **Minority Equity Recovery**: The company has successfully recovered the minority equity in a subsidiary, contributing significantly to profits. This recovery is expected to provide a stable contribution to profits in the future. - **Marketing Transformation**: The company has completed the transformation of its marketing team and processes, leading to improved performance. The focus has been on optimizing personnel and marketing strategies. - **Revenue Targets**: The company has set ambitious revenue targets, which are under pressure due to market conditions. However, the company remains confident in achieving these targets. - **Product Development**: The company is focusing on product development, particularly in the areas of health and wellness. This includes launching new products and improving existing ones. - **Cost Reduction**: The company has implemented measures to reduce costs, including optimizing procurement processes and improving transportation efficiency. - **Investment and Mergers and Acquisitions (M&A)**: The company is actively seeking investment opportunities and M&A targets, particularly in the mid-sized enterprise segment. Other Important Points - **Sales Team**: The company is currently experiencing a gap in its sales team due to recent restructuring. The company plans to continue hiring to meet its sales targets. - **Distribution**: The company has expanded its distribution network, particularly in the B2B segment. The company is also exploring new channels, such as government and educational institutions. - **Sales and Marketing Expenses**: The company expects to increase its sales and marketing expenses in the coming year to support its growth strategy. - **Dividend Policy**: The company plans to increase its dividend payout in the future to reward shareholders. References - [doc id='1'] - [doc id='2'] - [doc id='3'] - [doc id='4'] - [doc id='5'] - [doc id='6'] - [doc id='7'] - [doc id='8'] - [doc id='9'] - [doc id='10'] - [doc id='11'] - [doc id='12'] - [doc id='13'] - [doc id='14'] - [doc id='15'] - [doc id='16'] - [doc id='17'] - [doc id='18'] - [doc id='19'] - [doc id='20'] - [doc id='21'] - [doc id='22'] - [doc id='23'] - [doc id='24'] - [doc id='25'] - [doc id='26'] - [doc id='27'] - [doc id='28'] - [doc id='29'] - [doc id='30'] - [doc id='31'] - [doc id='32'] - [doc id='33'] - [doc id='34']

Investment Rating - The report maintains a "Buy" investment rating for the company [4][9]. Core Views - The acquisition of minority stakes in Guangdong Chubang Food Co., Ltd. will enhance the company's profit performance, as the net profit from Chubang will now fully belong to the company, increasing earnings per share and return on equity [7]. - The company is actively reforming its distribution channels and has implemented price increases to ensure profitability for distributors, while also supporting key distributors to improve efficiency [8]. - The company aims to accelerate mergers and acquisitions, with a target revenue of 6.784 billion yuan and profit margins by 2025 [8]. Summary by Sections Company Overview - The company has a current stock price of 23.62 yuan and a total market capitalization of 18.5 billion yuan, with a total share count of 783 million [2]. Financial Performance - The average net profit of Chubang from 2021 to 2023 was 191 million yuan, contributing approximately 6.31% to the company's net profit [7]. - The company forecasts earnings per share (EPS) of 0.94, 1.12, and 1.30 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 25, 21, and 18 [9]. Revenue and Profit Forecast - The company expects a revenue growth rate of 6.1% in 2024, followed by 8.1% in 2025 and 7.4% in 2026 [12]. - The projected net profit for 2024 is 734 million yuan, with a significant increase of 20% in 2025 [12]. Strategic Initiatives - The company is focusing on channel reform and has made personnel adjustments to enhance operational efficiency [8]. - The management is committed to executing its strategies effectively, with a focus on internal resource integration and decision-making efficiency [7][8].

Key Points Industry or Company Involved - The discussion revolves around a specific company within the fast-moving consumer goods (FMCG) industry, focusing on its financial performance, strategic initiatives, and market dynamics. Core Views and Arguments - **Impact of Minority Equity**: The company has received significant profits from minority equity, contributing around 60-70 million RMB to its profits. This is a major positive for the company, and the full impact will be calculated after the equity transfer. - **Profitability and Cost Reduction**: The company has experienced a decline in profits due to increased competition and weak demand. However, cost-saving measures, including reduced raw material prices and improved procurement strategies, have contributed to a 70% cost reduction. - **Product Development and Sales**: The company has launched new products, including a simplified version of its existing product and a new packaging. However, the progress of these new products has been slower than expected due to weak consumer demand. - **Sales and Distribution**: The company has faced challenges in sales and distribution, particularly in the community store and chain supermarket channels. The company is working to improve its distribution network and expand its dealer base. - **Marketing and Sales Strategy**: The company has implemented a new marketing strategy, focusing on cost-effective sales and improving the efficiency of the sales team. The company plans to increase its marketing budget in the future to support product innovation and brand building. - **Investment and Acquisition**: The company is considering investment and acquisition opportunities to expand its product portfolio and distribution channels. However, the company will remain cautious in its approach to ensure that these initiatives do not negatively impact its financial performance. Other Important Points - **Sales Performance**: The company's sales performance has been stable in recent months, with a slight increase in October and November. The company expects further growth in December. - **Price Control Measures**: The company has implemented price control measures to improve dealer profitability and increase their enthusiasm for purchasing. These measures have had a positive impact, but the company will continue to monitor their effectiveness. - **Debt Repayment**: The company has made progress in repaying its debt, and its debt-to-equity ratio has improved. - **Regulatory Environment**: The company is closely monitoring the regulatory environment and ensuring compliance with all relevant laws and regulations. - **Future Outlook**: The company remains optimistic about its future prospects, despite the challenges it has faced in the current market environment. The company expects to see improved sales and profitability in the coming years.

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 28.20 CNY per share, compared to the current price of 23.21 CNY [6]. Core Views - The company announced the acquisition of minority shares in Guangdong Chubang Food Co., Ltd., which will enhance its financial statements by consolidating profits from this subsidiary [2]. - The revenue for Chubang is projected to be 1.789 billion CNY with a net profit of 317 million CNY for the first three quarters of 2024. The net profit is expected to increase to 427 million CNY in 2024 and 491 million CNY in 2025 due to reforms and improved profit margins [2][3]. - The company anticipates a recovery in revenue in Q4 2024, driven by channel reforms and improved sales performance, with significant contributions expected from the restaurant channel and products like soy sauce and chicken essence [3]. Financial Summary - Revenue projections for 2024-2026 are 5.394 billion CNY, 5.970 billion CNY, and 6.639 billion CNY, reflecting year-on-year growth rates of 4.96%, 10.68%, and 11.20% respectively [4]. - The forecasted net profit for the parent company is 779 million CNY in 2024, 993 million CNY in 2025, and 1.141 billion CNY in 2026, with year-on-year changes of -54.11%, +27.53%, and +14.87% respectively [4]. - The company’s EBITDA is expected to grow from 1.091 billion CNY in 2024 to 1.503 billion CNY in 2026, indicating a positive trend in operational efficiency [5]. Valuation Metrics - The estimated P/E ratios for the company are projected to be 20, 15, and 13 for the years 2024, 2025, and 2026 respectively, suggesting a favorable valuation compared to historical performance [4]. - The report assumes a reasonable value of the real estate business at 3 billion CNY, which impacts the overall market valuation [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [7][8]. Core Insights - The company has announced the acquisition of a minority stake in Guangdong Chubang Food Co., Ltd., which is expected to enhance its financial performance [8][9]. - The new management team has extensive experience in consumer goods and has established an ambitious three-year plan to boost the seasoning business [8]. - The company is undergoing comprehensive reforms, with improvements expected in operational efficiency and market coverage, particularly in the northern regions of China [9]. Financial Data Summary - The projected net profits for 2024-2026 are estimated at 800 million, 1.01 billion, and 1.26 billion respectively, with year-on-year changes of -53%, +27%, and +25% [8][10]. - The company's total revenue for 2024 is forecasted to be 5.48 billion, with a growth rate of 6.7% [10]. - The average net profit contribution from the acquired 20% stake in Chubang is estimated at 38 million, which will now fully benefit the company [9]. Performance Metrics - The current price-to-earnings (PE) ratios for 2024-2026 are projected to be 23x, 18x, and 14x respectively [8]. - The company's return on equity (ROE) is expected to improve from 11.8% in 2024 to 18.1% by 2026 [10].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 31.35 CNY, compared to the current price of 23.21 CNY [1]. Core Views - The company has announced the acquisition of a 20% stake in Chubang Company, which will result in full ownership and is expected to enhance management efficiency and profitability starting from 2025 [1]. - The recovery of the stake is seen as a positive governance move, indicating the management's commitment to strategic reforms and operational improvements [1]. - The company is gradually adjusting its operations, with expectations for revenue and profit recovery in the latter half of the year, driven by pricing strategies and enhanced sales support [1]. - The report projects a significant increase in earnings per share (EPS) for 2024-2026, with adjusted forecasts of 1.43 CNY, 2.03 CNY, and 1.39 CNY respectively [1]. Summary by Sections Company Overview - The company is set to fully control Chubang Company, which is expected to contribute an additional 60-80 million CNY to the parent company's profits starting in 2025 [1]. - The average net profit of Chubang from 2021 to 2023 was approximately 190.93 million CNY, with the 20% stake previously contributing about 37.83 million CNY to the overall net profit [1]. Financial Performance - The company reported total revenue of 5,139 million CNY for 2023, with a projected increase to 5,774 million CNY in 2024, representing a year-on-year growth of 12.3% [1]. - The net profit for 2023 was 1,697 million CNY, with a significant projected decline of 34% to 1,120 million CNY in 2024, followed by a recovery to 1,594 million CNY in 2025 [1]. - The report highlights a recovery in operational margins, with Q3 showing positive revenue growth and significant profit improvement [1]. Strategic Initiatives - The management is focusing on optimizing the product portfolio and enhancing channel strategies to boost sales and market presence [1]. - The report emphasizes the importance of internal resource integration and management efficiency as key drivers for the company's future growth [1]. - The company is expected to benefit from land compensation and potential mergers and acquisitions, which could further enhance its financial flexibility [1].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has acquired a 20% stake in Chubang Company, which will now be a wholly-owned subsidiary, enhancing actual profits and shareholder returns [2][3] - The average net profit of Chubang Company from 2021 to 2023 was 191 million yuan, contributing approximately 6.31% to the company's net profit [2] - The acquisition is expected to improve earnings per share and return on equity, creating greater value for all shareholders [2] - The company is focusing on high-margin products and expanding into the catering market, which is anticipated to lead to continuous performance improvement [3] Financial Forecasts and Valuation - Revenue projections for 2024-2026 are set at 54.99 billion yuan, 62.70 billion yuan, and 71.70 billion yuan, reflecting year-on-year growth of 7%, 14%, and 14% respectively [4] - The forecast for net profit attributable to shareholders for 2024-2026 has been raised to 7.6 billion yuan, 9.8 billion yuan, and 11.9 billion yuan, with year-on-year growth rates of 55%, 28%, and 22% [4] - Corresponding P/E ratios for 2024-2026 are projected to be 24x, 19x, and 15x [4]

证券代码：600872 证券简称：中炬高新 公告编号：2024-068 中炬高新技术实业（集团）股份有限公司 关于无偿受让广东厨邦食品有限公司少数股权的公告 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： ●中炬高新全资孙公司阳西美味鲜近日与朗天慧德签订了《股权 转让合同》，阳西美味鲜无偿受让朗天慧德持有的厨邦公司 20%股权。 ●该股权变更登记事项已于 2024 年 12 月 5 日办理完成。 ●本次交易不涉及关联交易，也不构成重大资产重组。 ●根据《上海证券交易所股票上市规则》《公司章程》等有关规 定，本次交易无需提交公司董事会、股东大会审议。 一、本次交易概述 2024 年 12 月 4 日，中炬高新技术实业（集团）股份有限公司（以 下简称：公司、本公司、中炬高新）全资孙公司阳西美味鲜食品有限 公司（以下简称：阳西美味鲜）与北京朗天慧德企业管理有限公司（曾 用名：北京朗天慧德投资管理有限公司、曲水朗天慧德企业管理有限 公司，以下简称：朗天慧德）签订了《股权转让合同》，朗天慧德同 意将其持有的本公司控 ...