Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1][8][37] Core Insights - The company aims to become a leading enterprise in synthetic biology, with significant improvements in Q4 performance and a focus on amino acid products [1][5][7] - In 2023, the company achieved revenue of 27.8 billion yuan, a year-on-year decline of 1%, and a net profit of 3.18 billion yuan, down 28% year-on-year [3][9] - The company is expected to see a gradual recovery in profitability, with projected net profits of 3.29 billion, 3.79 billion, and 4.16 billion yuan for 2024, 2025, and 2026 respectively [8][37] Financial Performance Summary - In Q4 2023, the company reported revenue of 7.2 billion yuan, a year-on-year increase of 2% and a quarter-on-quarter increase of 4% [3][5] - The gross profit margin for Q4 was 23.2%, with a net profit of 1.02 billion yuan, reflecting a year-on-year increase of 6% and a quarter-on-quarter increase of 29% [3][5] - The company’s operating cash flow for 2023 was 5.2 billion yuan, indicating strong cash generation capabilities [20][28] Product Segment Performance - The animal nutrition amino acid segment generated revenue of 14.54 billion yuan, down 2.5% year-on-year, while the human medical amino acid segment saw a revenue increase of 2% to 560 million yuan [3][11] - The food flavor enhancement products segment reported revenue of 9.83 billion yuan, a decline of 3% year-on-year, but with a gross margin improvement [3][11] - Key products like lysine and threonine saw volume increases of 7% and 24% respectively, despite price declines [4][11] Future Outlook - The company is focused on technological upgrades and new project implementations, aiming to enhance its production capabilities in synthetic biology [7][37] - The report anticipates a recovery in amino acid prices and demand from the downstream livestock sector, which could positively impact future earnings [5][8]

Investment Rating - The report maintains a "Buy" rating for Meihua Biological (600873) [1][2] Core Views - The company's performance meets expectations, with a revenue of 27.761 billion yuan in 2023, a slight increase of 0.63% year-on-year, and a net profit attributable to shareholders of 3.181 billion yuan, down 27.81% year-on-year [1] - The company demonstrates long-term value through a high dividend payout ratio, with a proposed cash dividend of approximately 1.2 billion yuan, representing 65.71% of the net profit attributable to shareholders for 2023 [1] - The company expects net profits attributable to shareholders to be 3.229 billion yuan, 3.834 billion yuan, and 4.253 billion yuan for 2024, 2025, and 2026, respectively [1] Financial Performance and Forecast - Revenue for 2023 is reported at 27,761 million yuan, with projected revenues of 29,658 million yuan, 31,586 million yuan, and 34,586 million yuan for 2024, 2025, and 2026, respectively, reflecting growth rates of 6.83%, 6.50%, and 9.50% [2][4] - The EBITDA for 2023 is 5,185 million yuan, with projections of 5,812.27 million yuan, 6,438.37 million yuan, and 6,694.88 million yuan for the following years [2] - The net profit attributable to shareholders is forecasted to grow from 3,181 million yuan in 2023 to 4,253 million yuan in 2026, with growth rates of 1.53%, 18.72%, and 10.93% for the respective years [2][4] - The earnings per share (EPS) is expected to increase from 1.08 yuan in 2023 to 1.44 yuan in 2026 [2][4] Company Overview - The latest closing price for Meihua Biological is 10.49 yuan, with a total market capitalization of 30.9 billion yuan [3] - The company has a total share capital of 2.943 billion shares, with a debt-to-asset ratio of 44.8% [3]

研究报告Research Report 19 Mar 2024 梅花生物 Meihua Holdings Group (600873 CH) 四季度创全年业绩高点，致力于成为合成生物学领军企业 Fourth Quarter Hits Full-Year High; and Committed to Become A Synthetic Biology Leader [观Ta点ble聚_y焦em Ieniv1e]s tment Focus [Tab维le_持Info优] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 评级 优于大市OUTPERFORM  2024Q4 扣非后净利润 9.83 亿元，环比上涨 42.39%，同比上涨 现价 Rmb10.49 17.84%。公司发布 2023 年年报，公司 2023 年实现营业收入 目标价 Rmb13.00 277.61亿元，同比下降0.63%；归母净利润 31.81亿元，同比下 降 27.81%；扣非后净利润 30.84 亿元，同比下降 26.93%。公司 HTI ESG 5. ...

梅花生物（600873.SH）2023年年报点评 业绩增长符合预期，多品类布局抗周期优势凸显 2024年03月19日 ➢ 事件。2024 年3 月18 日，公司发布2023 年年报。 2023 年全年，公司 推荐 维持评级 实现营收277.61亿元，同比降低0.63%；实现归母净利润31.81亿元，同比降 当前价格： 10.78元 低 27.81%；实现扣非后归母净利润 30.84 亿元，同比降低 26.93%。其中 4Q2023，公司实现营收72.34亿元，同比增长1.66%；实现归母净利润10.20 [Table_Author] 亿元，同比增长5.99%；实现扣非后归母净利润9.85亿元，同比增长17.84%。 ➢ 多元化产品保证收入稳定，价格下降导致利润承压。分业务来看，23 年动 物营养氨基酸、人类医用氨基酸、食品味觉性状优化产品分别实现145.39亿元、 5.63亿元、98.32亿元，分别同比-2.46%、+2.25%、-2.64%，营收占比52.37%、 2.03%、35.42%，毛利率分别实现12.22%、27.25%、22.93%；分产品来看， 23 年拳头产品 98%赖氨酸、70%赖氨酸、苏 ...

Investment Rating - The report maintains an "Outperform" rating for Meihua Holdings Group with a target price of RMB 13.00, based on a current price of RMB 10.49 [2][14]. Core Views - The company aims to become a leader in synthetic biology, leveraging its large-scale bio-manufacturing capabilities and focusing on collaborations with top global biotechnology firms [6][13]. - The earnings forecast has been adjusted downward due to a decline in product prices, with expected EPS for 2024-2026 at RMB 1.20, RMB 1.32, and RMB 1.46 respectively [14]. Financial Performance Summary - In 2023, the company achieved operating income of RMB 27.761 billion, a year-on-year decline of 0.63%, and a net profit of RMB 3.181 billion, down 27.81% [9][10]. - The fourth quarter of 2023 saw a revenue of RMB 7.234 billion, up 4.27% quarter-on-quarter and 1.66% year-on-year, with a net profit of RMB 1.020 billion, reflecting a 29.22% increase quarter-on-quarter and 5.99% year-on-year [9][10]. - The recurring net profit for Q4 2023 was RMB 983 million, up 42.39% quarter-on-quarter and 17.84% year-on-year [9][10]. Business Segment Performance - The animal nutrition amino acids segment reported revenue of RMB 14.539 billion, down 2.46% year-on-year, with a gross profit margin of 12.22% [11]. - The human medical amino acids segment achieved revenue of RMB 563 million, up 2.25% year-on-year, with a gross margin of 27.25% [11]. - The food taste optimization products segment generated RMB 9.832 billion in revenue, down 2.64% year-on-year, while the other products segment saw a revenue increase of 14.46% year-on-year to RMB 2.504 billion [11]. R&D and Product Development - The company has increased its investment in R&D, successfully launching new strains and processes that significantly reduce production costs [12][13]. - New projects in xanthan gum, threonine, and raw material ammonia have reached production capacity as planned, enhancing operational scale and competitive strength [12][13].

Dividend Distribution - The company plans to distribute a cash dividend of 4.17 CNY per 10 shares, amounting to approximately 1.2 billion CNY in total cash dividends [2]. - The total share capital for the dividend distribution is 2,873,791,850 shares after excluding shares held in the repurchase account [2]. - The total cash dividend (including tax) for the year is approximately ¥2.09 billion, representing 65.71% of the net profit attributable to ordinary shareholders in the consolidated financial statements [127]. Financial Performance - The company reported a significant increase in revenue, with a year-over-year growth of 15% in the amino acid segment [12]. - The company's operating revenue for 2023 was approximately CNY 27.76 billion, a decrease of 0.63% compared to 2022 [19]. - The net profit attributable to shareholders for 2023 was approximately CNY 3.18 billion, representing a decline of 27.81% year-over-year [19]. - Basic earnings per share for 2023 were CNY 1.06, a decrease of 26.39% compared to 2022 [22]. - The total assets at the end of 2023 were approximately CNY 23.16 billion, a decrease of 5.45% from the previous year [21]. - The company's net assets attributable to shareholders increased by 4.79% year-over-year, reaching approximately CNY 14.16 billion at the end of 2023 [21]. Audit and Compliance - The company has received a standard unqualified audit report from Dahua Certified Public Accountants [2]. - The financial report has been declared true, accurate, and complete by the company's responsible persons [2]. - There are no non-operating fund occupations by controlling shareholders or related parties reported [3]. - The company has not violated decision-making procedures for external guarantees [3]. - The internal control audit report issued by DaHua Accounting Firm confirmed that the company maintained effective financial reporting internal controls as of December 31, 2023 [134]. Research and Development - Research and development expenditures have increased by 30%, focusing on innovative food additives and health supplements [12]. - The company successfully introduced nearly 40 technical talents from prestigious institutions, enhancing its research capabilities in synthetic biology and related fields [30]. - The company has filed 11 new invention patents in 2023, focusing on core products like glutamic acid and lysine, enhancing its intellectual property protection [30]. Market Expansion and Strategy - The user base for the company's nutritional products has expanded by 20%, indicating strong market demand [12]. - Market expansion efforts in Southeast Asia are projected to increase sales by 25% over the next two years [12]. - The company has completed the acquisition of a local competitor, which is expected to enhance its market share by 15% [12]. - The company aims to improve its supply chain efficiency, targeting a 20% reduction in logistics costs by the end of the next fiscal year [12]. Environmental Management - The company has invested RMB 38,000,000 in environmental protection during the reporting period [136]. - The company has implemented advanced wastewater treatment technologies, including IC anaerobic reactors and ANAMMOX biological denitrification, achieving a daily wastewater treatment capacity of 30,000 m³ with a reduction of nearly 2,000 m³/d in emissions [139]. - The company has established a carbon emission management system and conducted regular carbon emission monitoring [148]. - The company achieved a reduction of 313,683 tons in carbon dioxide equivalent emissions through various decarbonization measures in 2023 [154]. Employee Management and Compensation - The company distributed nearly 63 million yuan in housing subsidies to over 480 employees by the end of the reporting period [36]. - The company plans to increase employee income and benefits, with an additional expenditure of approximately 170 million yuan compared to the previous year [36]. - The total remuneration for directors, supervisors, and senior management in 2023 amounted to 61.71 million yuan (pre-tax), with a total of 75.99 million yuan (pre-tax) including deferred payments from previous periods [107]. Legal and Regulatory Matters - The company has faced significant litigation related to the transfer of 100% equity of a subsidiary, with a total estimated liability of RMB 30,888,616.17 recognized during the reporting period [178]. - The company has been ordered to pay RMB 28,967,179.55 in a lawsuit regarding debt repayment, with additional interest calculated from August 17, 2021 [177]. - The company is involved in ongoing litigation with Shandong Fufeng Fermentation Co., which has resulted in a court ruling requiring the company to cease the infringement of trade secrets and pay RMB 15 million in damages [178]. Shareholder Information - The top shareholder, Meng Qingshan, holds 854,103,033 shares, representing 29.02% of the total shares [198]. - The company has a total of RMB 77,556.67 million in bank wealth management products, with an outstanding balance of RMB 3,701.00 million [189]. - The company repurchased a total of 69,634,252 shares, accounting for 2.37% of the total share capital of 2,943,426,102 shares, with a total expenditure of RMB 638.19 million [191].

证券研究报告 公 2024年03月19日 司 报 告 梅花生物(600873) 行 业： 基础化工/化学制品 │ 公 投资评级： 买入（维持） 司 当前价格： 10.49元 持续高分红，四季度业绩高增长 年 目标价格： 15.52元 报 点 事件： 评 基本数据 2024年3月18日，公司发布年报，2023年实现营业收入278亿元，同比 总股本/流通股本(百万股) 2,943.43/2,943.43 下滑 0.6%，实现归母净利润 32 亿元，同比下降 27.8%。2023 年公司拟每 流通A股市值(百万元) 30,876.54 10股分派现金股利4.17元(含税)，预计分派现金红利12亿元左右。 每股净资产(元) 4.81 ➢ 业绩符合预期，Q4单季度业绩环比高增长 资产负债率(%) 38.84 2023年公司营收减少及净利润有所下降，主要系苏、赖氨酸等产品价格下 一年内最高/最低(元) 11.05/8.39 降导致。动物营养氨基酸业务实现营收145亿元，同比下滑2.5%，营收占 比 52%，毛利率 12.2%，同比减少 11.0pct。食品味觉业务实现营收 98 亿 股价相对走势 元，同比下滑2.6%,营 ...

证券代码：600873 证券简称：梅花生物 公告编号：2024-017 梅花生物科技集团股份有限公司 关于开展金融衍生品交易业务的公告 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： 业务规模：累计总额不超过 8 亿美元或等值外币（不含存量） 交易目的：公司本次拟开展的金融衍生品交易主要为外汇衍生品。公司国 外销售收入大部分为美金，需要结汇成人民币后在国内使用，通过金融衍生品操 作，起到平抑外汇敞口风险的目的。 已履行及拟履行的审议程序：已经公司第十届董事会第九次会议审议通过， 尚需提交股东大会审议。 特别风险提示：市场风险、流动性风险、操作性风险 2024 年 3 月 18 日，梅花生物科技集团股份有限公司（简称"公司"）召开了 第十届董事会第九次会议，会上审议通过了《关于开展金融衍生品交易业务的议 案》，具体内容如下： 一、概述 （一）交易目的 公司出口业务结算货币主要为美元，因此人民币对美元汇率波动对公司生产 经营会产生一定影响。2023 年公司外币出口总额为 11 亿美元，因此有必要通过 开展金融 ...

关于梅花生物科技集团股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 委托单位：梅花生物科技集团股份有限公司 审计单位：大华会计师事务所(特殊普通合伙) 联系电话：86 (10) 5835 0011 梅花生物科技集团股份有限公司全体股东： 我们接受委托，依据《中国注册会计师执业准则》审计了梅花生物科技集 团股份有限公司（以下简称梅花生物公司）2023年度财务报表，包括 2023年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、合并及 母公司现金流量表和合并及母公司股东权益变动表以及财务报表附注，并于 2024 年 3 月 18 日签发了大华审字[2024]0011004004 号标准无保留意见的审计报 告。 根据中国证券监督管理委员会发布的《上市公司监管指引第 8 号——上市 公司资金往来、对外担保的监管要求》(证监会公告[2022]26 号)和上海证券交易 所发布的《上海证券交易所上市公司自律监管指南第 2 号——业务办理》的规 定，就梅花生物公司编制的 2023 年度非经营性资金占用及其他关联资金往来情 况汇总表（以下简称"汇总表"）出具 ...

梅花集团董事会薪酬与考核委员会工作细则 梅花生物科技集团股份有限公司 董事会薪酬与考核委员会工作细则 （经公司第十届董事会第九次会议审议通过） 第一章 总则 第一条 为进一步建立健全公司董事（指非独立董事）及高级管理人员的考 核和薪酬管理制度，完善公司治理结构，根据《中华人民共和国公司法》（以下 简称"《公司法》"）、《上市公司治理准则》等有关法律、法规及《梅花生物科技 集团股份有限公司章程》（下称"《公司章程》"），制定本工作细则。 第二条 薪酬与考核委员会是董事会按照股东大会决议设立的专门工作机 构。主要负责制定、审查公司董事及高级管理人员的薪酬政策与方案、考核标准 并进行考核，对董事会负责，拟定公司股权激励计划草案及考核标准并进行考核。 第三条 本细则所称董事是指在本公司领取薪酬的董事长、董事，高级管理 人员是指董事会聘任的总经理、副总经理、财务总监、董事会秘书及由总经理提 请董事会认定的其他高级管理人员。 第二章 人员组成 第四条 薪酬与考核委员会由三名董事组成，其中独立董事二名。 第五条 薪酬与考核委员会委员选举由全体董事的过半数通过。改选委员的 提案获得通过的，新选委员于董事会会议结束后立即就任。 ...