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Investment Rating - The report maintains an "Outperform" rating for Meihua Holdings Group [2][12]. Core Insights - In Q1 2024, the company's net profit attributable to shareholders decreased by 6.13% year-on-year, primarily due to rising prices of main products [1][8]. - The company reported operating income of RMB 6.487 billion in Q1 2024, down 10.34% quarter-on-quarter and 6.67% year-on-year [8][12]. - The decline in net profit was attributed to a decrease in gross profit margin from by-products, particularly due to falling prices of xanthan gum [8][12]. Financial Performance Summary - **Revenue and Profit**: - Q1 2024 operating income: RMB 6.487 billion, down 10.34% QoQ, down 6.67% YoY - Q1 2024 net profit: RMB 752 million, down 26.33% QoQ, down 6.13% YoY - Recurring net profit: RMB 637 million, down 35.38% QoQ, down 19.01% YoY [3][8][12]. - **Segment Performance**: - Fresh flavor agents (MSG, nucleotides): RMB 2.046 billion, down 10.24% YoY - Feed amino acids (lysine, threonine, etc.): RMB 2.755 billion, up 17.57% YoY - Pharmaceutical amino acids: RMB 133 million, down 16.32% YoY - Large raw material by-products: RMB 955 million, down 29.68% YoY - Others (xanthan gum, alginate sugar, etc.): RMB 598 million, down 26.26% YoY [4][9]. - **Earnings Forecast**: - Expected EPS for 2024-2026: RMB 1.20, RMB 1.32, RMB 1.46 respectively - Target price maintained at RMB 13, based on a PE ratio of 10.83 for 2024 [11][12]. Product Pricing Trends - Major product prices have increased recently: - Lysine (70%): RMB 5,425/ton, up 10.71% since February 27, 2024 - Lysine (98%): RMB 10,450/ton, up 14.21% since February 22, 2024 - Threonine: RMB 10,550/ton, up 11.64% since March 6, 2024 - MSG: RMB 8,200/ton, up 2.5% since March 13, 2024 [10]. Shareholder Returns - The company has a dual approach of cash dividends and share buybacks: - Total cash dividends from 2020 to 2022: RMB 926 million, RMB 1.217 billion, RMB 1.177 billion - Recent share repurchase plan: RMB 800 million to RMB 1 billion, with approximately 69.634 million shares repurchased by March 2024 [11].

证券研究报告 公 2024年04月09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： 10.33元 业绩符合市场预期，苏、赖氨酸价差持续走高 季 目标价格： 15.52元 报 点 事件： 评 基本数据 4月8日晚，公司发布2024年一季报，一季度公司实现营业收入65亿元， 总股本/流通股本(百万股) 2,943.43/2,943.43 同比下降6.7%；实现归母净利润7.5亿元，同比下降6.1%；实现扣非后归 流通A股市值(百万元) 30,405.59 母净利润 6.4 亿元，同比减少 19.0%。 每股净资产(元) 5.05  饲料氨基酸量价齐升，业绩符合市场预期 资产负债率(%) 36.56 2024Q1公司营收及利润同比有所下滑，主要系一季度黄原胶、味精以及大 一年内最高/最低(元) 11.05/8.39 原料副产品价格下跌所致，不过赖氨酸价格上涨、苏氨酸量价齐增弥补了 一定跌幅。2024Q1公司鲜味剂/饲料氨基酸/医药氨基酸/大原料副产品/其 股价相对走势 他（含黄原胶）的营收占比分别为 32%/42%/2%/15%/9%，营 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][8]. Core Views - The company reported a slight decline in net profit by 6% year-on-year in Q1 2024, with revenue at 6.487 billion yuan, down 6.67% year-on-year [1]. - The decline in prices for products like monosodium glutamate and valine has negatively impacted performance, while prices for other amino acids like threonine and lysine have seen an increase [1]. - The company is expanding its production capacity and expects a gradual recovery in the amino acid market, supported by improved industry dynamics and demand recovery [1]. - The company has a strong commitment to shareholder returns, with a cumulative dividend of 9.15 billion yuan since its listing and a recent share buyback plan [1]. - Future profit forecasts for the company are optimistic, with expected net profits of 3.023 billion yuan, 3.148 billion yuan, and 3.363 billion yuan for 2024, 2025, and 2026 respectively [1][2]. Financial Summary - Q1 2024 revenue was 6.487 billion yuan, a decrease of 6.67% year-on-year, while net profit was 752 million yuan, down 6.13% year-on-year [1]. - The company’s overall gross margin and net margin for Q1 2024 were 19% and 12% respectively [1]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.03 yuan, 1.07 yuan, and 1.14 yuan respectively, with corresponding price-to-earnings (PE) ratios of 10X, 9X, and 9X [1][2].

Financial Performance - The company's operating revenue for Q1 2024 was RMB 6.49 billion, a decrease of 6.67% compared to the same period last year[4]. - Net profit attributable to shareholders was RMB 751.70 million, down 6.13% year-on-year, primarily due to a decrease in gross profit margin from lower prices of by-products[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 636.71 million, a decline of 19.01% compared to the previous year[6]. - The company reported a decrease in gross profit of RMB 125 million, impacting net profit due to lower prices of main products[6]. - Total revenue for Q1 2024 was approximately ¥6.46 billion, a decrease from ¥6.92 billion in Q1 2023, representing a decline of about 6.7%[23]. - Operating profit for Q1 2024 was ¥885.85 million, down from ¥945.13 million in Q1 2023, reflecting a decrease of approximately 6.3%[23]. - Net profit for Q1 2024 was ¥751.70 million, compared to ¥800.79 million in Q1 2023, indicating a decline of around 6.1%[23]. - Total comprehensive income for Q1 2024 was ¥762.60 million, down from ¥800.79 million in Q1 2023, reflecting a decrease of approximately 4.8%[23]. Cash Flow and Liquidity - The net cash flow from operating activities was negative RMB 30.40 million, representing a decrease of 109.12% year-on-year, attributed to reduced sales revenue from price declines despite increased sales volume[6]. - Cash flow from operating activities showed a net outflow of ¥30.40 million in Q1 2024, contrasting with a net inflow of ¥333.49 million in Q1 2023[23]. - Cash and cash equivalents decreased to RMB 4,618,039,330.10 from RMB 4,969,794,482.39 as of December 31, 2023, representing a decline of approximately 7.1%[16]. - Cash and cash equivalents at the end of the period amounted to 4,446,176,513.34, up from 3,266,207,284.58[24]. - Net cash flow from investing activities was -491,812,712.47, a decrease from -969,363,892.65[24]. - Cash inflow from financing activities totaled 1,950,928,102.76, compared to 727,480,000.00 in the previous period[24]. - Net cash flow from financing activities was 160,431,581.17, an improvement from -217,902,070.37[24]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 23.43 billion, an increase of 1.20% from the end of the previous year[4]. - The company's total current assets increased to RMB 9,608,806,563.40 from RMB 9,507,311,168.50, marking an increase of about 1.1%[16]. - Non-current assets totaled ¥13,825,140,752.91, slightly up from ¥13,649,868,686.75 in the previous year, indicating a growth of 1.3%[18]. - Current liabilities decreased to ¥6,442,166,396.96 from ¥6,528,739,033.97, a reduction of 1.3%[18]. - Total liabilities amounted to ¥8,568,614,042.24, down from ¥8,994,165,041.58, indicating a decrease of 4.7%[18]. - Shareholders' equity attributable to the parent company was RMB 14.87 billion, up 4.96% from the end of the previous year[4]. - Shareholders' equity increased to ¥14,865,333,274.07 from ¥14,163,014,813.67, reflecting a growth of 4.9%[18]. Operational Efficiency and Strategy - The company plans to focus on improving product pricing strategies and enhancing operational efficiency to counteract market price fluctuations[6]. - Research and development expenses increased to ¥90.84 million in Q1 2024 from ¥70.83 million in Q1 2023, marking an increase of approximately 28.3%[23]. - Sales expenses decreased to ¥109.21 million in Q1 2024 from ¥124.53 million in Q1 2023, a reduction of about 12.3%[23]. Shareholder Actions - As of March 31, 2024, 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[12]. - Management has committed to a share buyback plan with a minimum investment of RMB 80 million, with no upper price limit, to be executed by July 8, 2024[13]. - The company plans to implement an employee stock ownership plan involving 227 participants, with a total of 191,750,800 shares allocated[12]. - The company has not yet purchased shares under the 2024 employee stock ownership plan, although the account has been established and funds have been deposited[12]. Other Financial Metrics - The weighted average return on net assets was 5.18%, a decrease of 0.59 percentage points compared to the previous year[4]. - Basic and diluted earnings per share remained stable at ¥0.26 for both Q1 2024 and Q1 2023[22]. - Other comprehensive income after tax for Q1 2024 was ¥10.90 million, with no comparable figure reported for Q1 2023[23]. - The company reported a significant increase in cash received from operating activities, totaling ¥6.79 billion in Q1 2024, compared to ¥7.10 billion in Q1 2023[23]. - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was 387,432,533.21[24]. - The impact of exchange rate changes on cash and cash equivalents was 27,345,563.85, contrasting with -8,821,255.04 in the prior period[24]. - The company did not apply new accounting standards or interpretations for the first quarter of 2024[25].

梅花生物科技集团股份有限公司 关于2024年第一季度经营数据公告 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。 根据《上市公司行业信息披露指引第十四号—食品制造》第十四条相关规定， 现将梅花生物科技集团股份有限公司(以下简称"公司")2024 年第一季度经营 数据（未经审计）公告如下： 1、按产品分： | 产品类别 | 本期营业收入（万元） | | --- | --- | | 鲜味剂（谷氨酸钠、核苷酸） | 204,638.68 | | 饲料氨基酸（赖氨酸、苏氨酸、色氨酸等） | 275,488.08 | | 医药氨基酸（谷氨酰胺、脯氨酸、亮氨酸、异亮氨酸、腺苷等） | 13,278.38 | | 大原料副产品（肥料、蛋白粉、胚芽、玉米皮粉、饲料纤维等） | 95,468.43 | | 其他（黄原胶、海藻糖等） | 59,782.46 | | 合计 | 648,656.03 | 2、按销售模式分： | 销售模式 | 本期营业收入（万元） | | --- | --- | | 直销 | 362,401.92 | | 代销 | ...

证券代码：600873 证券简称：梅花生物 公告编号：2024-028 梅花生物科技集团股份有限公司 2023 年年度股东大会决议公告 一、会议召开和出席情况 (一)股东大会召开的时间：2024 年 4 月 8 日 (二)股东大会召开的地点：河北省廊坊市经济技术开发区华祥路 66 号公司 一楼会议室（因本次会议现场参会股东人数较多，为此公司将会议室从三楼会议 室调整到同为河北省廊坊市经济技术开发区华祥路 66 号公司院内的一楼会议室， 公司在公司大门口门卫处设置了提示牌，并安排了专人引导，方便股东及股东代 表参会。） (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 86 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,327,011,295 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 45.0839 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 会议由董事长王爱军女士主持，会议的召开程序及表决方式符合《公司法》 及《公司章程》的有关规定 ...

法律意见书 北京海润天睿律师事务所 关于梅花生物科技集团股份有限公司 2023 年年度股东大会的 法律意见书 致：梅花生物科技集团股份有限公司 北京海润天睿律师事务所接受梅花生物科技集团股份有限公司（以下简称公 司）的委托，对公司于 2024 年 4 月 8 日召开的 2023 年年度股东大会（以下简称 本次股东大会或会议）进行见证，根据《中华人民共和国公司法》（以下简称《公 司法》）、《上市公司股东大会规则》（以下简称《股东大会规则》）和《梅花 生物科技集团股份有限公司章程》（以下简称《公司章程》）的规定，按照律师 行业公认的业务标准、道德规范和勤勉尽责精神，对公司本次股东大会的召集、 召开程序、出席会议人员的资格、表决程序及结果等有关事宜发表法律意见。 一、本次股东大会的召集、召开程序 本次股东大会的召集人系公司董事会。 2024 年 3 月 18 日，公司第十届董事会第九次会议作出召开本次股东大会的 决议，董事会以公告形式向全体股东发出《梅花生物科技集团股份有限公司关于 召开 2023 年年度股东大会的通知》（以下简称会议通知），该会议通知刊登于上 海证券交易所网站、《上海证券报》《证券时报》及巨潮资讯 ...

证券代码：600873 证券简称：梅花生物 公告编号：2024-027 梅花生物科技集团股份有限公司 关于2024年员工持股计划实施进展的公告 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。 梅花生物科技集团股份有限公司（以下简称"公司"）分别于 2024 年 1 月 16 日、2024 年 2 月 1 日召开第十届董事会第八次会议和 2024 年第一次临时股东大 会，审议通过了《关于公司 2024 年员工持股计划（草案）及其摘要的议案》、《关 于公司 2024 年员工持股计划管理办法的议案》、《关于提请股东大会授权董事会 全权办理公司员工持股计划相关事项的议案》等相关议案，具体内容详见公司于 2024年1月17日、2024年2月2日在上海证券交易所网站（http://www.sse.com.cn） 上披露的相关公告。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》及《上 海证券交易所上市公司自律监管指引第 1 号—规范运作》等要求，现将截止 2024 年 3 月底的实施进展情况公告如下： 1.公司 2024 ...

证券代码：600873 证券简称：梅花生物 公告编号：2024-026 梅花生物科技集团股份有限公司 关于以集中竞价方式回购公司股份的进展公告 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法律责任。 重要内容提示： 公司将严格按照《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》等相关规定，在回购期限内根据市场情况择机做出 回购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务，敬 请广大投资者注意投资风险。 特此公告。 梅花生物科技集团股份有限公司董事会 一、回购股份的基本情况 梅花生物科技集团股份有限公司（以下简称"公司"）分别于 2023 年 4 月 8 日、2023 年 4 月 28 日召开了第十届董事会第三次会议和 2023 年第二次临时股东 大会，会议审议通过了《关于以集中竞价交易方式回购公司股份的议案》，公司 于 2023 年 4 月 29 日披露了《梅花生物科技集团股份有限公司关于以集中竞价交 易方式回购股份的回购报告书》，本次回购金额不低于人民币 8 亿元，不超过人 ...