Investment Rating - The report maintains a "Buy" rating for Huakang Stock (605077) with a target price of 25.76 yuan for the next 6 months [1] Core Views - Huakang Stock achieved revenue of 2.78 billion yuan in 2023, a year-on-year increase of 26.5%, with net profit attributable to the parent company of 370 million yuan, up 16.3% year-on-year [1] - In Q1 2024, the company's revenue was 640 million yuan, down 2.4% year-on-year, and net profit attributable to the parent company was 80 million yuan, down 11.2% year-on-year, which was below market expectations [1] - Crystal sugar alcohol sales grew steadily, with revenue of 1.91 billion yuan in 2023, up 14.7% year-on-year, and sales volume of 149,000 tons, up 27.9% year-on-year [1] - Liquid sugar alcohol and other products achieved revenue of 680 million yuan in 2023, up 33.0% year-on-year, with sales volume of 210,000 tons, up 33.9% year-on-year [1] Product Performance - Crystal sugar alcohol gross margin was 28.9% in 2023, up 2.2 percentage points year-on-year, driven by product mix optimization [1] - Liquid sugar alcohol gross margin was 8.8% in 2023, up 1.1 percentage points year-on-year [1] - Overall gross margin in 2023 was 23.7%, up 1.4 percentage points year-on-year, while net margin was 13.4%, down 1.1 percentage points year-on-year [1] Capacity Expansion - The "30,000-ton D-xylose green intelligent upgrading project" has entered trial production, which will improve automation and reduce energy consumption [1] - The first phase of the 1 million-ton corn deep processing project in Zhoushan is expected to be completed in August 2024, focusing on liquid syrup and some crystal sugar alcohol products [1] - The second phase of the Zhoushan project will take 3 years, with new product lines such as dietary fiber and modified starch to be developed [1] Financial Projections - Net profit attributable to the parent company is expected to be 380 million yuan, 460 million yuan, and 550 million yuan for 2024-2026, respectively [1] - EPS is projected to be 1.61 yuan, 1.97 yuan, and 2.32 yuan for 2024-2026, respectively [1] - The company is valued at 16x 2024 PE, corresponding to a target price of 25.76 yuan [1] Industry Comparison - Comparable companies include Bailong Chuangyuan, Layn Natural Ingredients, and Chenguang Biotech [12] - Huakang Stock is valued at a lower PE multiple compared to peers, with 2024 PE of 13x versus the industry average of 20x [12] Key Assumptions - Crystal sugar alcohol revenue is expected to grow 5%, 12%, and 10% in 2024-2026, with gross margins of 29%, 30%, and 31%, respectively [7] - Liquid sugar alcohol and other products revenue is projected to grow 20%, 25%, and 20% in 2024-2026, with gross margins of 9%, 10%, and 11%, respectively [7]

[ T able_StockInfo] 2024 年 04 月 27 日 证券研究报告•2023 年报及 2024 一季报点评 买入 （维持） 当前价：20.56 元 华康股份（605077）基础化工 目标价：25.76 元（6 个月） | --- | --- | --- | --- | --- | |----------------------------------|--------|--------|-------------------------|--------| | 产能不及预期风险。 | | | | | | [Table_MainProfit] 指标 / 年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（亿元） | | | 27.83 30.21 34.79 39.23 | | | 增长率 | 26.48% | 8.56% | 15.16% | 12.76% | | 归属母公司净利润（亿元） | | | 3.71 3.78 4.63 5.45 | | | 增长率 | 16.34% | 1.81% | 22.31% | 17.81% | | 每股收益 EPS ...

浙江华康药业股份有限公司 会计师事务所选聘制度 二○二四年四月 会计师事务所选聘制度 浙江华康药业股份有限公司 会计师事务所选聘制度 第一章 总 则 第一条 为保证浙江华康药业股份有限公司（以下简称"公司"）选聘（含 续聘、改聘，下同）会计师事务所的行为，切实维护股东和其他利益相关方的 合法权益，提高财务信息质量，保证财务信息的真实性和连续性，根据《中华 人民共和国公司法》《中华人民共和国证券法》（以下简称"《证券法》"）、 《中华人民共和国会计法》《国有企业、上市公司选聘会计师事务所管理办法》 等有关法律法规及中国证监会的相关规定及《浙江华康药业股份有限公司章程》 （以下简称"《公司章程》"），制定本制度。 第二条 公司聘任会计师事务所对财务会计报告发表审计意见、出具审计报 告的行为，应当遵照本制度履行选聘程序。公司聘任会计师事务所从事除财务 会计报告审计之外的其他法定审计业务，视重要性程度可比照本制度执行。 第二章 组织管理与职责 第三条 公司聘用或解聘会计师事务所，应当由董事会审计委员会（以下简 称"审计委员会"）审议同意后，提交董事会审议，并由股东大会决定。公司 不得在董事会、股东大会审议前聘请会计师 ...

浙江华康药业股份有限公司 | 证券代码：605077 | 证券简称：华康股份 | 公告编号：2024-031 | | --- | --- | --- | | 债券代码：111018 | 债券简称：华康转债 | | 第六届董事会第十六次会议决议公告 表决结果：同意 9 票，反对 0 票，弃权 0 票。 具体内容详见同日披露的《华康股份 2024 年第一季度报告》。 （二）审议通过《关于制定<会计师事务所选聘制度>的议案》 表决情况：同意 9 票，反对 0 票，弃权 0 票 具体内容详见同日披露的《华康股份会计师事务所选聘制度》。 特此公告。 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。 一、董事会会议召开情况 浙江华康药业股份有限公司（以下简称"公司"）第六届董事会第十六次会 议于 2024 年 4 月 25 日以现场与通讯相结合的方式召开，本次会议通知于 2024 年 4 月 19 日以通讯方式向全体董事发出。本次会议应出席董事 9 名，实际出席 董事 9 名。公司董事长陈德水先生主持会议，本次会议的召集、召开符合《公 ...

Financial Performance - The company's revenue for Q1 2024 was CNY 634,815,875.39, representing a decrease of 2.39% compared to the same period last year[5]. - Net profit attributable to shareholders was CNY 79,998,612.81, down 11.15% year-on-year[5]. - The net profit after deducting non-recurring gains and losses was CNY 73,116,614.92, reflecting a decline of 16.60% compared to the previous year[5]. - Basic earnings per share were CNY 0.35, down 10.26% from the same period last year[6]. - Diluted earnings per share were CNY 0.28, a decrease of 28.27% year-on-year[6]. - The company reported a net profit margin of approximately 11.5% for Q1 2024, down from 12.5% in Q1 2023[22]. - In Q1 2024, the company's net profit was CNY 79,938,256.38, a decrease of 11.4% compared to CNY 89,978,550.72 in Q1 2023[23]. - The total comprehensive income for Q1 2024 was CNY 79,935,097.08, down from CNY 89,979,214.76 in Q1 2023, indicating a decline of approximately 11.2%[24]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -151,734,993.36, a significant decrease of 393.66%[5]. - Cash flow from operating activities turned negative, with a net cash outflow of CNY -151,734,993.36, contrasting with a positive inflow of CNY 51,670,533.07 in Q1 2023[27]. - The company's cash and cash equivalents at the end of Q1 2024 were CNY 1,710,337,377.45, down from CNY 1,140,146,521.73 at the end of Q1 2023[28]. - Cash and cash equivalents decreased to CNY 1,716,120,282.45 as of March 31, 2024, down from CNY 2,128,372,821.94 at the end of 2023[16]. - Investment activities resulted in a net cash outflow of CNY -377,026,027.69 in Q1 2024, compared to CNY -359,408,777.65 in Q1 2023[27]. Operating Performance - Total operating revenue for Q1 2024 was CNY 634,815,875.39, a decrease of 2.5% compared to CNY 650,334,163.57 in Q1 2023[22]. - The company's operating profit for Q1 2024 was CNY 85,557,533.53, compared to CNY 101,979,479.11 in Q1 2023, indicating a decrease of about 16.1%[23]. - Total operating costs for Q1 2024 were CNY 561,143,641.19, an increase of 0.2% from CNY 556,148,093.81 in Q1 2023[22]. - The company recognized government subsidies of CNY 1,968,616.25 related to its normal business operations[9]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 6,271,911,201.20, an increase of 1.53% from the end of the previous year[6]. - Total assets increased to CNY 6,271,911,201.20 as of March 31, 2024, compared to CNY 6,177,682,230.35 at the end of 2023[19]. - Total liabilities slightly increased to CNY 3,081,951,412.58 as of March 31, 2024, from CNY 3,076,662,164.54 at the end of 2023[18]. - Non-current assets totaled CNY 3,167,768,044.96 as of March 31, 2024, up from CNY 2,762,765,016.16 at the end of 2023[17]. - Inventory increased to CNY 373,857,319.84 as of March 31, 2024, compared to CNY 282,044,065.09 at the end of 2023[17]. Shareholder Equity - Shareholders' equity attributable to shareholders was CNY 3,178,432,678.89, up 2.88% from the previous year-end[6]. - The company’s total equity rose to CNY 3,189,959,788.62 as of March 31, 2024, from CNY 3,101,020,065.81 at the end of 2023[19]. Research and Development - Research and development expenses rose to CNY 31,177,338.21 in Q1 2024, up 63.8% from CNY 19,026,097.74 in Q1 2023[22]. Financial Expenses - The company reported a significant increase in financial expenses, totaling CNY 4,662,629.21 in Q1 2024, compared to CNY 7,459,188.76 in Q1 2023[23]. - The company raised CNY 251,000,000.00 through borrowings in Q1 2024, a decrease from CNY 615,000,000.00 in Q1 2023[28].

第六届监事会第十三次会议决议公告 | 证券代码：605077 | 证券简称：华康股份 | 公告编号：2024-032 | | --- | --- | --- | | 债券代码：111018 | 债券简称：华康转债 | | 浙江华康药业股份有限公司 本公司监事会及全体监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。 一、监事会会议召开情况 浙江华康药业股份有限公司（以下简称"公司"）第六届监事会第十三次会 议于 2024 年 4 月 25 日以现场与通讯相结合的方式召开，本次会议通知于 2024 年 4 月 19 日以通讯方式向全体监事发出。本次会议应出席监事 3 名，实际出席 监事 3 名。公司监事会主席郑芳明先生主持会议，本次会议的召集、召开符合《公 司法》和《公司章程》的有关规定，会议合法有效。 二、监事会会议审议情况 （一）审议通过《关于公司 2024 年第一季度报告的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 监事会认为： 1、公司 2024 年第一季度报告编制和审议程序符合法律、法规、公司章程和 公司内部管理制度 ...

2023 年年度股东大会会议须知 为维护广大投资者的合法权益，保障股东在本次股东大会期间依法行使权 利，根据《公司法》、中国证监会《上市公司股东大会规则》和公司《股东大会 议事规则》等有关规定，特制定本会议须知： 浙江华康药业股份有限公司 2023 年年度股东大会 会议材料 二○二四年五月 2023 年年度股东大会 浙江华康药业股份有限公司 一、公司负责本次股东大会的议程安排和会务工作，出席会议人员应当听从 公司工作人员安排，共同维护好会议秩序。 二、为保证股东大会的正常秩序，除出席会议的股东或者股东代理人、董事、 监事、高级管理人员、见证律师及董事会邀请的人员外，公司有权依法拒绝其他 人员进入会场。 三、出席会议的股东须在会议召开前 15 分钟到达会议现场向公司会务人员 办理签到手续，并请按规定出示股票账户卡、持股凭证、身份证或法人单位证明、 授权委托书及出席人身份证等，经验证后领取会议资料，方可出席会议。 四、股东需要在股东大会发言的，应于会议开始前 10 分钟向公司会务人员 进行登记，出示有效的持股证明，填写《发言登记表》；全部股东发言时间控制 在 30 分钟以内，登记后的发言顺序按其所持表决权的大小依 ...

Investment Rating - The report maintains an "Outperform" rating for the company [3][4]. Core Insights - The company reported a revenue of 2.783 billion yuan for 2023, representing a year-over-year increase of 26% [3][4]. - The net profit attributable to shareholders was 371 million yuan, up 16% year-over-year, with a net profit margin of 13.38% [3][4]. - The company is expanding its operations with significant projects in Zhoushan, which are expected to drive long-term growth [3][4]. Financial Summary - Total revenue for 2023 was 2.783 billion yuan, with a gross profit margin of 24.18% [3][4]. - The company’s operating profit for 2023 was 427 million yuan, with a net profit of 372 million yuan [4][15]. - The projected revenues for 2024, 2025, and 2026 are 3.203 billion yuan, 4.123 billion yuan, and 4.947 billion yuan, respectively [4][15]. Growth Drivers - The company’s sales of sugar alcohol products grew significantly, with a total volume of 148,700 tons, marking a 28% increase year-over-year [3][4]. - The Zhoushan project, which includes a 1 million-ton corn deep processing project, is expected to enhance the company’s product offerings and revenue streams [3][4]. - The company plans to invest in additional projects, including a 100,000-ton corn germ oil project and a 100,000-ton maltodextrin project, which are anticipated to contribute significantly to future revenues [3][4].

Financial Performance - The company achieved operating revenue of CNY 2,782,695,532.76 in 2023, representing a year-on-year increase of 26.48% compared to CNY 2,200,023,095.61 in 2022[13]. - Net profit attributable to shareholders of the listed company was CNY 371,452,313.53, up 16.34% from CNY 319,277,839.85 in the previous year[13]. - The net cash flow from operating activities increased by 127.77% to CNY 619,469,498.00, compared to CNY 271,977,255.49 in 2022[13]. - The company's total assets reached CNY 6,177,682,230.35 at the end of 2023, marking a 58.20% increase from CNY 3,905,038,917.48 at the end of 2022[13]. - The net assets attributable to shareholders of the listed company increased by 16.33% to CNY 3,089,432,599.65 from CNY 2,655,810,660.74 in 2022[13]. - The company reported a total revenue of CNY 2,731,429,321.81, with a year-on-year increase of 25.27%[64]. - The gross profit margin for the crystal sugar alcohol products was 28.90%, reflecting an increase of 2.18 percentage points compared to the previous year[64]. - Domestic sales revenue reached CNY 1,463,110,941.18, with a year-on-year growth of 39.17%[64]. - The company reported a total revenue of approximately CNY 2.73 billion, with a year-on-year increase of 23.70%[97]. - The company reported a significant increase in other payables due to the rise in stock repurchase obligations related to equity incentives, totaling 1.165 billion RMB, up 356.98%[115]. - Deferred income increased by 83.42% to 942 million RMB, primarily due to government subsidies received during the reporting period[129]. - The company’s long-term borrowings increased by 122.97% to 770 million RMB, attributed to the need for additional financing[115]. Strategic Goals and Expansion Plans - The company plans to expand its product lines, including the construction of a 200,000-ton corn deep processing health food ingredient project[21]. - The company aims to deepen its main business, achieve scale multiplication, and enhance operational excellence as part of its strategic goals for 2023[19]. - The company emphasizes the importance of adjusting product structure and expanding into new business areas to capture market opportunities[19]. - The company is expanding its core product production scale with a "2 million tons corn deep processing health food ingredient project" in Zhoushan, Zhejiang Province[59]. - The first phase of the "2 million tons corn deep processing health food ingredient project" started in August 2022, with a construction period of 5 years[72]. - The company plans to invest in a "2 million tons corn deep processing health ingredient project" in Zhejiang Dinghai Industrial Park, focusing on producing starch sugar/sugar alcohol, dietary fiber, and modified starch[172]. - The company aims to enhance its production capacity for core products such as xylitol and sorbitol while optimizing production processes to meet market growth demands[172]. - The company will focus on expanding its e-commerce platform sales to better serve a wider range of end consumers and meet their needs[178]. Research and Development - The company has established a stable R&D team with high technical levels and rich industry experience, ensuring continuous and stable product development[62]. - The company has established multiple research and development centers in collaboration with universities, enhancing its innovation capabilities in functional sugar alcohol products[113]. - The company is committed to improving its R&D capabilities by building a new R&D center and investing in advanced research equipment[175]. - The company plans to enhance its technology development and innovation efforts, establishing four major platforms for synthetic biology, process development, application development, and pilot testing[196]. - The company emphasizes the importance of independent innovation and has plans to protect its intellectual property, focusing on patent applications and technology transfer[176]. - The company has obtained a total of 251 authorized patents as of December 31, 2023, including 58 invention patents and 175 utility model patents[176]. Market Position and Trends - The company has a strong brand advantage in the functional sugar alcohol industry, being one of the leading producers of xylitol and other sugar alcohols globally[60]. - The company has a strong market position, recognized as a "single champion product" for its xylitol by the Ministry of Industry and Information Technology[81]. - The functional sugar alcohol industry is projected to reach USD 7.7 billion by 2030, with a compound annual growth rate of approximately 6.7%[146]. - The global functional sugar alcohol market is projected to reach $7.7 billion by 2030, providing a favorable external market environment for the company's growth[186]. - The global xylitol market was valued at $882 million in 2021, with an expected CAGR of approximately 5% from 2022 to 2027, reaching $1.188 billion by 2027[187]. - The global sorbitol market demand is anticipated to grow to 2.97 million tons by 2026, driven by its unique applications in food, pharmaceuticals, and daily chemicals[188]. - The increasing awareness of health issues and the global trend towards sugar reduction are driving the demand for functional sugar alcohols as safe sugar substitutes[190]. - The functional sugar alcohol market in China is expected to grow significantly, driven by increasing consumer demand for health-oriented food products[183]. Operational Efficiency - The company maintains a complete industrial chain, which helps stabilize raw material supply and reduce production costs[92]. - The company focuses on high-value products, enhancing their proportion in total revenue, which improves profitability[93]. - The company has a stable and professional team, with 232 R&D personnel, representing 14.61% of the total workforce[103]. - The company will strengthen its market sales efforts for erythritol, sorbitol, and maltitol, leveraging existing customer relationships for tailored product development[177]. - The marketing strategy will focus on market segmentation and differentiation, implementing precise marketing and solution-oriented sales to enhance customer support and industry application[199]. Talent Acquisition and Management - The company aims to enhance its talent acquisition and training programs to build a professional and innovative management and technical team[178]. - The company plans to optimize its human resource management and recruitment channels to attract high-end talent with industry management experience[178]. - The company will strengthen its talent acquisition strategy, focusing on recruiting and training skilled personnel in technology research and management to support rapid growth[198].