Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 26.88 [1][5][6] Core Views - The company's Q3 revenue reached RMB 5.9 billion, showing a year-on-year increase of 43% and a quarter-on-quarter increase of 11%. The net profit attributable to the parent company was RMB 1.8 billion, reflecting a year-on-year growth of 90% [1][2] - The growth in revenue is primarily driven by the increase in sales volume and prices of the main products in the nutrition segment, including Vitamin A, Vitamin E, and methionine [2] - The report highlights that the price of Vitamin A, Vitamin E, and methionine has increased significantly, with Q3 prices showing year-on-year increases of 131%, 78%, and 16% respectively [2] - The company is progressing with new projects, including a planned investment of RMB 10 billion in a nylon new materials project, which is expected to support future growth [3] Summary by Sections Financial Performance - Q3 revenue was RMB 5.9 billion, with a year-on-year increase of 43% and a quarter-on-quarter increase of 11% - Net profit attributable to the parent company for Q3 was RMB 1.8 billion, a year-on-year increase of 90% [1][2] - For the first three quarters, the company achieved a total revenue of RMB 15.8 billion, with a net profit of RMB 4 billion [1] Product Pricing and Market Conditions - The average market prices for the main products in the nutrition segment have increased significantly, with Vitamin A at RMB 19.3 thousand/ton, Vitamin E at RMB 12.4 thousand/ton, and methionine at RMB 2.1 thousand/ton in Q3 [2] - The overall gross margin for the first three quarters increased by 6.0 percentage points to 39.5% [2] Future Growth Prospects - The company has ongoing projects with a total investment of RMB 6.2 billion, including a major nylon new materials project with an initial investment of RMB 3 billion [3] - The forecasted net profit for 2024-2026 is RMB 5.5 billion, RMB 6 billion, and RMB 6.4 billion respectively, indicating a strong growth trajectory [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][2][7]. Core Views - The company has shown significant revenue growth, with total revenue reaching 15.78 billion RMB in the first three quarters of 2024, a year-on-year increase of 43.3%. The net profit attributable to shareholders was 3.99 billion RMB, up 89.9% year-on-year [1]. - The price increase of vitamins has led to a rapid improvement in the company's profitability, with a gross margin of 43.6% in Q3 2024, an increase of 8.3 percentage points year-on-year [1]. - The company is expanding its production capacity in the nutrition segment, with a methionine project achieving an annual capacity of 300,000 tons, enhancing market competitiveness [1]. Summary by Relevant Sections Performance Overview - In Q3 2024, the company achieved a total revenue of 5.94 billion RMB, a year-on-year increase of 65.2%, and a net profit of 1.79 billion RMB, up 188.9% year-on-year [1]. - The company’s sales net profit margin reached 30.2%, an increase of 12.9 percentage points year-on-year [1]. Business Analysis - The vitamin prices have entered an upward cycle due to improved supply and demand, with market prices for Vitamin E, A, and C increasing by 78%, 131%, and 30% respectively in Q3 2024 compared to the previous year [1]. - The company is advancing its "Chemicals+" and "Biology+" strategies, with new projects and products being developed systematically [1]. Profit Forecast and Valuation - The company is expected to see net profits of 5.87 billion RMB, 6.55 billion RMB, and 7.03 billion RMB for 2024, 2025, and 2026 respectively, with significant upward adjustments of 58%, 56%, and 45% [2]. - The current market capitalization corresponds to P/E ratios of 12.86, 11.53, and 10.74 for the years 2024, 2025, and 2026 [2].

第一章 总 则 浙江新和成股份有限公司全面预算管理制度 第一条 目的 为确保浙江新和成股份有限公司（以下简称"公司"）发展战略以及经营目 标的实现，强化内部管理和控制，根据财政部《内部控制基本规范》、深圳证券 交易所相关规定等相关法律法规及本公司有关规定，特制定本制度。 第二条 适用范围 本制度适用于浙江新和成股份有限公司，各事业部、分公司、全资及控股子 公司遵照执行，参股公司参照执行。 第三条 全面预算定义 全面预算是通过企业内外部环境的分析，在预测与决策基础上，调配相应 的资源，对企业未来一定时期的经营、投资和财务做出一系列具体计划。预算 以战略规划目标为导向，既是决策的具体化，又是控制经营和财务活动的依据。 预算是计划的数字化、表格化、明细化的表达。 第四条 预算管理的基础工作与规范 预算管理除了执行有序的预算安排和明确的预算职责外，还必须有业务管 理协同的基础规范，以及各业务部门提供的预测数据要确保全面性与可靠性。 计划和预算管理的基础工作，包括成本中心确定、关联交易价格等。 第二章 管理职责 第五条 董事会为公司预算管理的最高决策机构，预算管理委员会负责预算 管理的执行，总裁则全面负责公司预算管理的 ...

Financial Performance - Revenue for the third quarter reached 5.937 billion yuan, a year-on-year increase of 65.21%[2] - Net profit attributable to shareholders of the listed company for the third quarter was 1.785 billion yuan, a year-on-year increase of 188.87%[2] - The company's revenue for the first three quarters increased by 43.31% year-on-year, mainly due to increased sales and prices of nutritional products[6] - The company's total revenue for the period reached 15,781,739,446.23 yuan, up from 11,012,182,404.49 yuan in the same period last year[19] - Net profit for the period reached 4,008,559,585.18 yuan, a significant increase from 2,119,195,575.71 yuan in the same period last year[20] - Basic earnings per share rose to 1.29 yuan, compared to 0.68 yuan in the previous year[21] - Total comprehensive income reached 4,015,013,408.89 yuan, up from 2,145,898,324.86 yuan in the same period last year[21] Cash Flow and Liquidity - Operating cash flow for the first three quarters was 4.577 billion yuan, a year-on-year increase of 74.33%[2] - The company's cash and cash equivalents increased by 627.71% year-on-year, mainly due to increased collection of payments and reduced capital expenditures[7] - Operating cash flow increased to 4,576,730,480.43 yuan, up from 2,625,355,777.70 yuan in the same period last year[23] - Cash and cash equivalents at the end of the period increased to 6,843,111,454.61 yuan from 4,697,702,913.29 yuan in the previous period[24] - The net increase in cash and cash equivalents was 2,396,541,039.31 yuan, compared to a net decrease of -454,139,018.57 yuan in the previous period[24] - The impact of exchange rate changes on cash and cash equivalents was 83,273,351.20 yuan, slightly down from 84,195,127.83 yuan in the previous period[24] Assets and Liabilities - Total assets as of the end of the reporting period were 41.532 billion yuan, an increase of 6.07% compared to the end of the previous year[2] - The company's total assets increased to 41,532,120,961.65 yuan as of September 30, 2024, compared to 39,156,246,864.67 yuan at the beginning of the year[15][16][18] - The company's monetary funds increased to 6,877,834,976.38 yuan from 4,543,361,146.98 yuan at the beginning of the year[15] - The company's accounts receivable increased to 3,533,939,894.11 yuan from 2,483,266,952.88 yuan at the beginning of the year[15] - The company's inventory decreased to 3,571,946,104.14 yuan from 4,318,878,875.34 yuan at the beginning of the year[15] - The company's long-term equity investments increased to 855,629,974.63 yuan from 697,145,200.08 yuan at the beginning of the year[16] - The company's deferred tax assets increased by 590.55% compared to the beginning of the year, mainly due to an increase in provisions for accounts receivable[5] Shareholder Information - New Hope Group holds 49.80% of the company's shares, totaling 1,539,232,431 shares[8] - Hong Kong Securities Clearing Company holds 4.11% of the company's shares, totaling 127,147,775 shares[8] - National Social Security Fund 503 Portfolio holds 1.33% of the company's shares, totaling 41,000,000 shares[8] - China Construction Bank - E Fund CSI 300 Healthcare ETF holds 0.94% of the company's shares, totaling 28,960,377 shares[9] - China Construction Bank - E Fund CSI 300 ETF holds 0.76% of the company's shares, totaling 23,552,931 shares[9] - Shanghai Chongyang Strategic Investment - Chongyang Strategy Huizhi Fund holds 0.52% of the company's shares, totaling 15,970,264 shares[9] - Industrial and Commercial Bank of China - Huaxia CSI 300 ETF holds 0.48% of the company's shares, totaling 14,959,025 shares[9] - Bank of China - Harvest CSI 300 ETF holds 0.47% of the company's shares, totaling 14,556,351 shares[9] - The company's fourth employee stock ownership plan holds 0.96% of the company's shares, totaling 29,528,181 shares[8] - The company completed the purchase of 29,528,181 shares for the fourth employee stock ownership plan, accounting for 0.9553% of the total shares, with a total transaction amount of 479,442,157.08 yuan and an average price of 16.2368 yuan per share[13] - The lock-up period for the fourth employee stock ownership plan ended on September 25, 2024[14] Expenses and Costs - Financial expenses for the first three quarters increased by 202.34% year-on-year, mainly due to a decrease in exchange gains[6] - The company's total operating costs were 11,168,127,903.08 yuan, compared to 8,613,037,482.05 yuan in the previous year[19] - R&D expenses increased to 750,191,079.58 yuan, up from 630,879,477.56 yuan in the previous year[20] - Interest expenses decreased to 207,500,271.37 yuan, down from 238,838,965.10 yuan in the prior year[20] Investments and Financing - The company plans to invest approximately RMB 10 billion in a nylon new materials project in Tianjin Nangang Industrial Zone[12] - Investment activities resulted in a net cash outflow of 1,006,530,697.52 yuan, compared to 2,870,318,381.98 yuan in the previous year[23] - Net cash flow from financing activities was -1,256,932,094.80 yuan, a significant decrease compared to -293,371,542.12 yuan in the previous period[24] - The company received 3,650,675,987.22 yuan from borrowings, down from 4,644,092,688.41 yuan in the previous period[24] - Cash used for debt repayment was 3,325,398,021.09 yuan, up from 3,144,406,430.05 yuan in the previous period[24] - Cash used for dividend distribution and interest payment was 1,582,572,282.67 yuan, down from 1,791,310,007.20 yuan in the previous period[24] - The company's total cash inflow from financing activities was 3,652,613,013.97 yuan, down from 4,644,092,688.41 yuan in the previous period[24] - The company's total cash outflow from financing activities was 4,909,545,108.77 yuan, down from 4,937,464,230.53 yuan in the previous period[24] - The company's cash and cash equivalents at the beginning of the period were 4,446,570,415.30 yuan, down from 5,151,841,931.86 yuan in the previous period[24] Other Financial Metrics - The company's accounts receivable increased by 42.31% compared to the beginning of the year, mainly due to increased revenue[5] - The company's construction in progress decreased by 61.80% compared to the beginning of the year, mainly due to the transfer of completed projects to fixed assets[5] - Tax refunds received amounted to 504,347,584.09 yuan, down from 743,080,725.01 yuan in the prior year[23] - Foreign exchange translation differences contributed 7,429,260.78 yuan to other comprehensive income, down from 23,939,260.33 yuan in the previous year[21]

浙江新和成股份有限公司 关于 2024 年度日常关联交易预计调整的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江新和成股份有限公司（以下简称"公司"）于 2024 年 10 月 23 日召开 的第九届董事会第八次会议审议通过《关于 2024 年度日常关联交易预计调整的 议案》，关联董事（胡柏藩、胡柏剡、石观群、王学闻、王正江、周贵阳）进行 了回避表决。根据《深圳证券交易所股票上市规则》《公司章程》及《关联交易 决策制度》等有关规定和审批权限，本次关联交易协议由公司董事会审议批准， 无需提交股东大会审议。 一、调整日常关联交易基本情况 根据公司和关联方实际生产经营情况，为更加准确反映公司与关联方 2024 年度日常关联交易情况，对预计金额作出合理调整。因公司本年度新项目建设减 少，公司对关联方浙江德力装备有限公司（以下简称"德力装备"）容器设备需 求相应减少，预计关联采购额度减少 3,855 万元。公司 2024 年新材料业务市场 需求增加，公司对关联方浙江赛亚化工材料有限公司（以下简称"赛亚化工"） 原料采购需求相应增加，预计关联采购额度增加 1, ...

证券代码：002001 证券简称：新和成 公告编号：2024-036 浙江新和成股份有限公司（以下简称"公司"）第九届董事会第八次会议于 2024 年 10 月 18 日以电子邮件方式发出会议通知，于 2024 年 10 月 23 日以现场 结合通讯方式召开，应出席董事 11 名，实际出席董事 11 名，符合《公司法》和 《公司章程》的规定。会议经表决形成决议如下： 三、会议以 11 票同意，0 票反对，0 票弃权审议通过《关于修订<全面预算 管理制度>的议案》。 一、会议以 11 票同意，0 票反对，0 票弃权审议通过《2024 年第三季度报 告》，《2024 年第三季度报告》中的财务信息在提交董事会审议前已经公司审计 委员会审议通过。 全文详见公司同日在指定信息披露媒体及巨潮资讯网 （http://www.cninfo.com.cn）刊登的公告。 二、会议以 5 票同意，0 票反对，0 票弃权审议通过《关于 2024 年度日常关 联交易预计调整的议案》，关联董事胡柏藩、胡柏剡、石观群、王学闻、王正江、 周贵阳回避表决。本议案在提交董事会审议前已经公司独立董事专门会议审议通过。 全文详见公司同日在巨潮资讯网 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's R&D capabilities create a strong competitive moat, transitioning from a vitamin leader to a diversified development model [4]. - The vitamin market is experiencing an upward trend, with new projects like methionine expected to contribute to performance growth [4]. - The global flavor and fragrance industry is shifting towards Asia and Africa, with the company's cost advantages aiding market share expansion [4]. - The company is intensifying its focus on high-end materials, accelerating the process of achieving self-sufficiency in advanced materials [4]. - Profit forecasts for 2024-2026 indicate net profits of 4.745 billion, 5.074 billion, and 6.415 billion yuan, with year-on-year growth rates of 75.5%, 6.9%, and 26.4% respectively [4]. Summary by Sections 1. R&D as a Shield, Growing from Vitamin Leader to Fine Chemical Leader - The company has focused on the development of functional chemicals for many years, becoming one of the world's top four vitamin producers [10]. - It has established a diversified industrial layout with four main segments: nutrition products, flavor and fragrance, high-end new materials, and raw materials [12]. - The company has built four production bases, enhancing its integrated supply chain and product quality [15]. 2. Vitamin Turning Point, Continuous Volume Growth of Methionine - Vitamins and amino acids are essential organic compounds with high production barriers, primarily used in animal feed [34]. - The company is positioned to benefit from the recovery in the vitamin market and the increasing demand for methionine [4]. 3. Flavor and Fragrance Industry Shifting to Asia and Africa - The company has developed cost advantages in key intermediates like linalool and citral, allowing it to maintain competitive pricing [17]. - The company is expanding its product matrix in the flavor and fragrance sector, optimizing its market competitiveness [4]. 4. High-End Material Technology Breakthroughs, Accelerating Domestic Substitution - The company is advancing in high-end materials, with plans for significant production capacity in PPS and other materials [4]. - It is also establishing a new production line for caprolactam and nylon 66, further diversifying its product offerings [23]. 5. Performance Growth and Cost Control - The company's revenue increased from 7.621 billion yuan in 2019 to 15.117 billion yuan in 2023, with net profit rising from 2.169 billion yuan to 2.704 billion yuan [28]. - The nutrition segment remains the primary revenue source, while the fragrance and new materials segments are showing increasing contributions [30].

证券代码：002001 证券简称：新和成 公告编号：2024-035 一、第四期员工持股计划的持有情况 浙江新和成股份有限公司 1、第四期员工持股计划已于2023年9月25日完成公司股票的购买，通过二级 市场竞价交易方式购买公司股票共计29,528,181股，占公司现有总股本的0.9553%， 成交总金额479,442,157.08元（不含交易费用），成交均价约为16.2368元/股。 关于第四期员工持股计划锁定期届满的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江新和成股份有限公司（以下简称"公司"）于2023年6月7日召开第八届 董事会第十六次会议、第八届监事会第十三次会议，于2023年6月26日召开2023 年第一次临时股东大会，审议通过《浙江新和成股份有限公司第四期员工持股计 划（草案）及其摘要》等员工持股计划相关议案，同意公司实施第四期员工持股 计划。具体内容详见公司于2023年6月8日、2023年6月27日在指定信息披露媒体 及巨潮资讯网（http://www.cninfo.com.cn）上刊登的公告。 鉴于公司第四期员工持股计划 ...

Investment Rating - Strong Buy/Maintain [2] Core Views - The company achieved revenue of 9.845 billion yuan in the first half of 2024, a YoY increase of 32.70%, and net profit attributable to the parent company of 2.204 billion yuan, a YoY increase of 48.62% [2] - The nutrition products segment, including vitamins and methionine, saw both volume and price increases, driving revenue growth [2] - The company's comprehensive gross profit margin increased by 4.37 percentage points to 37.11% in the first half of 2024 [2] - New projects and product development are progressing smoothly, further enriching the company's product portfolio [2] Financial Performance - Revenue from the nutrition products segment reached 6.68 billion yuan, a YoY increase of 38.30% [2] - Revenue from the flavors and fragrances segment was 1.925 billion yuan, a YoY increase of 17.94% [2] - Revenue from the new materials segment was 722 million yuan, a YoY increase of 24.89% [2] - The company's net profit for 2024-2026 is forecasted to be 4.436 billion, 5.368 billion, and 6.470 billion yuan, respectively [3] - EPS for 2024-2026 is projected to be 1.44, 1.74, and 2.09 yuan, respectively [3] - The current P/E ratio is 13, 11, and 9 times for 2024-2026 [3] Project Development - The 300,000 tons/year methionine project has been successfully released and is in normal production and sales [2] - The 18,000 tons/year liquid methionine (pure) project is progressing steadily [2] - The 4,000 tons/year cystine project is running stably, and the glufosinate-ammonium project is in the pilot phase [2] - The nylon industry chain project, including 100,000 tons/year adiponitrile-adipamine, is under approval in Tianjin [2] - The PPS project has been approved for 30,000 tons, with an additional 8,000 tons to be expanded based on market conditions [2] Company Overview - The company was founded in 1999 and listed on the Shenzhen Stock Exchange in 2004 [4] - It is one of the world's top four vitamin producers and has a competitive position in methionine production [4] - The company has expanded its business from pharmaceutical intermediates to vitamins, flavors and fragrances, new materials, and methionine [4] Market Data - The company's total market capitalization is 59.685 billion yuan, with a circulating market capitalization of 58.982 billion yuan [5] - The 52-week stock price range is 22.6-15.47 yuan [5] - The 52-week average daily turnover rate is 1.2% [5]

新和成（002001.SZ） 维生素涨价核心受益龙头，主业同比增长显著 事件：公司发布 2024 半年报，营收、利润、利润率同比增长显著。 2024H1：实现营业收入 98.45 亿元，同比+32.70%；归母净利润 22.04 亿 元，同比+48.62%；扣非净利润 21.57 亿元，同比+56.88%； Q2 单季度：实现营业收入 53.46 亿元，同比+40.45%，环比+18.83%；归 母净利润 13.35 亿元，同比+58.88%，环比+53.48%； 利润率：Q2 单季度毛利率 38.85%，同比+5.11pct，环比+3.81pct；净利率 25.14%，同比+2.82pct，环比+5.74pct。 蛋氨酸量价齐升，贡献业绩增量，各板块营收均同比增长。 | --- | |--------------------------------------------------------------| | 营养品：H1 实现营收 66.80 亿元，同比+38.30%，营收占比 68% | | 35.86%。其中子公司山东新和成氨基酸（蛋氨酸）实现营收 32.06 | | 比+82.29%；净利润 1 ...