Workflow
NHU(002001)
icon
Search documents
新和成:业绩符合预期,盈利再创历史新高,新材料业务持续推进
申万宏源· 2025-01-22 05:59
Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's performance met expectations, achieving a historical high in profits, with ongoing advancements in its new materials business [1] - The company is expected to see significant growth in net profit for 2024, with estimates ranging from 5.8 billion to 6.2 billion yuan, reflecting a year-on-year increase of 114.48% to 129.27% [6] - The supply disruptions in vitamins due to incidents at BASF's Ludwigshafen site are expected to lead to a rebound in market prices, contributing to the company's performance [6] - The amino acid market is experiencing a slight price decline due to weak terminal demand, but year-on-year growth is still anticipated [6] - The company is progressing well with its new materials projects, including significant investments in various chemical production facilities, aiming to enhance its market position [6] - The profit forecast for 2024-2026 remains unchanged, with expected net profits of 6.057 billion, 7.197 billion, and 7.533 billion yuan, corresponding to PE valuations of 11X, 9X, and 9X respectively [6] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 15,117 million yuan, with a year-on-year decrease of 5.1%, followed by a significant increase of 42.8% in 2024 [2] - The net profit attributable to the parent company for 2023 is estimated at 2,704 million yuan, down 25.3% year-on-year, but expected to rebound to 6,057 million yuan in 2024, marking a 124% increase [2] - The gross margin is expected to improve from 33% in 2023 to 45.3% in 2024, indicating enhanced profitability [2] - The company's return on equity (ROE) is projected to rise from 10.9% in 2023 to 19.7% in 2024 [2] Market Data - As of January 21, 2025, the closing price of the company's stock was 22.06 yuan, with a market capitalization of 66,996 million yuan [3] - The stock has a price-to-book ratio of 2.5 and a dividend yield of 2.04% [3]
新和成:维生素涨价,业绩表现亮眼
SINOLINK SECURITIES· 2025-01-22 03:34
Investment Rating - The report maintains a "Buy" rating for the company, predicting significant growth in the upcoming years [4]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 5.87 to 6.21 billion RMB in 2024, representing a year-on-year growth of 114.48% to 129.27% [1]. - The nutrition segment has seen a notable increase in both sales volume and prices, particularly for vitamins, which have entered an upward price cycle due to improved supply and demand dynamics [2]. - The company is focused on its "Chemicals+" and "Biological+" strategies, with steady progress on new projects in the nutrition, flavor, high polymer materials, and raw pharmaceutical sectors [3]. Summary by Sections Performance Review - The company forecasts a net profit of 5.87 to 6.21 billion RMB for 2024, with a basic earnings per share of 1.89 to 2.02 RMB [1]. Operational Analysis - The nutrition segment's key products have experienced price increases, with vitamin E, A, and C prices rising by 43%, 57%, and 28% respectively year-on-year [2]. - The average market price for vitamin E in Q4 was 141 RMB/kg, up 130% year-on-year, while vitamin C was 29 RMB/kg, up 48% year-on-year [2]. Strategic Development - The company is advancing its projects in the nutrition sector, including a 300,000-ton/year methionine project and an 18,000-ton/year liquid methionine project in partnership with Sinopec [3]. - The company is also enhancing its technical and industrial platforms to support innovation in functional chemicals [3]. Profit Forecast and Valuation - The projected net profits for 2024 to 2026 are 5.87 billion, 6.55 billion, and 7.03 billion RMB respectively, with corresponding P/E ratios of 11.55, 10.36, and 9.64 [4].
新和成(002001) - 2024 Q4 - 年度业绩预告
2025-01-21 09:30
Financial Performance - The company expects a net profit attributable to shareholders of 580,000,000 CNY for 2024, representing a 114.48% increase compared to the previous year[3] - The net profit after deducting non-recurring gains and losses is projected to be 570,000,000 CNY, reflecting a growth of 118.04% year-on-year[3] - Basic earnings per share are estimated at 1.89 CNY, compared to 0.87 CNY in the same period last year, indicating a significant increase[3] Market Strategy - The company aims to expand market share through enhanced sales of its nutritional products, which have seen increased sales volume and prices compared to the previous year[5] - Future strategies include a focus on integrated, series, and collaborative development, emphasizing "Chemical +" and "Biological +" as core strategic directions[5] - The company is committed to sustainable high-quality development by extending its industrial chain and deepening its global marketing network[6] Technical Development - The company plans to strengthen its technical and industrial platforms, enhancing advanced equipment introduction and cooperation[6] - The company is actively exploring opportunities in strategic emerging industries such as plant protection, new energy, energy conservation, and environmental protection[6] Risk Management - The financial data presented is preliminary and has not been audited by registered accountants, highlighting the need for caution among investors[7] - The company emphasizes a proactive approach to risk management while pursuing growth opportunities in various sectors[5]
新 和 成(002001) - 特别分红权益分派实施公告
2025-01-14 16:00
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")特别分红权益分派方案已获 2025 年 1 月 7 日召开的 2025 年第一次临时股东大会审议通过,现将权益分派事 宜公告如下: 一、股东大会审议通过利润分配及资本公积转增股本方案情况 证券代码:002001 证券简称:新和成 公告编号:2025-002 1、2025 年 1 月 7 日召开的 2025 年第一次临时股东大会审议通过《关于特 别分红方案的议案》,股东大会决议公告刊登于《中国证券报》《证券时报》《上 海证券报》和巨潮资讯网(www.cninfo.com.cn)。本次利润分配方案实施时,如 享有利润分配权的股本总额发生变动,则以实施利润分配方案的股权登记日的总 股本为基数,按照分配比例不变的原则,相应调整分配总额。 浙江新和成股份有限公司 2、本次实施的分配方案披露至实施期间公司股本总额未发生变化。 特别分红权益分派实施公告 3、本次实施的分配方案与 2025 年第一次临时股东大会审议通过的分配方案 及其调整原则一致。 4、本次实施分配方案距 2025 年第 ...
新 和 成(002001) - 浙江天册律师事务所关于浙江新和成股份有限公司2025年第一次临时股东大会的法律意见书
2025-01-07 16:00
法律意见书 浙江天册律师事务所 关于 浙江新和成股份有限公司 2025 年第一次临时股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话:0571-87901111 传真:0571-87901500 法律意见书 浙江天册律师事务所 关于浙江新和成股份有限公司 编号:TCYJS2024H2061 号 致:浙江新和成股份有限公司 根据《中华人民共和国证券法》以下简称("证券法")、《中华人民共和国 公司法》(以下简称"公司法")和中国证券监督管理委员会关于《上市公司股东 大会规则》(以下简称"股东大会规则")等法律、法规和其他有关规范性文件的 要求,浙江天册律师事务所(以下简称"本所")接受浙江新和成股份有限公司(以 下简称"新和成"或"公司")的委托,指派本所律师参加新和成 2025 年第一次 临时股东大会,并出具本法律意见书。 本法律意见书仅供新和成 2025 年第一次临时股东大会之目的使用。本所律师 同意将本法律意见书随新和成本次股东大会其他信息披露资料一并公告。 本所律师根据《股东大会规则》第五条的要求,按照律师行业公认的业务标准、 道德规范和勤勉尽责的精神 ...
新 和 成(002001) - 2025年第一次临时股东大会决议公告
2025-01-07 16:00
证券代码:002001 证券简称:新和成 公告编号:2025-001 浙江新和成股份有限公司 2025 年第一次临时股东大会决议公告 5、现场会议主持人:董事长胡柏藩先生 6、网络投票时间:通过深圳证券交易所交易系统进行网络投票的具体时间 为:2025年1月7日上午9:15-9:25、9:30-11:30,下午13:00-15:00;通过深圳证 券交易所互联网投票系统投票的具体时间为:2025年1月7日上午9:15至下午15:00 期间的任意时间。 7、本次会议的召集、召开与表决程序符合有关法律法规和《公司章程》的 规定。 二、会议出席情况 本公司及董事会全体成员保证信息披露内容的真实、准确和完整,没有虚假 记载、误导性陈述或重大遗漏。 重要提示: 本次会议召开期间未增加、否决或变更提案的情况。 一、会议召开和出席情况 1、会议召集人:公司董事会 2、会议方式:本次股东大会采取现场投票与网络投票相结合的方式 3、现场会议时间:2025 年 1 月 7 日(星期二)14:30 4、现场会议地点:公司总部会议室(浙江省新昌县七星街道新昌大道西路 418 号) 1、会议出席的情况:参加本次现场会议及网络投票的股东和 ...
新和成:技术赋能、多元发展,成就中国精细化工翘楚
Shanxi Securities· 2024-12-27 08:50
Investment Rating - The report initiates coverage on Newand (002001 SZ) with a Buy-B rating [1] Core Views - Newand is a leader in China's fine chemical industry, leveraging its strong technical capabilities to break through high-value-added, high-barrier, and large-capacity products [1] - The company has established leading technical strengths in vitamins, methionine, flavors and fragrances, and PPS, with significant cost advantages and a rich product portfolio [1] - Newand's profitability has consistently ranked at the top of the A-share chemical sector [1] Financial Projections and Valuation - Revenue is projected to grow from 21 226 billion yuan in 2024 to 27 698 billion yuan in 2026, with year-over-year growth rates of 40 4%, 15 1%, and 13 4% respectively [4] - Net profit attributable to shareholders is expected to increase from 5 376 billion yuan in 2024 to 6 861 billion yuan in 2026, with year-over-year growth rates of 98 8%, 13 3%, and 12 6% respectively [4] - EPS is forecasted to be 1 75 yuan, 1 98 yuan, and 2 23 yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 12 6x, 11 1x, and 9 9x [4] Business Segments Vitamins - Newand is a leader in the vitamin industry, with vitamin A and E capacities of 8,000 tons and 60,000 tons, accounting for 14 8% and 21 43% of global capacity, respectively [34] - The company benefits from tight supply and rising prices in the vitamin market, driven by factors such as DSM's exit from the animal nutrition business and BASF's production disruptions [18][152] - Newand's vitamin E net profit margin remained high at 28% in 2023, despite price pressures, due to cost reductions in key intermediates like citral and linalool [18] Methionine - Newand has become a global leader in methionine, with a solid methionine capacity of 300,000 tons and plans to build an 180,000-ton liquid methionine project [15][190] - The company's methionine business achieved a net profit margin of 37% in the first half of 2024, contributing 33% of revenue and 53% of net profit [190] - The liquid methionine project, expected to be completed by the end of 2024, is projected to generate 1 382 billion yuan in revenue and 511 million yuan in net profit at full capacity [190] Flavors and Fragrances - Newand is the largest domestic flavors and fragrances company, with a diverse product portfolio and a strong market position [15] - The global flavors and fragrances market is recovering, with domestic exports growing by over 20% in 2024, benefiting Newand's business [15][193] - The company's flavors and fragrances segment has shown an upward trend in gross margin, driven by economies of scale [15] New Materials - Newand is a pioneer in the domestic PPS market and is expanding into the PA66 industry, with significant growth potential [2][20] - The company's PPS capacity is 22,000 tons, and it is investing in a 480,000-ton PA66 project in Zhejiang, which is expected to generate 14 5 billion yuan in revenue and 2 1 billion yuan in net profit at full capacity [20][53] Industry Insights Vitamins - The vitamin industry is highly concentrated, with high technical barriers and stable competition [18] - Supply-side disruptions, such as BASF's production issues and DSM's exit, have driven up vitamin prices, benefiting domestic leaders like Newand [18][152] - The vitamin E market is expected to remain strong, even if BASF resumes production, due to aging facilities and reliance on imports [155] Methionine - Methionine is a key feed additive with a global market size of over 32 5 billion yuan, and domestic companies are increasing their market share through technological breakthroughs [172][174] - Newand's integration with Sinopec's Zhenhai refinery provides cost advantages for its liquid methionine project, enhancing its competitiveness [190] Flavors and Fragrances - The global flavors and fragrances market is highly concentrated, with the top four companies accounting for over 50% of the market [193] - Domestic companies like Newand are benefiting from the shift of global production and R&D to emerging markets, as well as the recovery in global demand [193] New Materials - The PPS and PA66 markets are growing, driven by demand from industries such as new energy vehicles and consumer electronics [2][20] - Newand's investments in PPS and PA66 are expected to strengthen its position in the high-performance materials market [20][53]
新和成:关于第四期员工持股计划存续期即将届满的提示性公告
2024-12-25 09:32
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,占公司当时总股本的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。 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(以下简称"员工持股计划")的存续期将于 2025年6月25日届满,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》和《深圳证券交易所上市公司自律监管指引第1号 ...
新和成推出特别分红方案,上市20年来每年都分红,累计分红率超40%,派现额两倍于募资
Group 1 - The company announced a special dividend plan, proposing a cash dividend of 2 yuan per 10 shares, totaling 615 million yuan [1] - The dividend is aimed at enhancing stability, sustainability, and predictability in dividends, in line with relevant policy spirits [1] - The company has consistently returned value to shareholders through dividends since its listing, with a total dividend amount of 13.97 billion yuan since 2004, representing over 40% of net profit [1] Group 2 - The company reported a cumulative net profit of 34.2 billion yuan since its listing, with a revenue of 15.782 billion yuan in the first three quarters of this year, marking a year-on-year growth of 43.31% [1] - The number of shareholders decreased by 2.1% to 84,564 by the end of the third quarter, continuing a trend of decline for five consecutive quarters [2] - Major institutional investors dominate the top ten circulating shareholders, with the National Social Security Fund ranking as the third-largest shareholder [2]
新和成:关于特别分红方案的公告
2024-12-18 09:47
证券代码:002001 证券简称:新和成 公告编号:2024-047 浙江新和成股份有限公司 为积极响应《国务院关于加强监管防范风险推动资本市场高质量发展的若干 意见》关于"增强分红稳定性、持续性和可预期性,推动一年多次分红、预分红、 春节前分红"等相关规定及政策精神,基于对公司未来发展的信心,为提升公司 投资价值,与广大投资者共享公司经营发展成果,增强投资者获得感,在确保公 司持续稳健经营及长远发展的前提下,现拟定特别分红方案如下: 根据公司 2024 年三季度报表(未经审计),公司 2024 年前三季度实现合并 报表中归属于上市公司股东的净利润为人民币 3,989,518,788.01 元,其中母公司 实现净利润为人民币 1,812,518,020.37 元。截至 2024 年 9 月 30 日,公司可供股 东分配的利润为 5,567,078,182.00 元。 拟以公司现有总股本 3,073,421,680 股为基数,向全体股东每 10 股派发现金 红利 2 元(含税),送红股 0 股(含税),不以资本公积金转增股本。合计派发 现金 614,684,336.00 元,其余可供股东分配的利润 4,952, ...