Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in 2024, with total revenue reaching 21.61 billion yuan, a year-on-year increase of 42.95%, and a net profit attributable to shareholders of 5.87 billion yuan, up 117.01% year-on-year [4] - The first quarter of 2025 is expected to see a net profit of 1.8 billion to 1.9 billion yuan, representing a year-on-year growth of 107% to 118% [5] - The nutrition segment's performance was boosted by the release of new production capacity for methionine and a recovery in demand from the aquaculture industry, alongside supply constraints from major international manufacturers [6][7] Summary by Sections Financial Performance - In 2024, the nutrition segment generated revenue of 15.06 billion yuan, a 52.58% increase year-on-year, accounting for 69.67% of total revenue [6] - The average market prices for key products such as vitamins A, E, C, and methionine saw significant increases, supporting revenue growth [6] - The company expects net profits for 2025-2027 to be 6.52 billion, 7.33 billion, and 8.03 billion yuan respectively, with corresponding P/E ratios of 10, 9, and 8 [10] Production Capacity and Projects - The company has fully released its 300,000-ton methionine production capacity, contributing to profit growth [7] - Ongoing projects include an 18,000-ton liquid methionine project and various expansions in the flavor and fragrance segment [9] Market Dynamics - The recovery in the pig farming industry and significant export growth have notably increased demand for vitamins A, E, and C, with export volumes rising by 28.96%, 35.82%, and 5.58% respectively [6] - The company is actively expanding its product matrix and enhancing its core competitiveness through various projects [9]

Investment Rating - The investment rating for the company has been upgraded to "Buy" due to a significant recovery in industry conditions and the company's position as a leading enterprise benefiting from this trend [2][5]. Core Views - The company's revenue for 2024 is projected to reach 21.61 billion yuan, representing a year-on-year growth of 43.0%. The net profit attributable to the parent company is expected to be 5.87 billion yuan, a 117.0% increase compared to the previous year [4][8]. - The recovery in the vitamin industry, particularly for Vitamin A and E, has led to a notable increase in prices, which has positively impacted the company's gross margin, reaching 43.18%, an increase of 13.27 percentage points from 2023 [8]. - The company is expected to continue benefiting from the increasing domestic share of the vitamin market, which has risen to approximately 86% in 2024, as overseas production declines due to various factors [8]. - New projects, such as the methionine project in collaboration with Sinopec, are anticipated to drive sustained growth for the company [8]. Financial Summary - Revenue (in million yuan): - 2023A: 15,117 - 2024A: 21,610 - 2025E: 23,641 - 2026E: 24,826 - 2027E: 26,496 - Year-on-year growth rates: - 2024: 43.0% - 2025: 9.4% - 2026: 5.0% - 2027: 6.7% [4][11] - Net profit (in million yuan): - 2023A: 2,704 - 2024A: 5,869 - 2025E: 6,271 - 2026E: 6,295 - 2027E: 6,957 - Year-on-year growth rates: - 2024: 117.0% - 2025: 6.9% - 2026: 0.4% - 2027: 10.5% [4][11] - Earnings per share (in yuan): - 2023A: 0.88 - 2024A: 1.91 - 2025E: 2.04 - 2026E: 2.05 - 2027E: 2.26 [4][11] - Target price is set at 28.56 yuan based on a 14x average PE ratio of comparable companies for 2025 [2][5].

Investment Rating - The investment rating for the company has been upgraded to "Buy" due to the significant recovery in the vitamin industry and the company's strong performance as a leading enterprise in the sector [2][5]. Core Views - The company reported a substantial increase in performance, with a revenue of 21.61 billion yuan in 2024, representing a year-on-year growth of 42.95%. The net profit attributable to the parent company reached 5.87 billion yuan, a year-on-year increase of 117.01%. This growth is primarily driven by the recovery in the vitamin A and E markets, which led to a notable increase in product prices and an improvement in the gross margin of the nutrition products segment to 43.18%, up 13.27 percentage points from 2023 [8]. - The vitamin production in China has been steadily increasing, accounting for approximately 86% of the total output by 2024. The decline in production from overseas companies due to various factors has contributed to the recovery of the vitamin industry, benefiting leading companies like this one [8]. - The company is pursuing new projects in collaboration with upstream petrochemical companies, such as the methionine project and nylon new materials project, which are expected to drive sustainable growth [8]. Financial Information Summary - Revenue (million yuan): 2023A: 15,117; 2024A: 21,610; 2025E: 23,641; 2026E: 24,826; 2027E: 26,496 [4] - Year-on-year growth in revenue: 2024A: 43.0%; 2025E: 9.4%; 2026E: 5.0%; 2027E: 6.7% [4] - Net profit attributable to the parent company (million yuan): 2023A: 2,704; 2024A: 5,869; 2025E: 6,271; 2026E: 6,295; 2027E: 6,957 [4] - Earnings per share (yuan): 2023A: 0.88; 2024A: 1.91; 2025E: 2.04; 2026E: 2.05; 2027E: 2.26 [4] - Target price set at 28.56 yuan based on a 14x average PE ratio of comparable companies [2].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002001 证券简称：新和成 公告编号：2025-023 浙江新和成股份有限公司 回购股份报告书 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。 重要内容提示： 1、本次回购事项已经浙江新和成股份有限公司（以下简称"公司"）第九届董事会第十一次会议审议通 过，以自有资金或回购专项贷款以集中竞价交易的方式回购公司部分社会公众股份，回购股份用于实施 股权激励计划或员工持股计划。本次回购金额区间为30,000万元-60,000万元，回购价格不超过人民币32 元/股。按本次回购资金总额上下限测算，预计回购股份区间为9,375,000股-18,750,000股，占公司总股 本的比例区间为0.31%-0.61%。具体回购股份的数量以回购期满时实际回购的股份数量为准。本次回购 股份期限为自董事会审议通过本回购方案之日起12个月。公司已在中国证券登记结算有限责任公司深圳 分公司开立回购专用证券账户。 2、风险提示： （1）本次回购方案可能面临因回购期限内公司股票价格持续超出回购价格上限等原因，导致本次回购 方案无法 ...

| About this Report | 01 | | --- | --- | | Message from the Chairman | 03 | | About NHU | 05 | | --- | --- | | Company Profile | 05 | | Corporate Culture | 07 | | Company Honors | 08 | | ESG Strategy and Governance | 09 | | --- | --- | | | 9 | | ESG Strategy | 09 | | ESG Governance | 12 | | Stakeholder Engagement | 13 | | dentification and Analysis of Material Topics | 15 | | Superior Products | | | --- | --- | | Digital and Intelligent Empowerment | 19 | | Innovation-driven Development | 23 | | Compliance ...

证券代码：002001 证券简称：新和成 公告编号：2025-024 浙江新和成股份有限公司 关于回购股份事项前十名股东持股信息的公告 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。 浙江新和成股份有限公司（以下简称"公司"）于 2025 年 4 月 11 日召开第 九届董事会第十一次会议审议通过《关于回购公司股份方案的议案》。根据《公 司章程》的相关规定，本次回购股份事项无需提交公司股东大会审议。具体内容 详 见 公 司 2025 年 4 月 15 日 在 指 定 信 息 披 露 媒 体 及 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上刊登的相关公告。 | 序号 | 股东名称 | 持股数量（股） | 占 总 股 本 的 比 例 | | | --- | --- | --- | --- | --- | | | | | （%） | | | 8 | 中国建设银行股份有限公司－ 易方达沪深 交易型开放式 300 | 19,580,531 | | 0.64 | | | 指数发起式证券投资基金 | | | | | 9 | 上海重阳战略投资有限 ...

2、风险提示： （1）本次回购方案可能面临因回购期限内公司股票价格持续超出回购价格 上限等原因，导致本次回购方案无法实施或只能部分实施的风险。 回购股份报告书 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。 重要内容提示： 1、本次回购事项已经浙江新和成股份有限公司（以下简称"公司"）第九 届董事会第十一次会议审议通过，以自有资金或回购专项贷款以集中竞价交易的 方式回购公司部分社会公众股份，回购股份用于实施股权激励计划或员工持股计 划。本次回购金额区间为 30,000 万元-60,000 万元，回购价格不超过人民币 32 元/股。按本次回购资金总额上下限测算，预计回购股份区间为 9,375,000 股 -18,750,000 股，占公司总股本的比例区间为 0.31%-0.61%。具体回购股份的数量 以回购期满时实际回购的股份数量为准。本次回购股份期限为自董事会审议通过 本回购方案之日起 12 个月。公司已在中国证券登记结算有限责任公司深圳分公 司开立回购专用证券账户。 证券代码：002001 证券简称：新和成 公告编号：2025-023 浙江新和成股份有限公司 ...

化学原料药 新和成（002001.SZ） 买入-B(维持) 营养品量价齐升推动业绩高增，主要产品受豁免，关税影响有限 2025 年 4 月 17 日 公司研究/公司快报 公司近一年市场表现 事件 市场数据：2025 年 4 月 16 日 收盘价（元）： 21.80 年内最高/最低（元）： 25.00/17.20 公司公布 2024 年年报及 25 年一季度预告，业绩高增。公司公布 2024 年年报数据，2024 年公司实现营收 216.10 亿元，同比增长 42.95%，实现归 母净利润 58.69 亿元，同比增长 117.01%。第四季度公司实现营收 58.28 亿元， 同比增长 41.99%，环比下降 1.84%。实现归母净利润 18.79 亿元，同比增长 211.60%，环比增长 5.26%。2024 年全年毛利率为 41.78%，同比上升 8.80pct； 净利率为 27.29%，同比上升 9.26pct。2024 年第四季度毛利率为 47.84%，同 比上升 16.40pct，环比上升 4.28pct；净利率为 32.40%，同比上升 17.63pct， 环比上升2.22pct。公司预告2025年第 ...

化学原料药 新和成（002001.SZ） 买入-B(维持) | 年 月 市场数据：2025 4 | 日 16 | | --- | --- | | 收盘价（元）： | 21.80 | | 年内最高/最低（元）： | 25.00/17.20 | | 流通A股/总股本（亿）： | 30.37/30.73 | | 流通 A 股市值（亿）： | 662.07 | | 总市值（亿）： | 670.01 | | 基础数据：2024 年 | 12 月 | 31 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 1.91 | | 摊薄每股收益(元)： | | | 1.91 | | 每股净资产(元)： | | | 9.58 | | 净资产收益率(%)： | | | 20.03 | 资料来源：最闻 冀泳洁 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 执业登记编码：S0760524090001 邮箱：wangrui1@sxzq.com 营养品量价齐升推动业绩高增，主要产品受豁免，关税影响有限 2025 年 4 月 17 日 公司研究 ...

事件 公司公布2024 年年报及25 年一季度预告，业绩高增。公司公布2024年年报数据，2024 年公司实现营收 216.10 亿元，同比增长42.95%，实现归母净利润58.69 亿元，同比增长117.01%。第四季度公司实现营 收58.28 亿元，同比增长41.99%，环比下降1.84%。实现归母净利润18.79 亿元，同比增长211.60%，环 比增长5.26%。2024 年全年毛利率为41.78%，同比上升8.80pct；净利率为27.29%，同比上升9.26pct。 2024 年第四季度毛利率为47.84%，同比上升16.40pct，环比上升4.28pct；净利率为32.40%，同比上升 17.63pct，环比上升2.22pct。公司预告2025 年第一季度业绩，预计实现归母净利润18-19亿元，同比增 长107%~118%，环比变化-4%~1%。 主要维生素品种均在豁免清单，"对等关税"影响有限。根据公司4 月8日互动易，公司主要维生素系列 产品VE 系列、VA 系列、VC 系列、VAD3系列、VB 系列，辅酶Q10 系列均在此次关税豁免清单中，公 司出口美国的销售收入占总营业收入比重在10%以 ...