来源：公司年报、国金证券研究所 新和成 (002001.SZ) 增持(维持评级) 公司点评 证券研究报告 业绩简评 2024 年 10 月 23 日公司发布了 2024 年 3 季度报告，公司前三季 度实现营业总收入 157.8 亿元，同比增长 43.3%；归母净利润为 39.9 亿元，同比增长 89.9%。其中 3 季度单季度实现营业总收入 59.4 亿元，同比增长 65.2%，环比增长 11.1%；归母净利润为 17.9 亿元，同比增长 188.9%，环比增长 33.8%。 经营分析 维生素价格上涨，公司盈利能力快速提升。在行业供需改善的背 景下，维生素价格步入上行周期，博亚和讯数据显示今年 3 季度 维生素 E、维生素 A 和维生素 C 的市场均价分别为 124.5、193.1、 26.5 元/千克，价格同比提升幅度分别为 78%、131%、30%；其中维 生素 A 和维生素 C 环比今年 2 季度价格提升幅度分别为 77%、123%。 随着产品价格的上涨公司盈利能力也开始持续改善，2024 年 3 季 度公司销售毛利率为 43.6%，同比提升 8.3pct、环比提升 4.7pct； 销售净利率为 30 ...

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]

1 华安研究•拓展投资价值 年生活动 HUAN SECURITIES 证券研究报告 新和成：维生素景气向上，新材料加速 布局 | --- | --- | --- | |-------|--------------------------------------------|----------------| | | 分析师 王强峰 S0010522110002 | | | | 电话： 13621792701 邮箱： wangqf@hazq.com | | | | 分析师 刘天其 S0010524080003 | | | | 电话： 17321190296 邮箱： liutq@hazq.com | | | | 2024年10月16 日 | 华安证券研究所 | 华安证券研究所 证券研究报告 2 华安证券研究所 华安研究•拓展投资价值 ◼ 核心观点 ➢ 研发能力筑最强护城河，从维生素走向多元化发展。公司是国内精细化工头部企业，经过二十余年的发展，以维生素产业 链为核心，逐步发展成营养品、香精香料、高端新材料、原料药四大板块，形成化学+和生物+两大发展平台。研发能力是 公司的最强护城河，公司先后突破异佛尔酮、芳樟醇、 ...

新和成（002001.SZ）：营养品板块 增长较好，新项目建设有序推进 新和成发布 2024 年中报：公司 2024 年上半年实现营业收入 98.45 亿元， YoY+32.70%，归母净利润 22.04 亿元，YoY+48.62%。 维生素、蛋氨酸等营养品板块的核心产品量价齐升，带动业绩增长。从收入端 看，2024 年上半年，公司蛋氨酸项目产能释放，已实现 30 万吨/年产品正常 生产、销售，叠加维生素产品市场价格反弹，带动公司营养品板块营收 66.80 亿元，同比增长 38.30%；香精香料板块营收 19.25 亿元，同比增长 17.94%； 新材料板块营收 7.22 亿元，同比增长 24.89%。从利润端看，2024 年上半年 公司综合毛利率同比提升 4.37 个百分点至 37.11%，带动公司净利润增长。 新产品、新项目的开发建设有序推进，公司产品体系进一步丰富。公司坚持一 体化、系列化、协同化的发展战略，以"化工+"和"生物+"两为大核心平台， 专注于营养品、香精香料、高分子新材料和原料药业务，不断发展各类功能性 化学品。公司近几年新项目建设较多：①营养品板块：30 万吨/年蛋氨酸项目 产能已经得到 ...

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 ...

证券代码：002001 证券简称：新和成 浙江新和成股份有限公司 投资者关系活动记录表 编号：2024-005 | --- | --- | |--------------|------------------------| | | □特定对象调研 □ | | | □媒体采访 □ | | 投资者关系活 | | | | □新闻发布会 □ | | 动类别 | | | | □现场参观 | | | 其他（策略会） | | | 上市公司接待人员姓名： | | | 董事、副总裁：王学闻 | | | | | | 证券部部长：王晓碧 | | | 其他与会人员： | | | 1、兴全基金 夏斯亭 | | | 2、富国基金 沈衡 | | | 3、汇添富 刘高晓 | | | 4、国泰基金 钱晓杰 | | | 5、申万菱信 周小波 | | 活动参与人员 | | | | 6、摩根基金 倪权生 | | | 7、嘉实基金 汤舒婷 | | | 8、鹏华基金 苏东 | | | 9、招商基金 赵宗原 | | | 10、银华基金 吴颖 | | | 11、重阳投资 贺建青 | | | 12、浙商资管 王圆 | | | 13、交银基金 张明晓 | | ...

2024 年 08 月 26 日 公司研究 评级：买入(维持) | --- | |--------------| | 研究所： | | 证券分析师： | | | | 证券分析师： | | | | 证券分析师： | | | [Table_Title] 主营产品高景气，2024Q2 业绩大幅提升 ——新和成（002001）2024 年半年报点评 最近一年走势 事件: 2024 年 8 月 23 日，新和成发布 2024 年半年度报告：2024 年上半年公 司实现营业收入 98.45 亿元，同比+32.70%；实现归母净利润 22.04 亿 元，同比+48.62%；实现扣非后归母净利润 21.57 亿元，同比+56.88%； 加权平均净资产收益率 8.58%，同比增加 2.49 个 pct。 2024 年 Q2 单季度，公司实现营业收入 53.46 亿元，同比+40.45%，环 比+18.83%；实现归母净利润为 13.35 亿元，同比+58.88%，环比 +53.48%；扣非后归母净利润 13.00 亿元，同比+64.81%，环比+51.61%； 经营活动现金流净额为 16.57 亿元。销售毛利率为 38.85% ...

证券研究报告 非金融公司|公司点评|新和成（002001） 成长迎景气共振，创新和成本兼优 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月24日 证券研究报告 |报告要点 公司发布半年报，2024H1 实现营业收入 98.45 亿元，同比+33%，实现归母净利润 22.04 亿元 （高于半年报预告中值的 21.51 亿元），同比+49%。上半年业绩大增主要受益于维生素景气抬 升和 30 万吨蛋氨酸产能释放，2024H1 VA/VE 均价分别为 84/68 元/公斤，同比分别-6%/-9%， 但价格趋势上行，6 月底瞬时价格已来到 88/79 元公斤。2024H1 蛋氨酸均价 21.7 元/公斤， 同比+26%。 |分析师及联系人 许隽逸 申起昊 SAC：S0590524060003 SAC：S0590524070002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月24日 新和成(002001) 成长迎景气共振，创新和成本兼优 | --- | --- | --- | |-------|------------|----- ...

2024 年 8 月 23 日 公司研究 蛋氨酸、维生素高景气，24Q2 业绩大幅增长 ——新和成（002001.SZ）2024 年半年报点评 买入（维持） 当前价：19.33 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 股价相对走势 市场数据 | --- | --- | |---------------------|-------------| | 总股本(亿股) | 30.91 | | 总市值(亿元)： | 597.47 | | 一年最低/最高(元)： | 14.94/23.15 | | 近 3 月换手率： | 59.56% | -17% -2% 13% 28% 43% 08/23 11/23 02/24 05/24 新和成 沪深300 % 1M 3M 1Y 相对 -0.72 10.42 37.65 绝对 -4.40 1.39 27.28 收益表现 资料来源：Wind 相关研报 蛋氨酸、维生素景气 ...

上 市 公 司 基础化工 公 司 研 究/ 公 司 点 评 | --- | --- | |------------------------------------|---------------------| | 市场数据： | 2024 年 08 月 22 日 | | 收盘价（元） | 19.33 | | 一年内最高/最低（元） | 23.15/15.30 | | 市净率 | 2.3 | | 息率（分红/股价） | 2.33 | | 流通 A 股市值（百万元） | 59,043 | | 上证指数/深证成指 | 2,848.77/8,162.18 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |--------------------------|----------------| | 基础数据: | 年 06 月 30 日 | | 每股净资产（元） | 8.30 | | 资产负债率% | 35.69 | | 总股本/流通 A 股（百万） | 3,091/3,054 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-2209-2210- ...