证券研究报告 新和成 (002001 CH) 净利同比预增,主产品景气有所复苏 投资评级(维持): 增持 目标价(人民币): 22.61 华泰研究 公告点评 2024 年 7 月 11 日│中国内地 化学制品 24H1 预计实现归母净利 20.8-22.2 亿元,维持"增持"评级 公司于 7 月 11 日发布 24 年半年度预告,24H1 预计实现归母净利润 20.8-22.2 亿元,同比增长 40%-50%,扣非归母净利 20.6-22.0 亿元,同比 增长 50%-60%,其中 Q2 预计实现归母净利润 12.1-13.5 亿元,同比增长 44%-61%。我们预计 24-26 年归母净利为 41/46/52 亿元,对应 EPS 为 1.33/1.50/1.68 元,结合可比公司 24 年平均 17 倍的 Wind 一致预期 PE, 给予公司 24 年 17 倍 PE 估值,给予目标价 22.61 元,维持"增持"评级。 营养品板块主产品量价同比增长,推动 24H1 业绩增长 24H1 公司实现业绩增长,主要系营养品业务板块主要产品的销售数量、价 格较上年同期增长。据博亚和讯,24H1 公司主营产品维生素 ...

Financial Performance Forecast - The estimated net profit attributable to shareholders for the first half of 2024 is projected to be between 207.652 million and 222.484 million CNY, representing a year-on-year increase of 40% to 50% from 148.323 million CNY [3]. - The estimated net profit after deducting non-recurring gains and losses is expected to be between 206.283 million and 220.035 million CNY, reflecting a year-on-year growth of 50% to 60% from 137.522 million CNY [3]. - The basic earnings per share are projected to be between 0.67 CNY and 0.72 CNY, compared to 0.48 CNY per share in the same period last year [3]. Performance Drivers - The growth in performance is attributed to an increase in both sales volume and prices of the main products in the nutrition business segment compared to the same period last year [4]. Financial Reporting and Risks - The financial data in this earnings forecast has not been audited by a registered accounting firm [4]. - The performance forecast is based on preliminary calculations by the company's finance department, and specific financial data will be disclosed in the 2024 semi-annual report [5]. - Investors are advised to pay attention to investment risks associated with this earnings forecast [5].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance [4][7]. Core Views - The vitamin industry has been at a low point for the past two years, but there are signs of recovery as downstream farming profits improve and exports increase. The company, as a leading global vitamin producer, is expected to benefit from this recovery [4][5]. - Recent price increases for various vitamins, including a rise in the average price of VA to 83 RMB/kg and VE to 74 RMB/kg, suggest a strengthening market. The overall vitamin supply-demand dynamics are anticipated to improve [5][6]. - The company is positioned as a leader in the vitamin market, with significant production capacities for VA and VE, and is also expanding into methionine production, which is expected to contribute to profit growth [6][7]. Summary by Sections Company Information - The company operates in the pharmaceutical and biotechnology sector, with a current stock price of 19.16 RMB and a market capitalization of 58.524 billion RMB. The stock has seen a 29.7% increase over the past year [1][2]. Recent Ratings - The company has received "Trading Buy" ratings in previous reports, with the latest rating issued on August 30, 2023, at a closing price of 15.99 RMB [2]. Product Portfolio - The company's product mix includes 65.3% nutrition products, 21.7% flavor and fragrance products, 7.9% new materials, and 5.1% other categories [2]. Price Trends and Market Dynamics - Vitamin prices have shown signs of recovery, with significant increases noted in June 2024. The report highlights that the demand for vitamins, particularly as feed additives, is expected to rise due to improved farming profits [5][6]. Financial Projections - The company is projected to achieve net profits of 36 billion RMB in 2024, 45 billion RMB in 2025, and 55 billion RMB in 2026, reflecting year-on-year growth rates of 33%, 24%, and 23% respectively. The estimated earnings per share (EPS) for these years are 1.17 RMB, 1.44 RMB, and 1.77 RMB [7][8].

本资产评估报告依据中国资产评估准则编制 浙江新和成股份有限公司拟进行股权转 让涉及的琼海博鳌丽都置业有限公司 股东全部权益价值评估项目 资 产 评 估 报 告 坤元评报〔2024〕491 号 （共一册 第一册） 坤元资产评估有限公司 2024 年 6 月 13 日 | 报告编码: | 3333020001202400545 | | --- | --- | | 合同编号: | H-HZ24-000635 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 坤元评报(2024) 491号 | | 报告名称: | 浙江新和成股份有限公司拟进行股权转让涉及的琼 海博鳌丽都置业有限公司股东全部权益价值评估项 | | | 目资产评估报告 | | 评估结论: | 82,791,016.25元 | | 评估报告日: | 2024年06月13日 | | 评估机构名称: | 坤元资产评估有限公司 | | 签名人员: | 周敏 (资产评估师) 会员编号:33050007 | | | 袁满意 (资产评估师) 会员编号:33100006 | | | Comments of the Comments of Chil ...

为进一步优化公司资产，完善产业结构，聚焦精细化工主业，提高盈利水平 和资产质量。公司将全资子公司琼海博鳌丽都置业有限公司（以下简称"丽都置 业"）100%股权以人民币 8,279.10 万元的价格出售给新和成控股集团有限公司 （以下简称"新和成控股公司"）。 证券代码：002001 证券简称：新和成 公告编号：2024-026 浙江新和成股份有限公司 关于出售资产暨关联交易的公告 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。 一、交易概述 浙江新和成股份有限公司（以下简称"公司"或"本公司"）于2024年6月 18日召开第九届董事会第五次会议，以5票同意，0票反对，0票弃权审议通过了 《关于出售资产暨关联交易的议案》，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。本事项在提交董事会审议前已经独立董事 专门会议审议通过。 丽都置业为公司全资子公司，经坤元资产评估有限公司评估，截至 2024 年 4 月 30 日，采用资产基础法对丽都置业的全部股东权益评估值为 82,791,016.25 元，本次交易价格为评估价值，即 8,279.10 ...

证券代码：002001 证券简称：新和成 公告编号：2024-025 浙江新和成股份有限公司 第九届董事会第五次会议决议公告 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。 特此公告。 浙江新和成股份有限公司董事会 2024 年 6 月 19 日 浙江新和成股份有限公司（以下简称"公司"）第九届董事会第五次会议于 2024 年 6 月 13 日以电子邮件方式发出会议通知，于 2024 年 6 月 18 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： 会议以 5 票同意，0 票反对，0 票弃权审议通过《关于出售资产暨关联交易 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，本议案已经独立董事专门会议审议通过。 为进一步优化公司资产，完善产业结构，聚焦精细化工主业，提高盈利水平 和资产质量。董事会同意将全资子公司琼海博鳌丽都置业有限公司 100%股权以 人民币 8,279.10 万元的价格出售给控股股东新和成控股集团有限公司。 《关于出售资产暨关联 ...

医药生物 | 证券研究报告 — 调整盈利预测 2024年5月30日 002001.SZ 新和成 买入 维生素及蛋氨酸价格上涨，新项目持续推进 原评级：买入 市场价格:人民币 18.92 公司发布2023年年报，2023年实现营收151.17亿元，同比下降5.13%；实现归母净利润27.04 亿元，同比下降 25.30%；其中 23Q4 实现营收 41.04 亿元，同比增长 2.00%，环比增长 板块评级:强于大市 14.21%；实现归母净利润6.03亿元，同比下降1.02%，环比下降2.42%。公司发布2024年一 季报，24Q1实现营收 44.99亿元，同比增长 24.54%，环比增长 9.61%；实现归母净利润 8.70 本报告要点 亿元，同比增长 35.21%，环比增长 44.21%。公司拟向全体股东每 10股派发 4.50元的现金分 红。看好维生素、蛋氨酸价格上涨带来的业绩增长，新项目持续推进，维持买入评级。  2024 年一季度公司业绩同环比提升，看好 支撑评级的要点 维生素、蛋氨酸价格上涨带来的业绩增  24Q1业绩同环比增长。2023年公司营收及归母净利润同比下降，毛利率为 32.98%（同 ...

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：2024-003 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 □路演活动 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、董事会秘书、财 务总监：石观群 其他与会人员： 上海石峰资产 世诚投资 东方基金 东海基金 东海证券资产 中再资产 中庚基金 中海基金 中银国际资管 中银基金 交银施罗德 健顺投资 光大资管 兴业基金 活动参与人员 兴全基金 咸和资管 农银汇理 凯丰投资 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [7]. Core Insights - The company's performance in 2023 met expectations, with a notable rebound in the nutrition segment and steady expansion of its "Chemical+" and "Biological+" platforms [7]. - The company reported a revenue of 15.117 billion yuan in 2023, a year-on-year decrease of 5.13%, and a net profit of 2.704 billion yuan, down 25.3% year-on-year [7]. - In Q1 2024, the company achieved a revenue of 4.499 billion yuan, reflecting a year-on-year increase of 24.54%, and a net profit of 870 million yuan, up 35.21% year-on-year [7]. Summary by Sections Financial Performance - The company reported a total revenue of 15.117 billion yuan in 2023, with a net profit of 2.704 billion yuan [8]. - For Q1 2024, the revenue was 4.499 billion yuan, and the net profit was 870 million yuan, indicating strong growth compared to the previous year [8]. - The average gross margin for 2023 was 32.98%, down 3.96 percentage points year-on-year [7]. Product Segments - The nutrition segment generated revenue of 9.867 billion yuan in 2023, down 9.9% year-on-year, with a gross margin of 29.91% [7]. - The flavor and fragrance business saw revenue growth of 10.35% year-on-year, reaching 3.274 billion yuan, with a gross margin of 50.51% [7]. - The new materials segment reported revenue of 1.202 billion yuan, up 3.1% year-on-year [7]. Market Trends - The vitamin market showed signs of recovery in Q1 2024, with average prices for key products increasing compared to the previous quarter [7]. - The company is actively expanding its production capacity and investing in new projects, including a joint venture for liquid methionine production [7]. Future Projections - The company forecasts net profits of 4.157 billion yuan for 2024, 5.045 billion yuan for 2025, and 6.041 billion yuan for 2026, with corresponding PE ratios of 15X, 12X, and 10X [8].

证券代码：002001 证券简称：新和成 公告编号：2024-023 浙江新和成股份有限公司 2023 年年度权益分派实施公告 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。 特别提示： 截至本公告日，浙江新和成股份有限公司（以下简称"本公司"或"公司"） 总股本为 3,090,907,356 股，公司回购专用证券账户持有公司股份 17,485,676 股， 根据《上市公司股份回购规则》的规定，回购专用证券账户股份不享有利润分配 和资本公积金转增股本的权利。本次权益分派实施后，按公司总股本（含回购股 份）折算每 10 股现金分红（含税）比例及除权除息参考价如下： 公司本次实际现金分红总金额（含税）=实际参与分配股本×分配比例，即 1,383,039,756.00元（含税）=3,073,421,680股×0.45元/股（含税）；按公司总股本 （含回购股份）折算的每10股现金分红（含税）比例=本次实际现金分红总金额 ÷总股本（含回购股份）×10，即4.474542元（含税）=1,383,039,756.00（含税） ÷3,090,907,356股×10 本次权益分 ...