Investment Rating - The report maintains a "Buy-B" rating for the company [1] Core Views - The company has shown significant growth in its performance, with a revenue increase of 42.95% year-on-year to 21.61 billion yuan in 2024, and a net profit increase of 117.01% to 5.87 billion yuan [4][5] - The nutrition product segment has benefited from rising prices and volumes, driven by new production capacity and a recovery in the downstream aquaculture industry [5] - The company has effectively managed costs through innovation and optimization of production processes, contributing to improved operational performance [5] Financial Performance Summary - In 2024, the company achieved a gross margin of 41.78%, up 8.80 percentage points year-on-year, and a net margin of 27.29%, up 9.26 percentage points year-on-year [4] - The fourth quarter of 2024 saw a revenue of 5.83 billion yuan, a year-on-year increase of 41.99%, and a net profit of 1.88 billion yuan, a year-on-year increase of 211.60% [4] - The company forecasts a net profit of 1.8 to 1.9 billion yuan for the first quarter of 2025, representing a year-on-year growth of 107% to 118% [4] Future Projections - Revenue projections for 2025 to 2027 are 23.94 billion yuan, 26.27 billion yuan, and 28.65 billion yuan, with year-on-year growth rates of 10.8%, 9.7%, and 9.1% respectively [7] - Net profit projections for the same period are 6.32 billion yuan, 6.99 billion yuan, and 7.73 billion yuan, with year-on-year growth rates of 7.6%, 10.7%, and 10.6% respectively [7] - The report indicates an expected EPS of 2.06 yuan, 2.27 yuan, and 2.52 yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 10.8, 9.8, and 8.8 [7]

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 ...

首次覆盖，给予"推荐"评级。。 风险提示：产品价格大幅度下跌，项目进度不及预期，贸易关税风险。 各板块未来皆有增量，看好公司长期成长。新增量分板块看，营养品业务公司与中石化合作投建18 万 吨/年液体蛋氨酸项目已基本建设完成，正在做试车前准备工作，草铵膦项目中试顺利。香精香料板 块，系列醛项目、SA 项目、香料产业园一期项目稳步推进。新材料板块，PPS 新领域应用开发顺利； 天津尼龙新材料项目顺利推进大生产审批；HA 项目产品已正常生产、销售。原料药板块，氟烷、植物 醇整合项目有序进展，未来将根据市场需求升级产品结构，逐步发展成为解热镇痛类、营养类药品以及 特色原料药中间体生产商。随着各增量逐步落地，公司未来成长可期。 投资建议：预计2025-2027 年公司归母净利润为60.9/69.9/79.7 亿元。 事件：新和成发布2024 年年报和2025 年一季度业绩预告，2024 年公司实现营收216.1 亿元，同比 +43%，归母净利润58.7 亿元，同比+117%，公司拟每10 股派现5 元（含税）。25Q1 预计归母净利润为 18~19 亿元，同比+107%-118%。 24FY 营养品业务量价齐升，蛋氨 ...

上 市 公 司 基础化工 投资要点： 山东新和成药业实现净利润 13.62 亿元（YoY+17%），山东新和成氨基酸实现净利润 22.67 亿元 （YoY+114.8%）。公司全年平均销售毛利率 41.78%，同比提升 8.8pct，平均销售净利率 27.29%，同比 提升 9.26pct。2024 年全球维生素去库后迎来景气回暖，叠加巴斯夫装置问题，公司盈利持续提升。 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 15,117 | 21,610 | 24,821 | 25,771 | 26,626 | | 同比增长率（%） | -5.1 | 43.0 | 14.9 | 3.8 | 3.3 | | 归母净利润（百万元） | 2,704 | 5,869 | 7,197 | 7,533 | 8,048 | | 同比增长率（%） | -25.3 | 117.0 | 22.6 | 4.7 | 6.8 | | 每股收益（元/股） | 0.87 | 1.91 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown impressive performance due to high prices of vitamins and methionine, with a significant increase in revenue and net profit for 2024 and a strong forecast for Q1 2025 [1][5][8] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 21.6 billion yuan, a year-on-year increase of 43%, and a net profit attributable to shareholders of 5.87 billion yuan, up 117% year-on-year. In Q4 alone, the revenue was 5.83 billion yuan, a 42% increase year-on-year, and net profit was 1.88 billion yuan, up 212% year-on-year [4][5] - For Q1 2025, the company expects a net profit of 1.8 to 1.9 billion yuan, representing a year-on-year increase of 107% to 118% [4] Market Conditions - The average price of domestic vitamin A (VA) was 140 yuan/kg in 2024, up 65% year-on-year, and vitamin E (VE) was 102 yuan/kg, up 44% year-on-year. The average price of solid methionine was 21.3 yuan/kg, up 14% year-on-year [5] - In Q1 2025, the average price of VA was 121 yuan/kg, up 47% year-on-year, and VE was 136 yuan/kg, up 107% year-on-year [5] Project Development - The company is progressing steadily with its projects, including a joint venture with Sinopec to build an 18,000-ton/year liquid methionine project and the stable production of 4,000 tons/year of cysteine [6] - The nutrition segment's methionine project has reached a capacity of 300,000 tons/year, enhancing market competitiveness [6] Shareholder Returns - The company has a consistent cash dividend policy, distributing 30%-50% of its net profit as dividends, with a total cash dividend of 15.5 billion yuan since its listing [7] - In 2024, the company repurchased 17,485,676 shares for 500 million yuan and plans to repurchase an additional 300 million to 600 million yuan in 2025 [7] Profit Forecast and Valuation - The report raises profit forecasts for 2025-2026, with net profits expected to be 6.57 billion yuan (up 18%), 7.27 billion yuan (up 15%), and 8.33 billion yuan for 2027 [8] - The estimated EPS for 2025-2027 is projected to be 2.14, 2.36, and 2.71 yuan respectively [8]

从中证浙江100指数持仓样本的行业来看，工业占比21.64%、原材料占比17.77%、信息技术占比 17.14%、可选消费占比16.02%、金融占比13.72%、医药卫生占比8.28%、公用事业占比1.99%、房地产 占比1.31%、通信服务占比1.12%、主要消费占比1.02%。 数据统计显示，中证浙江100指数近一个月下跌10.74%，近三个月下跌3.08%，年至今下跌4.11%。 据了解，中证浙江100指数从浙江省上市公司中选取100只规模大且流动性较好的证券作为指数样本，以 反映浙江省内有代表性的上市公司证券的整体表现。该指数以2012年12月31日为基日，以1000.0点为基 点。 从指数持仓来看，中证浙江100指数十大权重分别为：海康威视（5.76%）、宁波银行（4.45%）、同花 顺（3.09%）、杭州银行（3.05%）、三花智控（2.95%）、浙商银行（2.47%）、华友钴业（2.3%）、 小商品城（2.25%）、恒生电子（2.14%）、新和成（1.85%）。 从中证浙江100指数持仓的市场板块来看，上海证券交易所占比52.24%、深圳证券交易所占比47.76%。 金融界4月16日消息，A股三 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][26] Core Views - The company achieved significant revenue and profit growth in 2024, with operating income reaching 21.61 billion yuan, a year-on-year increase of 42.95%, and net profit attributable to shareholders of 5.87 billion yuan, up 117.01% [1][9] - The growth was driven by the nutrition products segment, which saw revenue of 15.06 billion yuan, a 52.58% increase, and a gross margin of 43.18%, up 13.27 percentage points [1][9] - The flavor and fragrance segment also performed well, with revenue of 3.92 billion yuan, a 19.62% increase, and a gross margin of 51.84%, up 1.33 percentage points [1][9] - The new materials segment reported revenue of 1.68 billion yuan, a 39.51% increase [1][9] - The company expects continued growth in the first quarter of 2025, with net profit projected to be between 1.8 billion and 1.9 billion yuan, representing a year-on-year growth of 107%-118% [10] Summary by Sections Financial Performance - In 2024, the company reported a net cash flow from operating activities of 7.07 billion yuan, a 38.17% increase [9] - The sales gross and net profit margins were 41.78% and 27.29%, respectively, both showing improvements of 8.80 and 9.26 percentage points year-on-year [9] - The selling, general, and administrative expense ratio decreased by 1.74 percentage points to 9.26% [9] Business Segments - The amino acid segment, particularly methionine, saw a market price increase of 14.01% to approximately 20,995.19 yuan per ton in 2024, with the company achieving a net profit of 2.27 billion yuan, up 114.81% [2][18] - The vitamin segment benefited from price increases due to supply disruptions, with vitamin A and E prices rising by 59.91% and 44.11%, respectively [19] - The flavor and fragrance segment's net profit was 1.36 billion yuan, a 16.98% increase, supported by ongoing project developments [3][24] - The new materials segment is expanding with a focus on PPS and nylon materials, with ongoing projects in Tianjin [25] Future Outlook - The company is expected to maintain strong growth, with projected net profits of 6.49 billion, 7.09 billion, and 7.62 billion yuan for 2025, 2026, and 2027, respectively [4][26] - Earnings per share are forecasted to be 2.11, 2.31, and 2.48 yuan for the same years, with corresponding price-to-earnings ratios of 10.0, 9.1, and 8.5 [4][26]

证券研究报告 | 2025年04月16日 新和成（002001.SZ） 优于大市 蛋氨酸维生素量价齐升，香精香料、新材料稳健发展 各项业务稳健发展，2024 年实现增收增利。2024 年新和成实现营业收入 216.10 亿元，同比增长 42.95%；归母净利润 58.69 亿元，同比增长 117.01%； 公司销售毛/净利率 41.78%、27.29%，分别同比提升 8.80、9.26 pcts；销 售期间费用率 9.26%，同比下降 1.74 pcts。分业务来看，营养品业务实现 营业收入 150.55 亿元，同比增长 52.58%，毛利率 43.18%，同比提升 13.27 pcts；香精香料业务实现营业收入 39.16 亿元，同比增长 19.62%，毛利率 51.84%，同比提升 1.33 pcts；新材料业务实现营业收入 16.76 亿元，同比 增长 39.51%。2025 年第一季度，公司预计实现归母净利润 18-19 亿元，同 比增长 107%-118%，净利润继续增长。 蛋氨酸量增维生素涨价，营养品业务营收及利润大幅增长。蛋氨酸方面，据 博亚和讯，2024 年国内蛋氨酸市场均价约 20995.1 ...

基础化工/化学制品 新和成（002001.SZ） 2025 年 04 月 16 日 投资评级：买入（维持） | 日期 | 2025/4/15 | | --- | --- | | 当前股价(元) | 22.18 | | 一年最高最低(元) | 25.00/17.17 | | 总市值(亿元) | 681.68 | | 流通市值(亿元) | 673.61 | | 总股本(亿股) | 30.73 | | 流通股本(亿股) | 30.37 | | 近 3 个月换手率(%) | 41.7 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-04 2024-08 2024-12 新和成 沪深300 营养品景气上行助力业绩高增，新项目成长动力充足 ——公司信息更新报告 | 金益腾（分析师） 徐正凤（分析师） | | | | --- | --- | --- | | jinyiteng@kysec.cn xuzhengfeng@kysec.cn | | | | 证书编号：S0790520020002 证书编号：S0790524070005 | | | |  2024 年业绩略超预期，202 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][17] Core Views - The company achieved a revenue of 21.61 billion yuan in 2024, representing a year-on-year increase of 42.95%, and a net profit of 5.87 billion yuan, up 117.01% year-on-year. The Q4 revenue was 5.83 billion yuan, with a year-on-year increase of 41.99% [5] - The company plans to distribute a cash dividend of 5 yuan per share (including tax), with a total cash dividend ratio of 36.66% for 2024 [5] - The company expects a net profit of 1.80 to 1.90 billion yuan in Q1 2025, reflecting a year-on-year growth of 107% to 118% [5] - The company maintains a positive outlook on its "Chemicals+" and "Biological+" strategic pathways, with ongoing project developments [5] Financial Summary - In 2024, the company’s revenue from nutrition products, flavors, and new materials was 15.06 billion yuan, 3.92 billion yuan, and 1.68 billion yuan respectively, with year-on-year growth rates of 52.58%, 19.62%, and 39.51% [9] - The gross profit margin for nutrition products and flavors was 43.18% and 51.84%, showing increases of 13.27 and 1.33 percentage points year-on-year [9] - The company forecasts net profits of 6.69 billion yuan, 7.51 billion yuan, and 8.08 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.18, 2.44, and 2.63 yuan per share [5][6] Market Performance - The current stock price is 22.18 yuan, with a market capitalization of 68.17 billion yuan and a circulating market value of 67.36 billion yuan [2] - The stock has a P/E ratio of 10.2 for 2025, indicating a favorable valuation compared to historical performance [6]