Core Viewpoint - The company Xinhecheng (002001.SZ) has reported significant growth in its financial performance for 2024, with a revenue of 21.61 billion yuan, marking a year-on-year increase of 42.95%, and a net profit of 5.87 billion yuan, reflecting a substantial growth of 117.01% [1][3]. Financial Performance - In 2024, Xinhecheng achieved a record high in both revenue and net profit, with total revenue reaching 21.61 billion yuan and net profit at 5.87 billion yuan [1][3]. - The company expects to continue this growth trend into Q1 2025, projecting a net profit of 1.8 billion to 1.9 billion yuan, which represents a year-on-year increase of 107% to 118% [2][4]. Product Performance - The nutrition product segment, which is the company's main revenue driver, generated 15.06 billion yuan, accounting for 69.67% of total revenue, and experienced a year-on-year growth of 52.58% [4]. - The company has seen a recovery in market prices for its main products due to the revival of the downstream aquaculture industry and supply constraints from other manufacturers [3][4]. Shareholder Returns - Xinhecheng announced a total dividend distribution of 2.151 billion yuan for 2024, which is 36.6% of the company's net profit for the year [5]. - The company will initiate its second share buyback in history, with a planned amount between 300 million to 600 million yuan, aimed at employee stock ownership plans [2][6]. Historical Context - Since its listing in 2004, Xinhecheng has distributed a total of 15.5 billion yuan in dividends, with a cumulative dividend payout ratio of 42.93% [6].

Investment Rating - The report gives a "Buy" investment rating for the company, marking the first coverage of the stock [1][6]. Core Insights - The company has experienced significant growth in both revenue and net profit, with a total 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 [1][2]. - The increase in profit is attributed to the release of new production capacity for key products like methionine and the recovery of market prices in the nutrition segment [2][5]. - The company is focusing on its "Chemicals+" and "Biological+" strategies, enhancing its competitive edge through innovation and the development of new projects [3][5]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 5.83 billion yuan, a year-on-year increase of 41.99%, and a net profit of 1.88 billion yuan, up 211.60% year-on-year [1][2]. - The financial expense ratio increased due to exchange rate fluctuations, impacting foreign exchange gains [2]. - The net cash flow from operating activities for 2024 was 7.07 billion yuan, a 38.16% increase year-on-year, driven by higher sales revenue [2]. Production and Capacity - The company reported a production volume of 1.02 million tons for pharmaceutical and chemical products in 2024, a 29.18% increase year-on-year, with sales volume rising by 26.87% [2]. - The nutrition segment saw a production increase of 49.48% and sales growth of 61.46% due to rising market demand for new materials [2]. Future Projections - The company forecasts net profits of 6.50 billion yuan, 7.16 billion yuan, and 7.76 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 10.5, 9.5, and 8.8 [6][8].

Investment Rating - The report gives a "Buy" investment rating for the company, marking the first coverage of the stock [1][6]. Core Views - The company's main products have seen both volume and price increases, leading to significant profit growth. In 2024, the total revenue reached 21.61 billion yuan, a year-on-year increase of 42.95%, while the net profit attributable to shareholders was 5.87 billion yuan, up 117.01% year-on-year [1][2]. - The financial performance is supported by the release of new production capacity in methionine and a recovery in market prices for key products in the nutrition segment [2][5]. - The company is focusing on its "Chemicals+" and "Biology+" strategies, enhancing its competitive edge through innovation and the development of new projects [3][5]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 5.83 billion yuan, a year-on-year increase of 41.99%, and a net profit of 1.88 billion yuan, up 211.60% year-on-year [1][2]. - The financial expense ratio increased due to exchange rate fluctuations, impacting foreign exchange gains [2]. - The net cash flow from operating activities for 2024 was 7.07 billion yuan, a 38.16% increase year-on-year, attributed to higher sales revenue and improved cash collection [2]. Production and Capacity - The company reported a production volume of 1.02 million tons for pharmaceutical and chemical products in 2024, a 29.18% increase year-on-year, with sales volume rising by 26.87% [2]. - The nutrition segment's methionine project has reached an annual capacity of 300,000 tons, and the company is progressing with various new projects in the flavor and fragrance sector [3][5]. Profit Forecast - The company is expected to see continued profit growth, with projected net profits of 6.50 billion yuan, 7.16 billion yuan, and 7.76 billion yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 10.5, 9.5, and 8.8 times [6][8].

| 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 15 日│中国内地 | 化学制品 | 证券研究报告 新和成 4 月 14 日发布 24 年年报：2024 年实现营收 216 亿元（yoy+43%）， 归母净利 58.7 亿元（yoy+117%），扣非净利 58.3 亿元（yoy+123%）。其 中 Q4 实现营收 58.3 亿元（yoy+42%，qoq-1.8%），归母净利 18.8 亿元 （yoy+212%，qoq+5.3%）。24 年公司拟每股派发现金红利 0.5 元（含税）。 公司 24Q4 归母净利高于我们前瞻预期（15.1 亿元），主要系产品销售价格 增加、毛利率不断优化等原因。考虑到营养品类蛋氨酸等产品景气有望维持， 以及在投项目成长性，维持"增持"评级。 营养品板块主产品量价同比增长，香精香料与新材料产品稳步推进 新和成 (002001 CH) 据 24 年报，24 年公司营养品收入同比+53%至 151 亿元，毛利率同比+13pct 至 43%，主要系主产品销量与价格上升，蛋氨酸等项目新产能释放，据博 亚和讯，24 年公司主产品维生素 ...

证券研究报告 新和成 (002001 CH) 24 年净利增加，新项目放量顺利 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 15 日│中国内地 | 化学制品 | 新和成 4 月 14 日发布 24 年年报：2024 年实现营收 216 亿元（yoy+43%）， 归母净利 58.7 亿元（yoy+117%），扣非净利 58.3 亿元（yoy+123%）。其 中 Q4 实现营收 58.3 亿元（yoy+42%，qoq-1.8%），归母净利 18.8 亿元 （yoy+212%，qoq+5.3%）。24 年公司拟每股派发现金红利 0.5 元（含税）。 公司 24Q4 归母净利高于我们前瞻预期（15.1 亿元），主要系产品销售价格 增加、毛利率不断优化等原因。考虑到营养品类蛋氨酸等产品景气有望维持， 以及在投项目成长性，维持"增持"评级。 营养品板块主产品量价同比增长，香精香料与新材料产品稳步推进 据 24 年报，24 年公司营养品收入同比+53%至 151 亿元，毛利率同比+13pct 至 43%，主要系主产品销量与价格上升，蛋氨酸等项目新产能释放，据博 ...

新和成（002001.SZ）：业绩同比高 增，项目建设有序推进 2025 年 4 月 15 日 强烈推荐/维持 新和成 公司报告 新和成发布 2024 年年报：公司 2024 年全年实现营业收入 216.10 亿元， YoY+42.95%，归母净利润 58.69 亿元，YoY+117.01%。 营养品板块主要产品量价齐升，香精香料和新材料产品稳步增长，带动业绩同 比高增长。从收入端看，2024 年，公司蛋氨酸等项目新产能释放，同时营养 品板块主要产品维生素、蛋氨酸市场价格修复，带动营养品板块营收同比增长 52.58%至 150.55 亿元；香精香料板块营收同比增长 19.62%至 39.16 亿元； 新材料板块营收同比增长 39.51%至 16.76 亿元。从利润端看，2024 年公司综 合毛利率同比提升 8.8 个百分点至 41.78%，带动公司净利润大幅增长。 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。公司原有项目精细化运营，新 ...

新和成（002001.SZ）：业绩同比高 增，项目建设有序推进 2025 年 4 月 15 日 强烈推荐/维持 新和成 公司报告 新和成发布 2024 年年报：公司 2024 年全年实现营业收入 216.10 亿元， YoY+42.95%，归母净利润 58.69 亿元，YoY+117.01%。 营养品板块主要产品量价齐升，香精香料和新材料产品稳步增长，带动业绩同 比高增长。从收入端看，2024 年，公司蛋氨酸等项目新产能释放，同时营养 品板块主要产品维生素、蛋氨酸市场价格修复，带动营养品板块营收同比增长 52.58%至 150.55 亿元；香精香料板块营收同比增长 19.62%至 39.16 亿元； 新材料板块营收同比增长 39.51%至 16.76 亿元。从利润端看，2024 年公司综 合毛利率同比提升 8.8 个百分点至 41.78%，带动公司净利润大幅增长。 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。公司原有项目精细化运营，新 ...

Core Viewpoint - The company, Zhejiang Xinheng Co., Ltd., has reported significant growth in its financial performance for the year 2024, with a revenue increase of 42.95% and a net profit increase of 117.01% compared to the previous year [14][15]. Company Overview - Zhejiang Xinheng Co., Ltd. is a national high-tech enterprise primarily engaged in the production and sales of nutritional products, flavor and fragrance, high polymer materials, and raw pharmaceutical materials. The company focuses on innovation-driven development and has established itself as a leading manufacturer of vitamins and fine chemicals globally [2][3]. Business Segments - **Nutritional Products**: The company offers a range of products including vitamins, amino acids, and pigments, with applications in feed additives, food additives, and health supplements. The company has been optimizing production processes and developing new high-value products to strengthen its market position [3]. - **Flavor and Fragrance**: The company produces various flavors and fragrances widely used in personal care, household care, cosmetics, and food industries. It continues to innovate and expand its product offerings to meet market demands [4]. - **High Polymer Materials**: The focus is on developing high-performance polymers and key intermediates, with applications in automotive, electronics, and industrial sectors. The company has established a complete industrial chain for PPS (polyphenylene sulfide) production [4]. - **Raw Pharmaceutical Materials**: The company produces a range of raw materials including vitamins and antibiotics, primarily used as active ingredients in pharmaceutical formulations [4]. Financial Highlights - For the year 2024, the company achieved a total revenue of CNY 21.61 billion, a 42.95% increase year-on-year. The net profit attributable to shareholders reached CNY 586.85 million, marking a 117.01% increase from the previous year [14][15]. - The total equity at the end of the reporting period was CNY 29.45 billion, reflecting an 18.16% increase from the beginning of the year [14]. Profit Distribution Plan - The board has proposed a profit distribution plan to distribute a cash dividend of CNY 5.00 per 10 shares (including tax) to all shareholders, totaling CNY 1.54 billion, with the remaining profits to be carried forward to the next year [15][10]. Shareholder Engagement - The company’s controlling shareholder plans to increase its stake in the company by investing between CNY 200 million and CNY 300 million over a six-month period starting from October 26, 2023 [6]. - The fourth employee stock ownership plan was completed, with 29.53 million shares purchased, representing 0.96% of the total share capital [8][9]. Investment Projects - The company has approved an investment cooperation agreement to build a new nylon material project in Tianjin, with a total investment of approximately CNY 10 billion [7].

另据同日发布的2025年Q1业绩预告，公司Q1归属净利润预计上涨107%-118%，约为18亿到19亿元。对此，公告表示，报告期内，公司抢抓市场机遇，营养品板块主要产品销售数 量、销售价格较上年同期增长，实现经营业绩提升。 未来，公司将一以贯之坚持一体化、系列化、协同化的发展战略，坚持"化工＋"和"生物＋"的战略主航道，提升应用研究和应用服务能力，专注于营养品、香精香料、高分子新 材料和原料药业务，坚持创新驱动，发展各类功能性化学品，加强技术平台和产业平台的建设，加强先进装备的引进和合作，依托浙江新昌、浙江上虞、山东潍坊、黑龙江绥化 等多个现代化生产基地，实现产业链的延伸，深化全球营销网络，推动公司的可持续高质量发展，同时积极关注并培育植保产业、新能源产业、节能环保产业和信息产业等战略 新兴产业相关的功能化学品机遇。 图片来源：企业公告截图 谈到业绩驱动因素，公告表示，营养品板块，蛋氨酸项目产能得到释放，已实现 30 万吨/年产能达产，市场竞争力增强；公司与中国石油化工股份有限公司合资建设18万吨/年液 体蛋氨酸（折纯）项目基本建设完成；4,000吨/年胱氨酸稳定生产运行，草铵膦项目中试顺利。 香精香料板块， ...

丨 2025年4月15日星期二丨 NO.1 新诺威旗下ADC药物在美获批临床试验 4月14日，新诺威公告，控股子公司巨石生物于近日收到美国食品药品监督管理局（FDA）通知，由巨 石生物申报的注射用SYS6041药品临床试验申请已获得美国FDA批准，可以在美国开展临床试验。 SYS6041是一款单克隆抗体偶联药物（ADC），可与肿瘤表面的特异性受体结合，通过内吞作用进入细 胞并释放毒素，达到杀伤肿瘤细胞的作用。本次获批临床的适应证为晚期实体瘤。 点评：该事件是公司国际化研发进程的重要突破，不仅提升了公司在创新药领域的市场关注度，还为未 来业绩增长带来潜在机遇。但鉴于公司2024年业绩大幅下滑，且创新药研发投入高企，市场对其短期盈 利改善的预期可能较为谨慎。长期来看，若SYS6041临床试验顺利推进并实现商业化，有望显著提升公 司估值和市场竞争力。 NO.2 万泰生物九价HPV疫苗男性Ⅲ期临床试验启动 4月14日，万泰生物发布公告，称公司按照临床试验方案启动"九价HPV疫苗男性Ⅲ期临床试验"，主要 目的是评价九价HPV疫苗在中国18~45周岁男性人群中的有效性、免疫原性和安全性。试验目前进展顺 利，已于近日成功完 ...