Investment Rating - The report maintains an "Outperform" rating for the company [4][5]. Core Views - The company reported a revenue of 15.782 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 43.31%, and a net profit attributable to shareholders of 3.990 billion yuan, up 89.87% year-over-year [4][5]. - The global supply of vitamins is expected to tighten due to production delays at BASF, which will positively impact the company's performance in the vitamin segment [4]. - The company is progressing well with its new materials projects and aims to expand its presence in the pesticide market, enhancing its "Chemicals+" and "Biology+" platforms [4]. Financial Summary - For 2024, the company is projected to achieve total revenue of 21.580 billion yuan, with a net profit of 6.057 billion yuan, reflecting a year-over-year growth of 124.0% [5][7]. - The gross margin is expected to improve to 45.3% in 2024, with a return on equity (ROE) of 19.7% [5][7]. - The company plans to invest significantly in new projects, including a 30 billion yuan investment in a new adiponitrile project and a 30 billion yuan investment in a herbicide project [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [15]. Core Views - The company achieved record high revenues and profits in Q3 2024, with total revenue reaching 15.782 billion yuan, a year-on-year increase of 43.31%, and net profit attributable to shareholders at 3.99 billion yuan, up 89.87% year-on-year [1]. - The increase in revenue and profit is attributed to rising prices of key products such as methionine, vitamin E, and vitamin A, alongside a continuously expanding product line [2]. - The company’s gross profit margin for the first three quarters of 2024 was 39.54%, an increase of 5.99 percentage points compared to the same period in 2023 [2]. - The cash flow from operating activities increased by 74.33% year-on-year, reaching 4.577 billion yuan, primarily due to increased revenue and improved collection of receivables [2]. - The report highlights a positive outlook for vitamin E and A prices, with expectations of continued strength in the market due to supply constraints [2][5]. Financial Summary - For 2024, the company is projected to achieve revenues of 21.856 billion yuan and a net profit of 6.224 billion yuan, with corresponding EPS of 2.01 yuan [6]. - The company’s operating cash flow is expected to be 5.269 billion yuan in 2024, with a significant increase in net profit forecasted for the following years [9][10]. - The report indicates a significant reduction in financial expenses and a stable management cost structure, contributing to improved profitability [2][6]. Industry Insights - The vitamin E industry is expected to maintain a favorable market structure with no new capacity or players entering the market in the short term, which is beneficial for the company's performance [5]. - The methionine market is also projected to remain stable, with the company expanding its production capacity, which is anticipated to enhance its competitive edge [5][6]. - The report emphasizes the company's innovation-driven growth strategy across various segments, including nutrition products, flavor and fragrance, and new materials [6].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 29.40 CNY, compared to the current price of 22.93 CNY [1][2]. Core Insights - The company achieved record quarterly performance in Q3 2024, with revenue of 59.37 billion CNY, a year-on-year increase of 65.21%, and a net profit of 17.85 billion CNY, reflecting a year-on-year growth of 188.87% [1][2]. - The increase in performance is attributed to the rise in vitamin prices following the BASF incident, which caused significant supply disruptions and heightened demand for overseas inventory replenishment [2]. - The delay in BASF's production recovery is expected to further boost vitamin exports in Q4, as demand typically peaks during this period [2]. - The company has a robust project pipeline, including a joint venture for liquid methionine production and various projects in flavor and fragrance, new materials, and nylon production, indicating a shift in capital expenditure focus towards new materials [2][3]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 157.82 billion CNY, up 43.31% year-on-year, and a net profit of 39.90 billion CNY, up 89.87% year-on-year [1][2]. - The projected net profits for 2024-2026 are 60.58 billion CNY, 72.06 billion CNY, and 77.67 billion CNY, respectively, with corresponding P/E ratios of 12, 10, and 9 [2][3]. - The company’s total revenue is expected to reach 21.79 billion CNY in 2024, with a year-on-year growth rate of 44.1% [3].

Investment Rating - The report maintains a "Buy" rating for the company [2][5][13] Core Views - The company has achieved record high performance in Q3 2024, driven by increased sales and prices of its main products in the vitamin and nutrition categories [2][3][5] - The company’s revenue for the first three quarters of 2024 reached 15.782 billion yuan, a year-on-year increase of 43.31%, while net profit attributable to shareholders was 3.990 billion yuan, up 89.87% year-on-year [2][3] - The high demand for vitamins is expected to continue benefiting the company, with vitamin prices remaining elevated [4][5] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 5.937 billion yuan, a year-on-year increase of 65.21% and a quarter-on-quarter increase of 11.06% [3][5] - The net profit attributable to shareholders for Q3 2024 was 1.785 billion yuan, reflecting a year-on-year increase of 188.87% and a quarter-on-quarter increase of 33.75% [3][5] - The operating cash flow for the first three quarters was 4.577 billion yuan, up 74.33% year-on-year [2][3] Profitability Metrics - The gross profit margin for Q3 2024 was 43.56%, an increase of 8.34 percentage points year-on-year [3][5] - The net profit margin for Q3 2024 was 30.18%, up 12.85 percentage points year-on-year [3][5] Market Position and Growth Drivers - The company is expanding its product lines and investing in new projects, including a nylon new material project with an estimated investment of 10 billion yuan [5] - The company has stable production capacity in its nutrition product segment, with methionine production reaching 300,000 tons per year [5] - The report forecasts revenue growth for 2024-2026, with expected revenues of 20.518 billion yuan, 23.526 billion yuan, and 24.901 billion yuan respectively [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a record high in Q3 performance, driven by the rising demand and prices in the nutrition products sector, with expectations for new materials to ramp up production [4] - The report anticipates significant growth in the company's net profit for 2024-2026, with revised estimates of 58.00 billion, 66.93 billion, and 75.09 billion respectively, reflecting a strong upward trend in profitability [4] - The report highlights the strategic focus on "Chemicals+" and "Biological+" initiatives, emphasizing innovation and orderly project advancement [4] Financial Performance Summary - For Q3 2024, the company reported revenue of 15.782 billion, a year-on-year increase of 43.31%, and a net profit of 3.990 billion, up 89.87% year-on-year [4] - The Q3 single-quarter revenue reached 5.937 billion, representing a year-on-year growth of 65.21% and a quarter-on-quarter increase of 11.06% [4] - The report projects a significant increase in earnings per share (EPS) to 1.88, 2.17, and 2.43 for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 12.6, 10.9, and 9.7 [4][6] Market Dynamics - The report notes a notable recovery in the vitamin market, with average prices for VA, VE, and solid egg products showing significant increases compared to the previous year [5] - The delay in BASF's production resumption is expected to tighten supply, potentially supporting continued price increases in vitamins [5] - The company is set to enhance its methionine production capacity significantly, with plans for a joint venture with Sinopec and ongoing projects expected to boost annual capacity to 550,000 tons [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in net profit for Q3 2024, reaching 1.785 billion yuan, which represents a year-on-year growth of 188.87% and a quarter-on-quarter growth of 33.75% [1] - The core products, including vitamins VA, VE, and VC, benefited from favorable supply-demand dynamics and price increases, with average market prices in Q3 being 189.1, 121.2, and 26.4 yuan per kilogram, respectively, showing substantial quarter-on-quarter increases [1] - The company is expanding its production capacity for liquid methionine and has initiated a project for a new material that aims to integrate key raw materials into the downstream nylon industry [1][2] Financial Performance Summary - The company expects net profits for 2024, 2025, and 2026 to be 4.745 billion, 5.074 billion, and 6.415 billion yuan, respectively, with year-on-year growth rates of 75.5%, 6.9%, and 26.4% [2] - Revenue projections for 2024, 2025, and 2026 are 19.598 billion, 23.175 billion, and 30.911 billion yuan, with corresponding year-on-year growth rates of 29.6%, 18.3%, and 33.4% [4] - The gross profit margin is expected to be 38.7% in 2024, 36.0% in 2025, and 34.4% in 2026 [4][7] Production and Capacity Expansion - The company is expanding its solid-liquid methionine production capacity and has plans for a new facility in Tianjin, which is expected to enhance its market share in the methionine sector [1] - The Tianjin project aims to produce 100,000 tons per year of adiponitrile and is part of a broader strategy to reduce reliance on foreign suppliers [1][2] Market Dynamics - The demand for vitamins is expected to continue growing due to improved profitability in the domestic pig farming sector, which is driving feed demand [1] - The supply chain disruptions caused by the BASF explosion are anticipated to support product prices in the near term [1]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Insights - The company reported a record high performance with a revenue of 15.8 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 43%, and a net profit attributable to shareholders of 3.99 billion yuan, up 90% year-on-year [2][6] - In Q3 2024, the company achieved a revenue of 5.94 billion yuan, a year-on-year increase of 65%, and a net profit of 1.79 billion yuan, which is a 189% increase year-on-year and a 34% increase quarter-on-quarter [2][6] - The significant growth in performance is primarily attributed to the rising demand for vitamins and the release of 300,000 tons of methionine production capacity [6] Financial Performance Summary - For 2024, the company is expected to generate revenues of 20.93 billion yuan, 26.02 billion yuan, and 27.68 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 38%, 24%, and 6% [6][7] - The net profit attributable to shareholders is projected to be 6.06 billion yuan, 7.48 billion yuan, and 8.74 billion yuan for the same years, with growth rates of 124%, 24%, and 17% respectively [6][7] - The earnings per share (EPS) are expected to be 1.96 yuan, 2.42 yuan, and 2.83 yuan for 2024, 2025, and 2026 respectively, with a three-year compound annual growth rate (CAGR) of 48% [6][7] Market Dynamics - The market prices for vitamin A and E in Q3 2024 were 193 yuan/kg and 124 yuan/kg respectively, showing year-on-year increases of 131% and 78% [6] - The demand for vitamins has improved significantly, with export volumes for vitamin A and E increasing by 31% and 33% year-on-year [6] - The global market for methionine is becoming more concentrated, with the top four producers holding 75% of the market share, indicating a shift towards oligopolistic pricing [6] Growth Drivers - The company has a low-cost and high-growth methionine business, with existing production capacity of 300,000 tons and additional projects underway [6] - The company is also investing in a 500,000-ton adiponitrile capacity project, which aligns with the domestic production trend in the nylon 66 supply chain [6]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 26.88 [1][5][6] Core Views - The company's Q3 revenue reached RMB 5.9 billion, showing a year-on-year increase of 43% and a quarter-on-quarter increase of 11%. The net profit attributable to the parent company was RMB 1.8 billion, reflecting a year-on-year growth of 90% [1][2] - The growth in revenue is primarily driven by the increase in sales volume and prices of the main products in the nutrition segment, including Vitamin A, Vitamin E, and methionine [2] - The report highlights that the price of Vitamin A, Vitamin E, and methionine has increased significantly, with Q3 prices showing year-on-year increases of 131%, 78%, and 16% respectively [2] - The company is progressing with new projects, including a planned investment of RMB 10 billion in a nylon new materials project, which is expected to support future growth [3] Summary by Sections Financial Performance - Q3 revenue was RMB 5.9 billion, with a year-on-year increase of 43% and a quarter-on-quarter increase of 11% - Net profit attributable to the parent company for Q3 was RMB 1.8 billion, a year-on-year increase of 90% [1][2] - For the first three quarters, the company achieved a total revenue of RMB 15.8 billion, with a net profit of RMB 4 billion [1] Product Pricing and Market Conditions - The average market prices for the main products in the nutrition segment have increased significantly, with Vitamin A at RMB 19.3 thousand/ton, Vitamin E at RMB 12.4 thousand/ton, and methionine at RMB 2.1 thousand/ton in Q3 [2] - The overall gross margin for the first three quarters increased by 6.0 percentage points to 39.5% [2] Future Growth Prospects - The company has ongoing projects with a total investment of RMB 6.2 billion, including a major nylon new materials project with an initial investment of RMB 3 billion [3] - The forecasted net profit for 2024-2026 is RMB 5.5 billion, RMB 6 billion, and RMB 6.4 billion respectively, indicating a strong growth trajectory [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][2][7]. Core Views - The company has shown significant revenue growth, with total revenue reaching 15.78 billion RMB in the first three quarters of 2024, a year-on-year increase of 43.3%. The net profit attributable to shareholders was 3.99 billion RMB, up 89.9% year-on-year [1]. - The price increase of vitamins has led to a rapid improvement in the company's profitability, with a gross margin of 43.6% in Q3 2024, an increase of 8.3 percentage points year-on-year [1]. - The company is expanding its production capacity in the nutrition segment, with a methionine project achieving an annual capacity of 300,000 tons, enhancing market competitiveness [1]. Summary by Relevant Sections Performance Overview - In Q3 2024, the company achieved a total revenue of 5.94 billion RMB, a year-on-year increase of 65.2%, and a net profit of 1.79 billion RMB, up 188.9% year-on-year [1]. - The company’s sales net profit margin reached 30.2%, an increase of 12.9 percentage points year-on-year [1]. Business Analysis - The vitamin prices have entered an upward cycle due to improved supply and demand, with market prices for Vitamin E, A, and C increasing by 78%, 131%, and 30% respectively in Q3 2024 compared to the previous year [1]. - The company is advancing its "Chemicals+" and "Biology+" strategies, with new projects and products being developed systematically [1]. Profit Forecast and Valuation - The company is expected to see net profits of 5.87 billion RMB, 6.55 billion RMB, and 7.03 billion RMB for 2024, 2025, and 2026 respectively, with significant upward adjustments of 58%, 56%, and 45% [2]. - The current market capitalization corresponds to P/E ratios of 12.86, 11.53, and 10.74 for the years 2024, 2025, and 2026 [2].

第一章 总 则 浙江新和成股份有限公司全面预算管理制度 第一条 目的 为确保浙江新和成股份有限公司（以下简称"公司"）发展战略以及经营目 标的实现，强化内部管理和控制，根据财政部《内部控制基本规范》、深圳证券 交易所相关规定等相关法律法规及本公司有关规定，特制定本制度。 第二条 适用范围 本制度适用于浙江新和成股份有限公司，各事业部、分公司、全资及控股子 公司遵照执行，参股公司参照执行。 第三条 全面预算定义 全面预算是通过企业内外部环境的分析，在预测与决策基础上，调配相应 的资源，对企业未来一定时期的经营、投资和财务做出一系列具体计划。预算 以战略规划目标为导向，既是决策的具体化，又是控制经营和财务活动的依据。 预算是计划的数字化、表格化、明细化的表达。 第四条 预算管理的基础工作与规范 预算管理除了执行有序的预算安排和明确的预算职责外，还必须有业务管 理协同的基础规范，以及各业务部门提供的预测数据要确保全面性与可靠性。 计划和预算管理的基础工作，包括成本中心确定、关联交易价格等。 第二章 管理职责 第五条 董事会为公司预算管理的最高决策机构，预算管理委员会负责预算 管理的执行，总裁则全面负责公司预算管理的 ...