证券代码：002001 证券简称：新和成 公告编号：2024-036 浙江新和成股份有限公司（以下简称"公司"）第九届董事会第八次会议于 2024 年 10 月 18 日以电子邮件方式发出会议通知，于 2024 年 10 月 23 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： 三、会议以 11 票同意，0 票反对，0 票弃权审议通过《关于修订<全面预算 管理制度>的议案》。 一、会议以 11 票同意，0 票反对，0 票弃权审议通过《2024 年第三季度报 告》，《2024 年第三季度报告》中的财务信息在提交董事会审议前已经公司审计 委员会审议通过。 全文详见公司同日在指定信息披露媒体及巨潮资讯网 （http://www.cninfo.com.cn）刊登的公告。 二、会议以 5 票同意，0 票反对，0 票弃权审议通过《关于 2024 年度日常关 联交易预计调整的议案》，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。本议案在提交董事会审议前已经公司独立董事专门会议审议通过。 全文详见公司同日在巨潮资讯网 ...

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]

浙江新和成股份有限公司 关于 2024 年度日常关联交易预计调整的公告 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。 浙江新和成股份有限公司（以下简称"公司"）于 2024 年 10 月 23 日召开 的第九届董事会第八次会议审议通过《关于 2024 年度日常关联交易预计调整的 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。根据《深圳证券交易所股票上市规则》《公司章程》及《关联交易 决策制度》等有关规定和审批权限，本次关联交易协议由公司董事会审议批准， 无需提交股东大会审议。 一、调整日常关联交易基本情况 根据公司和关联方实际生产经营情况，为更加准确反映公司与关联方 2024 年度日常关联交易情况，对预计金额作出合理调整。因公司本年度新项目建设减 少，公司对关联方浙江德力装备有限公司（以下简称"德力装备"）容器设备需 求相应减少，预计关联采购额度减少 3,855 万元。公司 2024 年新材料业务市场 需求增加，公司对关联方浙江赛亚化工材料有限公司（以下简称"赛亚化工"） 原料采购需求相应增加，预计关联采购额度增加 1, ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's R&D capabilities create a strong competitive moat, transitioning from a vitamin leader to a diversified development model [4]. - The vitamin market is experiencing an upward trend, with new projects like methionine expected to contribute to performance growth [4]. - The global flavor and fragrance industry is shifting towards Asia and Africa, with the company's cost advantages aiding market share expansion [4]. - The company is intensifying its focus on high-end materials, accelerating the process of achieving self-sufficiency in advanced materials [4]. - Profit forecasts for 2024-2026 indicate net profits of 4.745 billion, 5.074 billion, and 6.415 billion yuan, with year-on-year growth rates of 75.5%, 6.9%, and 26.4% respectively [4]. Summary by Sections 1. R&D as a Shield, Growing from Vitamin Leader to Fine Chemical Leader - The company has focused on the development of functional chemicals for many years, becoming one of the world's top four vitamin producers [10]. - It has established a diversified industrial layout with four main segments: nutrition products, flavor and fragrance, high-end new materials, and raw materials [12]. - The company has built four production bases, enhancing its integrated supply chain and product quality [15]. 2. Vitamin Turning Point, Continuous Volume Growth of Methionine - Vitamins and amino acids are essential organic compounds with high production barriers, primarily used in animal feed [34]. - The company is positioned to benefit from the recovery in the vitamin market and the increasing demand for methionine [4]. 3. Flavor and Fragrance Industry Shifting to Asia and Africa - The company has developed cost advantages in key intermediates like linalool and citral, allowing it to maintain competitive pricing [17]. - The company is expanding its product matrix in the flavor and fragrance sector, optimizing its market competitiveness [4]. 4. High-End Material Technology Breakthroughs, Accelerating Domestic Substitution - The company is advancing in high-end materials, with plans for significant production capacity in PPS and other materials [4]. - It is also establishing a new production line for caprolactam and nylon 66, further diversifying its product offerings [23]. 5. Performance Growth and Cost Control - The company's revenue increased from 7.621 billion yuan in 2019 to 15.117 billion yuan in 2023, with net profit rising from 2.169 billion yuan to 2.704 billion yuan [28]. - The nutrition segment remains the primary revenue source, while the fragrance and new materials segments are showing increasing contributions [30].

证券代码：002001 证券简称：新和成 公告编号：2024-035 一、第四期员工持股计划的持有情况 浙江新和成股份有限公司 1、第四期员工持股计划已于2023年9月25日完成公司股票的购买，通过二级 市场竞价交易方式购买公司股票共计29,528,181股，占公司现有总股本的0.9553%， 成交总金额479,442,157.08元（不含交易费用），成交均价约为16.2368元/股。 关于第四期员工持股计划锁定期届满的提示性公告 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。 浙江新和成股份有限公司（以下简称"公司"）于2023年6月7日召开第八届 董事会第十六次会议、第八届监事会第十三次会议，于2023年6月26日召开2023 年第一次临时股东大会，审议通过《浙江新和成股份有限公司第四期员工持股计 划（草案）及其摘要》等员工持股计划相关议案，同意公司实施第四期员工持股 计划。具体内容详见公司于2023年6月8日、2023年6月27日在指定信息披露媒体 及巨潮资讯网（http://www.cninfo.com.cn）上刊登的公告。 鉴于公司第四期员工持股计划 ...

Investment Rating - Strong Buy/Maintain [2] Core Views - The company achieved revenue of 9.845 billion yuan in the first half of 2024, a YoY increase of 32.70%, and net profit attributable to the parent company of 2.204 billion yuan, a YoY increase of 48.62% [2] - The nutrition products segment, including vitamins and methionine, saw both volume and price increases, driving revenue growth [2] - The company's comprehensive gross profit margin increased by 4.37 percentage points to 37.11% in the first half of 2024 [2] - New projects and product development are progressing smoothly, further enriching the company's product portfolio [2] Financial Performance - Revenue from the nutrition products segment reached 6.68 billion yuan, a YoY increase of 38.30% [2] - Revenue from the flavors and fragrances segment was 1.925 billion yuan, a YoY increase of 17.94% [2] - Revenue from the new materials segment was 722 million yuan, a YoY increase of 24.89% [2] - The company's net profit for 2024-2026 is forecasted to be 4.436 billion, 5.368 billion, and 6.470 billion yuan, respectively [3] - EPS for 2024-2026 is projected to be 1.44, 1.74, and 2.09 yuan, respectively [3] - The current P/E ratio is 13, 11, and 9 times for 2024-2026 [3] Project Development - The 300,000 tons/year methionine project has been successfully released and is in normal production and sales [2] - The 18,000 tons/year liquid methionine (pure) project is progressing steadily [2] - The 4,000 tons/year cystine project is running stably, and the glufosinate-ammonium project is in the pilot phase [2] - The nylon industry chain project, including 100,000 tons/year adiponitrile-adipamine, is under approval in Tianjin [2] - The PPS project has been approved for 30,000 tons, with an additional 8,000 tons to be expanded based on market conditions [2] Company Overview - The company was founded in 1999 and listed on the Shenzhen Stock Exchange in 2004 [4] - It is one of the world's top four vitamin producers and has a competitive position in methionine production [4] - The company has expanded its business from pharmaceutical intermediates to vitamins, flavors and fragrances, new materials, and methionine [4] Market Data - The company's total market capitalization is 59.685 billion yuan, with a circulating market capitalization of 58.982 billion yuan [5] - The 52-week stock price range is 22.6-15.47 yuan [5] - The 52-week average daily turnover rate is 1.2% [5]

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 ...

Group 1: Company Overview and Financial Performance - Zhejiang Xinhengcheng Co., Ltd. achieved a revenue of 9.845 billion CNY in the first half of 2024, representing a year-on-year increase of 32.70% [3] - The net profit attributable to shareholders reached 2.204 billion CNY, up 48.62% year-on-year [3] - The nutrition segment generated 6.680 billion CNY in revenue, showing a year-on-year growth [3] - The flavor and fragrance segment reported revenue of 1.925 billion CNY, with a year-on-year increase of 17.94% [4] - The new materials segment achieved revenue of 722 million CNY, reflecting a year-on-year growth of 24.89% [4] Group 2: Market and Product Development - The methionine project has a production capacity of 300,000 tons per year, enhancing market competitiveness [2] - The company is advancing a joint venture with Sinopec for an 180,000 tons/year liquid methionine project [3] - The cysteine project is operating steadily at a capacity of 4,000 tons/year [3] - The company is developing new products in the flavor and fragrance sector, with ongoing projects in aldehyde series and SA [3] Group 3: Strategic Initiatives and Future Plans - The company is focusing on cost reduction and efficiency improvement through innovation and optimization of production processes [2] - Future capital expenditure plans include investments in new projects such as the Tianjin adiponitrile project and PPS new materials projects [4] - The Heilongjiang base is being developed for bio-fermentation products, with plans to expand into new product categories [4] - The company aims to enhance brand building and customer service to achieve steady growth in sales [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's main products are experiencing significant growth in both volume and price, leading to a substantial increase in performance for the first half of 2024 [5][6] - The company achieved a revenue of 9.845 billion yuan in the first half of 2024, representing a year-on-year increase of 32.70%, and a net profit attributable to shareholders of 2.204 billion yuan, up 48.62% year-on-year [4][5] - The vitamin market is seeing accelerated growth, with the company poised to benefit from favorable supply-side conditions and increasing demand [6][7] Financial Performance - In Q2 2024, the company reported a revenue of 5.346 billion yuan, a year-on-year increase of 40.45% and a quarter-on-quarter increase of 18.83% [4][5] - The gross profit margin for Q2 2024 was 38.85%, an increase of 5.12 percentage points year-on-year [4][5] - The company’s operating cash flow for Q2 2024 was 1.657 billion yuan [4][19] Product Performance - The nutrition segment, particularly methionine, has seen a price increase of 26.15% year-on-year, with production capacity reaching 300,000 tons per year [5][6] - The company’s revenue from the flavor and fragrance segment was 1.925 billion yuan, up 17.95% year-on-year, while the new materials segment generated 722 million yuan, up 24.91% year-on-year [5][9] Market Conditions - The vitamin market is experiencing upward price trends, with vitamin A, E, and D3 prices significantly increasing compared to the end of 2023 [6][10] - The company has a robust production capacity for vitamins, which positions it well to capitalize on the rising market demand [6][7] Earnings Forecast - The company’s projected revenues for 2024, 2025, and 2026 are 20.533 billion yuan, 23.534 billion yuan, and 24.900 billion yuan, respectively, with net profits expected to be 5.151 billion yuan, 5.204 billion yuan, and 5.442 billion yuan [28]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6]. Core Views - The company reported a significant increase in performance for H1 2024, achieving revenue of 9.845 billion yuan, a year-on-year increase of 33%, and a net profit attributable to shareholders of 2.204 billion yuan, up 49% year-on-year [10]. - The strong performance is attributed to the recovery in the vitamin market and the release of 300,000 tons of methionine production capacity [10]. - The average prices for vitamins A and E in H1 2024 were 84 and 68 yuan per kilogram, respectively, showing a decline of 6% and 9% year-on-year, but with an upward price trend observed by the end of June [10]. - The average price for methionine in H1 2024 was 21.7 yuan per kilogram, reflecting a 26% increase year-on-year [10]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 5.346 billion yuan, a 40% increase year-on-year, and a net profit of 1.335 billion yuan, exceeding the forecast [10]. - The core subsidiaries reported net profits of 1.18 billion, 570 million, and 670 million yuan, representing increases of 161%, 38%, and 12% year-on-year, respectively [10]. Market Conditions - The vitamin market has shown significant improvement, with exports of vitamins A and E increasing by 17% and 30% year-on-year [10]. - The market prices for vitamins have surged due to a production halt from BASF, with prices reaching 330 and 163 yuan per kilogram as of August 22, 2024, marking increases of 355% and 173% since the beginning of the year [10]. Business Growth - The methionine business is expected to grow due to low costs and significant capacity expansion, with ongoing projects to increase production [10]. - The company is also advancing its adiponitrile project, which is expected to align with the domestic production trend of nylon 66, further enhancing growth potential [10]. Future Projections - Revenue projections for 2024-2026 are 20.93 billion, 26.02 billion, and 27.68 billion yuan, with year-on-year growth rates of 38%, 24%, and 6% respectively [11]. - Net profit projections for the same period are 5.692 billion, 7.906 billion, and 8.567 billion yuan, with growth rates of 110%, 39%, and 8% respectively [11]. - The expected EPS for 2024-2026 is 1.84, 2.56, and 2.77 yuan per share, with a three-year CAGR of 47% [10].