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]

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 ...