今年一季度，在多个化工产品调涨及涨价预期的背景下，A股化工板块大幅拉升，化工龙头获得关注量 极高。例如，总市值超600亿元的新和成（002001），在3月27日的成交额达到10.68亿元，创下公司近4 个多月来的成交额新高。 新和成从2004年6月25日以"中小板第一股"的身份在深圳证券交易所登陆资本市场以来，坚持创新驱 动，持续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，构建 出完整的产业发展体系，产品市场占有率位居世界前列，持续夯实龙头地位，将高质量的发展成果给予 投资者丰厚回报。 公司践行"共同富裕"理念，实施四期员工持股计划，实施金额分别为2.95亿元、2.02亿元、3.04亿元、 4.80亿元，参与员工分别为300人、610人、681人和627人，将股东、公司、员工利益结合起来，让优秀 人才和贡献者分享公司成长成果，提高员工的积极性、创造性与责任心，增强公司凝聚力和竞争力，促 进公司长期、持续、健康发展。 控股股东新和成控股于2022年、2023年两次主动增持公司股份，合计增持金额6.88亿元，增持比例合计 超总股本1%。控股股东以及包括实控人胡柏藩先生在内的多名董 ...

Core Viewpoint - Xiangxin Technology Co., Ltd. has signed strategic cooperation agreements with Sandu (Foshan) Intelligent Technology Co., Ltd. and Shenzhen Wudi Electronics Technology Co., Ltd. to focus on key technologies in humanoid robots and critical components for new energy vehicles, aiming to enhance collaboration and promote technological innovation [1] Group 1: Humanoid Robots - The partnership with Sandu Intelligent aims to leverage complementary advantages and resource sharing to overcome key technologies in humanoid robots [1] - The collaboration will promote the application of humanoid robots in various fields, including microbiology, semiconductors, automotive, and photovoltaic energy storage [1] - Both companies are exploring the establishment of a joint venture, with Xiangxin Technology as the controlling entity, to facilitate industrialization and application of intelligent manufacturing and humanoid robot technologies [2] Group 2: New Energy Vehicles - The collaboration with Wudi Electronics focuses on strategic cooperation in key assembly products such as locks, hinges, and guide rails for new energy vehicles [1] - The goal is to jointly undertake projects related to locks, hinges, and guide rails for clients in the new energy vehicle industry and provide corresponding solutions [1]

2025 年 03 月 16 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 联系人 ： 仲逸涵 S0350123070022 zhongyh@ghzq.com.cn [Table_Title] 欧美 MDI 厂商发布涨价函，关注铬盐在军工领 域的应用 ——基础化工行业周报 最近一年走势 | 行业相对表现 | | | 2025/03/14 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 4.1% | 0.5% | 9.7% | | 沪深 300 | 1.7% | 1.9% | 12.5% | 相关报告 《基础化工行业周报：振华股份铬盐价格上涨，中 策橡胶 IPO 过会（推荐）*基础化工*李永磊，董伯 骏》——2025-02-16 《基础化工行业周报：轮胎原材料价格指数走低， 赛轮轮胎拟扩建柬埔寨工厂（推荐）*基础化工*李 永磊，董伯骏》——2025-01-12 《基 ...

Group 1: Company Overview and Financial Performance - Zhejiang Xinhengcheng Co., Ltd. focuses on expanding market share and improving management, with a projected net profit for 2024 expected to be between 5.8 billion and 6.2 billion CNY, representing a year-on-year growth of 114.48%-129.27% [3] - The net profit after deducting non-recurring gains and losses is estimated to be between 5.7 billion and 6.12 billion CNY, indicating a growth of 118.04%-134.11% compared to the previous year [3] Group 2: Product and Market Development - The company’s health industry park specializes in the research and production of human nutrition products, including vitamins A, D3, E, and β-carotene, which are widely used in various sectors such as health nutrition and beverages [3][4] - The company has established a joint venture with Sinopec to build an 180,000 tons/year liquid methionine project, which is expected to be completed by Q4 2024 [3][4] Group 3: Strategic Initiatives and Future Plans - The company is actively developing a nylon new materials project in Tianjin, currently in the approval stage, and has obtained the necessary sea area rights [4] - The company aims to enhance its product offerings in the biopharmaceutical sector, focusing on amino acids and expanding into new product categories such as spices and new materials [4][5] Group 4: Market Position and Competitive Strategy - The company produces 8 out of 13 common vitamins, including E, A, C, and D3, and is adapting to market fluctuations influenced by macroeconomic factors and industry competition [5][6] - The company is planning to expand its fragrance and flavor segment, with a new fragrance industrial park covering approximately 1,000 acres under development in Shandong [6][7] Group 5: Financial Policies and Shareholder Returns - The company has consistently maintained a cash dividend policy since its listing, with dividends accounting for 30%-50% of annual net profits [7] - Future dividend plans will be determined based on the company's operational performance and strategic development [7]

Group 1: Company Overview and Financial Performance - The company aims to achieve a net profit of 5.8-6.2 billion CNY in 2024, representing a year-on-year growth of 114.48%-129.27% [2] - The net profit after deducting non-recurring gains is projected to be 5.7-6.12 billion CNY, with a growth of 118.04%-134.11% compared to the previous year [3] - The company has maintained a cash dividend policy since its listing, distributing 30%-50% of annual net profit as dividends, totaling 13.966 billion CNY in cumulative dividends [7] Group 2: Product Development and Market Expansion - The company has a production capacity of 300,000 tons/year for solid methionine and is collaborating with Sinopec on an 180,000 tons/year liquid methionine project [3] - The company is expanding its product lines in the nutritional segment, producing 8 out of 13 common vitamins, and is also involved in amino acids and colorants [3] - The PPS production capacity is currently 22,000 tons, with plans to expand to 30,000 tons based on market conditions [5] Group 3: Strategic Initiatives and Future Plans - The company is focusing on overseas market expansion, with over 50% of sales coming from international markets, primarily in the Americas, Europe, and Southeast Asia [6] - The company is investing in new projects, including the liquid methionine project and the nylon new materials project in Tianjin, which is currently under approval [5][7] - The company is committed to enhancing its innovation capabilities and has established research centers in Singapore and Japan to support overseas resource integration [7]

Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Views - The report suggests focusing on companies in rapidly developing downstream industries, particularly in electronic materials and new energy materials [1] - It emphasizes the importance of high-quality development and shareholder returns, recommending large energy state-owned enterprises and related oil service companies [1] - The report highlights the high prosperity of leading companies in the refrigerant and vitamin industries [1] - It notes an overall improvement in macroeconomic expectations, suggesting attention to undervalued leading companies and those in the light hydrocracking sub-industry [1] Summary by Sections Industry Dynamics - During the week of February 10-16, 2025, among 101 tracked chemical products, 43 saw price increases, 26 saw declines, and 32 remained stable [7] - The average price of WTI crude oil was $70.74 per barrel, with a weekly increase of 0.18%, while Brent crude oil was $74.74 per barrel, with a weekly increase of 0.11% [31] - The report indicates a tightening supply of potassium chloride due to reduced production and limited import availability, with prices rising to 2797 CNY/ton, up 4.19% week-on-week [32] Investment Recommendations - The report recommends focusing on companies in the rapidly developing electronic materials and new energy materials sectors [8] - It suggests that the oil and gas extraction sector will continue to see high prosperity, with energy state-owned enterprises improving quality and efficiency [8] - The report identifies specific companies to recommend, including China Petroleum, China National Offshore Oil Corporation, and several others in the new materials and chemical sectors [8] Price Changes - The average price of DMF increased to 4300 CNY/ton, up 4.24% week-on-week, despite a year-on-year decrease of 12.65% [33] - The report notes that the overall market for chemical products is experiencing a mixed trend, with some products seeing significant price increases while others decline [30]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's performance met expectations, achieving a historical high in profits, with ongoing advancements in its new materials business [1] - The company is expected to see significant growth in net profit for 2024, with estimates ranging from 5.8 billion to 6.2 billion yuan, reflecting a year-on-year increase of 114.48% to 129.27% [6] - The supply disruptions in vitamins due to incidents at BASF's Ludwigshafen site are expected to lead to a rebound in market prices, contributing to the company's performance [6] - The amino acid market is experiencing a slight price decline due to weak terminal demand, but year-on-year growth is still anticipated [6] - The company is progressing well with its new materials projects, including significant investments in various chemical production facilities, aiming to enhance its market position [6] - The profit forecast for 2024-2026 remains unchanged, with expected net profits of 6.057 billion, 7.197 billion, and 7.533 billion yuan, corresponding to PE valuations of 11X, 9X, and 9X respectively [6] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 15,117 million yuan, with a year-on-year decrease of 5.1%, followed by a significant increase of 42.8% in 2024 [2] - The net profit attributable to the parent company for 2023 is estimated at 2,704 million yuan, down 25.3% year-on-year, but expected to rebound to 6,057 million yuan in 2024, marking a 124% increase [2] - The gross margin is expected to improve from 33% in 2023 to 45.3% in 2024, indicating enhanced profitability [2] - The company's return on equity (ROE) is projected to rise from 10.9% in 2023 to 19.7% in 2024 [2] Market Data - As of January 21, 2025, the closing price of the company's stock was 22.06 yuan, with a market capitalization of 66,996 million yuan [3] - The stock has a price-to-book ratio of 2.5 and a dividend yield of 2.04% [3]

Investment Rating - The report maintains a "Buy" rating for the company, predicting significant growth in the upcoming years [4]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 5.87 to 6.21 billion RMB in 2024, representing a year-on-year growth of 114.48% to 129.27% [1]. - The nutrition segment has seen a notable increase in both sales volume and prices, particularly for vitamins, which have entered an upward price cycle due to improved supply and demand dynamics [2]. - The company is focused on its "Chemicals+" and "Biological+" strategies, with steady progress on new projects in the nutrition, flavor, high polymer materials, and raw pharmaceutical sectors [3]. Summary by Sections Performance Review - The company forecasts a net profit of 5.87 to 6.21 billion RMB for 2024, with a basic earnings per share of 1.89 to 2.02 RMB [1]. Operational Analysis - The nutrition segment's key products have experienced price increases, with vitamin E, A, and C prices rising by 43%, 57%, and 28% respectively year-on-year [2]. - The average market price for vitamin E in Q4 was 141 RMB/kg, up 130% year-on-year, while vitamin C was 29 RMB/kg, up 48% year-on-year [2]. Strategic Development - The company is advancing its projects in the nutrition sector, including a 300,000-ton/year methionine project and an 18,000-ton/year liquid methionine project in partnership with Sinopec [3]. - The company is also enhancing its technical and industrial platforms to support innovation in functional chemicals [3]. Profit Forecast and Valuation - The projected net profits for 2024 to 2026 are 5.87 billion, 6.55 billion, and 7.03 billion RMB respectively, with corresponding P/E ratios of 11.55, 10.36, and 9.64 [4].

Financial Performance - The company expects a net profit attributable to shareholders of 580,000,000 CNY for 2024, representing a 114.48% increase compared to the previous year[3] - The net profit after deducting non-recurring gains and losses is projected to be 570,000,000 CNY, reflecting a growth of 118.04% year-on-year[3] - Basic earnings per share are estimated at 1.89 CNY, compared to 0.87 CNY in the same period last year, indicating a significant increase[3] Market Strategy - The company aims to expand market share through enhanced sales of its nutritional products, which have seen increased sales volume and prices compared to the previous year[5] - Future strategies include a focus on integrated, series, and collaborative development, emphasizing "Chemical +" and "Biological +" as core strategic directions[5] - The company is committed to sustainable high-quality development by extending its industrial chain and deepening its global marketing network[6] Technical Development - The company plans to strengthen its technical and industrial platforms, enhancing advanced equipment introduction and cooperation[6] - The company is actively exploring opportunities in strategic emerging industries such as plant protection, new energy, energy conservation, and environmental protection[6] Risk Management - The financial data presented is preliminary and has not been audited by registered accountants, highlighting the need for caution among investors[7] - The company emphasizes a proactive approach to risk management while pursuing growth opportunities in various sectors[5]

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"）特别分红权益分派方案已获 2025 年 1 月 7 日召开的 2025 年第一次临时股东大会审议通过，现将权益分派事 宜公告如下： 一、股东大会审议通过利润分配及资本公积转增股本方案情况 证券代码：002001 证券简称：新和成 公告编号：2025-002 1、2025 年 1 月 7 日召开的 2025 年第一次临时股东大会审议通过《关于特 别分红方案的议案》，股东大会决议公告刊登于《中国证券报》《证券时报》《上 海证券报》和巨潮资讯网（www.cninfo.com.cn）。本次利润分配方案实施时，如 享有利润分配权的股本总额发生变动，则以实施利润分配方案的股权登记日的总 股本为基数，按照分配比例不变的原则，相应调整分配总额。 浙江新和成股份有限公司 2、本次实施的分配方案披露至实施期间公司股本总额未发生变化。 特别分红权益分派实施公告 3、本次实施的分配方案与 2025 年第一次临时股东大会审议通过的分配方案 及其调整原则一致。 4、本次实施分配方案距 2025 年第 ...