Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][4][16]. Core Views - The company's revenue for Q1 2024 reached 4.499 billion yuan, a year-on-year increase of 24.54% and a quarter-on-quarter increase of 9.61%. The net profit attributable to shareholders was 870 million yuan, with a year-on-year increase of 35.21% and a quarter-on-quarter increase of 44.21% [1]. - The increase in methionine sales volume and price contributed significantly to profit growth in Q1 2024. The average price of methionine in Q1 was 21.79 yuan/kg, up 22.55% year-on-year and 2.75% quarter-on-quarter [1]. - Vitamin prices have reached a turning point, with the vitamin price index at 82.64 in Q1 2024, reflecting a quarter-on-quarter increase of 4.15%. The prices of key products like VA and VE have risen by 18.88% and 22.81% respectively from their 2023 lows [1]. - The company has a rich project reserve, including a 4,000 tons/year cysteine project and a 30 billion yuan investment in a new phosphorous amino acid project, which will inject new growth momentum into the company [1]. Financial Summary - The company is expected to achieve net profits of 3.908 billion yuan, 4.762 billion yuan, and 5.189 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 44.5%, 21.8%, and 9.0% [2][8]. - The projected PE ratios for 2024, 2025, and 2026 are 15, 12, and 11 respectively, with a target price set at 22.68 yuan based on an 18x PE for 2024 [1][4].

Group 1: Company Performance and Projects - The company plans to achieve normal production and sales of the 150,000 tons solid methionine project in 2024, and the 180,000 tons liquid methionine project in partnership with Sinopec is progressing steadily, expected to be completed by the end of the year [3][8]. - The company has consistently focused on cash dividends to return profits to investors since its listing and will continue to do so in the future [3]. - The company aims to enhance its product competitiveness through innovation and the development of new products [3][6]. Group 2: Market and Competition - The company acknowledges the existence of competition in the industry and emphasizes its commitment to innovation-driven growth to enhance its overall competitiveness [3][6]. - The vitamin market is currently experiencing a supply surplus, leading to intense competition, with the company focusing on optimizing its production processes to maintain competitiveness [6][8]. - The company is actively expanding its international presence, having established overseas sales companies in regions such as Hong Kong, Singapore, Germany, Mexico, and Brazil [6][8]. Group 3: Financial Outlook and Strategy - The company has set a target for production value and profit growth in 2024, aligning with its operational philosophy of market expansion, development, management enhancement, and risk prevention [3][6]. - The company is committed to maintaining a focus on high-quality development and optimizing resource allocation to support international market expansion [7][8]. - The company plans to continue its investment in high-value-added products and smart manufacturing to improve production efficiency and reduce costs [6][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The company's Q1 performance significantly improved due to the simultaneous increase in both volume and price of methionine, with revenue reaching 4.499 billion yuan, a year-on-year increase of 24.5% and a quarter-on-quarter increase of 9.6%. The net profit attributable to shareholders was 870 million yuan, up 35.2% year-on-year and 44.2% quarter-on-quarter [4][5]. - The report highlights that while the prices of vitamins and other nutritional products are under pressure, the orderly release of methionine, flavoring agents, and polymer materials projects is driving steady recovery in the company's performance [4][5]. - The company is expected to maintain its "Chemicals+" and "Biology+" strategic pathways, focusing on innovation and orderly project advancement, which supports the positive outlook for the company's long-term growth [4][5]. Financial Summary - For 2024-2026, the forecasted net profit attributable to shareholders is 3.901 billion yuan, 4.525 billion yuan, and 5.202 billion yuan respectively, with corresponding EPS of 1.26, 1.46, and 1.68 yuan per share. The current stock price corresponds to P/E ratios of 15.0, 12.9, and 11.2 times [4][6]. - The sales gross margin and net margin for Q1 2024 were 35.04% and 19.40%, respectively, showing improvements compared to the previous year [5][6]. - The company has a robust project pipeline, including a 250,000-ton methionine project that has been completed, and several other projects under construction, which are expected to contribute to future profitability [5][6].

业绩简评 2024年 4月 29 日公司发布了2024年 1 季度报告，公司1 季度实 现营业收入44.99 亿元，同比增长24.54%，环比增长 9.6%；归母 净利润为8.7 亿元，同比增长35.21%，环比增长44.2%。 经营分析 核心产品价格回升，公司业绩开始修复。公司营养品业务板块产 品价格开始回暖，博亚和讯数据显示今年 1季度维生素E、维生素 A、维生素 C 和蛋氨酸的市场均价分别为65、81、25、22 元/千克， 价格同比变化分别为-13%、-9%、+8%、+21%；环比去年 4季度价格 提升幅度分别为 6%、12%、25%、3%。随着产品价格的回升公司盈 人民币(元) 成交金额(百万元) 利能力也开始向好，2024 年 1季度公司销售毛利率为35.04%，同 20.00 1,000 比提升3.4pct、环比提升3.6pct；销售净利率为19.4%，同比提 19.00 900 800 升 1.5pct，环比提升4.6pct。 18.00 700 17.00 600 500 聚焦于生物和化工两大主题，新项目稳步推进。报告期内公司原 16.00 400 有产品精细化运营，新项目和新产品的开发建设 ...

Revenue and Profit Growth - Revenue for the first quarter of 2024 increased by 24.54% year-over-year to RMB 4,498,764,263.04[3] - Net profit attributable to shareholders of the listed company rose by 35.21% year-over-year to RMB 869,622,923.96[3] - Total revenue for the quarter reached 4.50 billion RMB, a 24.5% increase compared to the same period last year (3.61 billion RMB)[21] - Net profit attributable to the parent company rose to 1.11 billion RMB, a 19.8% increase from 926 million RMB in the same period last year[21] - Operating profit for the quarter was 1,072,533,968.01 RMB, a significant increase from 754,058,342.83 RMB in the same period last year[22] - Net profit attributable to the parent company's owners reached 869,622,923.96 RMB, up from 643,158,260.22 RMB year-over-year[22] - The company's comprehensive income for the quarter was 868,391,836.11 RMB, up from 642,880,008.55 RMB year-over-year[22] Cash Flow and Financial Activities - Net cash flow from operating activities grew by 23.01% year-over-year to RMB 480,895,414.07[3] - Cash flow from operating activities was 480,895,414.07 RMB, compared to 390,927,539.55 RMB in the prior year[24] - Cash received from sales of goods and services totaled 3,763,652,141.20 RMB, up from 3,550,726,303.68 RMB year-over-year[24] - Cash outflow for purchasing goods and services decreased to 2,383,984,430.92 RMB from 2,614,897,443.35 RMB[24] - Cash flow from financing activities was 56,722,688.55 RMB, a significant drop from 968,011,828.56 RMB in the previous year[25] - The company's cash and cash equivalents at the end of the period stood at 4,570,125,619.38 RMB, down from 5,684,196,271.50 RMB year-over-year[25] - The company received 145,000,000.00 RMB from other investment-related activities, compared to 380,000,000.00 RMB in the same period last year[25] Asset and Liability Changes - Total assets as of the end of the reporting period increased by 1.18% compared to the end of the previous year to RMB 39,618,540,405.68[3] - Total assets grew to 39.62 billion RMB, up 1.2% from the beginning of the year (39.16 billion RMB)[19] - Cash and cash equivalents increased to 4.68 billion RMB, up 2.9% from the beginning of the year (4.54 billion RMB)[18] - Accounts receivable rose to 2.87 billion RMB, a 15.4% increase from the beginning of the year (2.48 billion RMB)[18] - Inventory levels increased to 4.43 billion RMB, up 2.6% from the beginning of the year (4.32 billion RMB)[18] - Long-term loans increased to 7.63 billion RMB, up 11.8% from the beginning of the year (6.82 billion RMB)[20] - Equity attributable to the parent company increased to 25.69 billion RMB, up 3.6% from the beginning of the year (24.80 billion RMB)[20] Earnings Per Share and Shareholder Information - Basic earnings per share increased by 33.33% year-over-year to RMB 0.28[3] - Basic and diluted earnings per share both increased to 0.28 RMB from 0.21 RMB in the previous year[23] - The number of ordinary shareholders at the end of the reporting period was 98,469[9] - New Hope Group Holdings Limited holds 1,539,232,431 unrestricted shares, accounting for a significant portion of the company's total shares[12] - The Fourth Employee Stock Ownership Plan completed the purchase of 29,528,181 shares at an average price of 16.2368 yuan per share, totaling 479,442,157.08 yuan[15] - The company's controlling shareholder, New Hope Group Holdings Limited, completed a share purchase plan, acquiring 17,869,906 shares, representing 0.58% of the total shares, with a total investment of 299,656,526.16 yuan[17] Investment and Income Changes - The company's investment income decreased by 101.65% year-over-year due to reduced income from joint ventures and disposal of forward exchange products[8] - Fair value change income decreased by 1,838.81% year-over-year due to exchange rate fluctuations[8] - Credit impairment losses increased by 503.69% year-over-year due to higher provisions for accounts receivable[8] - Government subsidies increased by 32.50% year-over-year, contributing to other income[8] - The company's net proceeds from the 2017 private placement were 4,867,075,500 yuan, with 14,687,350 yuan used in Q1 2024 and a remaining balance of 354,786,000 yuan[16] Operating Costs and R&D Expenses - Operating costs increased to 3.39 billion RMB, up 17.4% from the previous year's 2.89 billion RMB[21] - R&D expenses reached 202.95 million RMB, a 6.8% increase compared to the same period last year (190.08 million RMB)[21]

Investment Rating and Core Views - The report gives the company a "Buy" rating with a target price of 25 yuan [6][8] - The company is a global leader in the fine chemical industry, with a strong competitive advantage in vitamin and methionine businesses [2] - The methionine business is expected to drive significant growth, potentially doubling the company's scale [4] Vitamin Business - The vitamin industry is in a downturn, but the company's cost advantage and profitability resilience are evident [3] - The global CR4 for VA and VE in 2024 is 81% and 80%, respectively, indicating a highly concentrated market [3] - The company's self-supply of key intermediates like citral and linalool gives it a cost advantage [3] Methionine Business - Methionine is a high-growth, low-cost business with a global CR4 of 73% in 2024, suggesting a shift towards oligopoly pricing [4] - The company has a solid methionine production capacity of 300,000 tons, with an additional 180,000 tons of liquid methionine under construction [2][4] - The company's methionine business is highly competitive, with lower investment costs per ton compared to industry peers [65][66] Fragrance and New Materials Business - The fragrance and new materials businesses are well-integrated with the company's core nutrition business, leveraging shared intermediates to reduce costs [5] - The company's fragrance business benefits from the release of new capacities, such as the 5,000-ton menthol project, which started production in 2023 [30] - The new materials business, particularly PPS (polyphenylene sulfide), has a capacity of 22,000 tons, with a 7,000-ton Phase III project completed in 2023 [72] Financial Projections - The company's revenue is expected to grow from 19 billion yuan in 2024 to 25.4 billion yuan in 2026, with a CAGR of 15% [6] - Net profit is projected to increase from 4.5 billion yuan in 2024 to 7.2 billion yuan in 2026, with a CAGR of 23% [6] - The EPS is forecasted to rise from 1.46 yuan in 2024 to 2.32 yuan in 2026 [6] Industry Insights - The global methionine market is expected to grow steadily, with demand reaching 160 million tons in 2023, up 3.2% year-on-year [55] - The vitamin industry is undergoing consolidation, with DSM planning to divest its animal nutrition and health business by 2025, potentially improving the competitive landscape [52] - The PPS market is dominated by Japanese companies, but the company is making strides with its high-end PPS products, which have applications in electronics, automotive, and precision machinery [72]

2024年4月26日 公司研究 蛋氨酸、维生素景气回暖，Q1 业绩显著改善 ——新和成（002001.SZ）23 年年报&24 年一季度业绩预告点评 要点 买入（维持） 事件1：公司发布2023年年度报告，23年公司实现营业收入151亿元，同比-5%， 当 前价：18.30元 归母净利润27亿元，同比-25%；其中Q4单季度实现营业收入41亿元，同比 +2%，环比+14%，归母净利润6亿元，同比-1%，环比-2%。 作者 事件2：公司发布2024年第一季度业绩预告。2024Q1，公司预计实现归母净利 分析师：赵乃迪 润8.3-9亿元，同比+30%~+40%，环比+38%~+49%；预计实现扣非后归母净 执业证书编号：S0930517050005 利润 8.2-8.8亿元，同比+40%~+50%，环比+23%~+33%。 010-57378026 点评： zhaond@ebscn.com 维生素价格下行，23年业绩承压下滑：2023年国内VA、VE、2%生物素、固体 分析师：蔡嘉豪 蛋氨酸均价分别为85元/kg、71元/kg、42元/kg、19元/kg，分别同比-48%、 执业证书编号：S09305230700 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company reported a revenue of 15.117 billion yuan in 2023, a year-on-year decrease of 5.13%, and a net profit attributable to shareholders of 2.704 billion yuan, down 25.30% year-on-year [1][2]. - The first quarter of 2024 is expected to show significant improvement, with a projected net profit of 836 to 900 million yuan, representing a year-on-year increase of 30%-40% [6][39]. - The company is positioned as one of the world's top four vitamin producers, with ongoing projects and product development expected to drive future growth [7][39]. Summary by Sections Financial Performance - In 2023, the company achieved a gross profit of 4.986 billion yuan, a decrease of 15.29% year-on-year, with a gross margin of 32.98%, down 3.96 percentage points [1][2]. - The revenue from the nutrition segment was 9.867 billion yuan, a decline of 9.91% year-on-year, while the flavor and fragrance segment saw revenue growth of 10.34% to 3.274 billion yuan [2][11]. Market Trends - The average prices of key products such as Vitamin A and E have shown a downward trend, impacting overall revenue [2][12]. - The company is expected to benefit from the stabilization and potential recovery of vitamin and amino acid prices in 2024 [6][39]. Future Projections - Revenue forecasts for 2024-2026 are set at 19.650 billion, 23.301 billion, and 26.200 billion yuan, respectively, with net profits projected at 4.046 billion, 4.941 billion, and 5.658 billion yuan [39][10]. - The report anticipates a recovery in profitability driven by improved product pricing and ongoing project developments [39].

公 司 研 究 新和成（002001.SZ）：2024Q1 业绩 2024年4月25日 强烈推荐/维持 预期同比改善，项目建设持续推进 东 新和成 公司报告 兴 证 券 新和成发布2023年年报：公司全年实现营业收入151.17亿元，YoY-5.13%， 公司简介： 股 归母净利润27.04亿元，YoY-25.30%。公司拟每10股派发现金红利4.5元（含 浙江新和成股份有限公司创办于 1999 年， 份 税）。 于2004年6月在深交所上市，是中小板第 有 一家上市公司。公司高度注重精细化工合成 限 受到产品价格下滑影响，营养品业务盈利有所下降；香精香料业务、新材料业 技术的积累，从医药中间体乙氧甲叉起家， 公 务稳健增长。①营养品业务：2023年营收同比下滑9.91%至98.67亿元，毛 以有机合成为纽带，成功将业务拓展到了维 司 利率同比下滑6.68个百分点至29.91%，主要产品维生素和蛋氨酸等价格承压， 生素、香精香料、新材料、蛋氨酸等领域。 目前公司稳居世界四大维生素生产企业之 证 但产品销量实现了同比稳步增长；②香精香料业务：2023 年营收同比增长 一，并已发展成为具有影响力的香精香料企 券 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 20.16 CNY [1]. Core Views - The company has shown signs of recovery, with a forecasted increase in net profit for Q1 2024 by 30%-40% year-on-year, driven by improved performance in the methionine segment [1]. - The vitamin segment is expected to enter a recovery phase, contributing positively to overall performance in 2024 [1]. - The company has a rich project pipeline, including new product developments that will inject growth momentum [1]. Financial Performance Summary - In 2023, the company reported total revenue of 151.17 billion CNY, a decrease of 5.13% year-on-year, and a net profit of 27.04 billion CNY, down 25.30% year-on-year [1][2]. - For Q4 2023, revenue was 41.04 billion CNY, showing a year-on-year increase of 2.00% and a quarter-on-quarter increase of 14.21% [1]. - The company plans to distribute a cash dividend of 0.45 CNY per share, totaling 13.83 billion CNY, with a payout ratio of 51.14% and a dividend yield of 2.50% [1]. Segment Performance Summary - The nutrition segment saw a revenue decline of 9.91% year-on-year, with a gross margin of 29.91% [1]. - The flavor and fragrance segment achieved a revenue increase of 10.34% year-on-year, with a gross margin of 50.51% [1]. - The new materials segment reported a revenue increase of 3.04% year-on-year, benefiting from the ramp-up of the PPS Phase III project [1]. Future Outlook - The company is expected to achieve net profits of 39.08 billion CNY, 47.62 billion CNY, and 51.89 billion CNY for the years 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 44.5%, 21.8%, and 9.0% [1][2]. - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 14, 12, and 11 times, respectively [2].