证券代码：002001 证券简称：新和成 公告编号：2024-039 浙江新和成股份有限公司 第九届董事会第九次会议决议公告 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"）第九届董事会第九次会议于 2024 年 11 月 13 日以电子邮件方式发出会议通知，于 2024 年 11 月 18 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： 一、会议以 11 票同意，0 票反对，0 票弃权审议通过《关于变更回购股份用 途并注销的议案》，该议案尚需提交股东大会审议。 董事会同意变更 2021 年 8 月 18 日审议通过的回购公司股份方案的回购股份 用途，由原方案"回购股份用于实施股权激励计划或员工持股计划"变更为"用 于注销并减少注册资本"，即对公司回购专用证券账户中的 17,485,676 股进行注 销并相应减少公司注册资本。注销完成后，公司总股本由 3,090,907,356 股变更 为 3,073,421,680 股。 全文详 ...

证券代码：002001 证券简称：新和成 公告编号：2024-040 浙江新和成股份有限公司 关于变更回购股份用途并注销的公告 一、回购股份方案及实施情况 公司于 2021 年 8 月 18 日召开的第八届董事会第七次会议审议通过《关于回 购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易的方式回购公 司部分社会公众股份，回购股份用于实施股权激励计划或员工持股计划，回购股 份期限为自董事会审议通过回购方案之日起 12 个月。截至 2022 年 5 月 30 日， 本次回购实施完毕，公司通过回购专用证券账户以集中竞价方式累计回购公司股 份 17,485,676 股，占公司总股本的 0.5657%，累计交易金额为 500,019,703.22 元 （不含交易费用），实际回购时间为 2021 年 8 月 31 日至 2022 年 5 月 30 日。本 次回购符合公司既定的回购股份方案。具体详见公司在指定信息披露媒体及巨潮 资讯网（http://www.cninfo.com.cn）刊登的相关公告。 截至目前，公司暂未使用上述回购股份。 二、本次变更回购股份用途及原因 基于对公司未来发展前景的信心和自身价值的认 ...

浙江新和成股份有限公司 公司章程 浙江新和成股份有限公司 章程 二〇二四年十一月 | 第一章 | 总则 | 2 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 3 | | 第三章 | 股份 | 4 | | 第一节 | 股份发行 4 | | | 第二节 | 股份增减和回购 | 5 | | 第三节 | 股份转让 6 | | | 第四章 | 股东和股东大会 | 7 | | 第一节 | 股东 | 7 | | 第二节 | 股东大会的一般规定 | 9 | | 第三节 | 股东大会的召集 | 11 | | 第四节 | 股东大会的提案与通知 | 12 | | 第五节 | 股东大会的召开 | 14 | | 第六节 | 股东大会的表决和决议 | 17 | | 第五章 | 董事会 | 22 | | 第一节 | 董事 | 22 | | 第二节 | 董事会 | 24 | | 第六章 | 总裁及其他高级管理人员 | 28 | | 第七章 | 监事会 | 29 | | 第一节 | 监事 | 29 | | 第二节 | 监事会 | 30 | | 第八章 | 财务会计制度、利润分配和审计 | 31 | | 第一节 ...

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]