证券代码：002597 证券简称：金禾实业 公告编号：2024-053 安徽金禾实业股份有限公司 关于变更注册资本及修订《公司章程》的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 安徽金禾实业股份有限公司（以下简称"公司"或"本公司"）于 2024 年 11 月 29 日召开了第六届董事会第二十一次会议及第六届监事会第十六次会议， 审议通过了《关于变更注册资本及修订<公司章程>的议案》，现将有关事项公告 如下： 一、注册资本变更情况 公司于 2024 年 11 月 29 日召开第六届董事会第二十一次会议，审议通过了 《关于回购注销部分限制性股票的议案》，根据公司《2022 年限制性股票激励计 划（草案）》（以下简称"本激励计划"、"《激励计划》"）等相关规定，公 司董事会同意对授予激励对象中 4 名因第二个解除限售期个人层面绩效考核未 完全达标的激励对象对应的已获授但无法解除限售的限制性股票合计 16,000 股 进行回购注销，该议案尚需提交股东大会审议批准。 二、《公司章程》修订情况 鉴于上述限制性股票回购注销事项将导致公司总股本及注册资本发生变化， ...

证券代码：002597 证券简称：金禾实业 公告编号：2024-052 安徽金禾实业股份有限公司 关于 2022 年限制性股票激励计划第二个解除限售期 解除限售条件成就的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、本次符合解除限售条件的激励对象共计 25 人，可解除限售的限制性股票 的数量为 530,400 股，占公司目前总股本的比例为 0.09%。 2、本次限制性股票解除限售事宜尚需经有关机构办理手续后方可解除限售， 届时公司将另行公告，敬请投资者注意。 安徽金禾实业股份有限公司（以下简称"公司"或"本公司"）《2022 年限 制性股票激励计划（草案）》（以下简称"本激励计划"或"《激励计划》"） 规定的限制性股票第二个解除限售条件已经成就。根据公司 2022 年第一次临时 股东大会的授权，公司于 2024 年 11 月 29 日召开了第六届董事会第二十一次会 议和第六届监事会第十六次会议，审议通过了《关于 2022 年限制性股票激励计 划第二个解除限售期解除限售条件成就的议案》，现将相关事项公告如下： 一、限制性股票激励计划已 ...

证券代码：002597 证券简称：金禾实业 公告编号：2024-051 第六届监事会第十六次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 安徽金禾实业股份有限公司（以下简称"公司"或"本公司"）第六届监事 会第十六次会议通知于 2024 年 11 月 19 日以电话、邮件的方式发出，并于 2024 年 11 月 29 日 10:00 以通讯方式召开。会议由监事会主席戴世林先生主持，全体 监事出席了会议。本次会议应到监事 3 名，实到监事 3 名，符合《公司法》和《公 司章程》的有关规定，出席会议的监事审议并通过了以下决议： 一、审议通过了《关于 2022 年限制性股票激励计划第二个解除限售期解除 限售条件成就的议案》 经认真审核，监事会认为：根据公司《2022 年限制性股票激励计划（草案）》 及《2022 年限制性股票激励计划实施考核管理办法》的相关规定，公司本激励计 划的限制性股票第二个解除限售期解除限售条件已成就，符合解除限售条件的激 励对象人数为 25 人，可解除限售的限制性股票数量为 530,400 股。监事会对解 除限售的激励对象名单 ...

证券代码：002597 证券简称：金禾实业 公告编号：2024-055 安徽金禾实业股份有限公司 关于回购注销部分限制性股票的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 一、限制性股票激励计划已履行的相关审批程序 1、2022年9月23日，公司召开第六届董事会第四次会议审议通过了《关于 <2022年限制性股票激励计划（草案）>及其摘要的议案》《关于<2022年限制性 股票激励计划实施考核管理办法>的议案》等议案，公司独立董事对本激励计划 的相关事项发表了同意的独立意见。同日，公司召开了第六届监事会第六次会议， 审议通过了《关于<2022年限制性股票激励计划（草案）>及其摘要的议案》《关 于<2022年限制性股票激励计划实施考核管理办法>的议案》《关于核实公司<2022 年限制性股票激励计划激励对象名单>的议案》。公司监事会对本激励计划的相 关事项进行核实并出具相关核查意见。 1 2、2022年9月26日至2022年10月6日，公司对本次激励对象的姓名和职务在 公司内部进行公示。截至公示期满，公司监事会未收到任何对本次激励对象名单 的异 ...

证券代码：002597 证券简称：金禾实业 公告编号：2024-049 安徽金禾实业股份有限公司 关于第二期核心员工持股计划第二批锁定期届满 的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 安徽金禾实业股份有限公司（以下简称"公司"或"本公司"）于2022年9 月23日、2022年10月18日召开了第六届董事会第四次会议和2022年第一次临时股 东大会，会议审议通过了《关于<第二期核心员工持股计划（草案）及其摘要的 议案》《关于<第二期核心员工持股计划管理办法>的议案》《关于提请股东大会 授权董事会办理第二期核心员工持股计划相关事宜的议案》等相关议案。具体内 容见公司于 2022 年 9 月 24 日 、 2022 年 10 月 19 日 刊 登 于 巨 潮 资 讯 网 （www.cninfo.com.cn）的相关公告。 本员工持股计划第二批锁定期于2024年11月23日届满，根据《关于上市公司 实施员工持股计划试点的指导意见》《深圳证券交易所上市公司自律监管指引第 1号——主板上市公司规范运作》等相关规定，现将公司第二期核心员工持股计 划第二批 ...

Summary of Conference Call for Jinhe Industrial Industry Overview - China's export of sucralose heavily relies on the U.S. market, accounting for approximately 30% of total exports, with the U.S. market having significant re-export trade capabilities, allowing domestic factories to meet part of the demand [2][3] - The demand structure for sucralose in the U.S. is primarily from the U.S., Europe, and Asia, with an expected apparent consumption of 4,241 tons in 2024, reflecting a compound annual growth rate (CAGR) of about 5% from 2017 to 2024 [2][4] Key Insights - The impact of U.S. tariffs on Chinese sucralose exports is limited due to the small direct exposure of China to the U.S. terminal market, and the likelihood of tariff increases is low [2][5][6] - Short-term tariff increases may reduce exports, but in the long term, this could benefit domestic companies by allowing them to bypass U.S. traders and directly access high-priced overseas demand [2][6] - Jinhe Industrial is positioned in a high-quality sector with an integrated industrial chain, making it a rare investment opportunity. The demand for its microscope products is growing rapidly, and price increases are expected to maintain or exceed market expectations [2][7] Financial Projections - The second phase of the Dingyuan project is expected to extend the platform business, allowing the company to enter new niche markets and potentially become an industry leader [2][7] - Despite a price drop during the industry reshuffle in the first three quarters, the profit forecast for 2024 to 2026 is projected to reach 644 million, 4.377 billion, and 1.515 billion yuan respectively [2][7] - Current stock price corresponds to price-to-earnings (PE) ratios of 22.13, 10.34, and 9.40 for the years 2024, 2025, and 2026, respectively, maintaining a buy rating [2][7] Risks - Potential risks include the sustainability of price increases for key products and a significant decline in overseas demand [2][7]

主持人好各位投资者大家好我是这张证券石化能源行业的首席分析师任宇超我们过去是从底部推荐了仅稀度超市场预期的三立这堂行业的龙头金河实业那么最近大家会担心关税会不会对金河的三立这堂出口有什么样的影响那我今天来给大家解答我们最近是发布了我们的热点问题系列报告四为什么我们认为关税不会影响金河 二和十月三立热糖的出口那大家会比较关心呢第一个中国出口的三立热糖是对美国的敞口有多大我们认为呢直接出口对美国的敞口大概有30%那么发达地区的出口占比大概是60%美国呢是中国的三立热糖出口的最大的需求国24年的前三个季度对美国的出口占比大概是34% 欧洲和亚洲分别进口大概20%和24%的生育者草那么消费主要是来自于发达国家的 所以这些发达地区呢对于中国的三氯焦糖的出口是大概占了60%三氯焦糖出口呢也是维持了一个比较高的增速我们根据海关数据17年到23年的负荷增速有20%亚洲地区的消费增速呢是增长的明显17年到23年亚洲地区的负荷增速是有31%所以呢这是大家第一个关注的问题中国出口的三氯焦糖对美国的敞口有多大大概是有30% 然后大家会比较关注第二个问题就是美国的三绿洲糖的消费结构是什么样的我们认为美国是存在比较多的三绿洲糖转口的贸易 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 25.2 yuan [5] Core Views - The company's Q3 revenue and net profit showed a recovery, with revenue increasing by 6.0% YoY and 13.54% QoQ, and net profit increasing by 1.2% YoY and 37.51% QoQ [1] - The company's food additives, particularly sucralose, have entered a price increase cycle, with sucralose prices rising by 56.4% from Q3 average prices, which is expected to boost future profitability [2] - The company announced an investment of approximately 2 billion yuan to build a synthetic ammonia project, which is expected to enhance resource utilization and reduce production costs [3] Financial Performance - Q3 gross margin was 19.52%, down 3.92 percentage points YoY, while net margin improved by 1.88 percentage points QoQ to 10.78% [1] - The company's four major food additive products showed mixed price trends, with sucralose and acesulfame prices declining YoY but increasing QoQ, while maltol prices improved both YoY and QoQ [2] - The company's 2024-2026 net profit forecasts have been adjusted to 5.59/10.81/14.19 billion yuan, down from previous estimates of 10.95/13.56 billion yuan for 2024-2025 [3] Financial Projections - Revenue is expected to grow by 17.78% in 2025 and 10.97% in 2026, with net profit growth of 93.44% in 2025 and 31.29% in 2026 [4] - The company's EBITDA is projected to increase from 968.46 million yuan in 2024 to 2,133.03 million yuan in 2026 [4] - The company's P/E ratio is expected to decrease from 25.70 in 2024 to 10.12 in 2026, indicating potential undervaluation [4] Industry and Market Position - The company operates in the basic chemicals and chemical products industry, with a focus on food additives and synthetic ammonia production [5] - The company's market capitalization is 14,363.37 million yuan, with a P/B ratio of 1.80 in 2024, expected to decrease to 1.50 by 2026 [4][5] Strategic Investments - The company is investing in a 200,193.91 million yuan project to replace outdated processes with advanced coal gasification technology, aiming to produce 10.18 million tons of liquid ammonia and 20 million tons of ammonium bicarbonate annually [3] - The project is expected to generate annual sales revenue of 94,128.00 million yuan in normal years [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [4][6]. Core Views - The company reported a revenue of 4.04 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.2%, and a net profit attributable to shareholders of 410 million yuan, down 27.4% year-on-year [2][4]. - In Q3 alone, the company achieved a revenue of 1.5 billion yuan, which represents a year-on-year increase of 6.0% and a quarter-on-quarter increase of 13.5% [2][4]. - The company’s sugar substitute products have shown signs of recovery, with a significant price increase expected in Q4 due to reduced production and inventory [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a net profit of 410 million yuan, down 27.4% year-on-year, and a net profit excluding non-recurring items of 380 million yuan, down 21.9% year-on-year [2]. - Q3 results showed a net profit of 160 million yuan, up 1.2% year-on-year and up 37.5% quarter-on-quarter [2][4]. Market Trends - The price of sucralose has rebounded from 100,000 yuan per ton on August 27 to 210,000 yuan per ton, indicating a recovery in the industry after a period of price decline [2][3]. - The demand for sugar substitutes remains strong, with Q3 exports of sucralose reaching 5,104 tons, up 20.5% year-on-year and 28.8% quarter-on-quarter [2][3]. Production Capacity and Cost Management - The company is gradually releasing capacity from its second phase of the Dingyuan project, which includes significant production capabilities for various chemical products [4]. - Efforts are being made to reduce costs and improve efficiency, including technological advancements in sucralose production [4]. Future Outlook - The company expects its performance to improve significantly in the coming years, with projected net profits of 830 million yuan, 1.27 billion yuan, and 1.67 billion yuan for 2024, 2025, and 2026 respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4]. Core Insights - The company's Q3 2024 performance met expectations, with a revenue of 4.043 billion yuan, a year-over-year decrease of 1%, and a net profit of 409 million yuan, down 27% year-over-year [4]. - The report highlights a shift in the sweetener industry from market share-driven growth to profit-driven strategies, with price increases for key products like maltol and sucralose [4]. - The company is investing approximately 2 billion yuan in a new ammonia production project, which is expected to enhance its competitive edge [4]. - The report projects a recovery in the company's earnings due to price increases in sweeteners and the optimization of production processes [4]. Financial Summary - For the first three quarters of 2024, the company achieved a gross margin of 20.19%, a decrease of 3.61 percentage points year-over-year, and a net profit margin of 10.12%, down 3.65 percentage points year-over-year [4]. - The projected net profit for 2024 is revised to 673 million yuan, down from a previous estimate of 774 million yuan, with expected earnings per share (EPS) of 1.18 yuan [4][5]. - Revenue is expected to grow to 6.345 billion yuan in 2025, reflecting a year-over-year increase of 20% [5]. Market Position and Strategy - The company is a major global producer of sucralose and acesulfame K, with plans to expand its production capacity and improve cost efficiency through technological advancements [4]. - The report notes that the company has a current production capacity of 10,000 tons for maltol and 13,000 tons for sucralose, indicating potential for revenue recovery as prices rise [4]. - The establishment of a bio-synthesis innovation platform is underway, which aims to diversify the company's product offerings and enhance its market position [4].