Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [2][6]. Core Views - The company has shown signs of recovery in its performance, particularly in the sweetener segment, with expectations for continued profit rebound due to price increases [2][4]. - The company plans to invest 2 billion RMB in a new gasification project to enhance production efficiency and reduce costs, which is expected to contribute significantly to future revenue [5][6]. Summary by Sections Company Overview - The company operates in the food and beverage sector, with a current stock price of 22.95 RMB as of November 1, 2024, and a market capitalization of 13.005 billion RMB [1]. - Major shareholders include Anhui Jinrui Investment Group Co., Ltd., holding 43.95% of shares [1]. Recent Performance - For the first three quarters of 2024, the company reported a revenue of 4.043 billion RMB, a year-over-year decrease of 1%, and a net profit of 409 million RMB, down 27% year-over-year [2]. - In Q3 alone, the company achieved a revenue of 1.504 billion RMB, reflecting a 6% increase year-over-year and a 14% increase quarter-over-quarter [2]. Product Pricing and Market Dynamics - The sweetener market has seen a price recovery after a two-year low, with significant price increases for key products like sucralose and acesulfame potassium [4]. - The average price for sucralose in Q3 was 123,000 RMB per ton, showing a 17% increase from the previous quarter [4]. Future Projections - The company forecasts net profits of 641 million RMB, 796 million RMB, and 964 million RMB for 2024, 2025, and 2026 respectively, with expected growth rates of -9%, +24%, and +21% [6]. - The new gasification project is anticipated to generate an annual revenue of 940 million RMB once operational [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][11] Core Views - The report indicates that the turning point for sweeteners may be emerging, with a quarter-on-quarter increase in net profit attributable to the parent company in Q3 [2][3] - The company achieved a revenue of 4.043 billion yuan in the first three quarters of 2024, a year-on-year decrease of 1.24%, and a net profit of 409 million yuan, down 27.39% year-on-year [2][3] - The report highlights that the prices of key sweeteners have recently increased, suggesting a potential recovery in profitability for the company in the upcoming quarters [3][4] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 1.504 billion yuan, an increase of 6.04% year-on-year and 13.54% quarter-on-quarter [3] - The net profit attributable to the parent company for Q3 was 162 million yuan, up 1.17% year-on-year and 37.51% quarter-on-quarter [3] - The operating cash flow for Q3 was 468 million yuan, with a gross profit margin of 19.52%, down 3.93 percentage points year-on-year [3][4] Market Trends - The report notes that the prices of sucralose and acesulfame have recently risen from their lowest points in 2024, indicating a potential improvement in market conditions [3][4] - The company is positioned as a leader in the sweetener industry, with ongoing projects aimed at enhancing production efficiency and reducing costs [4][5] Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 5.441 billion, 6.006 billion, and 6.518 billion yuan respectively, with corresponding net profits of 705 million, 990 million, and 1.236 billion yuan [5][6] - The report anticipates a recovery in the company's main product prices, which could lead to improved financial performance in the near future [5][6]

股 票 研 究 证 券 研 究 报 告 ——2024 年金禾实业三季报点评 沈唯(分析师) 0755-23976795 [table_Authors] shenwei024936@gtjas.com 登记编号 S0880523080006 本报告导读： 公司三季报扣非业绩符合预期，公司三氯蔗糖景气度已明显提升并有望保持中高水 平，维持"增持"评级。 投资要点： [Table_Summary] 维持"增持"评级。24Q3 扣非业绩符合预期，维持公司 24-26 年 EPS 分别为 1.24、2.00、2.37 元。参考可比公司估值及考虑公司成长性， 给予 25 年 14.15 倍 PE 估值，维持目标价为 28.33 元。 Q3 业绩超预期，扣非归母净利符合预期。公司 24 年前三季度实现 收入 40.42 亿元，同比-1.24%，实现归母净利润 4.09 亿元，同比27.39%，实现扣非归母净利润 3.77 亿元，同比-21.91%。其中，24Q3 单季度实现收入 15.04 亿，同比+6.04%，环比+13.54%，单季度归母 净利润 1.62 亿，同比+1.17%，环比+37.51%，扣非归母净利润 1. ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 31.28 CNY, compared to the current price of 23.25 CNY [1]. Core Views - The company has experienced a price turning point in Q3, with expectations for a performance turnaround in Q4 due to rising product prices and improved demand [2]. - The company's Q3 revenue was 1.504 billion CNY, showing a year-on-year increase of 6.04% and a quarter-on-quarter increase of 13.54% [1][2]. - The core products, including sucralose and aspartame, have seen significant price increases, which are expected to positively impact Q4 performance [2]. - The second phase of the Dingyuan project has started contributing to profits, and new processes are anticipated to further reduce costs [2]. Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 4.043 billion CNY, a year-on-year decrease of 1.24%, and a net profit attributable to shareholders of 409 million CNY, down 27.39% year-on-year [1][3]. - The projected net profits for 2024-2026 are 768 million CNY, 1.048 billion CNY, and 1.266 billion CNY, respectively, with corresponding price-to-earnings ratios of 17x, 13x, and 10x [2][3]. - The company’s total revenue is expected to grow from 5.311 billion CNY in 2023 to 6.197 billion CNY in 2024, reflecting a year-on-year growth rate of 16.7% [3][6].

Investment Rating - The investment rating for Jinhe Industrial is maintained at "Buy" with a target price of RMB 25.06 [7]. Core Views - The report indicates that Jinhe Industrial's Q3 net profit increased by 1% year-on-year to RMB 1.6 billion, with a revenue of RMB 1.5 billion, reflecting a 6% quarter-on-quarter increase and a 14% year-on-year increase. The company achieved a total revenue of RMB 4 billion in the first three quarters, down 1% year-on-year, with a net profit of RMB 4.1 billion, a decrease of 27% year-on-year [1]. - The report suggests that the demand and cost support for sugar substitutes is expected to recover, maintaining the "Buy" rating [1]. Summary by Sections Financial Performance - In Q3, Jinhe Industrial reported a revenue of RMB 1.5 billion, up 6% quarter-on-quarter and 14% year-on-year. The net profit for Q3 was RMB 1.6 billion, reflecting a 1% increase quarter-on-quarter and a 38% increase year-on-year. For the first three quarters, the total revenue was RMB 4 billion, down 1% year-on-year, with a net profit of RMB 4.1 billion, a decrease of 27% year-on-year [1][2]. Industry Analysis - The sugar substitute industry is facing supply pressures and inventory reductions overseas, leading to a decline in product prices. The average prices for various sugar substitutes have decreased year-on-year, with specific declines of 31% for sucralose and 28% for acesulfame [2]. - Despite the price declines, Jinhe Industrial has been increasing prices since Q3, with average prices for Q3 showing increases of 22% for sucralose and 6% for maltodextrin [2]. Future Outlook - The report anticipates a recovery in the sugar substitute market due to a rebound in domestic demand for sugar-free beverages and the nearing end of inventory reductions overseas. This recovery is expected to be supported by both demand and cost factors [3]. - Jinhe Industrial is also progressing well with its investment projects, including a planned investment of RMB 2 billion for a new synthetic ammonia gasification project, which is expected to reduce production costs [4]. Profit Forecast and Valuation - The forecast for Jinhe Industrial's net profit for 2024-2026 is RMB 7.2 billion, RMB 10.2 billion, and RMB 12.6 billion, respectively, with corresponding EPS of RMB 1.26, RMB 1.79, and RMB 2.21. The target price is set at 14 times the PE ratio for 2025, resulting in a target price of RMB 25.06 [5][6].

证券代码：002597 证券简称：金禾实业 公告编号：2024-048 安徽金禾实业股份有限公司 关于为员工购房提供财务资助的公告 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、公司拟使用总额不超过人民币1000万元的自有资金为符合条件的员工购 买首套商品房提供免息借款，借款期限不超过5年，员工承诺并实际继续为公司 服务满五年，在该服务期限内，员工的购房借款免息。 2、本次财务资助事项已经公司第六届董事会第二十次会议、第六届监事会 第十五次会议、第六届董事会独立董事专门会议2024年第三次会议审议通过。 3、特别风险提示：公司将对财务资助资金的使用进行充分的监管和控制， 对被资助对象的资信情况进行充分的核查，保证财务资助资金安全与偿还计划的 有效实施，但仍存在一定的不确定性，敬请广大投资者注意投资风险。 一、财务资助事项概述 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10 月30日召开第六届董事会第二十次会议审议通过了《关于为员工购房提供财务资 助的议案》，同意公司使用总额人民币1,000万元自有资金为员工购买首 ...

具体内容详见公司在《证券日报》《证券时报》《上海证券报》《中国证券报》 以及巨潮资讯网（www.cninfo.com.cn）披露的《2024 年第三季度报告》。 证券代码：002597 证券简称：金禾实业 公告编号：2024-044 安徽金禾实业股份有限公司 第六届董事会第二十次会议决议公告 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"）第六届董事 会第二十次会议于 2024 年 10 月 20 日以电话及邮件的方式向各位董事发出通知， 并于 2024 年 10 月 30 日上午 9 时以通讯方式召开，会议由董事长杨乐先生主持 召开，本次会议应参加表决的董事 9 人，实际参加表决的董事 9 人，符合《公司 法》《公司章程》的规定。会议审议并通过了以下议案： 一、审议通过了《2024 年第三季度报告》 本议案已经公司董事会审计委员会审议通过。 公司在不影响自身主营业务发展的前提下使用部分自有资金为符合条件的 员工购买首套商品房提供限制额度的经济支持，有利于进一步完善员工薪酬福利 体系建设，帮助员工实现安居 ...

Financial Performance - Revenue for Q3 2024 reached ¥1,504,235,502.47, an increase of 6.04% year-over-year, while year-to-date revenue decreased by 1.24% to ¥4,042,519,280.66[3] - Net profit attributable to shareholders for Q3 2024 was ¥162,106,906.88, up 1.17% year-over-year, but down 27.39% year-to-date to ¥409,166,133.34[3] - The net profit after deducting non-recurring gains and losses for Q3 2024 was ¥126,819,496.39, a decrease of 19.53% year-over-year, and down 21.91% year-to-date[3] - The total operating revenue for the period was CNY 4,042,519,280.66, a decrease of 1.24% compared to CNY 4,093,336,450.64 in the previous period[19] - The net profit for the third quarter of 2024 was approximately CNY 409.17 million, a decrease of 27.4% compared to CNY 563.61 million in the same period last year[20] - Operating profit for the third quarter was CNY 473.72 million, down 25.7% from CNY 637.27 million year-over-year[20] - The company reported a total comprehensive income of CNY 405.51 million, compared to CNY 564.21 million in the previous year, reflecting a decrease of 28.1%[21] - Basic earnings per share for the third quarter were CNY 0.75, down from CNY 1.02 in the same period last year[21] Assets and Liabilities - Total assets as of September 30, 2024, were ¥10,216,946,934.98, reflecting a 5.19% increase from the end of the previous year[3] - The company's total liabilities reached CNY 2,752,344,352.25, compared to CNY 2,571,011,899.65 in the previous period, marking an increase of about 7.03%[18] - The total current assets increased to CNY 5,268,241,786.19 from CNY 5,083,965,932.15, reflecting a growth of approximately 3.64%[16] - The total non-current assets rose to CNY 4,948,705,148.79 from CNY 4,628,513,186.10, indicating an increase of about 6.93%[17] Borrowings and Cash Flow - The company reported a significant increase in short-term borrowings, which rose by 154.79% to ¥458,990,840.84, attributed to increased bank loans for working capital[6] - Long-term borrowings increased by 138.42% to ¥1,016,250,000.00, aimed at improving capital efficiency for project financing[7] - The cash flow from operating activities for the year-to-date period was ¥613,893,941.52, a decrease of 37.46% compared to the same period last year[7] - The net cash flow from operating activities was CNY 613.89 million, down 37.4% from CNY 981.67 million in the same period last year[23] - The company experienced a net cash outflow from investing activities of CNY 1.30 billion, compared to a smaller outflow of CNY 300.10 million in the previous year[23] Shareholder Information - The total equity attributable to shareholders increased by 4.53% to ¥7,462,660,232.64 compared to the end of the previous year[3] - The total number of common shareholders at the end of the reporting period is 37,430, with the largest shareholder, Anhui Jinrui Investment Group Co., Ltd., holding 43.95% of shares[8] - Anhui Jinrui Investment Group Co., Ltd. holds 250,487,223 shares, while Hong Kong Central Clearing Limited holds 12,550,845 shares[10] - The top ten shareholders hold a total of 21,242,637 shares, representing 3.73% of the total share capital[11] - The largest shareholder, Yang Yingchun, holds 3,816,050 shares, representing 0.67% of the total shares[10] Corporate Actions - The company has initiated a share repurchase plan with a total fund of no less than RMB 250 million and no more than RMB 500 million, with a maximum repurchase price of RMB 40.00 per share[13][14] - As of the latest report, the company has repurchased a total of 11,769,900 shares, accounting for 2.06% of the total share capital, with a total transaction amount of RMB 250,066,342.87[14] - The company is implementing an employee stock ownership plan, with the second phase involving 6,665,400 shares held by employees[10] - There are no significant changes in the top ten shareholders due to the transfer of shares[12] Operational Insights - The company reported a 238.92% increase in operating expenses, totaling ¥16,396,384.20, primarily due to non-current asset write-off losses[7] - The company has completed the first phase of the integrated bio-chemical synthesis project with an annual production capacity of 600,000 tons of sulfuric acid and 60,000 tons of ion membrane caustic soda, among others[15] - The company plans to further optimize production processes to enhance economic benefits from the bio-chemical synthesis project[15] - The company aims to improve operational efficiency through technological advancements[24] - Strategic initiatives are being implemented to drive revenue growth[24] Market Strategy - The company is actively engaging in market expansion strategies, as indicated by the ongoing share repurchase program[14] - The company continues to focus on market expansion and new product development strategies[24] - Future outlook includes potential growth in user data and market share[24] - The company is exploring mergers and acquisitions to enhance its competitive position[24] Financial Reporting - The third quarter report of Anhui Jinhui Industrial Co., Ltd. is unaudited[24] - The report was released on October 31, 2024[24] - Financial performance metrics will be detailed in the upcoming audited report[24] - The board of directors emphasizes the importance of accurate financial reporting[24] - The company is committed to transparency in its financial disclosures[24]

证券代码：002597 证券简称：金禾实业 公告编号：2024-045 安徽金禾实业股份有限公司 第六届监事会第十五次会议决议公告 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 会第十五次会议通知于 2024 年 10 月 20 日以电话、邮件的方式发出，并于 2024 年 10 月 30 日 10:00 在公司会议室以现场的方式召开。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，出席会议的监事以举手表决的方式通过 了以下决议： 一、审议通过了《2024 年第三季度报告》 经认真审核，监事会认为董事会编制和审议的公司 2024 年第三季度报告的 程序符合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反 映了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司在《证券日报》《证券时报》《上海证券报》《中国证券报》 以及巨潮资讯网（www.cninfo.com.cn）披露的《2024 年第三季度报告》。 二、审议通过了《关于为员工购房提供财务资助的议案》 ...

证券代码：002597 证券简称：金禾实业 公告编号：2024-047 安徽金禾实业股份有限公司 关于投资建设年产 20 万吨合成氨粉煤气化替代落后 工艺项目的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、对外投资概述 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10 月30日召开第六届董事会第二十次会议审议通过了《关于投资建设年产20万吨合 成氨粉煤气化替代落后工艺项目的议案》，同意公司以自有资金、银行贷款等自 筹资金投资建设"年产20万吨合成氨粉煤气化替代落后工艺项目"。 根据《深圳证券交易所股票上市规则》及《公司章程》等相关规定，本次投 资行为不构成关联交易，不构成《上市公司重大资产重组管理办法》规定的重大 资产重组。本次投资项目需向政府有关部门履行报批、登记和备案程序。本次投 资事项属于公司董事会决策权限，无需提交股东大会审议。 二、投资项目基本情况 1、项目名称：年产20万吨合成氨粉煤气化替代落后工艺项目 4、项目建设背景和必要性： 公司目前采用固定床气化造气技术生产合成氨、氢气和一氧化碳，其中液氨 供给 DMF ...