Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][14]. Core Insights - The company reported a revenue of 1.213 billion RMB for Q1 2024, a year-on-year decrease of 12.30%, and a net profit attributable to shareholders of 129 million RMB, down 47.37% year-on-year, which aligns with expectations [3][30]. - The company’s product prices are currently at historical lows, suggesting a potential bottoming out of its fundamentals. The report highlights that the price of sucralose is 110,000 RMB/ton and aspartame is 38,000 RMB/ton [30]. - The report revises the net profit forecasts for 2024 and 2025 to 713 million RMB (-14.53%) and 807 million RMB (-13.6%), respectively, with an introduction of a 2026 forecast of 986 million RMB [14][31]. Summary by Sections Financial Performance - The company’s revenue for 2023 is projected at 5.311 billion RMB, with a growth rate of -26.75%. The net profit is expected to be 704 million RMB, reflecting a -58.46% growth rate [31]. - The diluted earnings per share (EPS) for 2024, 2025, and 2026 are forecasted to be 1.25, 1.42, and 1.73 RMB, respectively, with corresponding price-to-earnings (P/E) ratios of 19.51X, 17.22X, and 14.10X [14][31]. Market Analysis - The report notes a favorable supply structure for sucralose, with the top three producers, including the company, holding an 80% market share. This suggests potential price elasticity if supply conditions change [30]. - The report indicates that the price of maltol is recovering from its bottom, with current prices at 95,000 RMB/ton and 75,000 RMB/ton for methyl maltol and ethyl maltol, respectively [30].

上 市 公 司 证 券 研 究 报 告 需求复苏强劲，麦芽酚已开启提价 | --- | --- | |-------------------------------------|-------------------------------| | 基础数据 : | 2024 年 03 月 31 日 | | 每股净资产（元） | 12.71 | | 资产负债率 % | 29.67 | | 总股 本/ 流 通 A 股 （ 万） | 570/567 | | 流通 B 股/H 股（百万） | -/- | -40% -30% -20% -10% 10% 金禾实业 沪深300指数（收益率） 05-0406-0407-0408-0409-0410-0411-0412-0401-0402-0403-0404-04 0% 《金禾实业（002597）点评：三氯蔗糖、 安赛蜜价格和盈利跌至历史底部，麦芽酚 已 开 启 提 价 ， 业 绩 符 合 预 期 》 2024/04/17 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsre ...

金禾实业（002597）2024 年一季报点评 强推（维持） 盈利或已见底，需求向好有望拉动景气复苏 目标价：30.40 元 当前价：24.39 元 事项： 金禾实业发布 2024 年一季度报告，实现营收 12.13 亿元，同/环比12.30%/+0.36%；实现归母净利润 1.29 亿元，同/环比-47.36%/-8.14%；实现扣 非归母净利润 1.21 亿元，同/环比-64.75%/-4.14%。 评论： 产品涨跌互现，盈利或已见底。根据百川盈孚，2024 年一季度公司核心产品 三氯蔗糖、安赛蜜、甲/乙基麦芽酚均价分别为 12.50、3.80、6.00/5.70 万元/吨， 同/环比-44.38%、-36.61%、-38.49%/-20.00%，环比-7.23%、-3.95%、-2.62%/- 3.10%，产品价格的同环比下滑使得公司季度业绩进一步下探。进入四月，甲 /乙基麦芽酚产品价格分别上涨 3.5/1.8 万元/吨至 9.5/7.5 万元/吨，与此同时三 氯蔗糖价格战深入，下跌 1.5 万元/吨至 11 万元/吨，考虑公司麦芽酚产能略高 于三氯蔗糖产能，且涨价幅度高于三氯蔗糖的跌价幅度，我们判断公 ...

Cash Flow - The net cash flow from operating activities decreased significantly to ¥8,716,520.22, down 96.78% from ¥270,490,011.73 in the previous period[7] - The company reported a net cash outflow from investing activities of ¥593,108,834.49, which is a 39.08% increase compared to the previous outflow of ¥426,460,880.06[16] - Financing activities generated a net cash inflow of ¥656,799,999.66, a substantial increase of 599.77% from ¥93,860,045.25 in the prior period[16] - The company's cash and cash equivalents decreased, impacting liquidity ratios[46] - The company's cash and cash equivalents increased by $72.3 million, contrasting with a decrease of $70.1 million in the previous period, leading to a total cash balance of approximately $2.39 billion at the end of the period[51] - The company received cash from borrowings amounting to $890 million, an increase from $380 million in the previous period, resulting in a net cash flow from financing activities of $656.8 million compared to $93.9 million last period[51] Revenue and Profit - Sales revenue from goods and services received cash of ¥1,317,954,566.94, a decrease from ¥1,582,080,087.04 in the previous period[5] - The company's Q1 2024 revenue was CNY 1,213,451,757.31, a decrease of 12.30% compared to CNY 1,383,603,549.08 in the same period last year[33] - Net profit attributable to shareholders was CNY 129,171,599.75, down 47.34% from CNY 245,277,710.94 year-on-year[33] - Net profit for the current period is $129,171,145.72, a decline of 47.5% compared to $245,401,588.00 in the previous period[48] - Basic earnings per share decreased to CNY 0.24, down 45.45% from CNY 0.44 in the same period last year[33] - Basic earnings per share for the current period is $0.24, down from $0.44 in the previous period[48] Assets and Liabilities - The total assets increased by 39.33% for trading financial assets, reaching ¥1,003,183,083.82 from ¥719,993,652.63[7] - Total assets increased by 6.11% to CNY 10,306,165,494.08 from CNY 9,712,479,118.25 at the end of the previous year[33] - The company's total assets increased to approximately $10.31 billion from $9.71 billion in the previous period, indicating a growth in overall financial health[56] - Total liabilities increased to $3,057,378,869.46 from $2,571,011,899.65, reflecting a growth of 18.9%[46] - Non-current liabilities rose significantly to $1,032,893,807.90 from $577,478,126.80, an increase of 78.6%[46] - The company's total liabilities and equity structure remains stable, with a focus on maintaining a healthy balance sheet[56] Share Repurchase and Equity - The company plans to increase the total amount for its share repurchase program to between ¥25,000 million and ¥50,000 million[8] - The company plans to repurchase shares using CNY 100 million to CNY 200 million of its own funds[18] - The company completed the repurchase and cancellation of part of the restricted stock, reducing the total share capital from 569,985,318 shares to 569,975,078 shares[20] - The company adjusted the maximum repurchase price from CNY 40.00 per share to CNY 39.21 per share due to the implementation of the 2022 annual equity distribution[40] - The company repurchased 11,519,500 shares, representing 2.02% of the total share capital, with a total transaction amount of approximately ¥244.8 million[55] - The company's equity attributable to shareholders rose by 1.50% to CNY 7,246,843,839.48 from CNY 7,139,523,979.43 at the end of the previous year[33] Investment and Expenses - The investment income increased by 180.11% to ¥30,779,811.58 from ¥10,988,433.94 in the previous period[7] - The company's financial expenses improved significantly, showing a decrease of 163.09% to -¥4,439,118.22 compared to ¥7,035,956.41 in the previous period[7] - Research and development expenses for the current period are $48,466,459.79, down from $56,771,058.94, indicating a reduction of 14.5%[47] - The company reported a government subsidy of approximately ¥20.5 million, contributing positively to the financial results for the period[66] Inventory and Current Assets - The company’s inventory increased to approximately ¥815.9 million from ¥783.6 million, reflecting a strategic buildup of stock[56] - Total current assets reached approximately $5.55 billion, up from $5.08 billion in the previous period, with cash and cash equivalents contributing significantly to this increase[56] - The company’s non-current assets totaled approximately $4.76 billion, up from $4.63 billion in the previous period, indicating ongoing investment in long-term assets[56] Other Comprehensive Income - Other comprehensive income after tax for the current period is $88,683.63, contrasting with a loss of $92,161.45 in the previous period[48] - The company experienced a 91.29% increase in prepayments, totaling ¥111,175,888.73 compared to ¥58,118,671.26 in the previous period[7]

欢迎广大投资者积极参与。 安徽金禾实业股份有限公司 关于举办 2023 年度业绩说明会的公告 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"）已于 2024 年 4 月 16 日披露了《2023 年年度报告》及其摘要。为便于广大投资者更全面深入地了解公司 2023 年度经营成果、财务状况，公司将于 2024 年 5 月 8 日（星期三）下午 15:00-17:00 在深圳证券交易所"互动易"平台举办"2023 年度业绩说明会"。本次年度业绩说明会 将采用网络远程方式举行，投资者可登录"互动易"网站（http://irm.cninfo.com.cn） 进入"云访谈"栏目参与本次年度业绩说明会。 出席本次年度业绩说明会的人员有：公司董事长杨乐先生，副董事长、总经理夏家 信先生，独立董事胡晓明先生，副总经理、财务总监、董事会秘书刘洋先生。 为充分尊重投资者、提升投资者交流的针对性，现就公司 2023 年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。欢迎广大投资者提前登录 "互动易"平台（h ...

请务必阅读正文之后的免责条款部分 [Table_Page] 金禾实业(002597) 本报告的信息来源于已公开的资料，本公司对该等信息的准确性、完整性或可靠性不作任何保证。本报告所载的资料、意见及 推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收入可升可跌。过往表现不应 作为日后的表现依据。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。本公司不保证本报告所含信 息保持在最新状态。同时，本公司对本报告所含信息可在不发出通知的情形下做出修改，投资者应当自行关注相应的更新或修 改。 公 司 更 新 报 告 -10% 3% 17% 30% 44% 57% -43% -35% -26% -17% -9% 0% 2023-04 2023-09 2024-02 股票绝对涨幅和相对涨幅 金禾实业价格涨幅 金禾实业相对指数涨幅 -27% -16% -5% 6% 17% 28% 22A 23A 24E 25E 26E 利润率趋势 收入增长率(%) EBIT/销售收入(%) 8% 11% 14% 18% 21% 24% 22A 23A 24E 25E 26E 回报率趋势 净 ...

分析师及联系人 相关研究 ⚫ 甜味剂需求保持增长，四季度产品仍处在周期探底阶段。2023 年，公司食品添加剂板块 实现营业收入 28.9 亿元，同比变动-36.6%，实现毛利率 32.8%，同比变动-15.0pct。 2023 年全年三氯蔗糖、安赛蜜、甲基麦芽酚和乙基麦芽酚市场均价同比 2022 年变 动-35.3%，-56.1%，-26.2%、-26.9%，产品价格显著回落。但行业需求仍然保持较快 增长，2023 年三氯蔗糖出口量为 1.6 万吨，同比+12.1%；安赛蜜出口量为 1.6 万吨，同 比变动-3.3%。2023Q4 三氯蔗糖、安赛蜜、甲基麦芽酚和乙基麦芽酚仍然处于下跌通 道，市场均价分别为 13.5、4.0、6.2、5.9 万元/吨，环比变动-9.3%、+6.6%、-26.0%、 -9.5%。甜味剂需求保持增长，2023Q4 三氯蔗糖出口量为 4868 吨，同比变化+34.6%， 环比变化+14.9%；安赛蜜出口量为 4454 吨，同比变化+3.5%，环比变化+6.4%。大宗 品价格触底。2023 年，公司大宗化学品板块实现营业收入 17.7 亿元，同比变 化-13.7%，实现毛利率 10.2 ...

[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 金禾实业（002597）公司年报点评 2024 年 04 月 22 日 | --- | --- | --- | --- | |--------------------------|-------|-------|-------| | | | | | | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅（ % ） | 14.1 | 16.6 | 11.6 | | 相对涨幅（ % ） | 15.1 | 12.5 | 3.3 | | 资料来源：海通证券研究所 | | | | 公司积极开发新型甜味剂等产品。2023 年公司完成了 D-阿洛酮糖-3-差向异 构酶的申报工作，并于 2024 年 2 月 29 日成功获批作为食品工业用酶制剂新 品种。此外公司依托以阿洛酮糖装置为基础的合成生物学中试线，开展了非 粮生物基材料原料化利用、益生元、膳食纤维、其他淀粉糖（醇）、部分功能 性营养健康产品以及功能性日化香料产品生产的研究工作。 | --- | --- | --- | --- | --- | --- | |-------- ...

金禾实业(002597) 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 23 年业绩承压，定远二期项目进展顺利 P2 8.05 亿、9.89 亿、11.89 亿，对应当前 PE 分别为 15 倍、12 倍、10 倍，维持"买入"评级。 风险提示：下游需求不及预期、研发不及预期、原材料价格波动、 行业竞争加剧等。 | --- | --- | --- | --- | --- | |--------------------|---------|--------|--------|--------| | | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 5,311 | 6,056 | 6,840 | 7,665 | | 营业收入增长率 (%) | -26.75% | 14.02% | 12.95% | 12.06% | | 归母净利（百万元） | 704 | 805 | 989 | 1,189 | | 净利润增长率 (%) | -58.46% | 14.32% | 22.89% | 20.18% | | 摊薄每股收益（元） | 1.27 | 1.41 ...

2024 年 04 月 17 日 公司研究 评级：买入(维持) 事件: 52 周价格区间（元） 15.33-30.36 [Table_Title] 短期业绩承压，甜味剂静待改善 ——金禾实业（002597）2023 年年报点评报告 其中，公司 2023Q4 实现营收 12.18 亿元，同比-29.29%，环比-14.15%； 实现归母净利润 1.41 亿元，同比-61.20%，环比-12.24%；ROE 为 2.00%， 同比下降 3.30 个百分点，环比下降 0.33 个百分点。销售毛利率 22.36%， 同比下降 14.87 个百分点，环比下降 1.09 个百分点；销售净利率 11.55%， 同比下降 9.50 个百分点，环比增加 0.26 个百分点。 相对沪深 300 表现 2024/04/16 表现 1M 3M 12M 沪深 300 -1.6% 6.4% -14.2% 当前价格（元） 20.87 期 间 费 用 方 面 ， 2023 年 公 司 销 售 / 管 理 / 财 务 费 用 率 分 别 为 0.84%/4.71%/-0.18%，同比+0.10/+2.24/+0.02pct。其中，管理费用 增 ...