2024 年 09 月 03 日 公司研究 评级：买入(维持) | --- | --- | |--------------|-------------------------------------------------------------| | | | | 研究所： | | | 证券分析师： | 李永磊 S0350521080004 | | 证券分析师： | liyl03@ghzq.com.cn 董伯骏 S0350521080009 dongbj@ghzq.com.cn | | 证券分析师： | 陈云 S0350524070001 cheny17@ghzq.com.cn | [Table_Title] 上半年业绩承压，Q3 拐点有望显现 ——金禾实业（002597）2024 年半年报点评 | --- | --- | --- | --- | --- | |---------------------|----------|-------|-------|-------------| | 最近一年走势 | | | | | | | | | | | | | | | | | | | | | | | | 相对沪深 ...

证 券 研 究 报 告 金禾实业（002597）2024 年半年报点评 强推（维持） Q2 盈利底部震荡，Q3 提价拐点已至 目标价：26 元 事项： 金禾实业发布 2024 年半年度报告，24H1 实现营收 25.38 亿元，同比-5.10%， 实现归母净利润 2.47 亿元，同比-38.74%。其中 Q2 实现营收 13.25 亿元，同/ 环比+2.60%/+9.18%，实现归母净利润 1.18 亿元，同/环比-25.40%/-8.74%。 评论： 产品涨跌互现，盈利底部区间震荡。分产品来看，24H1，公司食品添加剂、大 宗化学品两大板块实现营收 13.37、8.39 亿元，同比-11.34%、-1.71%，实现毛 利率 27.10%、11.98%，同比-6.89PCT、+3.78PCT。根据百川盈孚，2024 年一 季度公司食品添加剂中的核心产品三氯蔗糖、安赛蜜、甲基麦芽酚、乙基麦芽 酚均价分别为 11.02、3.72、9.05、7.24 万元/吨，同比-32.16%、-27.59%、+0.57%、 +0.54%，环比-11.81%、-2.08%、+50.86%、+26.99%，产品价格涨跌互现，维 持 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 本报告导读： 公司 Q2 业绩符合预期，三氯蔗糖开启涨价，维持增持评级。 投资要点： | --- | --- | --- | --- | --- | --- | |--------------------------------------|-------|--------|-------|-------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 7,250 | 5,311 | 5,530 | 6,247 | 6,829 | | (+/-)% | 24.0% | -26.7% | 4.1% | 13.0% | 9.3% | | 净利润（归母） | 1,695 | 704 | 708 | 1,140 | 1,348 | | (+/-)% | 44.0% | -58.5% | 0.6% | 60.9% | 18.2% | | 每股净收益（元） | 2.97 | 1.24 | 1.24 | 2.00 | 2.37 | | ...

证券研究报告 | 公司更新 | 化学制品 金禾实业(002597) 报告日期：2024 年 08 月 29 日 业绩符合预期，如何看待三氯蔗糖的涨价高度、可持续性和业绩 弹性？ ——金禾实业热点问题系列报告二及中报业绩点评 投资要点 ❑ 导语：Q2 业绩符合预期、扣非归母净利润实现环比增长、三氯蔗糖的价格有望 长期维持合理盈利水平、定远二期开始贡献增量业绩 ❑ 事件：8 月 28 日三氯蔗糖从 10 万元/吨上涨至 15 万元/吨，8 月 29 日，公司公告 2024H1 归母净利润 2.47 亿元，同比下降 38.74%，环比下降 17.88%；2024Q2 归 母净利润 1.18 亿元，环比下滑 8.74%；扣非归母净利润 1.29 亿元，环比增长 6.42%；三氯蔗糖主力企业宣布 9 月开始集体停产两个月。 ❑ 2024Q2 业绩符合预期，重点产品涨跌互现驱动业绩环比基本持平。Q2 甲乙基 麦芽酚涨价与三氯蔗糖、安赛蜜价格下跌对冲。据百川盈孚 2024Q2 三氯蔗糖、 安赛蜜、甲基麦芽酚、乙基麦芽酚市场均价为 11.02/3.72/9.05/7.24 万元/吨，环 比变动-11.84%/-2.11%/+ ...

Financial Performance - Revenue for the reporting period was RMB 2.54 billion, a decrease of 5.10% compared to the same period last year[10] - Net profit attributable to shareholders of the listed company was RMB 247.06 million, a decrease of 38.74% year-on-year[10] - Net cash flow from operating activities was RMB 145.78 million, a significant decrease of 75.65% compared to the same period last year[10] - Basic earnings per share (EPS) were RMB 0.45, down 38.36% year-on-year[10] - Total assets increased by 6.75% to RMB 10.37 billion compared to the end of the previous year[10] - The company's weighted average return on equity (ROE) was 3.41%, a decrease of 2.21 percentage points from the same period last year[10] - In the first half of 2024, the company achieved operating revenue of 2,538.28 million yuan, a year-on-year decrease of 5.10%, and net profit attributable to shareholders of 247.06 million yuan, a year-on-year decrease of 38.74%[23] - Revenue for the reporting period decreased by 5.10% to 2,538,283,778.19 yuan compared to the same period last year[33] - Net cash flow from operating activities decreased by 75.65% to 145,782,448.78 yuan due to lower sales revenue and increased cash payments for goods and services[33] - Net cash flow from investing activities decreased by 1,104.61% to -797,467,532.81 yuan due to reduced cash received from investments and significant fixed asset investments[33] - Net cash flow from financing activities increased by 221.51% to 629,844,214.70 yuan due to increased bank loans[33] - Total revenue for the first half of 2024 was RMB 2,538,283,778.19, a decrease of 5.1% compared to RMB 2,674,820,460.72 in the same period of 2023[120] - Net profit for the first half of 2024 was RMB 247,058,558.26, a decrease of 38.7% compared to RMB 403,389,047.75 in the same period of 2023[121] - Total operating costs for the first half of 2024 were RMB 2,260,112,183.97, a decrease of 1.8% compared to RMB 2,301,240,387.53 in the same period of 2023[120] - R&D expenses for the first half of 2024 were RMB 109,533,363.26, a decrease of 4.5% compared to RMB 114,658,008.07 in the same period of 2023[120] - Total liabilities as of the end of the first half of 2024 were RMB 1,253,443,677.25, a decrease of 27.8% compared to RMB 1,737,264,881.95 in the same period of 2023[119] - Total equity as of the end of the first half of 2024 was RMB 6,871,974,841.21, an increase of 1.1% compared to RMB 6,797,671,087.68 in the same period of 2023[119] - Basic earnings per share for the first half of 2024 were RMB 0.45, a decrease of 38.4% compared to RMB 0.73 in the same period of 2023[122] - Diluted earnings per share for the first half of 2024 were RMB 0.45, a decrease of 37.5% compared to RMB 0.72 in the same period of 2023[122] - Revenue for the first half of 2024 decreased to 2.27 billion yuan from 2.50 billion yuan in the same period of 2023, a decline of approximately 9.2%[123] - Net profit for the first half of 2024 dropped to 174.44 million yuan from 294.30 million yuan in the first half of 2023, a decrease of approximately 40.7%[123] - Operating cash flow for the first half of 2024 was 145.78 million yuan, significantly lower than the 598.61 million yuan in the same period of 2023[125] - Investment cash flow for the first half of 2024 showed a net outflow of 797.47 million yuan, compared to a net inflow of 79.38 million yuan in the first half of 2023[126] - Financing cash flow for the first half of 2024 recorded a net inflow of 629.84 million yuan, a significant improvement from the net outflow of 518.33 million yuan in the same period of 2023[126] - R&D expenses increased slightly to 95.99 million yuan in the first half of 2024 from 93.18 million yuan in the first half of 2023[123] - Sales expenses decreased to 16.42 million yuan in the first half of 2024 from 26.46 million yuan in the same period of 2023[123] - Interest income rose to 68.85 million yuan in the first half of 2024 from 49.17 million yuan in the first half of 2023[123] - Cash and cash equivalents at the end of the first half of 2024 stood at 2.30 billion yuan, down from 2.42 billion yuan at the end of the first half of 2023[126] - Total comprehensive income for the first half of 2024 was 174.44 million yuan, compared to 294.30 million yuan in the same period of 2023[124] - Sales revenue from goods and services received in cash was 2.49 billion yuan, a decrease from 2.97 billion yuan in the previous period[129] - Net cash flow from operating activities was 27.01 million yuan, significantly lower than the 514.80 million yuan in the previous period[129] - Net cash flow from investing activities was 237.38 million yuan, compared to a negative 87.03 million yuan in the previous period[129] - Net cash flow from financing activities was negative 326.60 million yuan, an improvement from the negative 473.66 million yuan in the previous period[129] - Total cash and cash equivalents at the end of the period were 2.10 billion yuan, down from 2.16 billion yuan at the beginning of the period[129] - The company's total equity at the beginning of the period was 7.14 billion yuan, with a slight increase to 7.14 billion yuan by the end of the period[131] - The company allocated 109.75 million yuan for profit distribution to shareholders during the period[132] - The company's capital reserve increased by 46.07 million yuan during the period[131] - The company's general risk reserve remained unchanged at 5.98 million yuan[131] - The company's undistributed profit decreased by 137.31 million yuan during the period[131] - Total owner's equity at the end of the period was RMB 7,035,508,330.41, with minority shareholders' equity at RMB 1,877,493.41[134] - Comprehensive income for the period amounted to RMB 745,486.43[134] - Total profit distribution to owners (or shareholders) was RMB 440,825,060.00[135] - Special reserve for the period was RMB 2,941,849.74[135] - Total equity at the beginning of the period was RMB 7,033,630,837.00[134] - Total equity at the end of the period was RMB 6,827,201,607.97[136] - Share capital decreased by 10,240.00 yuan in the current period[137] - Capital reserve increased by 46,073,333.35 yuan in the current period[137] - Comprehensive income for the current period totaled 174,443,189.39 yuan[137] - Owner's equity decreased by 8,737,338.55 yuan due to owner's capital reduction[137] - Profit distribution to owners (or shareholders) amounted to -109,746,488.20 yuan[138] - Special reserve increased by 647,488.28 yuan in the current period[138] - Total owner's equity at the end of the period was 6,797,671,087.68 yuan[137] - Comprehensive income for the previous period was 294,298,862.36 yuan[142] - Profit distribution to owners (or shareholders) in the previous period was -440,825,060.00 yuan[142] - Special reserve increased by 314,601.28 yuan in the previous period[142] Dividend and Share Repurchase - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserve into share capital[1] - The company repurchased 11,769,900 shares, accounting for 2.06% of the total shares, with a total repurchase amount of 250,066,342.87 yuan[94] - The company's 2023 annual profit distribution plan is to distribute a cash dividend of 2 yuan per 10 shares, with a total cash dividend of 109,746,488.20 yuan[94] - The company completed the repurchase of 11,769,900 shares, accounting for 2.06% of the total shares, with a total transaction amount of RMB 250,066,342.87[100] - The total number of shares repurchased was 11,769,900, with the highest price at RMB 25.10 per share and the lowest at RMB 18.05 per share[100] - The company increased its repurchase plan from RMB 100-200 million to RMB 250-500 million[100] - The company's total share capital decreased from 569,985,318 shares to 569,975,078 shares after the repurchase and cancellation of 10,240 shares[99] - The company's repurchase plan was implemented from May 5, 2023, to May 4, 2024, with a repurchase price cap adjusted to RMB 39.21 per share[99] - A total of 536,160 restricted shares were released from the 2022 restricted stock incentive plan on January 8, 2024[99] - The company repurchased and canceled 10,240 shares due to incomplete performance targets for 3 incentive recipients[99] - The total number of restricted shares at the end of the period was 2,906,538, with 536,160 shares released and 81,210 shares added[103] - The company's repurchase plan was approved by the board on May 5, 2023, with a maximum repurchase price of RMB 40.00 per share[99] - The company's repurchase plan was adjusted to increase the repurchase amount from RMB 100-200 million to RMB 250-500 million[100] Business Operations and Products - The company's main business includes the R&D, production, and sales of food additives, daily chemical fragrances, bulk chemicals, functional chemicals, and intermediates[15] - The company's sweetener products, such as Acesulfame-K and Sucralose, are widely used in the food and beverage industry due to their high sweetness, zero calories, and safety[16] - The company's bulk chemicals, such as liquid ammonia and hydrogen peroxide, are primarily used as raw materials for fine chemical products, with leading market share in East China[17] - The global sweetener industry is experiencing rapid growth driven by health-conscious consumers and sugar reduction trends, with Acesulfame-K and Sucralose being key substitutes[18] - The flavor and fragrance industry in China is growing rapidly, supported by government policies and increasing demand for high-quality life, with applications in food, beverages, and daily chemical products[20] - The basic chemical industry is undergoing transformation under the dual-carbon policy, with a focus on technological innovation, industrial upgrading, and green transformation[21] - Completed the main project construction of the first phase of the "Dingyuan Phase II Project," including the annual production of 600,000 tons of sulfuric acid, 60,000 tons of ion membrane caustic soda, 60,000 tons of ion membrane potash, and 150,000 tons of hydrogen peroxide, with trial production underway[24] - Achieved a historic high in daily production of sucralose through technical breakthroughs, maintaining industry-leading cost advantages[25] - Increased sales volume and market share of major products year-over-year, with further market expansion through sales structure reforms[26] - Upheld the 337 investigation ruling by the U.S. International Trade Commission, confirming no patent infringement in the production of acesulfame[27] - Enhanced digital management and operational efficiency through CRM project implementation and the development of unmanned filling systems[28] - Strengthened safety and environmental management with the establishment of a digital safety management platform and regular environmental inspections[29] - Obtained 22 new patents authorized by the National Intellectual Property Office, bringing the total to 313 authorized patents, including 223 invention patents[30] - Expanded the industrial layout with a focus on circular economy, enhancing competitiveness in food and beverage, daily consumption, and advanced manufacturing sectors[30] - Food manufacturing revenue decreased by 11.34% to 1,337,400,345.20 yuan, accounting for 52.69% of total revenue[34] - Basic chemical revenue increased by 0.80% to 947,942,290.00 yuan, accounting for 37.35% of total revenue[34] - Domestic sales revenue increased by 6.58% to 2,104,523,154.78 yuan, accounting for 82.91% of total revenue[35] - Foreign sales revenue decreased by 38.05% to 433,760,623.41 yuan, accounting for 17.09% of total revenue[35] - Gross margin for food additives decreased by 6.89% to 27.10%[36] - Gross margin for bulk chemicals increased by 3.78% to 11.98%[36] - The company's subsidiary completed the construction of a 600,000-ton sulfuric acid production, 60,000-ton ion-exchange membrane caustic soda, 60,000-ton ion-exchange membrane potassium hydroxide, and 150,000-ton hydrogen peroxide projects, which have entered trial production[95] Environmental and Safety Management - Strengthened safety and environmental management with the establishment of a digital safety management platform and regular environmental inspections[29] - The company faces environmental governance risks due to its chemical production processes, with increasing costs and stricter regulations, but has established comprehensive environmental protection and management systems[52] - The company faces safety production risks due to the use of hazardous chemicals, but has implemented preventive measures, safety education, and regular inspections to minimize risks[53] - The company's subsidiary, Jinxuan Technology, obtained approval for the年产 10,000吨双氯磺酰亚胺项目环境影响报告书[65] - The total emission of sulfur dioxide (SO2) from Jinhe Industry's 1 waste heat boiler and 75-ton boiler is 3,460 kg, which is within the annual permitted limit of 55,170 kg[66] - The total emission of nitrogen oxides (NOx) from Jinhe Industry's 1 waste heat boiler and 75-ton boiler is 6,860 kg, which is within the annual permitted limit of 78,820 kg[66] - The total emission of chemical oxygen demand (COD) from Jinhe Industry's wastewater discharge is 778,650 kg, which is within the annual permitted limit of 1,710,000 kg[67] - The total emission of ammonia nitrogen (NH3-N) from Jinhe Industry's wastewater discharge is 25,509.8 kg, which is within the annual permitted limit of 153,900 kg[67] - The total emission of sulfur dioxide (SO2) from Jinhe Industry's 130-ton boiler is 2,070 kg, which is within the annual permitted limit of 76,970 kg[67] - The total emission of nitrogen oxides (NOx) from Jinhe Industry's 130-ton boiler is 9,820 kg, which is within the annual permitted limit of 109,960 kg[67] - The total emission of particulate matter from Jinhe Industry's 2 waste heat boiler is 1,564.2 kg, which is within the annual permitted limit of 14,020 kg[68] - The total emission of sulfur dioxide (SO2) from Jinhe Industry's 2 waste heat boiler is 740 kg, which is within the annual permitted limit of 49,050 kg[68] - The total emission of nitrogen oxides (NOx) from Jinhe Industry's 2 waste heat boiler is 15,430 kg, which is within the annual permitted limit of 70,080 kg[68] - The total emission of sulfur dioxide (SO2) from Jinxuan Technology's incinerator outlet is 0.234 tons, which is within the annual permitted limit of 60.62 tons[68] - The company has invested 23.3882 million yuan in environmental governance and protection in the first half of 2024[71] - The company paid a total of 196,700 yuan in environmental taxes for factors such as ammonia, nitrogen oxides, and sulfur dioxide in the first half of 2024[71] - The company operates four wastewater treatment facilities with capacities of 3,000 tons/day (three units) and 2,400 tons/day (one unit)[70] - The company's wastewater treatment facilities can handle chemical oxygen demand (COD) of 15,000 mg/L and ammonia nitrogen of 500 mg/L[70] - The company has a 230 m³/d wastewater treatment facility at Jinwo Bio, which processes all production and domestic wastewater[70] - The company has built a 40MW ecological photovoltaic power station and a 30MW biomass cogeneration project to reduce carbon emissions[75] - The company has implemented a 130-ton/h biomass boiler to further reduce greenhouse gas emissions[75] - The company has established a circular economy industrial chain to recycle and reuse production waste, reducing resource consumption[76] - The company has achieved full-process automation and digitization in its production system, enhancing safety and environmental risk control[74] - The company has conducted multiple environmental emergency response drills and revised corresponding emergency measures in the first half of 2024[71] Corporate Governance and Shareholder Information - The company's registered address, office address, website, and email remained unchanged during the reporting period[7] - The company's semi-annual report is available on the Shenzhen Stock Exchange website and other designated media[8] - The company held two shareholders' meetings in the reporting period: the 2024 First Extraordinary General Meeting with a 47.03% participation rate[57

证券研究报告 | 公司深度 | 化学制品 | --- | --- | |-----------------------------------------------------------------|------------------------------------------| | | | | 金禾实业 (002597) | 报告日期： 2024 年 08 月 12 日 | | 金禾实业热点问题系列报告：为什么我们对三氯蔗糖价格上涨感 到乐观 | | | ——金禾实业深度报告 | | 投资要点 ❑ 市场认为：三氯蔗糖供给过剩较为严重，国内消费低迷需求增速下降，短期内 价格难以上涨。 我们认为：三氯蔗糖供给端并未出现明显过剩，相反的，我们认为当前行业或许 已经出现供需紧平衡。虽然 24 年行业新增了约 4700 吨/年的产能，但价格的持 续走低或许已经接近或低于现有四家生产厂商中两家的现金成本，当前行业的实 际产量已经回到 23 年的平均水平，产品价格继续下跌的空间有限。其次需求方 面，24H1 我国三氯蔗糖出口量同比增长 18%，过去六年 CAGR 达到 20%，全球 三氯蔗糖需求仍保持较高增速。 ...

来进行经合实业的推荐那先说一下经合实业的核心的推荐逻辑就我们认为经合实业是三六追糖的龙头企业市场上预期三六追糖的行业产能是过剩的但是我们预计行业有望从过去的激烈的价格竞争的格局转变为健康有序的发展驱动公司业绩超预期的上涨 那超预期的逻辑是什么呢先来讲一下低点超预期的逻辑市场上预期36正常的核心企业会继续的抢占市场份额而且下游的实际需求的增速不高产能可能会有持续的过剩但是我们预期的话36正常的核心企业有意愿去维持行业健康预期的发展并且需求增速有望超市场的预期明年我们预计会呈现供需紧平衡的一个格局 那我具体再来展开一下先说一下三菱食堂之前景气度的情况就是三菱食堂从二年之后景气度下滑到现在呢是在行业的景气度下行周期呢有多家的小产能是长期的退出目前呢只剩下金河食业山东康宝福建科鸿还有新奇安是正常在生产的那么供给端预计24年的免疫产能是达到2.65万吨 需求端的话作为目前最优秀的员工体验危机受益于糖税政策的推进还有在健康减糖的无糖应用的场景的拓宽还有渗透率的提升的情况下三氯蔗糖其实是保持了一个比较好的需求的增速的 那我们根据海关的数据来说23年出口量是1.64万吨那可以看到17年的23年的负荷增速是达到了20%还是非常 ...

巴斯夫不可抗力带动化工小品种涨价关注度，分析师看好这个品种或继维生素之后开启涨价行情，明年 行业实现紧平衡，下游需求快速增长，龙头涨价弹性大+当前股价低位，分析师给予70%目标空间。 金禾实业（002597）精要： ①巴斯夫不可抗力带动小化工品种关注度，浙商证券任宇超提示三氯蔗糖25年行业供需有望实现紧平 衡，有望开启涨价行情； ②供给端预计26年之前没有新增产能投产，22年景气度下滑后至今已经有多家小产能长期退出，需求 端作为当前最优秀的人工甜味剂，受益于"糖税"政策推进、无糖应用场景拓宽和渗透率的提升； ③任宇超认为公司是兼具优质赛道和产业链一体的稀缺精细化工标的，麦芽酚景气度已经提升，三氯蔗 糖景气度有望上行，成长性方面定远二期项目构建平台化业务延伸，业绩中枢有望向上，给予公司 2025年15倍估值，对应目标市值202亿元，目标价36元/股，当前对应上行空间约70%； ④风险提示：三氯蔗糖/安赛蜜/甲乙基麦芽酚等产品行业竞争加剧风险等。 化工小品种涨价受关注，分析师看好这个品种或继维生素之后开启涨价行情，明年行业实现紧平衡，下 游需求快速增长，龙头涨价弹性大+当前低位 巴斯夫宣布不可抗力，维生素VA/V ...

证券研究报告 | 公司点评 | 化学制品 金禾实业(002597) | --- | --- | |------------------------------------------------------|-------------------------| | | | | | 报告日期:2024年08月07日 | | | | | 迎接景气新周期,三氯蔗糖有望开启涨价行情 金禾实业点评 | | 投资要点 □ 一、一句话逻辑 公司是三氟蔗糖龙头企业，市场预期三氟蔗糖行业产能过剩，我们预计行业有望 从过去激烈的价格竞争格局转为健康有序发展,驱动公司业绩超预期上涨。 □ 二、超预期逻辑 1）市场预期：三鼎蕉糖核心企业继续抢占市场份额，并且下游实际需求增速不 高，产能持续过剩。 载们预期: 三氟蔗糖核心企业有意愿维持行业健康有序发展,并且需求增速超市场预期,明 年有塑呈现供需紧平衡。三氟蔗糖 22年景气度下滑后至今已经有多家小产能长 期退出,目前仅有金禾实业（9500吨/年）、山东康宝（8000吨/年）、科宏生物 (6000吨/年)、新珙安（3000吨/年）正常生产，供给端预计 24年产能达到 2.65 万吨/年。 ...

好的各位投资人大家晚上好我是国金化工的分析师王明辉然后今天的话主要是给大家汇报一下这个金河实业的一个情况然后这家公司的话因为它分两块一块是基础化学品另外一块是精细化工因为最开始的话是做这个化肥的公司那后续的话是做这个精细化工品 就是最开始是化肥厂然后后来化肥厂向下游延伸做这个麦芽分那麦芽分后来的话就是公司06年是进入到带糖这个赛道最开始是做了安酸米后来的话这个1516年之后是做了三米多糖那分析这家分析这家公司的话 我们认为就是我们认为是这样看的就是我们从收入来看的话主要是基础化工品和精细化学品基础化工品我们一般不做分析因为这些产品都比较大众化精细化学品的话重点是跟踪三个品种一个是三氯胶糖一个是SME一个是麦亚酚当前时间点我们认为公司的就是如果推销公司的话主要就是两句话 第一句话是从未来两三年的维度看公司现在的话应该是处于一个底部的一个阶段就产品的价格盈利都是处于一个相对底部的阶段底部利润我们认为在7个亿左右这个是一个底部利润那往后买的话或者说弹性最大的那部分 主要是这个三明治堂我们是认为未来从两三年的位置去看三明治堂目前的整个格局是具备这个协同的可能性所以后来后续主要就是三密的整个一个价格的协同会带来这个业绩 ...