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 ...

Investment Rating - The report maintains a "Strong Buy" rating for Jinhe Industrial (002597) with a target price of 30.40 CNY, compared to the current price of 24.39 CNY [1]. Core Views - The company's Q1 2024 earnings may have bottomed out, with improving demand expected to drive a recovery in industry conditions [1]. - The report highlights that the prices of key products have shown mixed trends, indicating potential stabilization in profitability [1]. - Strong export demand for sucralose is anticipated to support price recovery, as recent data shows significant increases in export volumes [1]. - The ongoing progress of the Dingyuan Phase II project and the initiation of synthetic biology product reserves are expected to bolster long-term growth [1]. Financial Summary - For Q1 2024, Jinhe Industrial reported revenue of 1.213 billion CNY, a year-on-year increase of 12.30% and a quarter-on-quarter increase of 0.36% [1]. - The net profit attributable to shareholders was 129 million CNY, reflecting a year-on-year decrease of 47.36% and a quarter-on-quarter decrease of 8.14% [1]. - The report projects net profits for 2024, 2025, and 2026 to be 868 million CNY, 1.081 billion CNY, and 1.350 billion CNY, respectively, with corresponding P/E ratios of 16x, 13x, and 10x [1][5].

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][26]. Core Views - The company's performance in 2023 has been under pressure, primarily due to a decline in the prices of its main products in both the food additives and bulk chemicals segments, leading to a significant drop in revenue and profit [22][26]. - Despite the short-term challenges, the company is expected to benefit from the production of new products and projects, particularly in the sweetener segment, which may improve profitability in the future [26][24]. Financial Performance Summary - In Q4 2023, the company achieved revenue of 1.218 billion yuan, a year-on-year decrease of 29.29% and a quarter-on-quarter decrease of 14.15%. The net profit attributable to shareholders was 141 million yuan, down 61.20% year-on-year and 12.24% quarter-on-quarter [2][24]. - For the full year 2023, the company reported total revenue of 5.311 billion yuan, a decline of 26.75% compared to the previous year, and a net profit of 704 million yuan, down 58.46% year-on-year [22][26]. - The company's return on equity (ROE) for 2023 was 10%, with a projected increase to 12% by 2026 [26][66]. Segment Performance - The food additives segment saw a significant decline in average prices for key products such as aspartame and sucralose, with price drops of 35.30% and 56.06% respectively in 2023 [22][24]. - The bulk chemicals segment experienced mixed results, with hydrogen peroxide prices increasing by 8.97%, while melamine prices fell by 20.48% [22][24]. - The overall gross margin for food additives and bulk chemicals decreased to 32.76% and 10.21% respectively in 2023, reflecting the impact of lower selling prices [22][26]. Future Outlook - The company is expected to see revenue growth in the coming years, with projections of 6.187 billion yuan in 2024, 6.944 billion yuan in 2025, and 7.704 billion yuan in 2026 [26][66]. - The net profit is anticipated to recover to 800 million yuan in 2024 and reach 1.212 billion yuan by 2026, indicating a positive trend in profitability [26][66].