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 ...

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]

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Investment Rating - The report maintains a "Buy" rating for Jinhe Industrial (002597) with a target price of ￥22.69 [4] Core Views - The report highlights the potential for sustained price increases in the acesulfame potassium (A-K) market, driven by industry self-regulation and improved supply-demand dynamics [2] - The company is expected to benefit from price hikes in its key products, including A-K, sucralose, and methyl/ethyl maltol, with an estimated annual gross profit increase of 1.235 billion yuan [2][29] - The industry is transitioning towards high-quality development, with major players signaling a shift away from price wars and towards healthier competition [2][14] Supply and Demand Analysis - The A-K industry has seen moderate supply growth over the past two years, with no significant inventory accumulation, despite nominal overcapacity [2][14] - A-K exports increased by 32% year-over-year in the first seven months of 2024, driven by global demand for sugar-free products and inventory replenishment [14][17] - The report forecasts a tight supply-demand balance in 2025, with a supply-demand gap of 1,765 tons, supporting sustained price levels [22][23] Financial Projections - Revenue is expected to grow from 5.311 billion yuan in 2023 to 7.735 billion yuan in 2026, with a CAGR of 13.4% [3] - Net profit attributable to shareholders is projected to increase from 704 million yuan in 2023 to 1.520 billion yuan in 2026, with a CAGR of 29.2% [3] - The company's PE ratio is expected to decline from 18.37x in 2023 to 8.51x in 2026, reflecting strong earnings growth [3][4] Key Product Price Increases - A-K prices increased from 34,000 yuan/ton to 39,000 yuan/ton in September 2024, a 14.71% rise [14] - Sucralose prices rose by 10,000 yuan/ton, while methyl maltol and ethyl maltol prices increased by 4,000 yuan/ton and 2,300 yuan/ton, respectively [29] - These price hikes are expected to contribute significantly to the company's gross profit growth [29] Industry Trends - The A-K industry is moving towards self-regulation, with major players avoiding price wars and focusing on maintaining prices above cost levels [2][24] - The global demand for sugar-free products is driving growth in the artificial sweetener market, with A-K and sucralose gaining market share from older sweeteners like saccharin and cyclamate [17][18] - The report predicts that A-K exports will maintain an 8% growth rate, supported by ongoing trends in sugar reduction and inventory replenishment [18][22]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [2]. Core Views - The company reported a revenue of 2.54 billion yuan for the first half of 2024, a year-on-year decrease of 5.1%, and a net profit attributable to shareholders of 250 million yuan, down 38.7% year-on-year [2][3]. - The food additives segment generated a revenue of 1.34 billion yuan in H1 2024, a decline of 11.3% year-on-year, with a gross margin of 27.1%, down 6.9 percentage points [3]. - The company is experiencing a rebound in maltol prices and a reshuffle in the sucralose and acesulfame segments, indicating a potential for sustained growth in the future [3]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 1.33 billion yuan, an increase of 2.6% year-on-year and a 9.2% increase quarter-on-quarter, with a net profit of 120 million yuan, down 25.4% year-on-year [2]. - The average prices for key products in H1 2024 were as follows: sucralose at 118,000 yuan/ton (down 39.3%), acesulfame at 38,000 yuan/ton (down 32.5%), methyl maltol at 75,000 yuan/ton (down 19.7%), and ethyl maltol at 65,000 yuan/ton (down 5.3%) [2][3]. Market Dynamics - The total export volume for sucralose in H1 2024 was 8,600 tons, a year-on-year increase of 17.6%, while acesulfame exports reached 9,500 tons, up 31.9% year-on-year [2]. - The company is undergoing a price increase for maltol, with current prices for methyl maltol and ethyl maltol at 100,000 yuan/ton and 80,000 yuan/ton, respectively, reflecting increases of 5.3% and 6.7% since April [3]. Strategic Developments - The company has completed major construction for the first phase of the Dingyuan Phase II project, which includes the production of 600,000 tons of sulfuric acid and 60,000 tons of ion-exchange membrane caustic soda [3]. - The company is actively pursuing cost reduction and efficiency improvements, focusing on enhancing the production technology for sucralose and improving the quality of ethyl maltol [3]. Future Outlook - The company expects its performance for 2024 to be 830 million yuan, 1.27 billion yuan, and 1.67 billion yuan for the years 2024, 2025, and 2026, respectively [3].

上 市 公 司 基础化工 证 券 研 究 报 告 2024 年 09 月 06 日 金禾实业 (002597) ——麦芽酚提价，三氯蔗糖及安赛蜜海外需求复苏但价格 承压，Q2 业绩符合预期 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 05 日 | | 收盘价（元） | 21.58 | | 一年内最高/最低（元） | 26.80/15.33 | | 市净率 | 1.7 | | 息率（分红/股价） | 0.93 | | 流通 A 股市值（百万元） | 12,229 | | 上证指数/深证成指 | 2,788.31/8,249.66 | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 12.78 | | 资产负债率 % | 29.71 | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][20]. Core Views - The company experienced pressure on its performance in the first half of 2024, with a potential turning point expected in Q3 due to price increases in its main products [1][5]. - The company's revenue for the first half of 2024 was 2.538 billion yuan, a decrease of 5.10% year-on-year, while the net profit attributable to shareholders was 247 million yuan, down 38.74% year-on-year [2][3]. - The decline in performance was primarily attributed to the continuous drop in the price of sucralose, which negatively impacted the profitability of the food additive segment [3][4]. Summary by Relevant Sections Financial Performance - In Q2 2024, the company achieved a revenue of 1.325 billion yuan, an increase of 2.60% year-on-year and 9.18% quarter-on-quarter. The net profit for the same period was 118 million yuan, down 25.40% year-on-year and 8.74% quarter-on-quarter [2][3]. - The average price of sucralose in H1 2024 was 118,000 yuan/ton, continuing to decline by 24,000 yuan/ton compared to the previous period [3][4]. Product Segments - The food additive segment generated revenue of 1.337 billion yuan in H1 2024, down 11.40% quarter-on-quarter, while the bulk chemical segment generated 839 million yuan, down 1.76% [3][7]. - The gross margin for the food additive segment was 27.10%, a decrease of 6.90 percentage points, while the bulk chemical segment benefited from cost reductions, achieving a gross margin of 11.98%, an increase of 3.78 percentage points [3][7]. Future Outlook - The company is expected to see a recovery in Q3 2024, driven by price increases in sucralose and improved market conditions for its other products [4][5]. - Revenue projections for 2024-2026 are estimated at 5.211 billion, 6.161 billion, and 7.052 billion yuan, respectively, with corresponding net profits of 675 million, 860 million, and 1.032 billion yuan [5][6].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 26 CNY [1]. Core Views - The company's revenue for the first half of 2024 was 2.538 billion CNY, a year-on-year decrease of 5.10%, while the net profit attributable to shareholders was 247 million CNY, down 38.74% year-on-year. In Q2, revenue was 1.325 billion CNY, with a quarter-on-quarter increase of 9.18% [1]. - The report highlights that product prices are fluctuating, leading to a stable performance. The core products in the food additives segment saw mixed price changes, with some products experiencing significant price drops [1]. - The company is expected to benefit from price increases in its core product, sucralose, due to supply chain adjustments and seasonal demand, which may enhance future performance [1]. - The second phase of the Dingyuan project has started contributing to profits, and the company is focusing on cost reduction and efficiency improvements through technological advancements [1]. Financial Summary - The company is projected to achieve net profits of 738 million CNY, 969 million CNY, and 1.302 billion CNY for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 16x, 12x, and 9x [2][5]. - The total revenue is expected to grow from 5.311 billion CNY in 2023 to 6.067 billion CNY in 2024, reflecting a year-on-year growth rate of 14.2% [2][5]. - The gross profit margin is projected to improve, with the company aiming for a return on equity (ROE) of 9.5% in 2024, increasing to 13.4% by 2026 [5].

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%/+ ...