Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.2 yuan, based on a 2024 PE multiple of 16x [2] Core Views - The company is a leader in the plant extract industry, with its main products showing steady growth and secondary products rapidly expanding, forming a second growth curve [2] - The company's plant extract business achieved revenue of 2.89 billion yuan in 2023, a year-on-year increase of 8.9% [9] - The cottonseed business faced pressure due to market competition and price fluctuations, with revenue of 3.55 billion yuan in 2023, up 5.1% year-on-year, but gross margin declined by 1.0pp to 3.7% [10] - The healthcare and traditional Chinese medicine businesses showed strong growth, with healthcare product revenue exceeding 150 million yuan, up 80% year-on-year [10] Financial Performance - In 2023, the company achieved total revenue of 6.87 billion yuan, a year-on-year increase of 9.1%, and net profit attributable to shareholders of 480 million yuan, up 10.5% year-on-year [8] - The gross margin in 2023 was 11.6%, down 2.3pp year-on-year, mainly due to the increased proportion of low-margin cottonseed business [11] - The net profit margin in 2023 was 7.0%, up 0.1pp year-on-year, while the net profit margin in Q4 2023 was 4.8%, down 1.7pp year-on-year [11] Business Segments - The natural pigment/spice/nutritional and medicinal products segment achieved revenue of 2.89 billion yuan in 2023, with a gross margin of 19.9% [3] - The cottonseed products segment achieved revenue of 3.55 billion yuan in 2023, with a gross margin of 3.7% [3] - The other products segment (including healthcare OEM) achieved revenue of 4.33 billion yuan in 2023, with a gross margin of 21.3% [3] Future Projections - The report forecasts revenue growth for other products (healthcare OEM, etc.) of 65%, 50%, and 40% for 2024-2026, with gross margins of 15%, 10%, and 10% respectively [1] - The natural pigment/spice/nutritional and medicinal products segment is expected to grow at 20%, 15%, and 12% for 2024-2026, with gross margins of 20%, 21%, and 22% [20] - The cottonseed products segment is expected to grow at -10%, 1%, and 3% for 2024-2026, with gross margins of -2%, 1%, and 2% [20] Valuation and Profit Forecast - The report forecasts net profit attributable to shareholders of 374 million yuan, 569 million yuan, and 744 million yuan for 2024-2026, with EPS of 0.70 yuan, 1.07 yuan, and 1.40 yuan respectively [15] - The ROE is expected to be 9.75%, 13.10%, and 14.94% for 2024-2026 [16]

证券代码：300138 证券简称：晨光生物 公告编号：2024—062 晨光生物科技集团股份有限公司 第五届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 晨光生物科技集团股份有限公司（以下简称"公司"）董事会于 2024 年 4 月 19 日以专人送达、邮件方式向全体董事发出第五届董事会第十次会议通知， 会议于 2024 年 4 月 24 日在公司会议室以现场与通讯相结合的方式召开。本次会 议由董事长卢庆国先生主持，应出席会议董事六人，实际出席会议董事六人（独 立董事戴小枫、厉梁秋、牛翃以通讯表决方式参加），公司监事、高级管理人员 列席了本次会议，本次会议召开符合《公司法》《公司章程》等有关规定。经与 会董事研究、讨论，审议通过以下议案： 一、 审议通过了《关于<2024 年第一季度报告>的议案》 公司 2024 年第一季度报告已同期披露于巨潮资讯网。 表决结果：同意六票；反对零票；弃权零票。 二、 审议通过了《关于调整回购公司股份方案的议案》 基于对公司价值的判断和未来可持续发展的坚定信心，为维护全体股东权益， 增强投资者信心；根 ...

表决结果：同意三票；反对零票；弃权零票。 证券代码：300138 证券简称：晨光生物 公告编号：2024—063 晨光生物科技集团股份有限公司 第五届监事会第九次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 晨光生物科技集团股份有限公司（以下简称"公司"）监事会于2024年4月 19日以专人送达、电话方式向全体监事发出第五届监事会第九次会议通知，会议 于2024年4月24日在公司会议室以现场与通讯相结合的方式召开。本次会议由监 事会主席翟艳忠先生主持，应出席会议监事三人，实际出席会议监事三人（监事 王少华以通讯表决方式参加）。本次会议召开符合《公司法》《公司章程》等有 关规定。经与会监事研究、讨论，审议通过以下议案： 一、 审议通过了《关于<2024 年第一季度报告>的议案》 经审核，监事会认为：董事会编制和审核公司 2024 年第一季度报告的程序 符合法律、法规和中国证监会的相关规定，报告内容真实、准确、完整地反映了 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。 公司 2024 年第一季度报告已同期披露于巨潮资讯网。 二、 审 ...

证券代码：300138 证券简称：晨光生物 公告编号：2024—065 晨光生物科技集团股份有限公司 关于调整回购公司股份方案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 晨光生物科技集团股份有限公司（以下简称"公司"）第五届董事会第十次 会议审议通过了《关于调整回购公司股份方案的议案》。基于对公司价值的判断 和未来可持续发展的坚定信心，为维护全体股东权益，增强投资者信心；根据公 司股东大会对董事会关于本次回购股份相关事项的授权，董事会决定对公司回购 股份方案进行部分调整,具体情况如下： 一、回购公司股份方案主要内容及前次调整情况 2023年10月31日召开的第五届董事会第五次会议及2023年11月17日召开的 2023年第三次临时股东大会审议通过了《关于回购公司股份方案的议案》。公司 决定使用自有资金以集中竞价交易方式回购公司部分人民币普通股 A 股股份， 予以注销减少公司注册资本。回购资金总额不低于人民币0.5亿元（含）且不超 过人民币1亿元（含），回购股份的价格为不超过人民币16.5元/股（含），回购 期限为自股东大会审议通过本次回购股份方案之 ...

Financial Performance - The company's revenue for Q1 2024 was ¥1,732,327,232.51, a decrease of 4.71% compared to ¥1,817,862,277.48 in the same period last year[4] - Net profit attributable to shareholders was ¥38,591,936.61, down 71.42% from ¥135,043,557.83 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥48,487,180.98, a decrease of 58.38% compared to ¥116,513,389.85 in the previous year[4] - In Q1 2024, the company reported a revenue of 1.732 billion CNY, a year-on-year decrease of 4.71%, and a net profit attributable to shareholders of 39 million CNY, down 71.42% year-on-year[24] - Total operating revenue for the current period is ¥1,732,327,232.51, a decrease of 4.7% compared to ¥1,817,862,277.48 in the previous period[30] - Net profit for the current period is ¥32,993,385.92, a significant decline of 76.6% from ¥139,942,815.94 in the previous period[31] - Basic and diluted earnings per share for the current period are both ¥0.0725, down from ¥0.2535 in the previous period[32] - The company reported a total comprehensive income of ¥33,560,393.96, down from ¥150,501,499.27 in the previous period[32] Cash Flow and Assets - The net cash flow from operating activities increased by 245.33%, reaching ¥197,431,523.85, compared to a negative cash flow of ¥135,845,984.90 in the same period last year[4] - The company’s cash and cash equivalents increased to approximately 2.134 billion CNY from 1.422 billion CNY at the beginning of the period[27] - Cash and cash equivalents at the end of the period amount to ¥2,218,585,909.30, up from ¥1,162,353,288.36 in the previous period[34] - Total assets at the end of the reporting period were ¥9,080,731,321.01, an increase of 6.34% from ¥8,539,580,495.63 at the end of the previous year[4] - Total assets rose to approximately 9.081 billion CNY, compared to 8.540 billion CNY at the beginning of the period[29] Investment and Financing - Investment income increased by 209.28% year-on-year, primarily due to higher profits from joint ventures and associates[10] - The company’s long-term borrowings increased by 36.06% compared to the beginning of the period, reflecting a higher financing scale[9] - The company’s interest expenses rose by 31.58% year-on-year, attributed to increased financing needs[9] - Cash outflow related to financing activities decreased by 32.74% year-on-year, primarily due to a reduction in financing through pledged certificates of deposit, with the current period mainly reflecting cash outflow from share repurchases[16] - Net cash flow from investing activities is ¥472,134,216.37, an increase from ¥73,493,457.97 in the previous period[34] Shareholder Information - As of March 31, 2024, the total number of ordinary shareholders was 16,402, an increase from 14,771 at the end of January 2024[19] - The largest shareholder, Lu Qingguo, holds 18.43% of the shares, amounting to 98,196,051 shares, with 73,647,038 shares pledged[18] - The top ten shareholders collectively hold significant stakes, with the second-largest shareholder, Li Yuezhai, owning 3.01% or 16,053,365 shares, also pledged[18] - The company repurchased a total of 20,172,808 shares as of March 31, 2024[19] - The total number of restricted shares at the end of the period was 84,786,801, with 1,527,000 shares released from restriction during the period[22] - The company has commitments from executives not to transfer their shares for six months after leaving their positions, with specific limits on future transfers[23] - The company continues to monitor shareholder relationships and potential impacts on shareholding structures[19] Business Operations - Revenue from traditional plant extraction business (natural pigments/spices/nutrition and sweeteners) was 762 million CNY, showing a slight increase, while gross profit decreased by 1%[24] - The cottonseed business generated revenue of 840 million CNY, a decrease of approximately 12%, with gross profit declining by about 122%[24] - Sales of chili red pigment reached 368 tons in Q1, a significant year-on-year increase, while lutein sales exceeded 80 million grams, indicating a recovery in volume[24] - The company achieved a 50% increase in sales of Sichuan pepper extract and an 11% increase in stevia sales volume, despite revenue decline due to price impacts[25] - The company reported a significant decline in gross margin for the cottonseed processing business due to intensified industry competition and fluctuations in commodity prices[26] - The company is actively expanding its market presence and enhancing product competitiveness through project construction and capacity expansion in the nutritional medicinal extraction sector[25] Research and Development - Research and development expenses increased to ¥23,149,384.73 from ¥17,814,917.96 in the previous period, reflecting a focus on innovation[31]

[Table_MainInfo] 公司研究/食品/食品制造 证券研究报告 晨光生物（300138）公司年报点评 2024 年 04 月 23 日 | --- | --- | |---------------------------------------------------------------|--------------------| | | | | 股票数据 | | | 04 [ Table_StockInfo 月 22 日收盘价（元） ] | 9.37 | | 52 周股价波动（元） | | | 总股本 / 流通 A 股（百万股） | 9.01-18.93 533/446 | | 总市值 / 流通市值（百万元） | 4992/4183 | | 相关研究 | | | [Table_ReportInfo] 《行业景气度较高，公司竞争优势明显，业绩 | | | 稳健增长》 2023.09.27 | | | --- | --- | --- | --- | |--------------------------|-------|-------|-------| | 沪深 300 对比 | 1M | 2M ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for the stock to outperform the benchmark index by over 20% in the next six months [4][7]. Core Views - The company reported a revenue of 6.872 billion yuan for 2023, a year-on-year increase of 9.14%, and a net profit attributable to shareholders of 480 million yuan, up 10.53% year-on-year. However, the net profit after deducting non-recurring items decreased by 1.25% [4]. - The decline in profit growth is primarily attributed to the active adjustment of sales for feed-grade lutein and a decrease in profit margins for some products. The company is facing significant inventory pressure for feed-grade lutein [4]. - The main product, capsicum red pigment, continues to show stable growth, while the feed-grade lutein has been a drag on overall performance. The health product segment saw a remarkable growth of approximately 80% in sales revenue [4]. Financial Summary - The company’s projected financials for 2024-2026 include: - Revenue: 8.112 billion yuan in 2024, 9.308 billion yuan in 2025, and 10.748 billion yuan in 2026, with growth rates of 18.05%, 14.75%, and 15.47% respectively [5]. - Net profit attributable to shareholders is expected to be 549.85 million yuan in 2024, 668.31 million yuan in 2025, and 830.15 million yuan in 2026, with growth rates of 14.62%, 21.54%, and 24.22% respectively [5]. - Earnings per share (EPS) is projected to be 1.03 yuan in 2024, 1.25 yuan in 2025, and 1.56 yuan in 2026 [5]. - The current price-to-earnings (P/E) ratio is noted to be at a historical low of 9 times for 2024, indicating a high margin of safety for investors [4].

晨光生物科技集团股份有限公司（以下简称"公司"）于 2023 年 10 月 31 日召开的第五届董事会第五次会议及 2023 年 11 月 17 日召开的 2023 年第三次临 时股东大会审议通过了《关于回购公司股份方案的议案》。公司决定使用自有资 金以集中竞价交易方式回购公司部分人民币普通股 A 股股份，予以注销减少公 司注册资本。回购资金总额不低于人民币 0.5 亿元（含）且不超过人民币 1 亿元 （含），回购股份的价格为不超过人民币 16.5 元/股（含），回购期限为自股东 大会审议通过本次回购股份方案之日起不超过 12 个月（具体内容详见 2023 年 11 月 2 日披露于巨潮资讯网的《关于回购公司股份方案的公告》、2023 年 11 月 17 日披露于巨潮资讯网的《回购报告书》）。 一、回购公司股份方案的调整情况 公司于 2023 年 12 月 21 日召开的第五届董事会第六次会议审议通过了《关 于调整回购公司股份方案的议案》，将本次回购资金总额调整为：不低于人民币 1 亿元（含）且不超过人民币 2 亿元（含），具体回购资金总额以回购期满时实 际回购的资金为准；资金来源为公司自有资金。《回购公司股 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [13][19]. Core Views - The company is strengthening its competitive advantage in the extraction business while solidifying its main product base. Despite a significant drop in commodity prices in 2024, the demand for cottonseed processing products remains strong. The company is expected to leverage its extraction technology and expand production capacity to establish a cost advantage over competitors. Although short-term performance may be affected by cyclical fluctuations, the long-term return on investment for the cottonseed business is still viewed positively [13][19]. Financial Summary - The company's revenue for 2023 was 6,872 million yuan, representing a 9.1% increase. The net profit attributable to shareholders was 480 million yuan, with a growth rate of 10.5%. The diluted earnings per share (EPS) for 2023 was 0.90 yuan, and the return on equity (ROE) was 13.6% [14][30]. - For the forecast period from 2024 to 2026, the expected EPS is 0.61 yuan, 0.99 yuan, and 1.32 yuan, respectively. The corresponding price-to-earnings (P/E) ratios are projected to be 16, 10, and 7 times [13][14]. - The company anticipates a revenue growth rate of 12.5% in 2024, followed by 11.2% in 2025 and 9.5% in 2026. However, the net profit is expected to decline by 31.9% in 2024 before rebounding with a growth of 61.5% in 2025 and 33.3% in 2026 [14][30].

证券代码：300138 证券简称：晨光生物 公告编号：2024—060 晨光生物科技集团股份有限公司 关于为子公司银行借款提供担保的进展公告 公司与焉耆农行签署了《最高额保证合同》，担保的债权最高余额为 10,000 万元；保证方式为：连带责任保证；保证期间为：主合同约定的债务履行期限届 满之日起三年；保证范围为：债务人在主合同项下应偿付的借款本金、利息、罚 息、复利、违约金、损害赔偿金、按《中华人民共和国民事诉讼法》有关规定确 定由债务人和担保人承担的迟延履行债务利息和迟延履行金、保全保险费以及诉 讼（仲裁）费、律师费等债权人实现债权的一切费用。 根据自身资金情况，巴州蛋白向焉耆农行累计申请放款 6,230 万元后，剩余 授信额度未进行放款。近日，巴州蛋白提前归还了上述 6,230 万元，《最高额保 证合同》所担保主债权全部还款完毕，公司减少了对应的担保义务。 2、结合自身经营流动资金需求，经公司 2022 年年度股东大会决议，晨光生 物科技集团克拉玛依有限公司（以下简称"克拉玛依晨光"，系新疆晨光全资子 公司，穿透后为公司控股子公司）前期向中国建设银行股份有限公司奎屯支行（以 下简称"建行奎屯支行"）申请 ...