Investment Rating - The report maintains an "Outperform" investment rating for the company, with a target price of RMB 35.42, reflecting a 6% decrease from previous estimates [2][40]. Core Insights - The company's revenue for 2023 was RMB 630 million, a decline of 10.66% year-on-year, with a net profit attributable to shareholders of RMB 80 million, down 39.18% [7][10]. - The decrease in net profit was attributed to changes in downstream market demand and adjustments in product mix, with revenue from synthetic flavors, cooling agents, and natural flavors changing by -18.18%, 19.29%, and -29.53% respectively [7][11]. - The company is expanding its capacity and developing new products, with significant projects underway, including a 300-ton/year Isoamyl Acetate project and a 500-ton/year WS-23 project [7][11]. Financial Performance - The company's gross profit margin (GPM) for synthetic flavors, cooling agents, and natural flavors changed by -9.37, 1.50, and -5.05 percentage points, resulting in GPMs of 16.92%, 33.94%, and 37.20% respectively [7][11]. - Total expenses in sales, management, finance, and R&D increased significantly, with total expense ratio rising by 4.78 percentage points to 19.18% [7][11]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are RMB 1.54, RMB 2.55, and RMB 3.25 respectively, indicating a recovery in profitability [2][40]. Revenue and Cost Projections - The total revenue is expected to grow to RMB 900 million in 2024, RMB 1.199 billion in 2025, and RMB 1.438 billion in 2026, with corresponding net profits of RMB 124 million, RMB 206 million, and RMB 262 million [6][12]. - The gross profit margin is projected to improve to 33.7% in 2024, 35.7% in 2025, and 37.2% in 2026 [6][12]. Market Position and Competitive Advantage - The company has established strong relationships with well-known domestic and international firms, leveraging its advantages in brand, customer resources, product quality, and technology [11][7]. - As an early developer of natural flavors in China, the company has a robust R&D and production capability, currently able to mass-produce nearly 300 types of flavors, including over 160 natural flavors [11][7].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 37.15 yuan from the previous 38.25 yuan [7][13][18]. Core Views - The company is expected to see a performance turnaround in 2024, with anticipated revenue growth and improved profitability metrics. The report highlights that the company's revenue for 2023 is projected at 630 million yuan, a year-on-year decrease of 10.66%, while the net profit is expected to be 80 million yuan, down 39.18% year-on-year [7][13][18]. - The report emphasizes the company's strong market position in the flavor and fragrance industry, particularly with its natural flavor products, which accounted for 91.23% of gross profit in 2023, up from 87.11% in 2022 [7][13][18]. - The upcoming production capacity from the Thailand base is expected to enhance the company's global footprint and operational efficiency, with plans for further expansion in the flavor and fragrance product lines [7][13][18]. Financial Summary - The company's total revenue for 2022 was 705 million yuan, with a projected increase to 837 million yuan in 2023 and further growth to 1,027 million yuan in 2024 [7][13]. - The EBIT for 2023 is forecasted at 138 million yuan, with a significant recovery expected in 2024 to 194 million yuan [7][13]. - The net profit margin is projected to improve in 2024, with a net profit of 130 million yuan, reflecting a recovery from the previous year's decline [7][13]. Operational Metrics - The report notes a decrease in operating expenses, contributing to an improved net profit margin of 10.11% in Q1 2024, compared to the previous quarter [7][13]. - The company's return on equity (ROE) is expected to recover to 7.9% in 2024, up from 5.1% in 2023 [7][13]. - The report highlights the company's strong cash flow management, with a projected free cash flow of 194 million yuan in 2024, a significant turnaround from a negative cash flow in 2023 [7][13].

Investment Rating - The report maintains an "Outperform" rating for the company [22] Core Views - The company's 2023 net profit attributable to shareholders was 80 million yuan, a year-on-year decrease of 39.18%, attributed to changes in overall downstream market demand and adjustments in product structure [24] - The company is optimistic about its Thailand base becoming a new growth point for performance [24] - Revenue from synthetic flavors, cooling agents, and natural flavors in 2023 showed changes of -18.18%, 19.29%, and -29.53%, respectively [24] - The gross profit margins for synthetic flavors, cooling agents, and natural flavors in 2023 changed by -9.37, 1.50, and -5.05 percentage points, respectively [24] Financial Forecasts - The company expects earnings per share (EPS) for 2024, 2025, and 2026 to be 1.54, 2.55, and 3.25 yuan, respectively [20] - Total revenue is projected to increase from 630 million yuan in 2023 to 900 million yuan in 2024, and further to 1.44 billion yuan in 2026 [21] - The gross profit margin is expected to improve from 32.2% in 2023 to 37.2% in 2026 [21] Business Expansion and Product Development - The company is actively expanding production capacity and continuously developing new products and processes [19] - The Thailand production base's first phase is expected to produce 1,000 tons of vanillin, 200 tons of moss extract, and other products, aiming for production by December 31, 2024 [19] - The company has established stable business relationships with many well-known domestic and international companies, leveraging its brand and customer resource advantages [25]

昆山亚香香料股份有限公司 2024 年第一季度报告 证券代码：301220 证券简称：亚香股份 公告编号：2024-034 昆山亚香香料股份有限公司 2024 年第一季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第一季度报告是否经过审计 □是 ☑否 （二） 非经常性损益项目和金额 ☑适用 □不适用 单位：元 | 项目 | 本报告期金额 | 说明 | | --- | --- | --- | | 非流动性资产处置损益（包括已计提 | -590,204.87 | | | 资产减值准备的冲销部分） | | | | 计入当期损益的政府补助（与公司正 常经营业务密切相关、符合国家政策 | 689,000.00 | | | 规定、按照确定的标准享有、对公司 | | | | 损益产生持续 ...

昆山亚香香料股份有限公司 2023 年年度报告全文 昆山亚香香料股份有限公司 2023 年年度报告 （公告编号：2024-032） 2024 年 4 月 1 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个 别和连带的法律责任。 公司负责人汤建刚、主管会计工作负责人盛军及会计机构负责人(会计主 管人员)盛军声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告如涉及未来计划、发展战略、业绩预测等前瞻性陈述，不构成公 司对投资者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识， 并且应当理解计划、预测与承诺之间的差异。 公司已在本报告中详细描述公司可能存在的风险，具体内容详见本报告 第三节"管理层讨论与分析"之"十一、公司未来发展的展望"章节，敬请 投资者注意投资风险。 昆山亚香香料股份有限公司 2023 年年度报告全文 2023 年年度报告 第一节 重要提示、目录和释义 公司经本次董事会审议通过的利润分配预案为：以 80,800,000 股为基 数，向全体股东每 10 股派 ...

Investment Rating - The report assigns an "Overweight" rating to the company with a target price of 38.25 CNY, representing a 33% upside from the current price of 28.69 CNY [3][71] Core Views - The company is a leading player in the domestic mid-to-high-end fragrance and flavor segment, with a diversified product portfolio covering natural fragrances, synthetic fragrances, and cooling agents [71][87] - The company has a strong market position in natural vanillin and WS-series cooling agents, holding 30% and 80% global market share respectively [71][87] - The company is expanding its global footprint with a new production base in Thailand, which is expected to alleviate high tariff pressures and support further capacity expansion [71][87] Financial Performance - Revenue is forecasted to grow from 641 million CNY in 2023E to 1,004 million CNY in 2025E, representing a CAGR of 20% [2][71] - Net profit is expected to increase from 93 million CNY in 2023E to 177 million CNY in 2025E, with a CAGR of 36% [2][71] - Operating margin is projected to recover from 14.9% in 2023E to 19.6% in 2025E, driven by product mix optimization and capacity expansion [2][71] Industry Overview - The global fragrance and flavor market size is estimated to grow from 31.2 billion USD in 2022 to 36.5 billion USD by 2027, with a CAGR of 3.2% [105] - Natural ingredients and clean-label products are gaining traction, with natural fragrances accounting for approximately 500 out of 7,000 fragrance ingredients globally [86][106] - The global vanillin market is expected to expand from 960 million USD in 2023 to 1.42 billion USD by 2028, driven by increasing demand from food and beverage applications [10][15] Competitive Landscape - The global fragrance and flavor industry is highly concentrated, with the top 10 players accounting for over 70% of the market share [104] - The domestic market is relatively fragmented, with the company being one of the leading players in the mid-to-high-end segment [87][104] - The company has established long-term partnerships with major international fragrance and flavor companies, covering all top 10 global players [87] Growth Drivers - The company is expanding its production capacity with a new base in Thailand, which will add 1,000 tons of vanillin and 150 tons of cooling agent capacity [6][71] - The company is increasing its focus on high-value-added natural fragrances and cooling agents, which have higher margins and stronger growth potential [71][87] - The growing demand for electronic cigarettes presents significant opportunities for the company's WS-series cooling agents, which are widely used in e-cigarette applications [21][40] Valuation - The target price of 38.25 CNY is based on a PE multiple of 23.91x for 2024E earnings, in line with comparable companies in the food additive and basic chemical sectors [61][71] - The company's valuation is supported by its strong market position, diversified product portfolio, and growth potential from capacity expansion and product mix optimization [71][87]

Financial Performance - The company's revenue for Q3 2023 was CNY 186,870,030.72, representing a 10.16% increase compared to the same period last year[5]. - The net profit attributable to shareholders decreased by 27.04% to CNY 22,820,972.08 for Q3 2023[5]. - The basic earnings per share for Q3 2023 was CNY 0.28, down 28.21% year-on-year[5]. - Total operating revenue for Q3 2023 was CNY 474,337,511.46, a decrease of 12.3% compared to CNY 541,041,614.23 in Q3 2022[28]. - Net profit for Q3 2023 was CNY 68,626,274.27, a decline of 30.5% from CNY 98,810,871.54 in Q3 2022[29]. - Earnings per share for Q3 2023 were CNY 0.85, compared to CNY 1.47 in Q3 2022[30]. Assets and Liabilities - Total assets as of September 30, 2023, were CNY 1,808,377,210.72, an increase of 4.72% from the end of the previous year[5]. - The total liabilities of the company as of September 30, 2023, were not explicitly stated but can be inferred from the balance sheet data[24]. - Total liabilities increased to CNY 252,716,049.50 in Q3 2023, compared to CNY 182,383,070.48 in Q3 2022[26]. - The total equity attributable to shareholders was CNY 1,556,691,112.16, reflecting a slight increase of 0.74% from the previous year-end[5]. - Total equity attributable to shareholders of the parent company was CNY 1,556,691,112.16, slightly up from CNY 1,545,184,614.90 in the previous year[26]. Cash Flow - Cash flow from operating activities showed a significant decline of 69.36%, totaling CNY 19,042,396.93 year-to-date[5]. - The net cash flow from operating activities for the first nine months of 2023 was ¥19,042,396.93, a decrease of 69.36% compared to ¥62,142,360.09 in the same period of 2022, primarily due to a decline in operating performance and an increase in inventory[13]. - The net cash flow from investing activities increased by 131.50% to ¥146,522,328.31, attributed to an increase in the redemption of maturing financial products[13]. - The net cash flow from financing activities decreased by 96.71% to ¥17,456,528.93, mainly due to the completion of the initial public offering and fundraising in the same period last year[13]. - The total cash inflow from investment activities was ¥993,974,646.80, significantly higher than ¥499,700.00 in the same period last year[32]. - The cash flow from financing activities showed a net increase of ¥17,456,528.93, down from ¥530,186,495.05 in Q3 2022[32]. Expenses - The company reported a 59.89% increase in selling expenses, totaling CNY 6,272,729.26, primarily due to an expanded sales team[12]. - Research and development expenses decreased by 31.42% to CNY 19,740,165.79, attributed to fewer materials costs in ongoing projects[12]. - Research and development expenses for Q3 2023 were CNY 19,740,165.79, down 31.4% from CNY 28,785,475.70 in Q3 2022[29]. - The company reported a decrease in sales expenses to CNY 6,272,729.26 from CNY 3,923,167.57 in Q3 2022[29]. Shareholder Information - The largest shareholder, Zhou Junxue, holds 39.93% of the shares, totaling 32,261,951 shares[16]. - The top ten shareholders include institutions such as Kunshan Dinglong Bohui Investment Management with 7.61% and Shanghai Yonghua Investment Management with 5.20%[16]. - The company has repurchased 872,900 shares, representing 1.0803% of the total share capital, as of September 30, 2023[18]. - The company plans to repurchase shares with a total amount not less than CNY 15 million and not exceeding CNY 30 million, with a maximum repurchase price of CNY 38 per share[22]. - As of September 12, 2023, the company had repurchased a total of 872,900 shares, accounting for 1.0803% of the total share capital, with a total transaction amount of CNY 29,988,134.71[22]. Market and Strategic Focus - The company has ongoing plans for market expansion and product development, although specific details were not provided in the financial report[21]. - The substantial decrease in financing cash flow indicates a shift in capital raising strategies compared to the previous year[13]. - The increase in cash flow from investing activities suggests a strategic focus on financial product management and liquidity[13]. Other Financial Metrics - The company's cash and cash equivalents increased significantly to CNY 304,358,905.58 from CNY 124,197,927.30, representing a growth of about 144.5%[24]. - Inventory levels rose to CNY 457,694,518.85, up from CNY 417,913,168.62, indicating an increase of approximately 9.5%[25]. - Short-term borrowings increased to CNY 134,662,751.51 from CNY 69,007,477.00, which is an increase of about 95.5%[25]. - The company reported a significant increase in prepayments to CNY 20,428,716.53 from CNY 7,172,954.13, indicating a growth of approximately 184.5%[25]. - The impact of exchange rate fluctuations on cash and cash equivalents was a negative ¥2,860,275.89, a change of -146.10% compared to a positive impact of ¥6,204,983.33 in the previous year[13]. Audit and Accounting Standards - The company did not undergo an audit for the Q3 2023 report[33]. - The new accounting standards were not applicable for the company starting in 2023[33].

昆山亚香香料股份有限公司2023年半年度报告全文 昆山亚香香料股份有限公司 2023 年半年度报告 2023 年 8 月 ...

昆山亚香香料股份有限公司 2023 年第一季度报告 证券代码：301220 证券简称：亚香股份 公告编号：2023-021 昆山亚香香料股份有限公司 2023 年第一季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第一季度报告是否经过审计 □是 否 1 昆山亚香香料股份有限公司 2023 年第一季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | | | | （%） | | 营业收入（元） | 124,853,648.63 | 188,718,273.50 | -33.84% | | 归属于上市公司 ...

Financial Performance - The company's operating revenue for 2022 was ¥705,396,007.21, representing a 13.58% increase compared to ¥621,031,811.42 in 2021 [23]. - The net profit attributable to shareholders for 2022 was ¥131,792,271.23, a significant increase of 44.16% from ¥91,420,830.80 in the previous year [23]. - The net profit after deducting non-recurring gains and losses was ¥122,379,584.77, up 37.76% from ¥88,836,300.64 in 2021 [23]. - The total assets at the end of 2022 reached ¥1,726,912,578.25, a 62.32% increase from ¥1,063,907,432.52 at the end of 2021 [23]. - The net assets attributable to shareholders increased by 107.92% to ¥1,545,184,614.90 from ¥743,158,182.79 in 2021 [23]. - The basic earnings per share for 2022 were ¥1.86, reflecting a 23.18% increase from ¥1.51 in 2021 [23]. - The cash flow from operating activities for 2022 was ¥89,123,839.06, a slight decrease of 1.86% compared to ¥90,809,491.67 in 2021 [23]. - The company reported quarterly revenues of ¥188,718,273.50, ¥182,693,535.75, ¥169,629,804.98, and ¥164,354,392.98 for Q1, Q2, Q3, and Q4 respectively [25]. - The net profit attributable to shareholders for Q4 was ¥32,579,992.53, showing a stable performance compared to previous quarters [25]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements related to future plans and performance forecasts [4]. - The report includes a detailed description of potential risks that the company may face in the future [4]. - The company is exposed to environmental risks due to chemical production processes, which may lead to increased costs and regulatory challenges [167]. - The company is vulnerable to fluctuations in raw material prices, which could affect production costs and operational efficiency; it plans to improve procurement strategies to mitigate this risk [169]. - The company faces risks in new product development due to the need for significant investment and the uncertainty of outcomes, which it aims to mitigate through improved project management [164]. - The company is at risk of core technology leakage and personnel loss, which could impact its R&D capabilities; it has implemented strict confidentiality measures to protect its core technologies [165]. - The company has established comprehensive safety management systems to address inherent safety risks in its production processes [172]. Market Trends and Opportunities - The global flavor and fragrance market revenue reached 29.2 billion in 2022, with Asia accounting for 40% of the market share due to increased consumer demand for diverse food and beverage options [33]. - The Chinese flavor and fragrance industry is in a rapid development phase, supported by government policies that provide more growth opportunities while emphasizing food safety and environmental governance [34]. - The demand for food flavoring in China is expected to grow due to rising consumer spending and the increasing diversity of dietary preferences [46]. - The flavoring and fragrance market in China is primarily driven by food and daily chemical industries, with food flavoring accounting for 44% and daily chemical flavoring also at 44% of the market [41]. - The market for new tobacco products, such as heated non-combustible tobacco (HNB), is expected to drive future demand for tobacco flavoring, with HNB market size growing from 1.4 billion USD in 2016 to 28.8 billion USD in 2021, a CAGR of 83% [53]. - The demand for natural ingredients is increasing, driven by consumer preferences for health, safety, and sustainability in food and beverage products [59]. - International flavor and fragrance giants are increasing investments in China, establishing R&D centers and factories, which is expected to enhance their market share in the coming years [60]. Research and Development - The company is encouraged to invest in R&D, particularly in natural flavor extraction technologies, which are recognized as key areas for support by the government [36]. - The company has accumulated 98 authorized patents, including 10 invention patents and 88 utility model patents, enhancing its R&D capabilities [73]. - The company has developed over 160 products across three main series: natural flavors, synthetic flavors, and cooling agents, establishing a strong market presence [61]. - The company’s R&D is driven by market demand and customer needs, with a focus on developing high-quality fragrance products [82]. - The number of R&D personnel increased to 80 in 2022, up 11.11% from 72 in 2021, with a proportion of 14.29% of total employees [125]. - R&D investment amounted to ¥36,569,802.92 in 2022, representing 5.18% of operating revenue, a decrease from 5.57% in 2021 [125]. - The company is actively expanding into new markets and optimizing its sales structure to enhance profitability and risk resilience [70]. Environmental and Regulatory Compliance - The company is focusing on green, safe, diverse, and natural development directions in response to stricter environmental policies [37]. - The government has implemented stricter environmental regulations, benefiting larger companies with established environmental governance practices [87]. - The company emphasizes environmental protection and has implemented a comprehensive environmental management system to mitigate risks [69]. - The company is implementing a proactive reduction plan for its vanillin products due to their classification as high pollution and high environmental risk products [174]. - The company aims to adjust its production capacity to focus on other marketable products as part of its strategic response to regulatory pressures [174]. Corporate Governance - The company has maintained a strong governance structure, ensuring compliance with relevant laws and regulations, and promoting transparency in its operations [180]. - The company has established independent operations, with a complete asset and business structure separate from its controlling shareholders [188]. - The company has a dedicated investor relations team to facilitate communication and ensure equal access to information for all investors [187]. - The company has a clear governance structure with no related party transactions that could lead to conflicts of interest [193]. - The company has a total of 8 directors and supervisors, with a mix of independent and non-independent members, ensuring diverse governance [199]. - The current chairman, Zhou Junxue, has been in his position since April 2022 and has extensive experience in the industry [199]. - The company has not reported any changes in the positions of directors, supervisors, or senior management during the reporting period, indicating stability [198]. Strategic Initiatives - The company plans to enhance its production capacity and continuously develop new products and processes to meet market demands, leveraging recent supply-side reforms in environmental and safety standards [155]. - The company aims to increase its market share and customer loyalty by strengthening partnerships with international companies and expanding sales of its natural flavor products in overseas markets [155]. - Over the next three to five years, the company will focus on domestic growth and the global proliferation of natural flavors, increasing R&D investment and enhancing technological innovation [157]. - The company intends to improve its governance structure and enhance its independent R&D capabilities to attract top talent and achieve sustainable long-term growth [157]. - The company plans to accelerate the implementation of investment projects to achieve early production and economic benefits [158]. - The company will continue to adopt a research and development model that combines independent innovation with industry-academia-research collaboration, aiming to maintain its technological leadership in the industry [159]. - The company plans to enhance its marketing network and customer service response system to increase market share [161].