晨光生物 20250710 摘要 晨光生物 2025 年上半年净利润显著增长，预计为 1.74 亿至 2.04 亿元， 同比增长 117%至 154%，主要得益于棉子类业务扭亏为盈和植提业务 销量增长。二季度收入 17.44 亿至 20.44 亿元，同比增长-1%至 16%。 棉子类业务受益于行情回暖和公司对锁采购策略，上半年扭亏为盈。预 计三季度进入淡季，但四季度榨季开始后业务规模将回升。公司加强风 险管控，使其成为稳定现金流和利润的重要资产。 植提业务二季度保持良好恢复态势，尽管辣椒红等产品价格下降，但下 游需求快速增长带动销量增加，毛利率显著改善。预计三季度延续此趋 势，受益于供给侧结构性优化和需求侧天然色素替代。 美国 FDA 禁用石油基合成色素政策可能引发全球范围内的天然色素替代 浪潮，为晨光生物带来巨大市场机遇。公司已布局天然色素 20 多年， 通过提升性价比和技术创新推动天然色素消费量增长。 晨光生物正从生产企业向应用方案服务商转型，通过开发新型产品拓宽 应用领域，与乳制品、调理肉、火锅底料及饮料企业合作，不断丰富天 然植物提取物应用场景，提高产品性价比及使用便利性。 Q&A 2025 年上半年 ...

证券代码：300138 证券简称：晨光生物 晨光生物科技集团股份有限公司 投资者关系活动记录表 编号：2025-005 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动 类别 | □新闻发布会 □路演活动 | | | □现场参观 □一对一沟通 | | | √其他 （电话会议） 天风证券吴立/陈潇/林毓鑫、中金公司宗旭豪、信达证券赵雷、 | | | 财通证券吴文德、中信证券罗寅、方正证券谌保罗、申万宏源 | | | 王子昂、长江证券陈硕旸、西南证券杜雨聪、国泰海通蔡子慕、 | | 参与单位名称及 | 博时基金谢泽林、天弘基金田继龙、广发基金顾益辉、华泰资 | | 人员姓名 | 管陈少楠、泓德基金郑名洋、PleiadInvestmentAdvisors | | | LimitedSimonSun、Sequoia Capital 闫慧辰、源乘私募曾尚、 | | | 彬元资本周振兴等 67 名投资者。 | | 时间 | 2025 年 07 月 10 日 | | 地点 | 河北省邯郸市曲周县城晨光路 1 号会议室 | | | 其他各电话会议方 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Views - The company is experiencing a performance recovery that exceeds expectations, with growth potential still present in the mid-term [1]. - The recovery in the cottonseed business is a significant factor contributing to the strong performance in the first half of the year, supported by favorable market conditions [2]. - The company is positioned as a leader in the plant extract sector, with stable profitability from key products and a strategic plan that is progressing steadily [9]. Financial Summary - **Revenue Forecast**: The company expects to achieve revenues of 6,872 million yuan in 2023, with a growth rate of 9.1%. Projections for 2024 and 2025 show revenues of 6,994 million yuan and 7,064 million yuan, respectively, with growth rates of 1.8% and 1.0% [1]. - **Net Profit**: The forecasted net profit for 2023 is 480 million yuan, with a year-on-year growth of 10.5%. However, a significant drop is expected in 2024, with a projected net profit of 94 million yuan, reflecting an 80.4% decline. A recovery is anticipated in 2025, with a net profit of 346 million yuan, representing a growth of 268.1% [1]. - **Earnings Per Share (EPS)**: The latest diluted EPS is projected to be 0.99 yuan in 2023, dropping to 0.19 yuan in 2024, and recovering to 0.72 yuan in 2025 [1][9]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratio is expected to be 13.7 in 2023, soaring to 70.0 in 2024, and then stabilizing at 19.0 in 2025 [1][9]. Market Conditions - The cottonseed market is showing a stable upward trend, which has positively impacted the company's performance in the first half of the year [2]. - The company is expected to benefit from multiple growth drivers, including increased product volume, improved efficiency in overseas plantations, and a growing demand for health products [2].

Q2 业绩超预期，棉籽持续回暖，植提业务向好。单25Q2 看，预计公司营业收入为17.44-20.44 亿元， 同比-0.9%至+16.2%，预计公司归母净利润为0.93-1.23 亿元，同比+51.1%至+100.1%，预计公司扣非归 母净利润为0.78-1.08 亿元，同比+147.5%至+242.6%。25H1 棉籽类业务行情回暖，公司严格执行对锁经 营模式，同比实现扭亏为盈；植提类业务中，辣椒红、辣椒精、甜菊糖苷等植提类业务毛利润均实现同 比增长，植提呈现向好趋势 短期看棉籽业务盈利修复，中长期植提业务景气度向上。棉籽业务方面，25 年，公司在严格执行对锁 经营模式的情况下，锁定了加工环节的利润，全年盈利改善的趋势较强；植提业务方面，当前多个植提 产品价格处于相对低位，有望逐渐企稳向好，25 年4 月，美国FDA 宣布计划将于26 年底前逐步停止使 用石油基合成的食品色素，我们认为美国FDA 此举将有望推动全球人工色素的加速淘汰，天然色素占 比将提升，推动公司的辣椒红、叶黄素、番茄红素等天然色素的需求增长，植提业务的毛利率有望提 升。 盈利预测与投资评级：公司作为植物提取物龙头企业，植提技术行业领先， ...

本次业绩预告是公司财务部门初步测算的结果，具体数据将在公司2025年半 年度报告中详细披露，敬请广大投资者谨慎决策，注意投资风险。 特此公告 证券代码：300138 证券简称：晨光生物 公告编号：2025—067 晨光生物科技集团股份有限公司 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。 一、本期业绩预计情况 本报告期 上年同期 项 目 （2025 年 1—6 月） （2024 年 1—6 月） 营业收入 349,092.99 万元 比上年同期增长：-0.89%至 7.71% 归属于上市公司股东 盈利：20,200 万元—23,200 万元 盈利：9,983.46 万元 的净利润 比上年同期增长：102.33%至 132.38% 归属于上市公司股东 盈利：17,400 万元—20,400 万元 扣除非经常性损益后 盈利：8,003.77 万元 的净利润 比上年同期增长：117.40%至 154.88% 二、业绩预告预审计情况：本次业绩预告相关数据未经注册会计师审计。 三、业绩变动原因说明 的主要影响因素；辣椒红、辣椒精、甜菊糖苷等植提类业务实现的毛利润均同比 ...

Core Viewpoint - Chenguang Biotech has achieved a significant innovation by obtaining approval for sodium chlorogenic acid as a new feed additive, marking a pioneering breakthrough in China's feed industry [1] Group 1: Product Innovation - Sodium chlorogenic acid is extracted from stevia leaves and has been developed using a proprietary short-chain alcohol mixed solution extraction technology, enhancing the yield of the main product, steviol glycosides, while also creating a new product with antioxidant, anti-inflammatory, and antiviral properties [1] - This innovation fills a gap in the global market and improves resource utilization, opening new avenues for the comprehensive use of stevia [1] Group 2: Application in Livestock - In the livestock sector, sodium chlorogenic acid has demonstrated significant functional value, effectively enhancing the immune and antioxidant capabilities of weaned piglets and late-stage laying hens, optimizing gut microbiota, and improving nutrient absorption efficiency [1] - Experimental data indicates that its safety and efficacy meet industry-leading standards [1] Group 3: Market Position and Future Prospects - Chenguang Biotech specializes in the extraction, separation, purification, and application of plant active ingredients, with a diverse product range that includes natural pigments, spices, sweeteners, and health products, positioning it as a leader in the industry [2] - The successful development and application of sodium chlorogenic acid will further solidify Chenguang Biotech's leading position, enhance its brand influence, and increase market competitiveness [2] - The R&D team is accelerating the exploration of sodium chlorogenic acid's applications in food, health products, and pharmaceuticals, with potential in functional food development and chronic disease prevention [2]

内容概要：桑叶提取物是从桑树叶片中提取的活性成分，富含多种生物活性物质。得益于桑叶的药用和 保健价值被不断挖掘，以及国内外市场对天然植物提取物需求的增长，我国桑叶提取物行业近年来发展 迅速。我国是全球桑叶资源最丰富的国家之一，产业链从种桑养蚕延伸到高附加值提取物，形成了一定 规模。2024年，国内桑叶提取物市场规模19917万元，行业产值27658万元，产能834吨，产量563吨，需 求量411.5吨；预计2025年，我国桑叶提取物市场规模将达21765万元，行业产值将达30065万元，产能 将达892吨，产量将达598.4吨，需求量将达439.7吨。随着桑叶提取物在医药、食品、保健品等领域的应 用不断扩大，市场规模将逐年增长。特别是随着功能性食品的兴起和消费者对天然、健康产品的需求增 加，桑叶提取物作为天然、健康的添加剂，市场潜力巨大。桑叶提取物细分市场将呈现多元化与专业化 并行的发展态势。 二、桑叶提取物行业发展现状 上市企业：莱茵生物（002166） 桑叶在中国种植历史悠久，不仅具有较高的经济价值、药用价值，也具有一定的食用价值，是优良的食 药同源作物。我国桑树资源丰富，为桑叶提取物行业提供了坚实的原料 ...

证券代码：833230 证券简称：欧康医药 公告编号：2025-045 成都欧康医药股份有限公司 □分析师会议 □路演活动 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 □其他 二、 投资者关系活动情况 活动时间：2025 年 4 月 29 日（周二）15:00-16:00 活动地点：公司 2024 年年度报告业绩说明会于 2025 年 4 月 29 日（周二） 15:00-16:00 在上海证券报·中国证券网（https://roadshow.cnstock.com）举行，通 过网络方式与投资者进行了沟通和交流。 参会单位及人员：通过网络方式参与公司 2024 年年度报告业绩说明会的投 资者。 上市公司接待人员：公司董事长、总经理：赵卓君先生；公司董事会秘书、 财务负责人：曹永强先生；公司保荐代表人：罗泽先生。 三、 投资者关系活动主要内容 公司在 2024 年年度业绩说明会上就投资者 ...

Core Viewpoint - The company reported a slight decline in revenue but a significant increase in net profit and earnings per share, indicating strong operational efficiency and profitability despite revenue challenges [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 1.716 billion yuan, a year-on-year decrease of 0.9% [1]. - The net profit attributable to shareholders was 109 million yuan, reflecting a year-on-year increase of 183.7% [1]. - Basic earnings per share (EPS) reached 0.2266 yuan, up 212.6% year-on-year [1]. Business Segment Analysis - The cottonseed business has returned to normal operations, while the plant extraction business has exceeded expectations [2]. - The plant extraction segment generated revenue of 867 million yuan, a year-on-year increase of 13.8%, with a gross margin improvement of 2.15 percentage points [2]. - The cottonseed segment reported revenue of 760 million yuan, a year-on-year decrease of 9.5%, with a gross margin of approximately 6.1% [2]. Market Strategy - The company adopted a strategy of "price for volume," leading to increased sales volume and revenue growth in various product lines [3]. - The price of chili red pigment significantly decreased, resulting in a revenue increase of approximately 7% due to volume elasticity [3]. - The company capitalized on domestic raw material cost advantages to expand into overseas markets, with chili extract sales doubling and contributing to a revenue increase of about 24% [3]. Long-term Outlook - The company is focused on long-term advantages, expanding overseas planting bases, and making breakthroughs in new businesses such as traditional Chinese medicine and health products [3]. - The company anticipates maintaining high growth rates in performance as major products return to a cyclical uptrend [3]. Investment Recommendation - The company is a leading player in the plant extract sector, with stable profitability in key products and a strong growth trajectory in market share [4]. - The ongoing construction of the Zambia plantation is expected to further reduce costs, and the health product business shows significant potential for growth [4]. - Projected EPS for 2025-2027 is 0.67, 0.83, and 1.00 yuan, with corresponding price-to-earnings ratios of 16.3X, 13.1X, and 10.9X, maintaining a "buy" rating [4].

盈利预测与投资评级：我们认为，公司植提类业务多个产品凭借成本优势不断放量提升市占率，棉籽类 业务行情回暖业绩拐点已现。我们预计公司2025-27 年可实现归母净利润3.65/4.57/5.64 亿元，分别同比 增速为288.51%/25.18%/23.21%，对应PE 分别为14X/12X/9X，维持"推荐"评级。 风险提示：食品安全风险、上游原材料成本波动风险、市场竞争激烈程度加剧风险、下游终端需求不及 预期风险、境外经营风险等 25Q1 具体业务来看：1）辣椒红：销售价格随成本相应下调，销量快速增长的带动下，辣椒红色素收入 同比增长约7%；2）辣椒精：充分发挥云南原材料成本优势，销量同比增长一倍以上，带动收入同比增 长约24%；3）叶黄素：市场延续供给过剩态势，产品价格保持低位，公司优化产品结构，叶黄素整体 销量同比有所增长，其中食品级叶黄素销量同比增长50%；4）香辛料：花椒提取物销量同比增长约 15%，胡椒提取物、孜然提取物、生姜提取物等产品同样延续了良好势头；5）甜菊糖苷：公司依托创 新性技术带来的成本优势，甜菊糖苷销量增长约40%，并呈现量价齐升，甜菊糖苷收入突破8000 万 元，同比增长约55% ...