证 券 研 究 报 告 ❖ 金禾实业发布 2025 年三季度报告，2025 年前三季度实现营收 35.43 亿元，同 比-12.35%，实现归母净利润 3.91 亿元，同比-4.44%，实现扣非归母净利润 3.52 亿元，同比-6.48%。其中 Q3 实现营收 10.99 亿元，同/环比-26.91%/-3.76%， 实现归母净利润 0.57 亿元，同/环比-64.98%/-38.49%，实现扣非归母净利润 0.14 亿元，同/环比-89.08%/-87.51%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,303 | 4,822 | 5,485 | 6,016 | | 同比增速(%) | -0.1% | -9.1% | 13.8% | 9.7% | | 归母净利润(百万) | 557 | 518 | 733 | 1,007 | | 同比增速(%) | -20.9% | -6.9% | 41.5% | 37.4% | | ...

Investment Rating - The report maintains a "Strong Buy" rating for Jinhe Industrial, expecting it to outperform the benchmark index by over 20% in the next six months [17]. Core Views - Jinhe Industrial's revenue for the first half of 2025 was 2.444 billion yuan, a year-on-year decrease of 3.73%, while the net profit attributable to shareholders increased by 35.29% to 334 million yuan [1]. - The report highlights improvements in the profitability of sweeteners and growth potential in the semiconductor and synthetic biology sectors [1][7]. - The company is expected to recover from a decline in export volumes of sweeteners, with price increases anticipated due to industry-wide price stabilization efforts [7]. Financial Summary - For 2025, the projected total revenue is 5.484 billion yuan, with a year-on-year growth rate of 3.4% [3]. - The net profit attributable to shareholders is forecasted to be 809 million yuan in 2025, reflecting a significant increase of 45.3% compared to 2024 [3]. - The earnings per share (EPS) is expected to rise from 0.98 yuan in 2024 to 1.42 yuan in 2025 [3]. Segment Analysis - The food additives segment reported revenue of 1.175 billion yuan in the first half of 2025, down 12.12% year-on-year, but with a gross margin increase of 18.10 percentage points to 45.20% [7]. - The basic chemicals segment achieved revenue of 1.055 billion yuan, up 11.31% year-on-year, although the gross margin decreased by 6.82 percentage points to 3.56% [7]. - The report notes a decline in export volumes for sweeteners, particularly sucralose and acesulfame, due to accumulated overseas inventory, but anticipates recovery as inventory levels decrease [7]. Growth Opportunities - Jinhe Industrial has successfully launched an 80,000-ton electronic-grade hydrogen peroxide project and is expanding into various wet electronic chemicals, which is expected to open new growth avenues [7]. - Breakthroughs in the synthesis of high-efficiency steviol glycosides and the successful market introduction of new products are set to enhance the product line in the food additives segment [7].