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 ...

证券研究报告 | 行业定期报告 2025 年 05 月 12 日 成长赛道仍具看点，关注股东大会催化 食品饮料行业周报（5.11） 消费品/食品饮料 财报季正式收官，白酒高端与区域龙头平稳落地，25 年行业目标普遍审慎。大 众品表现分化，饮料/零食/宠物食品等成长性赛道仍具看点，啤酒乳制品实现 复苏，调味品相对平淡，龙头业绩更优。本周策略会反馈来看，白酒仍然承 压，大众品 4 月整体动销平稳，乳品/调味品期待 Q2 改善。 核心公司跟踪：短期白酒仍然承压，大众品整体平稳 舍得酒业：Q2 整体需求环比承压明显。舍得主品在宴席场景有双位数增 长，但在商务场景仍相对承压，预计二季度后会有好转，但行业调整期预 计仍将持续。25 年公司在去库存后轻装上阵。 水井坊：Q2 环比压力增加，淡季需求回落明显。25 年将完成井台产品的 迭代，推出 18、28 号产品。终端拓展上，2024 年新增 1 万家门店， 25Q1 新增 2.5 万家，总门店数达到 7-8 万家，根据不同门店情况制定销 售任务。分市场来看，河北增长状况良好，内蒙、山东增速也较快。 伊利股份：Q2 延续改善，奶粉双线驱动。春节动销超预期，Q1 实现正增 长 ...

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].

公司研究 [Table_ReportType] 公司点评报告 [晨Ta光bl生e_物Sto(c3k0A0n1d3Ra8n)k] 投资评级 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 金隅大厦 B 座 邮编：100031 证券研究报告 [Table_Title] Q1 业绩大增，反转趋势确立 [Table_ReportDate] 2025 年 4 月 28 日 [T事ab件le：_S公um司ma公ry布] 2025 年一季报。25Q1，公司实现营业收入 17.16 亿元， 同比-0.92%；归母净利润 1.09 亿元，同比+183.69%；扣非归母净利润 9592 万元，同比+97.83%。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 上次评级 邮 箱：zhaolei@cindasc.com 收入表现平稳，多款产品销量创历史新高。分板块看，Q1 植提业务实 现收入 8.67 亿元，同比+13.78%；棉籽业务实现收入 7.60 亿元，同比 -9.49%。植提业务中，多款产品以量补价，辣椒红收入同比+7%，销 量快速增长，销售价格随成本相 ...