中炬高新技术实业（集团）股份有限公司 2024 年第三季度报告 证券代码：600872 证券简称：中炬高新 中炬高新技术实业（集团）股份有限公司 2024 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人余健华、主管会计工作负责人林颖及会计机构负责人（会计主管人员）张斌保证季度 报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | --- | |----------|----------------------------------------------------------------|------------------|------------------------------------ ...

[ T able_StockInfo] 2024 年 10 月 30 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：22.61 元 中炬高新（600872）食品饮料 目标价：——元（6 个月） Q3 利润端持续改善，改革稳步推进 [Table_Summary 事件：公司发布] 2024年三季报，前三季度实现营收 39.5亿元，同比-0.2%；实 现归母净利润 5.8亿元，比去年同期增加了 18.5亿元；实现扣非归母净利润 5.5 亿元，同比+19.3%。其中 24Q3实现营收 13.3亿元，同比+2.2%；实现归母净 利润 2.3亿元，同比+32.9%；实现扣非归母净利润 2.1亿元，同比+27.7%；公 司业绩超市场预期。 酱油主业恢复增长，鸡精鸡粉维持高增。24Q3 美味鲜子公司实现收入 12.5 亿 元，同比+2.8%。分产品看，24Q3 酱油/鸡精鸡粉/食用油/其他产品收入增速分 别为+0.5%/+14%/-9.2%/-9.1%；其中酱油主业实现恢复性增长，鸡精鸡粉高基 数下维持快速增长。分区域看，24Q3 东部/南部/中西部/北部收入增速分别为 +8.6%/+1.2%/-12.9 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company has shown a notable improvement in profit performance in Q3 2024, with a revenue of RMB 13.3 billion, up 2.2% year-on-year, and a net profit of RMB 2.3 billion, up 32.9% year-on-year [3][5]. - Internal reforms are ongoing, leading to a stabilization in the main seasoning business, with price adjustments and inventory control measures being implemented [3][5]. - The company is expected to benefit from a recovery in dining demand and consumer spending, with revenue growth forecasts of 7.1%, 14.1%, and 14.0% for 2024 to 2026, respectively [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a total revenue of RMB 39.5 billion, a slight decrease of 0.2% year-on-year, while the net profit attributable to shareholders was RMB 5.8 billion, reflecting a growth of 19.3% [3][5]. - In Q3 2024, the company achieved a gross margin of 38.8%, an increase of 5.0 percentage points year-on-year, attributed to lower raw material costs and a higher proportion of high-margin products [5][3]. Product and Regional Performance - The company's main product, soy sauce, generated RMB 7.4 billion in revenue in Q3 2024, a year-on-year increase of 0.5%, while chicken essence and powder saw a significant growth of 14.0% year-on-year [3][5]. - Revenue growth varied by region, with the eastern and southern regions showing increases of 8.6% and 1.2%, respectively, while the central region experienced a decline of 12.9% [3][5]. Valuation and Forecast - The report maintains previous profit forecasts, projecting net profit growth rates of 58.2%, 27.2%, and 22.9% for 2024 to 2026, with corresponding price-to-earnings ratios of 24.9X, 19.6X, and 16.0X [3][4].

证券代码：600872 证券简称：中炬高新 公告编号：2024-063 中炬高新技术实业（集团）股份有限公司 关于征地补偿合同的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 一、基本情况 中炬高新技术实业（集团）股份有限公司（以下简称：公司、本公司） 以及本公司控股子公司广东中汇合创房地产有限公司（以下简称：中汇合 创公司）就中山站及周围片区的国有商住土地共约 52.9744 亩的土地征用 问题，与中山火炬高技术产业开发区土地房屋征收中心（以下简称：火炬 区征收中心）分别签订了《深江铁路中山段火炬开发区征地补偿合同》。 就地上附着物及青苗补偿事宜，中汇合创公司并与火炬区征收中心签订了 《深江铁路中山段火炬开发区地上附着物及青苗补偿合同》。 因深江铁路征收出现的征收红线范围内的夹缝地、线外安全防护地面 积共计 112,595.2655 ㎡（折合 168.8929 亩）【其中本公司 106,326.03 ㎡（折 合 159.4890 亩）、中汇合创公司 6,269.2355 ㎡（折合 9.4039 亩）】，导致 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a rebound in operations, with profit growth exceeding expectations [1] - The report indicates that the company has reached a turning point after experiencing a low in operations, and future improvements are anticipated [2] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 5,341 million - 2023A: 5,139 million (down 4% YoY) - 2024E: 5,433 million (up 6% YoY) - 2025E: 6,234 million (up 15% YoY) - 2026E: 7,027 million (up 13% YoY) [1] - **Net Profit Forecasts**: - 2022A: -592 million - 2023A: 1,697 million (up 387% YoY) - 2024E: 767 million (down 55% YoY) - 2025E: 903 million (up 18% YoY) - 2026E: 1,072 million (up 19% YoY) [1] - **Earnings Per Share (EPS)**: - 2022A: -0.75 - 2023A: 2.16 - 2024E: 0.98 - 2025E: 1.15 - 2026E: 1.36 [1] - **Return on Equity (ROE)**: - 2022A: -17% - 2023A: 33% - 2024E: 13% - 2025E: 14% - 2026E: 15% [1] - **Price-to-Earnings (P/E) Ratio**: - 2022A: -31.6 - 2023A: 11.0 - 2024E: 24.4 - 2025E: 20.7 - 2026E: 17.4 [1] - **Price-to-Book (P/B) Ratio**: - 2022A: 6.2 - 2023A: 4.0 - 2024E: 3.6 - 2025E: 3.3 - 2026E: 2.9 [1] Recent Performance Highlights - In the first three quarters of 2024, the company achieved revenue of 39.46 billion, with a year-on-year growth of -0.17% and a net profit of 5.76 billion, showing a year-on-year increase [1] - For Q3 2024, the company reported revenue of 13.28 billion, a year-on-year increase of 2.23%, and a net profit of 2.26 billion [1] - The company’s gross margin improved significantly, with a control over expense ratios [1]

Investment Rating - The report maintains a "Buy" rating for Zhongju Gaoxin (600872) with a target price of 29.1, compared to the last closing price of 23.87 [1][6]. Core Views - The Q3 performance of Zhongju Gaoxin exceeded expectations, with internal adjustments showing some effectiveness. The company reported a revenue of 3.946 billion yuan for the first three quarters of 2024, a slight decrease of 0.17% year-on-year, while the net profit attributable to shareholders reached 576 million yuan, reflecting a growth of 19.25% year-on-year [1][2]. - In Q3 2024, the company achieved a revenue of 1.328 billion yuan, up 2.23% year-on-year, and a net profit of 226 million yuan, which is a significant increase of 32.90% year-on-year. The adjusted net profit was 213 million yuan, marking a growth of 27.66% [1][2]. - The company has made positive adjustments in its main seasoning business, with revenue from its flagship products such as soy sauce and chicken essence showing improvement. The overall price increase for these products was around 2%-3% [1][2]. Financial Summary - For 2024, the company is expected to achieve revenues of 5.424 billion yuan, with a growth rate of 5.54%. The net profit is projected to be 766 million yuan, reflecting a decrease of 54.88% year-on-year [2][4]. - The gross profit margin for Q3 2024 improved by 4.9 percentage points to 38.1%, primarily due to a decline in raw material costs [1][4]. - The company anticipates a gradual recovery in its operations, with new distributors and restaurant channels contributing to revenue growth in the future [1][2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a slight decrease in revenue for the first three quarters of 2024, with a total revenue of 3.946 billion yuan, down 0.17% year-on-year, while the net profit attributable to shareholders was 576 million yuan. In Q3 2024, the company achieved revenue of 1.328 billion yuan, an increase of 2.23% year-on-year, and a net profit of 226 million yuan, up 32.90% year-on-year [2][6] - The company experienced growth in its chicken essence and soy sauce products, with significant regional variations in performance. In Q3 2024, soy sauce, chicken essence, cooking oil, and other products generated revenues of 741 million, 181 million, 130 million, and 147 million yuan, respectively, with year-on-year changes of 0.47%, 13.99%, -9.16%, and -9.05% [6] - The company's gross profit margin improved by 4.96 percentage points year-on-year to 38.82% in Q3 2024, attributed to cost benefits, declining material prices, and the effectiveness of supply chain reforms. The sales expense ratio decreased by 1.86 percentage points to 6.26%, while the net profit margin increased by 4.90 percentage points to 18.94% [6] - The company forecasts revenue for 2024-2026 to be 5.453 billion, 5.894 billion, and 6.535 billion yuan, with year-on-year growth rates of 6.11%, 8.08%, and 10.87%, respectively. The net profit attributable to shareholders is expected to be 707 million, 873 million, and 988 million yuan, with year-on-year growth rates of -58.34%, 23.47%, and 13.14% [6][7] Summary by Sections Financial Data and Valuation - For 2024E, the company is projected to have a revenue of 5.453 billion yuan, with a growth rate of 6.11%. The net profit is expected to be 707 million yuan, reflecting a significant decline of 58.34% year-on-year. The EPS is projected to be 0.90 yuan per share [7] - The company’s P/E ratio for 2024E is estimated at 26.0, while the P/B ratio is 3.5 [7] Revenue Breakdown - In Q3 2024, the revenue from different products showed varied performance, with soy sauce and chicken essence performing well, while cooking oil and other products saw declines [6] - The company’s distribution channels also exhibited differences, with distribution sales declining by 0.90% year-on-year, while direct sales increased by 22.60% [6] Regional Performance - The company added a total of 84 distributors across different regions, with the eastern region showing the best performance, generating 2.94 billion yuan in revenue, an increase of 8.57% year-on-year [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][10] Core Views - The company reported a 2.23% year-on-year revenue growth in Q3 2024, indicating marginal improvement in operational conditions despite a 0.17% decline in total revenue for the first three quarters of 2024 [1][5] - The company’s gross margin increased to 38.8%, up 5 percentage points year-on-year, primarily due to lower raw material costs and a higher proportion of high-margin products [6][8] - The company is undergoing reform measures, with expectations for improved performance in Q4 2024 and 2025 as it continues to implement organizational changes and manage costs effectively [1][6] Financial Performance Summary - For Q3 2024, the company achieved total revenue of 1.328 billion yuan, a 2.23% increase year-on-year, and a net profit of 226 million yuan, up 32.90% year-on-year [1][5] - The first three quarters of 2024 saw total revenue of 3.946 billion yuan, a slight decrease of 0.17% year-on-year, with a net profit of 576 million yuan, down 145.28% [1][5] - The company’s non-recurring net profit for Q3 2024 was 213 million yuan, reflecting a 27.66% increase year-on-year [1][5] Revenue and Profit Forecast - The revenue forecast for 2024-2026 is adjusted to 5.30 billion, 5.79 billion, and 6.29 billion yuan respectively, with year-on-year growth rates of 3.1%, 9.4%, and 8.6% [8][9] - The net profit forecast for the same period is revised to 700 million, 770 million, and 900 million yuan, with corresponding earnings per share (EPS) of 0.89, 0.98, and 1.15 yuan [8][9]

Investment Rating - Investment rating: Buy (maintained) [1] Core Views - The company's revenue performance is under short-term pressure, but profitability has improved year-on-year [1] - The company is expected to achieve growth through both organic and external acquisitions, supporting long-term development [4] - The company has shown a commitment to reform, with expectations for gradual release of reform dividends leading to a recovery in overall revenue growth [4] Revenue and Profitability - In Q3 2024, the company's revenue and net profit attributable to shareholders were 1.328 billion and 226 million yuan, respectively, representing year-on-year changes of +2.23% and +32.90% [1] - The company's gross margin and net margin in Q3 2024 were 38.82% and 18.94%, respectively, showing year-on-year increases of 4.96 and 4.90 percentage points [3] - The company's profitability improvement is attributed to lower raw material costs and optimized procurement and operational models [3] Segment Performance - In Q3 2024, chicken essence and powder revenue grew by 13.99% year-on-year, while soy sauce revenue saw a slight increase of 0.47%. However, revenue from edible oils and other categories experienced a decline [2] - Regional performance in Q3 2024 showed revenue growth in the eastern, southern, and northern regions, with year-on-year increases of 8.57%, 1.20%, and 2.53%, respectively. The central and western regions saw a decline of 12.94%, but the decline was less severe compared to the previous quarter [2] Financial Forecasts - The company forecasts EPS for 2024-2026 to be 0.90, 1.10, and 1.41 yuan, respectively, with corresponding net profits of 700 million, 860 million, and 1.103 billion yuan [1] - The projected revenue for 2024 is 5.536 billion yuan, with a year-on-year growth of 7.7% [5] - The company's P/E ratios for 2024-2026 are projected to be 26.2, 21.4, and 16.7 times, respectively [1]

证券代码：600872 证券简称：中炬高新 公告编号：2024-062 截止本公告披露日，本次拍卖因案外人对拍卖财产提出确有理 由的异议，该场已撤回。后续拍卖进展以广东省中山市中级人民法院 出具的裁定为准。 公司于 2024 年 10 月 1 日披露了公司持股 5%以上股东中山润田 所持有的公司 2,435,843 股股票将在淘宝网司法拍卖网络平台上进行 公开拍卖。具体内容详见《中炬高新关于持股 5%以上股东所持部分 公司股份将被司法拍卖的提示性公告》（公告编号：2024-059）。 2024 年 10 月 28 日，公司经查询淘宝网司法拍卖网络平台，上 述拍卖因案外人对拍卖财产提出确有理由的异议，该场已撤回。 公司将密切关注上述事项的进展情况，根据《上海证券交易所股 1 证券代码：600872 证券简称：中炬高新 公告编号：2024-062 中炬高新技术实业（集团）股份有限公司 关于持股 5%以上股东所持部分公司股份 被司法拍卖的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 重要内容提示： 本次拍卖事项的股 ...