Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company's main business showed year-on-year improvement in Q3 2024, reinforcing confidence in its ongoing reforms [2][3]. - For the first three quarters of 2024, the company achieved revenue of 3.946 billion yuan, a slight decrease of 0.2% year-on-year, while net profit attributable to shareholders was 576 million yuan, with a 19.3% increase in net profit excluding non-recurring items [3][4]. - The company has been actively enhancing its distribution channels and product offerings, with a focus on health-oriented products and price adjustments to improve channel profitability [4][6]. Financial Performance - In Q3 2024, the company reported revenue of 1.33 billion yuan, up 2.2% year-on-year, and a net profit of 230 million yuan, reflecting a 32.9% increase year-on-year [3][4]. - The gross margin for the first three quarters of 2024 was 37.4%, an increase of 4.8 percentage points year-on-year, while the net profit margin was 14.6% [4][6]. - The company’s revenue projections for 2024 to 2026 have been adjusted downward due to increased industry competition and weak demand, with expected revenues of 5.540 billion, 6.493 billion, and 7.661 billion yuan respectively [6][7]. Product and Market Dynamics - The revenue from soy sauce and chicken essence improved year-on-year in Q3 2024, while other product categories like edible oil saw significant declines [3][4]. - The company has increased its distributor count to 2,395, with a focus on enhancing recruitment efforts in the central and northern regions [3][4]. - The company has implemented price increases on certain products, primarily in the soy sauce and chicken essence categories, with increases around 30% [4][6]. Profitability and Cost Management - The company’s operating efficiency has improved, contributing to a rise in gross margins due to lower raw material costs and enhanced operational efficiency [4][6]. - The report indicates a slight increase in the expense ratio, primarily due to ongoing channel reforms and increased marketing efforts [4][6]. Valuation Metrics - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.98 yuan, 1.25 yuan, and 1.54 yuan respectively [6][7]. - The report highlights a projected return on equity (ROE) of 14.94% for 2024, increasing to 17.74% by 2026 [7][8].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The company is experiencing revenue pressure, but profit margins are continuing to improve [3]. - In Q3 2024, the company's net profit attributable to shareholders increased by 32.9% year-on-year, driven by lower raw material costs and optimized product structure [5][6]. - The company achieved a revenue of 3.946 billion yuan in the first three quarters of 2024, a slight decrease of 0.17% year-on-year, while the net profit attributable to shareholders was 576 million yuan, with a non-recurring net profit of 552 million yuan, reflecting a year-on-year increase of 19.25% [5][6]. Financial Performance Summary - In Q3 2024, the company reported a revenue of 1.328 billion yuan, up 2.23% year-on-year, and a net profit of 226 million yuan, up 32.9% year-on-year [5]. - The gross profit margin for the first three quarters of 2024 was 37.36%, an increase of 4.79 percentage points year-on-year, attributed to declining costs [6]. - The company’s revenue from chicken essence and powder increased by 13.99% year-on-year in Q3 2024, while other product categories showed mixed results [6]. Regional and Channel Performance - In Q3 2024, revenue from the eastern region grew by 8.57% year-on-year, while the central and western regions saw declines [6]. - The company has increased its dealer network by 12.99% compared to the end of 2023, focusing on the central and northern regions [6]. Earnings Forecast and Valuation - The company is expected to have earnings per share (EPS) of 0.98, 1.12, and 1.32 yuan for the years 2024, 2025, and 2026 respectively [7]. - The report suggests a reasonable valuation range of 34.3 to 39.2 yuan based on a price-to-earnings (P/E) ratio of 35-40 times for 2024 [6][7].

证 券 研 究 报 告 中炬高新（600872）2024 年三季报点评 强推（维持） 积极纠偏，重回升势 目标价：31.35 元 当前价：23.87 元 事项： ❖ 公司发布 2024 年三季报，前三季度实现营业收入 39.46 亿元，同比-0.17%； 归母净利润 5.76 亿元，实现扭亏为盈。单 Q3 实现营收 13.28 亿元，同比+2.23%； 归母净利润 2.26 亿，同比+32.90%。 评论： ❖ 美味鲜边际改善，但期内公司更重自然动销，营收增速略低于预期。24Q3 公 司实现营收 13.3 亿，同比+2.2％，其中美味鲜营收 12.5 亿，同比+2.6％，实现 小幅转正。分产品来看，酱油同比+0.5％，环比 Q2 边际改善明显，鸡精鸡粉 同比+14.0％，贡献主要增长来源，而食用油预计受到发货节奏影响，营收同 比-9.2％。分渠道来看，24Q3 分销/直销模式营收分别同比-0.9%/+22.6%，其中 直销在定制业务带动下延续较快增长。分区域来看，除中西部地区仍在下滑外， 东部/南部/北部同比均实现转正，分别同比+8.6％/+1.2％/+2.5％。此外，公司 24Q3 经销商数目净增 110 ...

证券研究报告·公司点评报告·调味发酵品Ⅱ 中炬高新（600872） 2024 年三季报点评：经营环比改善，改革势 能向上 2024 年 10 月 28 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|----------|---------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 5341 | 5139 | 5499 | 6270 | 7170 | | 同比（ % ） | 4.41 | (3.78) | 7.01 | 14.01 | 14.36 | | 归母净利润（百万元） | (592.25) | 1,696.95 | 700.57 | 905.95 | 1,109.85 | | 同比（ % ） | (179.82) | 386.53 | (58.72) | 29.32 | 22.51 | | EPS- 最新摊薄（元 / ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][5] Core Views - The company's Q3 performance shows sequential improvement with significant optimization in expense allocation [2][3] - The company achieved a revenue of 3.946 billion yuan in the first three quarters of 2024, a slight decrease of 0.2% year-on-year, while the net profit attributable to shareholders was 576 million yuan, marking a turnaround from loss to profit [2][3] - The company is undergoing a channel reform that is gradually stabilizing, with main product sales showing signs of recovery [3][4] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 1.328 billion yuan, an increase of 2.2% year-on-year, and a net profit of 226 million yuan, up 32.9% year-on-year [2][3] - The gross profit margin continued to show a high growth trend, reaching 38.82%, benefiting from lower raw material costs and improved production efficiency [3][4] Market Strategy - The company is focusing on a national strategy, accelerating its layout in the central and northern markets while optimizing distributor quality in the eastern and southern regions [3][4] - The number of national distributors increased by 110 in Q3 2024, indicating a positive trend in channel reform [3][4] Future Outlook - The company is expected to achieve revenues of 5.5 billion, 6.3 billion, and 7.1 billion yuan in 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7%, 15%, and 13% [5][6] - The net profit attributable to shareholders is projected to be 735 million, 889 million, and 1.062 billion yuan for the same years, with corresponding EPS of 0.94, 1.13, and 1.36 yuan [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a marginal improvement in revenue and cost optimization, leading to an increase in gross profit. For the first three quarters of 2024, the company achieved revenue of 3.946 billion yuan, a slight decrease of 0.2% year-on-year, with a net profit of 576 million yuan, marking a return to profitability [2][3] - The company is undergoing a reform of its distribution system, which is expected to enhance its operational efficiency and market performance. The revenue from soy sauce and chicken essence showed improvement, while edible oil revenue declined due to inventory adjustments [3][4] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 1.328 billion yuan, an increase of 2% year-on-year, with a net profit of 226 million yuan, up 33% year-on-year. The gross margin improved by 5 percentage points to 38.82% due to lower material and logistics costs [2][3] - The company expects EPS for 2024-2026 to be 0.94, 1.12, and 1.30 yuan respectively, with corresponding PE ratios of 26, 21, and 18 times [4] Product and Regional Performance - In Q3 2024, revenue from soy sauce, chicken essence, edible oil, and other products was 741 million, 181 million, 130 million, and 147 million yuan respectively, with year-on-year growth rates of +0.5%, +14%, -9%, and -9% [3] - Revenue by region for Q3 2024 was 294 million, 522 million, 237 million, and 147 million yuan for the eastern, southern, central-western, and northern regions respectively, with growth in all but the central-western region [3] Distribution Channel Reform - The company has increased its number of distributors to 2,395, a net increase of 311 since the beginning of the year. The reform aims to optimize resource allocation towards major clients and leverage the strengths of beer distributors in the restaurant channel [3][4]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 ——中炬高新（600872）2024 年三季报点评 业绩超预期，改革效果初显 中炬高新(600872) 食品饮料 [Table_Industry] /必需消费 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------|--------------|------------------|-------|------------------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | [table_Authors] | 訾猛 ( | 分析师 ) | | 徐洋 ( 分析师 ) | | | | | | | | | 021-38676442 | | | 021-38032032 | | | | | | | | | | zim ...

司 | --- | --- | --- | --- | --- | --- | |--------------------|-------|-------|-------|-------|-------| | 财务数据和估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 5,341 | 5,139 | 5,385 | 6,097 | 6,865 | | 增长率 | 4% | -4% | 5% | 13% | 13% | | 净利润（百万元） | -592 | 1,697 | 795 | 966 | 1,161 | | 增长率 | -180% | 387% | -53% | 22% | 20% | | EPS（元/ 股） | -0.77 | 2.20 | 1.03 | 1.25 | 1.51 | | 市盈率（ P/E） | -31.1 | 10.8 | 23.2 | 19.0 | 15.9 | | 市净率（ P/B） | 6.1 | 3.9 | 3.4 | 3.0 | 2.6 | 中炬高新（600872.SH） Q3 业绩大幅增长，高弹性有望延续 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [3]. Core Insights - The company reported a slight decline in revenue for the first three quarters of 2024, with total revenue of 3.95 billion, a year-on-year decrease of 0.2%. However, it achieved a net profit of 576 million, marking a return to profitability compared to the previous year [3][4]. - In Q3 2024, the company generated revenue of 1.33 billion, a year-on-year increase of 2.2%, and a net profit of 230 million, up 33% year-on-year, indicating strong profit growth despite slightly lower revenue than expected [3][4]. - The new management team has extensive experience in consumer goods and has set an ambitious three-year plan aimed at enhancing the company's performance in the seasoning business [3]. Financial Summary - For 2024, the company forecasts net profits of 800 million, 970 million, and 1.25 billion for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of -53%, +22%, and +28.7% [3][4]. - The gross margin for Q3 2024 improved to approximately 38.1%, a year-on-year increase of 5 percentage points, driven by lower raw material costs and improved operational efficiency [4]. - The company’s return on equity (ROE) is projected to be 11.8% in 2024, increasing to 18.0% by 2026, reflecting improved profitability and efficiency [4].

中炬高新（600872.SH）2024 年三季报点评 改革稳步推进，经营环比改善 2024 年 10 月 27 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：公司发布 2024 年三季报，前三季度实现营业收入 39.46 亿元，同比 -0.17%；实现归母净利润 5.76 亿元，同比+145.28%；实现扣非净利润 5.52 亿 元，同比+19.25%。单季度看，24Q3 实现营业收入 13.28 亿元，同比+2.23%； 实现归母净利润 2.26 亿元，同比+32.90%；实现扣非净利润 2.13 亿元，同比 +27.66%。 ➢ 主业边际改善，其他调味品仍有承压。24Q1-3/24Q3 美味鲜分别实现营收 38.08/12.51 亿元，同比+0.47%/+2.63%，三季度增速回正。分产品看，24Q3 酱油/鸡精鸡粉/食用油/其他分别实现营收 7.4/1.8/1.3/1.5 亿元，同比 +0.47%/+13.99%/-9.16%/-9.05%，酱油、鸡精鸡粉边际改善，蚝油、料酒等 仍 有 承 压 。 分 区 域 看 ， 24Q3 东 部 / 南 部 / 中 西 部 / 北 部 分 别 ...