浙江新和成股份有限公司 关于 2024 年度日常关联交易预计调整的公告 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。 浙江新和成股份有限公司（以下简称"公司"）于 2024 年 10 月 23 日召开 的第九届董事会第八次会议审议通过《关于 2024 年度日常关联交易预计调整的 议案》，关联董事（胡柏藩、胡柏剡、石观群、王学闻、王正江、周贵阳）进行 了回避表决。根据《深圳证券交易所股票上市规则》《公司章程》及《关联交易 决策制度》等有关规定和审批权限，本次关联交易协议由公司董事会审议批准， 无需提交股东大会审议。 一、调整日常关联交易基本情况 根据公司和关联方实际生产经营情况，为更加准确反映公司与关联方 2024 年度日常关联交易情况，对预计金额作出合理调整。因公司本年度新项目建设减 少，公司对关联方浙江德力装备有限公司（以下简称"德力装备"）容器设备需 求相应减少，预计关联采购额度减少 3,855 万元。公司 2024 年新材料业务市场 需求增加，公司对关联方浙江赛亚化工材料有限公司（以下简称"赛亚化工"） 原料采购需求相应增加，预计关联采购额度增加 1, ...

证券代码：002001 证券简称：新和成 公告编号：2024-036 浙江新和成股份有限公司（以下简称"公司"）第九届董事会第八次会议于 2024 年 10 月 18 日以电子邮件方式发出会议通知，于 2024 年 10 月 23 日以现场 结合通讯方式召开，应出席董事 11 名，实际出席董事 11 名，符合《公司法》和 《公司章程》的规定。会议经表决形成决议如下： 三、会议以 11 票同意，0 票反对，0 票弃权审议通过《关于修订<全面预算 管理制度>的议案》。 一、会议以 11 票同意，0 票反对，0 票弃权审议通过《2024 年第三季度报 告》，《2024 年第三季度报告》中的财务信息在提交董事会审议前已经公司审计 委员会审议通过。 全文详见公司同日在指定信息披露媒体及巨潮资讯网 （http://www.cninfo.com.cn）刊登的公告。 二、会议以 5 票同意，0 票反对，0 票弃权审议通过《关于 2024 年度日常关 联交易预计调整的议案》，关联董事胡柏藩、胡柏剡、石观群、王学闻、王正江、 周贵阳回避表决。本议案在提交董事会审议前已经公司独立董事专门会议审议通过。 全文详见公司同日在巨潮资讯网 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's R&D capabilities create a strong competitive moat, transitioning from a vitamin leader to a diversified development model [4]. - The vitamin market is experiencing an upward trend, with new projects like methionine expected to contribute to performance growth [4]. - The global flavor and fragrance industry is shifting towards Asia and Africa, with the company's cost advantages aiding market share expansion [4]. - The company is intensifying its focus on high-end materials, accelerating the process of achieving self-sufficiency in advanced materials [4]. - Profit forecasts for 2024-2026 indicate net profits of 4.745 billion, 5.074 billion, and 6.415 billion yuan, with year-on-year growth rates of 75.5%, 6.9%, and 26.4% respectively [4]. Summary by Sections 1. R&D as a Shield, Growing from Vitamin Leader to Fine Chemical Leader - The company has focused on the development of functional chemicals for many years, becoming one of the world's top four vitamin producers [10]. - It has established a diversified industrial layout with four main segments: nutrition products, flavor and fragrance, high-end new materials, and raw materials [12]. - The company has built four production bases, enhancing its integrated supply chain and product quality [15]. 2. Vitamin Turning Point, Continuous Volume Growth of Methionine - Vitamins and amino acids are essential organic compounds with high production barriers, primarily used in animal feed [34]. - The company is positioned to benefit from the recovery in the vitamin market and the increasing demand for methionine [4]. 3. Flavor and Fragrance Industry Shifting to Asia and Africa - The company has developed cost advantages in key intermediates like linalool and citral, allowing it to maintain competitive pricing [17]. - The company is expanding its product matrix in the flavor and fragrance sector, optimizing its market competitiveness [4]. 4. High-End Material Technology Breakthroughs, Accelerating Domestic Substitution - The company is advancing in high-end materials, with plans for significant production capacity in PPS and other materials [4]. - It is also establishing a new production line for caprolactam and nylon 66, further diversifying its product offerings [23]. 5. Performance Growth and Cost Control - The company's revenue increased from 7.621 billion yuan in 2019 to 15.117 billion yuan in 2023, with net profit rising from 2.169 billion yuan to 2.704 billion yuan [28]. - The nutrition segment remains the primary revenue source, while the fragrance and new materials segments are showing increasing contributions [30].

证券代码：002001 证券简称：新和成 公告编号：2024-035 一、第四期员工持股计划的持有情况 浙江新和成股份有限公司 1、第四期员工持股计划已于2023年9月25日完成公司股票的购买，通过二级 市场竞价交易方式购买公司股票共计29,528,181股，占公司现有总股本的0.9553%， 成交总金额479,442,157.08元（不含交易费用），成交均价约为16.2368元/股。 关于第四期员工持股计划锁定期届满的提示性公告 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。 浙江新和成股份有限公司（以下简称"公司"）于2023年6月7日召开第八届 董事会第十六次会议、第八届监事会第十三次会议，于2023年6月26日召开2023 年第一次临时股东大会，审议通过《浙江新和成股份有限公司第四期员工持股计 划（草案）及其摘要》等员工持股计划相关议案，同意公司实施第四期员工持股 计划。具体内容详见公司于2023年6月8日、2023年6月27日在指定信息披露媒体 及巨潮资讯网（http://www.cninfo.com.cn）上刊登的公告。 鉴于公司第四期员工持股计划 ...

Investment Rating - Strong Buy/Maintain [2] Core Views - The company achieved revenue of 9.845 billion yuan in the first half of 2024, a YoY increase of 32.70%, and net profit attributable to the parent company of 2.204 billion yuan, a YoY increase of 48.62% [2] - The nutrition products segment, including vitamins and methionine, saw both volume and price increases, driving revenue growth [2] - The company's comprehensive gross profit margin increased by 4.37 percentage points to 37.11% in the first half of 2024 [2] - New projects and product development are progressing smoothly, further enriching the company's product portfolio [2] Financial Performance - Revenue from the nutrition products segment reached 6.68 billion yuan, a YoY increase of 38.30% [2] - Revenue from the flavors and fragrances segment was 1.925 billion yuan, a YoY increase of 17.94% [2] - Revenue from the new materials segment was 722 million yuan, a YoY increase of 24.89% [2] - The company's net profit for 2024-2026 is forecasted to be 4.436 billion, 5.368 billion, and 6.470 billion yuan, respectively [3] - EPS for 2024-2026 is projected to be 1.44, 1.74, and 2.09 yuan, respectively [3] - The current P/E ratio is 13, 11, and 9 times for 2024-2026 [3] Project Development - The 300,000 tons/year methionine project has been successfully released and is in normal production and sales [2] - The 18,000 tons/year liquid methionine (pure) project is progressing steadily [2] - The 4,000 tons/year cystine project is running stably, and the glufosinate-ammonium project is in the pilot phase [2] - The nylon industry chain project, including 100,000 tons/year adiponitrile-adipamine, is under approval in Tianjin [2] - The PPS project has been approved for 30,000 tons, with an additional 8,000 tons to be expanded based on market conditions [2] Company Overview - The company was founded in 1999 and listed on the Shenzhen Stock Exchange in 2004 [4] - It is one of the world's top four vitamin producers and has a competitive position in methionine production [4] - The company has expanded its business from pharmaceutical intermediates to vitamins, flavors and fragrances, new materials, and methionine [4] Market Data - The company's total market capitalization is 59.685 billion yuan, with a circulating market capitalization of 58.982 billion yuan [5] - The 52-week stock price range is 22.6-15.47 yuan [5] - The 52-week average daily turnover rate is 1.2% [5]

新和成（002001.SZ） 维生素涨价核心受益龙头，主业同比增长显著 事件：公司发布 2024 半年报，营收、利润、利润率同比增长显著。 2024H1：实现营业收入 98.45 亿元，同比+32.70%；归母净利润 22.04 亿 元，同比+48.62%；扣非净利润 21.57 亿元，同比+56.88%； Q2 单季度：实现营业收入 53.46 亿元，同比+40.45%，环比+18.83%；归 母净利润 13.35 亿元，同比+58.88%，环比+53.48%； 利润率：Q2 单季度毛利率 38.85%，同比+5.11pct，环比+3.81pct；净利率 25.14%，同比+2.82pct，环比+5.74pct。 蛋氨酸量价齐升，贡献业绩增量，各板块营收均同比增长。 | --- | |--------------------------------------------------------------| | 营养品：H1 实现营收 66.80 亿元，同比+38.30%，营收占比 68% | | 35.86%。其中子公司山东新和成氨基酸（蛋氨酸）实现营收 32.06 | | 比+82.29%；净利润 1 ...

Group 1: Company Overview and Financial Performance - Zhejiang Xinhengcheng Co., Ltd. achieved a revenue of 9.845 billion CNY in the first half of 2024, representing a year-on-year increase of 32.70% [3] - The net profit attributable to shareholders reached 2.204 billion CNY, up 48.62% year-on-year [3] - The nutrition segment generated 6.680 billion CNY in revenue, showing a year-on-year growth [3] - The flavor and fragrance segment reported revenue of 1.925 billion CNY, with a year-on-year increase of 17.94% [4] - The new materials segment achieved revenue of 722 million CNY, reflecting a year-on-year growth of 24.89% [4] Group 2: Market and Product Development - The methionine project has a production capacity of 300,000 tons per year, enhancing market competitiveness [2] - The company is advancing a joint venture with Sinopec for an 180,000 tons/year liquid methionine project [3] - The cysteine project is operating steadily at a capacity of 4,000 tons/year [3] - The company is developing new products in the flavor and fragrance sector, with ongoing projects in aldehyde series and SA [3] Group 3: Strategic Initiatives and Future Plans - The company is focusing on cost reduction and efficiency improvement through innovation and optimization of production processes [2] - Future capital expenditure plans include investments in new projects such as the Tianjin adiponitrile project and PPS new materials projects [4] - The Heilongjiang base is being developed for bio-fermentation products, with plans to expand into new product categories [4] - The company aims to enhance brand building and customer service to achieve steady growth in sales [2]

2024 年 08 月 26 日 公司研究 评级：买入(维持) | --- | |--------------| | 研究所： | | 证券分析师： | | | | 证券分析师： | | | | 证券分析师： | | | [Table_Title] 主营产品高景气，2024Q2 业绩大幅提升 ——新和成（002001）2024 年半年报点评 最近一年走势 事件: 2024 年 8 月 23 日，新和成发布 2024 年半年度报告：2024 年上半年公 司实现营业收入 98.45 亿元，同比+32.70%；实现归母净利润 22.04 亿 元，同比+48.62%；实现扣非后归母净利润 21.57 亿元，同比+56.88%； 加权平均净资产收益率 8.58%，同比增加 2.49 个 pct。 2024 年 Q2 单季度，公司实现营业收入 53.46 亿元，同比+40.45%，环 比+18.83%；实现归母净利润为 13.35 亿元，同比+58.88%，环比 +53.48%；扣非后归母净利润 13.00 亿元，同比+64.81%，环比+51.61%； 经营活动现金流净额为 16.57 亿元。销售毛利率为 38.85% ...

证券研究报告 非金融公司|公司点评|新和成（002001） 成长迎景气共振，创新和成本兼优 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月24日 证券研究报告 |报告要点 公司发布半年报，2024H1 实现营业收入 98.45 亿元，同比+33%，实现归母净利润 22.04 亿元 （高于半年报预告中值的 21.51 亿元），同比+49%。上半年业绩大增主要受益于维生素景气抬 升和 30 万吨蛋氨酸产能释放，2024H1 VA/VE 均价分别为 84/68 元/公斤，同比分别-6%/-9%， 但价格趋势上行，6 月底瞬时价格已来到 88/79 元公斤。2024H1 蛋氨酸均价 21.7 元/公斤， 同比+26%。 |分析师及联系人 许隽逸 申起昊 SAC：S0590524060003 SAC：S0590524070002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月24日 新和成(002001) 成长迎景气共振，创新和成本兼优 | --- | --- | --- | |-------|------------|----- ...

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 19.33 CNY [2] Core Views - The company has experienced significant growth in Q2 2024, driven by high demand for methionine and recovering vitamin prices, with a year-on-year revenue increase of 32.7% and a net profit increase of 48.6% [3][4] - The ongoing construction of new projects and the release of new product capacities are expected to further enhance the company's performance [4][6] Summary by Sections Revenue Performance - In H1 2024, the company achieved a revenue of 9.8 billion CNY, a 32.7% increase year-on-year, and a net profit of 2.2 billion CNY, up 48.6% year-on-year [3] - Q2 alone saw revenues of 5.3 billion CNY, a 40.5% increase year-on-year, and a net profit of 1.34 billion CNY, up 58.9% year-on-year [3] Market Conditions - The methionine market remains strong, with prices increasing significantly compared to the previous year, contributing to the company's robust performance [4] - The vitamin market is also recovering, with prices for domestic vitamin A and E rising sharply due to supply disruptions from BASF [5] Project Development - The company has successfully ramped up production capacity for methionine to 300,000 tons per year and is progressing on several joint projects, including an 18,000-ton liquid methionine project [4][6] - New product developments in the flavor and fragrance sector are also advancing, which is expected to contribute positively to future revenues [4] Profitability Forecast - The company's net profit forecasts for 2024-2026 have been revised upwards, with expected profits of 4.596 billion CNY in 2024, 5.562 billion CNY in 2025, and 6.294 billion CNY in 2026, reflecting a strong growth trajectory [6]