安徽金禾实业股份有限公司 2025 年第一季度报告 证券代码：002597 证券简称：金禾实业 公告编号：2025-032 □是 否 1 安徽金禾实业股份有限公司 2025 年第一季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、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。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第一季度报告是否经审计 安徽金禾实业股份有限公司 2025 年第一季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | | --- | --- | --- | --- | --- | | | | | （%） | | | 营业收入（元） | 1,301,342,312.24 | 1,213,451,757.31 | | 7.24 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating expected performance above the market average [1][10]. Core Insights - The company is projected to benefit from the improving market conditions in the sucralose industry, with a significant year-on-year increase in Q1 2025 earnings forecasted [1][10]. - The revenue for 2024 is expected to be RMB 5.30 billion, showing a slight decline of 0.15% year-on-year, while net profit attributable to shareholders is projected at RMB 557 million, down 20.94% year-on-year [10]. - The company is expanding its product categories and production capacity in new energy and semiconductor materials, aiming to create an integrated industrial ecosystem [10]. Financial Summary - **2024 Financials**: Revenue of RMB 5.30 billion, net profit of RMB 557 million, and a decrease in gross profit margins across various segments [4][10]. - **2025 Projections**: Expected revenue of RMB 6.23 billion, net profit of RMB 1.27 billion, and an EPS of RMB 2.23 [4][10]. - **2026-2027 Forecasts**: Continued growth with projected revenues of RMB 6.77 billion and RMB 7.03 billion, and net profits of RMB 1.51 billion and RMB 1.63 billion respectively [4][10]. Performance Metrics - The company’s gross profit margins for food additives, bulk chemical raw materials, and functional chemical intermediates were reported at 27.15%, 7.11%, and 0.65% respectively, with year-on-year changes of -5.61 percentage points, -3.10 percentage points, and +14.99 percentage points [3][10]. - The expected EPS for 2025 is RMB 2.23, with a target price set at RMB 33.35 based on a PE ratio of 14.99 [10]. Market Position - The company is positioned to leverage the recovery in the food additives market, particularly in sucralose and acesulfame, which are expected to see improved market conditions [10]. - The stock has shown a 15% increase over the past 12 months, outperforming the benchmark index [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 5.3 billion yuan for 2024, a slight decrease of 0.1% year-on-year, with a net profit of 560 million yuan, down 20.9% year-on-year. The net profit excluding non-recurring items was 470 million yuan, down 23.3% year-on-year [2][5] - For Q4 2024, the company achieved a revenue of 1.26 billion yuan, an increase of 3.5% year-on-year, and a net profit of 150 million yuan, up 4.9% year-on-year. The net profit excluding non-recurring items was 90 million yuan, down 28.7% year-on-year [2][5] - The company announced a cash dividend of 8.3 yuan per 10 shares (including tax), which accounts for 81.8% of the net profit for 2024 [2][5] - The company forecasts a net profit of 230-250 million yuan for Q1 2025, representing a year-on-year growth of 78.1%-93.5%, with net profit excluding non-recurring items expected to be 215-235 million yuan, up 77.7%-94.3% year-on-year [2][5] Financial Performance - The food additive segment generated a revenue of 2.75 billion yuan in 2024, a decrease of 4.7% year-on-year, with a gross margin of 27.2%, down 5.6 percentage points [11] - The average market prices for key sweeteners in 2024 were 149,000 yuan/ton for sucralose, 37,000 yuan/ton for acesulfame, 88,000 yuan/ton for methyl maltol, and 72,000 yuan/ton for ethyl maltol, with varying year-on-year changes [11] - The company expects revenues for 2025-2027 to be 1.39 billion, 1.72 billion, and 1.96 billion yuan respectively, indicating growth potential [11][12] Market Trends - The sweetener market is experiencing a rebound in demand, driven by consumer acceptance of low-sugar products, with significant year-on-year growth in export volumes for sucralose and acesulfame [11] - The company is focusing on integrated supply chain development and optimizing key projects, including the successful launch of several production facilities [11][12]

安徽金禾实业股份有限公司 关于举办 2024 年度业绩说明会的公告 证券代码：002597 证券简称：金禾实业 公告编号：2025-031 为充分尊重投资者、提升投资者交流的针对性，现就公司 2024 年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。欢迎广大投资者提前登录 "互动易"平台（http://irm.cninfo.com.cn）"云访谈"栏目进入公司 2024 年度业 绩说明会页面进行提问，公司将在本次业绩说明会上对投资者普遍关注的问题进行回答。 欢迎广大投资者积极参与。 特此公告。 安徽金禾实业股份有限公司 董事会 二〇二五年四月二十三日 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 安徽金禾实业股份有限公司（以下简称"公司"或"本公司"）已于 2025 年 4 月 18 日披露了《2024 年年度报告》及其摘要。为便于广大投资者更全面深入地了解公司 2024 年度经营成果、财务状况，公司将于 2025 年 4 月 30 日（星期三）下午 15:00-17:00 在深圳证券交易所"互动易"平台举办"2024 年度业绩说明会" ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported that its 2024 annual performance met expectations, with total revenue of 5.303 billion yuan (YoY -0.15%) and a net profit attributable to shareholders of 557 million yuan (YoY -21%) [7] - The company anticipates a significant increase in net profit for Q1 2025, projecting a range of 230 to 250 million yuan (YoY +78% to +94%) due to price increases in food additives and cost optimization [7] - The company is a major global producer of sucralose and acesulfame, with ongoing efforts to reduce costs and expand production capabilities, which are expected to enhance future growth [7] Financial Data Summary - Total revenue projections for the company are as follows: - 2023: 5.311 billion yuan - 2024: 5.303 billion yuan - 2025E: 5.765 billion yuan - 2026E: 6.304 billion yuan - 2027E: 6.708 billion yuan [9] - Net profit attributable to shareholders is projected as follows: - 2023: 704 million yuan - 2024: 557 million yuan - 2025E: 1.213 billion yuan - 2026E: 1.476 billion yuan - 2027E: 1.703 billion yuan [9] - The company plans to distribute a cash dividend of 8.30 yuan per 10 shares, amounting to 493 million yuan, which represents 88.58% of the net profit [7] Market Data - As of April 18, 2025, the closing price of the company's stock is 23.99 yuan, with a market capitalization of 13.601 billion yuan [3] - The company's price-to-earnings ratio is projected to be 11X for 2025, 9X for 2026, and 8X for 2027 [7]

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported a slight decline in revenue for 2024, with total revenue of 5.303 billion yuan, a decrease of 0.15% year-on-year, and a significant drop in net profit by 20.94% to 557 million yuan. However, the forecast for Q1 2025 indicates a substantial increase in net profit, expected to be between 230 million to 250 million yuan, representing a year-on-year growth of 78.06% to 93.54% [1][2] - The company is benefiting from rising prices of food additives, which has positively impacted its performance in Q1 2025. The average market prices for key products such as aspartame and sucralose have shown significant increases compared to the previous year [6][6] - The company is focusing on an integrated industrial chain layout and has made significant progress in its dual-driven strategy of "green chemistry + synthetic biology," which is expected to support sustainable development [6][6] Financial Data and Valuation - The company’s total revenue is projected to grow from 5.303 billion yuan in 2024 to 6.609 billion yuan in 2025, reflecting a growth rate of 25% [2][13] - The net profit is expected to rebound significantly, with projections of 1.062 billion yuan in 2025, a growth of 91% compared to 2024 [2][13] - The current stock price is 23.99 yuan, with projected PE ratios of 12.9, 10.9, and 9.6 for the years 2025, 2026, and 2027 respectively [3][7] Key Financial Metrics - The company’s gross margin is expected to improve to 27.5% in 2025, up from 19.2% in 2024 [14] - The return on equity (ROE) is projected to increase to 13.5% in 2025, indicating improved profitability [14] - The company maintains a low debt-to-asset ratio of 21.3% in 2025, reflecting strong financial stability [14]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has experienced a significant improvement in its first-quarter performance for 2025, with expected net profit growth of 78.06% to 93.54% year-on-year [5][8] - The price of sugar substitutes is recovering, which is anticipated to positively impact the company's profitability [6][9] - The company is focusing on enhancing its production efficiency and reducing costs through technological advancements [8][9] Financial Performance Summary - In 2024, the company reported revenue of 5.303 billion yuan, a slight decrease of 0.15% year-on-year, and a net profit of 557 million yuan, down 20.94% year-on-year [4][6] - The fourth quarter of 2024 saw revenue of 1.261 billion yuan, a year-on-year increase of 3.52%, but a quarter-on-quarter decrease of 16.19% [5] - The company expects to achieve a net profit of 230 to 250 million yuan in the first quarter of 2025, marking a substantial increase compared to the previous year [5][8] Market Data Summary - As of April 18, 2025, the company's stock price is 23.99 yuan, with a market capitalization of approximately 13.67 billion yuan [3] - The company has shown a 12-month performance of 16.4%, outperforming the CSI 300 index, which increased by 5.7% [3] Future Earnings Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 6.126 billion yuan, 6.536 billion yuan, and 7.366 billion yuan, respectively, with corresponding net profits of 1.006 billion yuan, 1.243 billion yuan, and 1.487 billion yuan [10][12] - The report anticipates a significant recovery in profitability, with net profit growth rates of 81% in 2025, 24% in 2026, and 20% in 2027 [10][12]

Core Viewpoint - In 2024, Jinhe Industrial reported a slight decline in revenue and a significant drop in net profit, highlighting challenges in the food manufacturing sector despite advancements in technology and industry upgrades [1][4]. Group 1: Financial Performance - The company achieved an annual revenue of 5.303 billion yuan, a year-on-year decrease of 0.15% [1]. - The net profit attributable to shareholders was 557 million yuan, down 20.94% year-on-year [1]. - Revenue from the food manufacturing segment was 2.753 billion yuan, reflecting a decline of 4.72% due to weak market demand and intensified competition [4]. Group 2: Business Segment Performance - The basic chemical business showed strong performance with revenue of 2.048 billion yuan, an increase of 5.47% [4]. - The successful launch of an 80,000-ton electronic-grade hydrogen peroxide project contributed to growth in high-end materials [4]. - Despite the growth in the basic chemical sector, it was insufficient to offset the decline in the food manufacturing business, leading to an overall decrease in revenue and profit [4]. Group 3: Technological Innovation and Industry Upgrades - The company continued to advance its "green chemistry + synthetic biology" dual-driven strategy, focusing on new energy materials and semiconductor materials [5]. - Significant progress was made in the construction of a biosynthetic flexible production platform, enhancing research and development efficiency [5]. - The development of high-efficiency steviol glycoside synthesis strains reduced production costs, improving market competitiveness [5][6]. Group 4: Global Market Expansion and Sales Optimization - In 2024, the company deepened its global market layout and optimized its sales system by establishing specialized sales divisions for basic and fine chemicals [7]. - The expansion of a high-quality sales team successfully penetrated emerging markets in Southeast Asia and Africa [7]. - The implementation of a digital marketing system and CRM platform improved operational efficiency and customer management [7].

Core Viewpoint - The company reported lower-than-expected financial performance for 2024, but a strong recovery is anticipated in Q1 2025 due to the rebound in sweetener prices [1][2][3]. Financial Performance - For 2024, the company achieved revenue of 5.303 billion yuan, a year-over-year decrease of 0.15%, and a net profit attributable to shareholders of 557 million yuan, down 21% year-over-year [1]. - In Q4 2024, the company recorded revenue of 1.260 billion yuan, a year-over-year increase of 4% but a quarter-over-quarter decrease of 16%, with a net profit of 148 million yuan, up 5% year-over-year but down 9% quarter-over-quarter [1]. - The profit distribution plan for 2024 includes a dividend of 8.3 yuan per share, resulting in a payout ratio of 88.58% and a dividend yield of 3.47% based on the closing price on April 17, 2025 [1]. Q1 2025 Performance Forecast - The company expects a net profit of 230 to 250 million yuan for Q1 2025, representing a year-over-year increase of 78% to 94% and a quarter-over-quarter increase of 56% to 69%, exceeding expectations [1][2]. Sweetener Price Recovery - Sweetener prices have significantly rebounded in Q1 2025, with the average price of sucralose at 250,000 yuan per ton (up 78% year-over-year), methyl maltol at 100,000 yuan per ton (up 63% year-over-year), and ethyl maltol at 79,000 yuan per ton (up 25% year-over-year) [2]. - The price of sucralose hit a low in August 2024, prompting multiple price increases across the industry, with prices rising from 100,000 yuan per ton to 240,000 yuan by the end of 2024 and continuing to 250,000 yuan in Q1 2025 [2]. 2024 Performance Analysis - In 2024, the average price of sucralose was 153,000 yuan per ton (down 18% year-over-year), with acesulfame at 38,000 yuan per ton (down 25% year-over-year), and methyl maltol at 75,000 yuan per ton (down 12% year-over-year) [3]. - The company’s food additives segment generated revenue of 2.753 billion yuan (down 4.7% year-over-year), while the bulk chemicals segment achieved revenue of 1.818 billion yuan (up 2.6% year-over-year) [3]. - The overall gross margin for 2024 was 19.19%, a decline of 4.28 percentage points year-over-year [3]. New Project Developments - The company’s second phase of the Dianyuan project, with an annual production capacity of 600,000 tons of sulfuric acid and other products, was successfully launched in 2024 [4]. - The company is expanding into high-value new materials and has initiated projects in electronic-grade hydrogen peroxide and lithium battery electrolyte precursors [4]. Profit Forecast - The company has adjusted its profit forecasts for 2025, 2026, and introduced a forecast for 2027, expecting net profits of 865 million, 1.061 billion, and 1.192 billion yuan respectively, with year-over-year growth rates of 55%, 23%, and 12% [5]. - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.52, 1.86, and 2.09 yuan, with corresponding price-to-earnings (PE) ratios of 16, 13, and 12 times [5].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [7][12]. Core Insights - The company has shown a significant recovery in Q1 2025, with expected net profit growth of 78% to 94% year-over-year, driven by a rebound in sweetener prices [8]. - The company’s 2024 annual report revealed a revenue of RMB 5.303 billion, a slight decrease of 0.15% year-over-year, and a net profit of RMB 557 million, down 21% year-over-year [8]. - The company is expected to benefit from the successful launch of its new production capacity and the recovery of sweetener prices, which will enhance profit margins moving forward [13]. Company Overview - The company operates primarily in the food and beverage sector, with a market capitalization of RMB 13.601 billion and a share price of RMB 23.78 as of April 17, 2025 [1]. - The major shareholder is Anhui Jinrui Investment Group Co., Ltd., holding 43.95% of the shares [1]. Financial Performance - The company’s revenue for 2023 was RMB 5.311 billion, with projections of RMB 5.303 billion for 2024 and RMB 6.997 billion for 2025 [15]. - The net profit is projected to recover to RMB 865 million in 2025, reflecting a year-over-year increase of 55% [11][15]. - The company’s earnings per share (EPS) is expected to rise from RMB 0.98 in 2024 to RMB 1.52 in 2025 [11]. Product Mix - The company’s product portfolio consists of 53.2% food additives, 35.1% bulk chemical raw materials, and 4.4% functional chemical intermediates [3]. Institutional Ownership - Institutional investors hold 8.4% of the circulating A-shares, while general corporations hold 46.1% [4].