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 plans to enhance its product portfolio by expanding into high-value new materials, with the successful launch of the second phase of the Dingyuan project [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 2024 is projected at RMB 5.303 billion, with a net profit forecast of RMB 865 million for 2025, reflecting a year-over-year increase of 55% [11][13]. - The earnings per share (EPS) for 2025 is estimated at RMB 1.52, with a price-to-earnings (P/E) ratio of 15.77 [11][13]. - The dividend per share (DPS) is expected to be RMB 0.6 for 2025, resulting in a dividend yield of 2.51% [11]. Product Mix - The company’s product composition includes 53.2% from food additives and 35.1% from bulk chemical raw materials, indicating a strong focus on these segments [3]. Institutional Ownership - Institutional investors hold 8.4% of the circulating A-shares, while general corporations account for 46.1% [4].

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The company reported a significant increase in performance for Q1 2025, driven by rising prices of sucralose, with expected net profit growth of 78.06% to 93.54% year-on-year [1][5]. - In 2024, the company achieved total 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 [1][8]. - The food additive business revenue declined by 4.72% to 2.753 billion yuan in 2024, while the revenue from bulk chemical raw materials increased by 2.60% to 1.818 billion yuan [4][5]. Summary by Sections Financial Performance - For 2024, the company reported total revenue of 5.303 billion yuan and a net profit of 557 million yuan, with a decrease in net profit margin [1][8]. - The forecast for Q1 2025 indicates a net profit of 230 to 250 million yuan, representing a year-on-year increase of 78.06% to 93.54% [1][5]. Business Segments - The food additive segment accounted for 51.91% of total revenue in 2024, with a gross margin of 27.15%, both showing declines due to lower prices of sucralose and acesulfame [4][5]. - The bulk chemical raw materials segment saw a revenue increase, contributing 34.27% to total revenue, although its gross margin decreased to 7.11% [4][5]. Market Dynamics - The market for food additives is stabilizing, with prices recovering due to improved market confidence and a more favorable pricing structure [5]. - The average market price for sucralose in Q1 2025 was 249,700 yuan per ton, reflecting a year-on-year increase of 99.76% [5]. Future Outlook - The company is expanding its production capabilities, including an 80,000-ton electronic-grade hydrogen peroxide project and a new lithium battery electrolyte precursor project [5]. - The expected basic earnings per share for 2025 is 2.06 yuan, with a current price-to-earnings ratio of 12 times [5][8].

24 年净利承压，静待代糖复苏 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 18 日│中国内地 | 化学制品 | 证券研究报告 金禾实业 (002597 CH) 25 年 1-2 月三氯蔗糖累计出口量同比下滑，静待未来代糖景气修复 据百川盈孚，25 年 1-2 月三氯蔗糖出口量累计同比-14%至 2596 吨，截至 4 月 17 日，三氯蔗糖 / 安赛蜜 / 甲基麦芽酚 / 麦芽酚乙基企业价格 23.0/3.8/10.2/8.5 万元/吨，较今年初分别-4%/+0%/+0%/+4%。我们预计伴 随国内主流企业挺价意愿较强以及成本端支撑下，未来代糖景气有望修复。 在投项目进展顺利，未来将陆续增厚公司利润 据 24 年报，公司定远二期项目年产 60 万吨硫酸、6 万吨离子膜烧碱、6 万 吨离子膜钾碱、15 万吨双氧水等核心装置顺利投产。此外，年产 8 万吨电 子级双氧水项目顺利完成建设，持续拓展氢氧化钠、氢氧化钾等湿电子系列 化学品，年产 1 万吨新一代锂电池电解质前驱体项目已完成全部审批手续。 金禾实业 4 月 17 日发布 24 ...

Revenue and Profitability - The company's revenue for 2024 is 5303.17 million yuan, a slight decrease of 0.15% from 2023's 5311.12 million yuan, with food manufacturing revenue declining by 4.72% and basic chemical revenue increasing by 5.47%, indicating a structural adjustment in the business [1] - Net profit attributable to shareholders is 556.73 million yuan, down 20.94% from 704.16 million yuan in 2023, with net profit excluding non-recurring items at 466.54 million yuan, a decrease of 23.31%, highlighting challenges in core profitability [2] - Basic earnings per share are 1.01 yuan, down 20.47% from 1.27 yuan in 2023, and diluted earnings per share excluding non-recurring items are 0.85 yuan, reflecting a consistent downward trend in earnings [3] Expense Management - Total expenses show varied changes, with sales expenses at 46.24 million yuan, up 3.67%, management expenses at 174.00 million yuan, down 30.45%, and R&D expenses at 237.93 million yuan, up 1.10%, indicating strategic adjustments in different areas [4] - The increase in sales expenses suggests ongoing investment in market promotion and sales channel expansion, which may help maintain and expand market share despite slight revenue decline [5] - The significant decrease in management expenses is attributed to reduced share-based payment expenses, indicating effective cost control measures [6] Cash Flow Analysis - Operating cash flow net amount is 750.37 million yuan, down 39.18% from 1,233.79 million yuan in 2023, indicating potential issues in operational efficiency [10][11] - Investment cash flow net amount has turned negative at -1,634.33 million yuan, a significant decline from 25.47 million yuan in 2023, reflecting increased cash outflows for investments in fixed and intangible assets [12] - Financing cash flow net amount improved to 147.85 million yuan from -1,421.63 million yuan in 2023, indicating better funding sources through increased bank loans and reduced cash outflows for dividends and buybacks [13] R&D and Innovation - R&D expenses continue to grow, reflecting the company's commitment to technological innovation, which is crucial for enhancing product competitiveness and supporting sustainable development [8]

证券代码：002597 证券简称：金禾实业 公告编号：2025-024 安徽金禾实业股份有限公司 关于使用自有闲置资金进行委托理财的公告 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"）于2025年4 月16日召开第六届董事会第二十四次会议审议通过了《关于使用自有闲置资金进 行委托理财的议案》，同意公司及子公司在保障日常生产经营资金需求，有效控 制风险的前提下使用不超过人民币30亿元（含）的自有闲置资金进行委托理财。 根据《上市公司自律监管指引第 7 号——交易与关联交易》等相关法律法规 和规范性文件的规定，本次使用自有闲置资金进行委托理财的业务属于董事会审 批权限范围，无需提交公司股东大会审议。 总额度不超过人民币 30 亿元（含），在上述额度内，资金可以滚动使用，但 期限内任一时点的委托理财金额（含前述投资的收益进行再投资的相关金额）不 得超过委托理财投资额度。 一、委托理财概述 （一）投资目的 公司经营业绩保持着稳定的增长，短期内自有闲置资金余额增幅较大。根据 公司的发展战略，在保障日常生产经营资金 ...

报告期内，公司监事会共召开了六次监事会会议，参与了对公司重大事项的决 策，在促进公司规范化运作、维护股东权益等方面认真规范的履行了监事会监察督 促的职能，具体内容如下： | 会议届次 | 召开时间 | 审议内容 | | --- | --- | --- | | 六届十二次 | 2024.04.14 | 《2023 年度监事会工作报告》 | | | | 《2023 年年度报告及其摘要》 | | | | 《2023 年度财务决算报告》 | | | | 《2023 年度利润分配预案》 | | | | 《2023 年度内部控制自我评价报告》 | | | | 《关于续聘会计师事务所的议案》 | | | | 《关于 2024 年度日常关联交易预计的议案》 | | | | 《关于向金融机构申请综合授信额度的议案》 | | | | 《关于使用自有闲置资金进行证券投资的议案》 | | | | 《关于使用自有闲置资金进行委托理财的议案》 | | | | 《关于开展外汇套期保值业务的议案》 | | | | 《关于对全资子公司增资的议案》 | | 六届十三次 | 2024.04.29 | 《2024 年第一季度报告》 | | 六届十四 ...

中国·北京 内部控制审计报告 安徽金禾实业股份有限公司 容诚审字[2025]230Z1626 号 容诚会计师事务所(特殊普通合伙) 内部控制审计报告 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 / 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 容诚审字[2025]230Z1626 号 安徽金禾实业股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了安徽金禾实业股份有限公司（以下简称"金禾实业"）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是金禾 实业董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 ...

前十大流通股东累计持有： 29781.71万股，累计占流通股比： 52.5%，较上期变化： 520.20万股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 安徽金瑞投资集团有限公司 | 25048.72 | 44.16 | 不变 | | 香港中央结算有限公司 | 1169.05 | 2.06 | -86.03 | | 安徽金禾实业（002597）股份有限公司-第二期核心员工持 | | | | | 股计划 | 666.54 | 1.18 | 不变 | | 全国社保基金一一八组合 | 649.39 | 1.14 | 新进 | | 泓德睿泽混合 | 410.79 | 0.72 | 新进 | | 泓德睿源三年持有期混合 | 400.00 | 0.71 | 新进 | | 阿布达比投资局 | 390.56 | 0.69 | 69.80 | | 杨迎春 | 381.61 | 0.67 | 不变 | | 远信(珠海)私募基金管理有限公司-中信资本中国优质企业 | | | | | 逆向策略私募证券投资基金 | ...