研報掘金丨東吳證券:中炬高新調味品主業穩健發展,利潤略超預期,維持“增持”評級
格隆匯7月19日丨東吳證券18日研報指出,中炬高新(600872.SH)23Q2預計歸母淨虧損15.42-16.42 億元,扣非歸母淨利潤1.55億元,同比+5.8%,業績略超預期。根據公司公吿,23H1美味鮮公司歸母淨利潤3.16億元,同比上升10.41%,23Q2美味鮮歸母淨利潤1.63億元,同比增長8.5%。2023H1公司經營平穩有序,調味品業務營業收入取得增長,預計23Q2公司收入同比增長中低個位數,其中6月同比增速相較4-5月有所加速。23Q2公司主要原材料豆粕現貨價環比23Q1下降 6.8%,同比下降 4.9%,成本邊際改善下,預計公司23Q2毛利率有望環比23Q1提升。7月24日公司將舉行臨時股東大會,針對重新選舉董事進行股東投票,董事會重新改選、公司控制權變更有望加速推進,公司治理有望改善。考慮到公司23Q2 調味品主業穩健發展,且未決訴訟仍有和解可能,維持公司23-25年收入預期57/63/70億元,同比+8%/10%/12%,維持23-25年歸母淨利潤預期6.82/8.3/10億元,同比+215%/+22%/+21%,對應23-25年PE分別為40/33/27x,維持“增持”評級。
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