研報掘金丨中銀證券:中炬高新市場份額有望實現較快提升,維持“增持”評級
中銀證券研報指出,2024年中炬高新(600872.SH)預計實現歸母淨利潤約6.79億元到10.18 億元,減幅約40%-60%。拉長維度來看,單2季度業績拖累全年表現,主因大本營華南市場進行價盤改革,但因行業整體需求疲軟,終端價未達到公司預期,單季度營收下滑幅度較大(-11.0%)。3Q24公司在全國層面對部分廚邦醬油、雞精進行提價,調價動作增厚營收,3Q24美味鮮營收環比改善,同比+2.7%。考慮到當前消費環境,產品提價效果仍需觀察,疊加調味品行業競爭激烈,判斷4季度醬油產品短期營收承壓,增速或將低於食用油、雞精等產品。2024年公司在產品價盤控制、費用改革等方面與渠道不斷磨合,但隨着各項機制逐一理順,疊加廚邦品牌較強的品牌影響力,補足短板後,市場份額有望實現較快提升。維持公司“增持”評級。
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