事件
中炬高新发布公告：控股股东中山润田所持公司部分股份被司法拍卖。
投资要点
▌控股股东部分股权被司法拍卖，股权问题解决望提速
控股股东中山润田所持有1200 万股被司法拍卖，占公司总股本的1.53%。竞买人嘉兴鼎晖桉邺成功竞拍，成交价4.06 亿元，合33.81 元/股，为前一日收盘价95.7%。鼎晖桉邺为公司股东中山火炬集团一致行动人，此次拍卖成功后，预计中山火炬集团和一致行动人持股比例将增持至17.0%，而控股股东中山润田持股比例或将降至12.2%。同时中山润田仍有部分股权待拍卖，其中4 月13 日有一笔质押股权将被司法处置，占公司总股本的1.06%，若中山润田全部执行则剩余股权比例将降至约8%。
▌基本面良好，业绩望恢复性增长
当前公司基本面良好，2022 年利润端受土地纠纷致亏损，非基本面因素。目前库存水平良性。我们看好公司2023 年业绩有望在需求复苏叠加原材料下滑情况下，迎来恢复性增长。
同时股东问题落地，经营亦有望理顺。随着餐饮端加快复苏，公司B 端有望加快恢复增长。全年调味品业务预计稳健增长。
盈利预测
预计2023-2025 年EPS 为1.02/1.21/1.41 元，当前股价对应PE 分别37/31/27 倍，维持“买入”投资评级。
风险提示
宏观经济下行风险、消费复苏不及预期、产能建设或利用不及预期、控股股东债务风险等。
occurrences
Zhongju Hi-Tech issued an announcement: Some of the company's shares held by the controlling shareholder, Zhongshan Runtian, were judicially auctioned.
Key points of investment
▌Some of the controlling shareholder's shares have been judicially auctioned, and the resolution of equity issues is expected to speed up
12 million shares held by the controlling shareholder, Nakayama Runtian, were judicially auctioned, accounting for 1.53% of the company's total share capital. The bidder Jiaxing Dinghui Eanye successfully bid. The transaction price was 406 million yuan, or 33.81 yuan/share, 95.7% of the previous day's closing price. Dinghui Eanye is a concerted actor of the company's shareholder, Zhongshan Torch Group. After this auction is successful, it is expected that the shareholding ratio of Zhongshan Torch Group and Congruent Actors will increase to 17.0%, while the shareholding ratio of the controlling shareholder, Zhongshan Runtian, may drop to 12.2%. At the same time, some of Nakayama Runtian's shares are still to be auctioned. Among them, on April 13, one pledged share will be judicially disposed of, accounting for 1.06% of the company's total share capital. If Nakayama Runta executes all of its shares, the remaining share ratio will drop to about 8%.
▌The fundamentals are good, and the performance is expected to recover
Currently, the company's fundamentals are good. The profit side in 2022 lost money due to land disputes. This is not a fundamental factor. Inventory levels are currently healthy. We are optimistic that the company's 2023 performance is expected to usher in restorative growth when demand recovery is compounded by a decline in raw materials.
At the same time, shareholder issues have been resolved, and operations are expected to be straightened out. As the restaurant side recovers faster, the company's B-side is expected to resume growth at an accelerated pace. The condiment business is expected to grow steadily throughout the year.
Profit forecasting
EPS is expected to be 1.02/1.21/1.41 yuan in 2023-2025. The current stock price corresponds to PE 37/31/27 times respectively, maintaining the “buy” investment rating.
Risk warning
Macroeconomic downturn risks, consumption recovery falling short of expectations, capacity construction or utilization falling short of expectations, controlling shareholder debt risk, etc.
