Suzhou Hechang Polymeric Materials (832089)

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禾昌聚合(832089) - 2022 Q4 - 年度财报(更正)
2024-04-07 16:00
Revenue Performance - The company's revenue from modified polypropylene reached ¥885,322,522.35, with a gross margin of 18.46%, showing a decrease of 1.42 percentage points compared to the previous year[5]. - Revenue from other modified plastics increased by 93.83% to ¥145,294,952.25, with a gross margin of 25.48%, an increase of 3.87 percentage points year-over-year[6]. - The total revenue for the year 2022 was 1,109,563,742.02 CNY, an increase from 960,569,356.81 CNY in 2021[24]. - The revenue from modified polypropylene was 885,322,522.35 CNY in 2022, up from 767,676,053.86 CNY in 2021[24]. - The revenue from plastic sheets was 78,946,267.42 CNY in 2022, down from 104,057,811.97 CNY in 2021[24]. - The revenue from other modified plastics was 145,294,952.25 CNY in 2022, up from 88,835,490.98 CNY in 2021[24]. - The revenue from exports decreased by 88.69% and costs decreased by 86.99% due to fluctuations in order volumes caused by changes in the domestic and international economic environment[21]. Regional Performance - In the North China region, revenue decreased by 64.72%, while in the Southwest region, it increased by 82.18%, indicating significant regional fluctuations in order volumes[11]. - The total revenue from the East China region was ¥936,571,215.37, with a gross margin of 16.04%, reflecting a decrease of 0.03 percentage points compared to the previous year[7]. - The South China region reported revenue of ¥48,942,191.65, with a gross margin of 18.41%, which decreased by 0.72 percentage points year-over-year[7]. - In the North China region, revenue decreased by 60.02% and cost decreased by 59.33% compared to the same period last year[21]. - In the Southwest region, revenue increased by 79.72% and cost increased by 90.15% compared to the same period last year[21]. - In the Northwest region, revenue increased by 150.14% and cost increased by 152.63% compared to the same period last year[21]. Cost and Margin Analysis - The overall operating costs for modified polypropylene were ¥721,888,860.15, resulting in a gross margin of 18.46%[5]. - The total revenue from other business activities decreased by 30.53%, while the corresponding costs fell by 32.69%, primarily due to reduced material sales[11]. - The total revenue from other modified plastics grew by 63.56%, with costs rising by 62.43% due to increased orders from certain customers[21]. Supplier Information - The company identified its top suppliers, with the largest being Sabic (Shanghai) Trading Co., Ltd., accounting for 9.07% of total purchases[12]. - The total procurement amount from the top five suppliers was 304,113,617.78 CNY, accounting for 33.73% of total procurement[19]. Strategic Outlook - The company plans to continue monitoring economic conditions to adapt its strategies in response to fluctuating order volumes across different regions[11]. - The company has not made any corrections to its financial statements, ensuring the accuracy of its reported data[3].
禾昌聚合(832089) - 2023 Q2 - 季度财报(更正)
2024-04-07 16:00
Financial Performance - The company's operating revenue for the first half of 2023 reached ¥598,257,699.84, representing a 24.55% increase compared to ¥480,342,475.37 in the same period last year[23]. - The net profit attributable to shareholders of the listed company was ¥52,966,174.20, up 22.81% from ¥43,129,847.74 year-on-year[23]. - The gross profit margin improved to 17.10%, compared to 15.36% in the previous year[23]. - The company's main business revenue increased by 26.00% to ¥596,707,188.79, while other business revenue fell by 77.05%[46]. - The net profit for the current period was ¥52,966,174.20, a decrease of 22.81% from ¥43,129,847.74 in the previous year[43]. - The company reported a total profit of ¥59,029,600.57 for the first half of 2023, compared to ¥50,269,763.28 in the same period of 2022, marking an increase of 17.5%[107]. - The comprehensive income for the current period is CNY 35,922,609.90, compared to CNY 36,893,986.87 in the previous period, indicating a slight decrease of about 2.6%[130]. Assets and Liabilities - Total assets increased by 6.23% to ¥1,418,059,163.43 from ¥1,334,909,417.38 at the end of the previous year[24]. - The company's total liabilities rose by 10.98% to ¥468,424,894.39, up from ¥422,098,322.54 at the end of last year[24]. - The total equity attributable to shareholders rose to CNY 949,634,269.04, up from CNY 912,811,094.84, indicating an increase of approximately 4.0%[101]. - The company's accounts receivable increased by 12.69% to ¥584,413,727.93, indicating higher sales on credit[44]. - The total value of restricted assets is ¥28,035,039.80, accounting for 1.97% of total assets, which will not adversely affect the company's operations[73]. Cash Flow - The net cash flow from operating activities improved to -¥70,542,888.25, a 40.36% reduction in losses compared to -¥118,276,960.11 in the same period last year[25]. - The net cash flow from investing activities decreased by 163.69%, down by ¥62,786,908.48, primarily due to reduced investment in financial products[52][53]. - The net cash flow from financing activities increased by 137.66%, rising to ¥32,307,954.81, mainly due to decreased cash payments for dividends and interest[52][53]. - The cash and cash equivalents decreased to CNY 71,327,681.70 from CNY 133,756,113.52, a decline of about 46.6%[98]. - The company paid CNY 21,387,804.34 in taxes during the first half of 2023, compared to CNY 12,177,680.14 in the same period of 2022, which is an increase of about 75.3%[113]. Research and Development - Research and development expenses increased by 64.26% to ¥18,764,255.61, attributed to new project investments[43]. - The company continues to innovate in product development to meet the evolving needs of downstream customers[59]. - The company has a significant risk related to the leakage of core technology formulas, which are mostly non-patented and could be vulnerable to theft[59]. Market and Industry - The automotive and home appliance sectors are the largest markets for modified plastics, with significant growth potential due to lightweight and eco-friendly trends[35][37]. - The modified plastics industry is supported by national policies promoting high-performance materials, creating a favorable market environment for the company[37][38]. - Revenue from modified polypropylene increased by 29.34% compared to the same period last year, driven by higher customer demand and new projects[50]. - Revenue from other modified plastics grew by 41.85% year-on-year, primarily due to increased customer demand[50]. Corporate Governance and Structure - The company has established a comprehensive internal control system to mitigate risks associated with improper control by the major shareholder, who holds 39.16% of the shares[59]. - The board of directors consists of 7 members, while the supervisory board has 3 members, and there are 6 senior management personnel[90]. - The company has a total of five wholly-owned subsidiaries, all with a 100% ownership stake[144]. Employee and Management - The company has a total of 620 employees at the end of the reporting period, an increase of 74 employees from the beginning of the period[93]. - The number of technical personnel increased from 82 to 109, reflecting a growth of 32.93%[93]. - Zhao Qianjing was appointed as the deputy general manager, indicating a strategic move for company development[90]. Shareholder Information - The largest shareholder, Zhao Dongming, holds 39.16% of the shares, with no changes in his holdings during the reporting period[79]. - The total number of ordinary shares is 107,620,000, with a slight decrease in the number of unrestricted shares from 63,439,111 to 63,251,611[76]. Compliance and Reporting - The company adheres to the accounting standards and principles set forth by the relevant regulatory authorities[150]. - The company prepares consolidated financial statements based on its own and subsidiaries' financial reports, reflecting the overall financial position, operating results, and cash flows of the entire corporate group[161].
禾昌聚合(832089) - 2023 Q4 - 年度财报
2024-04-07 16:00
Financial Performance - The company's operating revenue for 2023 reached ¥1,416,776,716.15, representing a 26.40% increase compared to ¥1,120,898,931.00 in 2022[27]. - The net profit attributable to shareholders for 2023 was ¥115,827,738.33, up 26.81% from ¥91,339,506.75 in the previous year[27]. - The gross profit margin improved to 17.79% in 2023, compared to 16.17% in 2022[27]. - Basic earnings per share increased to ¥1.08 in 2023, a rise of 27.06% from ¥0.85 in 2022[27]. - The weighted average return on equity based on net profit attributable to shareholders was 12.03% in 2023, compared to 10.37% in 2022[27]. - The company's revenue reached 115.83 million yuan, an increase of 26.81% compared to the same period last year[43]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 112.25 million yuan, up 35.20% year-on-year[43]. - The company's operating revenue for 2023 reached ¥1,416,834,161.68, representing a 26.40% increase from the previous year[31]. - Operating profit rose by 32.64% to ¥133,081,548.65, driven by strong demand in the automotive and home appliance sectors[53]. Assets and Liabilities - The total assets at the end of 2023 reached ¥1,636,900,918.06, an increase of 22.62% compared to ¥1,334,909,417.38 in 2022[29]. - The total liabilities increased by 47.93% to ¥624,405,084.89 from ¥422,098,322.54 in the previous year[29]. - The debt-to-asset ratio (consolidated) increased to 38.15% from 31.62% in 2022[29]. - The company maintained a current ratio of 2.28, down 17.09% from 2.75 in the previous year[29]. - Cash and cash equivalents decreased by 44.06% to 748.24 million yuan, primarily due to significant payments for the "Annual Production of 56,000 Tons of High-Performance Composite Materials Project"[50]. - Accounts receivable increased by 37.89% to 715.10 million yuan, driven by the growth in sales scale[50]. - Fixed assets grew by 98.85% to 1,904.48 million yuan, mainly due to the substantial capitalization of the aforementioned project[50]. - Short-term borrowings increased by 108.68% to 56.72 million yuan, largely due to a significant amount of discounted notes receivable[50]. Research and Development - Research and development expenses increased by 46.81% to ¥61,178,666.36, reflecting the company's commitment to innovation[52]. - The number of R&D personnel increased from 82 to 97, with R&D personnel now representing 15.02% of the total workforce[83]. - The company is focused on optimizing product structure and enhancing R&D for new products and materials, aiming to explore new profit growth points[43]. - The company is actively researching and developing new applications for PET and PVC films, aiming to enhance product quality and reduce production costs, which is expected to improve competitiveness[89]. - The company is developing antibacterial polypropylene composite materials to enhance strength and toughness, aiming to capture market share in the antibacterial materials sector[86]. Corporate Governance - The company has a board of directors consisting of 7 members and a supervisory board with 3 members, ensuring a structured governance framework[146]. - The company has established a clear and transparent cash dividend policy, ensuring the protection of minority shareholders' rights[142]. - The company has implemented a comprehensive training program for employees to enhance skills and improve overall quality[157]. - The company has established a dedicated investor relations management system to enhance communication with existing and potential investors[174]. - The company’s governance mechanisms provide adequate protection and equal rights for all shareholders, particularly minority shareholders[166]. Market and Industry Trends - The modified plastics industry is expected to see significant demand growth from the automotive and home appliance sectors due to trends in lightweight and energy-efficient materials[46]. - The trend in the modified plastics industry shows continuous expansion in application fields, driven by technological innovation and increasing performance requirements[97]. - The modified plastics sector is witnessing a shift towards environmentally friendly products, driven by stricter global environmental policies and consumer demand for low-emission materials[99]. - The competitive landscape in the modified plastics industry is intensifying, with larger firms expanding their market share, posing risks to the company's market position and profitability[105]. Risk Management - The company recognizes the significant impact of raw material price fluctuations on production costs, particularly due to reliance on petroleum-derived products, and has implemented measures to mitigate these risks[104]. - The company faces risks from macroeconomic conditions and industry policies that may impact downstream demand for its products, potentially leading to declines in sales prices or quantities[105]. - The company has implemented measures to optimize customer credit management and improve accounts receivable collection efficiency[105]. - The controlling shareholder holds 39.16% of the company's shares, which may pose risks if their decisions adversely affect the interests of other shareholders[105]. Shareholder Information - The total number of ordinary shareholders is 6,017, with the total share capital remaining at 107,620,000 shares[126]. - The largest shareholder, Zhao Dongming, holds 42,143,334 shares, representing 39.16% of the total share capital[132]. - The total shares held by the top ten shareholders amount to 67,991,972, which is 63.18% of the total share capital[130]. - The company raised a total of 230 million yuan from the public offering, with 106,796,592.48 yuan utilized during the reporting period[135]. Legal and Compliance - The company is involved in a lawsuit as a plaintiff with a cumulative amount of 335,610 yuan, representing 0.03% of the net assets at the end of the period[111]. - The audit report issued by the accounting firm confirmed that the financial statements fairly reflect the company's financial position and performance for the year[193]. - The company has not identified any significant defects in its accounting, financial management, or risk control systems during the year[164].
禾昌聚合:天风证券股份有限公司关于苏州禾昌聚合材料股份有限公司为全资子公司提供担保的核查意见
2024-03-15 10:31
天风证券股份有限公司 关于苏州禾昌聚合材料股份有限公司 为全资子公司提供担保的核查意见 天风证券股份有限公司(以下简称"天风证券"、"保荐机构")作为苏州禾 昌聚合材料股份有限公司(以下简称"禾昌聚合"、"公司")股票向不特定合格 投资者公开发行的持续督导保荐机构,根据《北京证券交易所证券发行上市保荐 业务管理细则》、《北京证券交易所向不特定合格投资者公开发行股票并上市审核 规则》、《北京证券交易所股票上市规则(试行)》等相关法律法规及规范性文件 的规定,对禾昌聚合为全资子公司提供担保事项进行了核查,具体情况如下: 一、本次担保的基本情况 根据公司全资子公司苏州禾润昌新材料有限公司(以下简称"苏州禾润昌")、 日常生产经营中对流动资金的需要,为支持全资子公司增强资金规模、改善资产 结构,保障其日常性经营,促进其持续稳定发展,公司拟为苏州禾润昌向中信银 行股份有限公司苏州分行申请的借款、票据承兑等融资业务提供担保,担保额度 不超过 3,000 万元(含 3,000 万元),担保方式为连带责任保证担保,被担保的 主债权的发生期间为 2024 年 3 月 15 日至 2025 年 3 月 15 日,具体保证责任期 ...
禾昌聚合:为全资子公司提供担保的公告
2024-03-15 10:31
子公司宿迁禾润昌向江苏银行股份有限公司宿迁分行申请银行授信用于借 款、票据承兑等融资业务,总敞口额度不超过 1,000 万元(含 1,000 万元),于 2024 年 3 月 15 日签署相关最高额保证合同,被担保的主债权的发生期间为 2024 年 3 月 15 日至 2025 年 1 月 22 日。 证券代码:832089 证券简称:禾昌聚合 公告编号:2024-010 苏州禾昌聚合材料股份有限公司 为全资子公司提供担保的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整,没有虚假记载、 误导性陈述或者重大遗漏,并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、担保情况概述 (一)担保基本情况 为满足日常生产经营所需流动资金,公司全资子公司苏州禾润昌新材料有限 公司(以下简称"苏州禾润昌")向中信银行股份有限公司苏州分行申请银行授 信用于借款、票据承兑等融资业务,总敞口额度不超过 3,000 万元(含 3,000 万元);公司全资子公司宿迁禾润昌新材料有限公司(以下简称"宿迁禾润昌") 向中信银行股份有限公司苏州分行申请银行授信用于借款、票据承兑等融资业 务,总敞口额度不超过 4,0 ...
禾昌聚合(832089) - 投资者关系活动记录表的公告
2024-03-04 10:08
Group 1: Profit Growth Factors - The company's profit growth in 2023 is attributed to increased market demand, particularly in the automotive and home appliance sectors [4] - New production capacity from subsidiaries, such as Suqian He Run Chang and Shaanxi He Run Chang, has contributed to increased production and sales [4] - Continuous product optimization and upgrades have led to a sustained increase in gross profit margins, focusing on high-value-added products [4] Group 2: Automation and Production Efficiency - The automation level of the original production base is relatively low, with an average of 2.5 operators per production line, while newer subsidiaries have higher automation levels, reducing the average to 1.5 operators [5] - Advanced automated equipment, such as automatic weighing systems and robotic palletizing lines, has improved efficiency and product quality [5] Group 3: Capacity and Market Dynamics - The company's production capacity increase in 2023 primarily comes from the operation of the Suqian He Run Chang project, as the Suzhou factory has reached saturation [6] - The company employs a "production based on sales" model, ensuring sufficient orders to avoid capacity digestion issues [6] Group 4: Automotive Partnerships - The company collaborates with both domestic and joint venture automotive brands, with a higher proportion of domestic brands in the passenger vehicle sector [7] - The acceptance of domestic vehicles is increasing, particularly in the new energy vehicle segment, presenting growth opportunities for the company [7] Group 5: Material Usage in Vehicles - An average vehicle uses approximately 150 kg of modified plastics, with new energy vehicles utilizing slightly more due to the use of flame-retardant modified plastics in battery modules and other components [8] Group 6: Product Development Process - The product development process involves receiving customer orders from downstream parts manufacturers, followed by R&D to meet specific performance and aesthetic requirements before mass production [9]
禾昌聚合(832089) - 2023 Q4 - 年度业绩
2024-02-26 16:00
Financial Performance - The company achieved total operating revenue of ¥1,416,834,161.68, representing a year-on-year increase of 26.40%[5] - Net profit attributable to shareholders reached ¥116,610,128.58, up 27.67% compared to the previous year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥113,020,538.48, reflecting a growth of 36.13% year-on-year[5] - Basic earnings per share increased to ¥1.08, a rise of 27.06% from the previous year[5] Assets and Equity - Total assets at the end of the reporting period were ¥1,646,683,495.80, marking a 23.36% increase year-on-year[5] - Shareholders' equity attributable to the company was ¥1,013,278,223.42, which is an 11.01% increase compared to the beginning of the period[5] Business Strategy and Growth - The company is transitioning towards high value-added products in new product development, contributing to revenue and profit growth[6] - The increase in revenue and profit is driven by the expansion of the main business and the steady growth of the home appliance sector[6] - The company has released new production capacity through the commissioning of subsidiaries, further boosting production and sales[6] Cost Management - The overall gross margin has improved due to cost reduction efforts and a decline in some raw material prices[6]
北交所信息更新:业绩预告超预期,新增小米汽车、零跑等新能源品牌客户
KAIYUAN SECURITIES· 2024-02-06 16:00
Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 112-128 million yuan in 2023, representing a year-on-year growth of 22.62%-40.14%. The gross profit margin for the first three quarters of 2023 reached 17.4%, the highest since 2021. As a result, the profit forecasts for 2023-2025 have been revised upwards, with expected net profits of 116 million, 132 million, and 163 million yuan respectively [1][2] - The company has successfully expanded its customer base, adding new clients such as Xiaomi Auto and Leap Motor in the new energy vehicle sector. The company has established a wholly-owned subsidiary, Shaanxi Xinhe Runchang Composite Materials Co., Ltd., which has begun operations on a project with an annual production capacity of 56,000 tons of high-performance composite materials [2][19] Financial Summary - Revenue (in million yuan): - 2021: 977 - 2022: 1,121 - 2023E: 1,429 (27.5% YoY growth) - 2024E: 1,632 (14.2% YoY growth) - 2025E: 1,856 (13.7% YoY growth) [3] - Net profit (in million yuan): - 2021: 81 - 2022: 91 - 2023E: 116 (27.1% YoY growth) - 2024E: 132 (13.5% YoY growth) - 2025E: 163 (23.7% YoY growth) [3] - Gross margin: - 2021: 16.5% - 2022: 16.2% - 2023E: 17.0% - 2024E: 17.0% - 2025E: 17.4% [3] - EPS (diluted, in yuan): - 2021: 0.76 - 2022: 0.85 - 2023E: 1.08 - 2024E: 1.23 - 2025E: 1.52 [3] Market Position - The company operates in the modified plastics sector, focusing on high-performance materials. It has a diverse product range including modified PP, ABS, PC, PA, and PBT, and is positioned in the lower 15% of the PE (ttm) valuation within its industry, indicating potential undervaluation [20]
禾昌聚合(832089) - 2023 Q4 - 年度业绩预告
2024-02-05 16:00
Financial Performance - The company expects a net profit attributable to shareholders of between 112 million to 128 million CNY, representing an increase of 22.62% to 40.14% compared to the previous year's profit of 91.34 million CNY[4] Market Demand - The increase in orders is driven by strong sales in the end vehicle market connected to the company's downstream customers[5] Profitability Improvement - The company has maintained a growth trend in comprehensive gross profit margin compared to the same period last year due to ongoing cost reduction and efficiency improvement efforts[5]
禾昌聚合:关于全资子公司再次被认定为高新技术企业的公告
2024-01-24 10:17
证券代码:832089 证券简称:禾昌聚合 公告编号:2024-004 苏州禾昌聚合材料股份有限公司 关于全资子公司再次被认定为高新技术企业的公告 二、上述事件对公司的影响 根据《中华人民共和国企业所得税法》等相关规定,苏州禾润昌自获得高 新技术企业认定后的三年内享受高新技术企业税收优惠,企业所得税按 15%的 税率缴纳。 高新技术企业的认定,是对公司及子公司在产业关键领域的重要性、先进 性以及技术水平、行业地位等的认可,是公司综合实力的体现,有利于提升核 心竞争力及品牌影响力,对公司经营发展具有积极作用。 三、备查文件目录 《高新技术企业证书》(证书编号:GR202332000021) 苏州禾昌聚合材料股份有限公司 董事会 2024 年 1 月 24 日 本公司及董事会全体成员保证公告内容的真实、准确和完整,没有虚假记载、 误导性陈述或者重大遗漏,并对其内容的真实性、准确性和完整性承担个别及连带 法律责任。 一、基本情况 苏州禾昌聚合材料股份有限公司(以下简称"公司")全资子公司苏州禾润 昌新材料有限公司(以下简称"苏州禾润昌"或"子公司")于近日收到由江苏 省科学技术厅、江苏省财政厅、国家税务总局江苏省税 ...