| --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------------|--------------------|--------|--------------------------|--------|--------| | [Table_Industry] [Table_Title] 评级：买入（维持） \n市场价格： 10.76 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：杜冲 | 营业收入（百万元） | 14,156 | 13,284 | 14,455 | 15,617 | 16,670 | | | 增长率 yoy% | 10% | -6% | 9% | 8% | 7% | | 执业证书编号： S074052 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [15][17][23] Core Views - The report highlights the growth in coal production and the improvement in coal chemical profitability, emphasizing the investment value demonstrated by share buybacks [17] - The company reported a revenue of 13.284 billion yuan in 2023, a decrease of 6.2% year-on-year, and a net profit attributable to shareholders of 2.098 billion yuan, down 34.9% year-on-year [17] - The report projects a decline in net profit for 2024, with estimates of 1.203 billion yuan, a decrease of 42.7% year-on-year, followed by a recovery in subsequent years [17] Financial Summary - In 2023, the company achieved coal production of 13.8 million tons, an increase of 20.5% year-on-year, while coal sales rose by 11.7% to 12.99 million tons [17] - The average selling price of coal decreased by 21.8% to 739 yuan per ton, while the cost per ton increased by 5.8% to 289 yuan [17] - The gross profit from coal business was 5.34 billion yuan, down 29.0% year-on-year [17] - The company plans to distribute a dividend of 0.75 yuan per share, with a payout ratio of 53.1%, reflecting a 17.7 percentage point increase from 2022 [17] - The report indicates that the company’s coal production capacity still has room for growth, and the transformation of the coal chemical park may lead to cost reductions [17]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][21]. Core Views - The company's revenue for 2023 was 13.28 billion yuan, a decrease of 6.2% year-on-year, with a net profit attributable to shareholders of 2.1 billion yuan, down 34.9% year-on-year [1][30]. - The decline in performance is primarily attributed to falling coal prices, increased costs from external coal supply and initial production of integrated mines, and impairment provisions affecting profits by 100 million yuan [3][30]. - The first quarter of 2024 saw a further decline in profits due to a drop in coal prices compared to Q4 2023 and a decrease in sales volume [3][30]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 3.68 billion yuan, an increase of 17.4% quarter-on-quarter and 35.7% year-on-year, with a net profit of 300 million yuan, down 31.5% quarter-on-quarter and 35.7% year-on-year [13]. - For Q1 2024, the company reported a revenue of 2.26 billion yuan, a decrease of 38.5% quarter-on-quarter and 25% year-on-year, with a net profit of 130 million yuan, down 54.9% quarter-on-quarter and 82.6% year-on-year [14][30]. - The coal production for 2023 was 13.8 million tons, an increase of 20.46% year-on-year, while the average selling price of coal was 739 yuan/ton, down 21.8% year-on-year [14][30]. Production and Cost Analysis - The company’s coal production in Q4 2023 was 3.8 million tons, with an average selling price of 715 yuan/ton, leading to a gross profit margin of 47.3% [3][14]. - In Q1 2024, coal production was 3.12 million tons, with an average selling price of 631 yuan/ton, resulting in a gross profit margin of 42.1% [16][30]. - The company is actively working on integrating new mines and enhancing production capacity, with several mines expected to commence operations in the near future [5][30]. Chemical Business Performance - The company’s chemical segment saw a decline in production, with methanol production down 52.91% year-on-year and caprolactam production down 19.2% year-on-year [6][17]. - The average selling price for urea in 2023 was 2,250 yuan/ton, down 8.7% year-on-year, while the gross profit margin improved to 16.85% [17][29]. - The company plans to upgrade its chemical production facilities to enhance profitability in the future [29][30]. Dividend Policy - The company declared a dividend of 0.75 yuan per share for the first three quarters of 2023, resulting in a total dividend payout of 1.11 billion yuan, representing a dividend rate of 53.1% of the net profit attributable to shareholders [18][30].

兰花科创（600123.SH）2023 年年报及 2024 年一季报点评 [盈利预测与财务指标 Table_Forcast] ➢ 事件：2024 年 4 月 22 日，公司发布 2023 年年报及 2024 年一季报。2023 年，公司实现营业收入 132.84 亿元，同比减少 6.16%；归母净利润 20.98 亿元， 同比减少 34.93%。2024 年一季度，公司实现营业收入 22.62 亿元，同比减少 25.03%；归母净利润 1.35 亿元，同比减少 82.55%。 ➢ 2023 年四费大幅降低，煤价下滑、成本增加及计提资产减值准备拖累业绩。 2023 年，公司四费合计同比减少 4.92 亿元，降幅 24.7%，但受煤价同比下滑明 显，公司外采保供煤增加，新投产整合矿井掘进开拓支出较高成本增加，计提资 产减值准备 1.01 亿元等因素影响，公司盈利受到拖累。 ➢ 24Q1 煤价下滑、投资收益减少、所得税率大幅提升致盈利受损。24Q1 煤 炭售价下滑减少毛利约 8.84 亿元，参股公司亚美大宁利润减少致投资收益同比 减少 1.09 亿元，公司所得税率同比大幅提升 38.23pct 至 61.42%减少 ...

股 票 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 14,156 13,284 13,908 14,538 14,977 6,441 7,748 8,822 9,202 9,432 1,016 939 983 1,028 1,059 127 100 105 109 113 1,533 1,224 1,252 1,308 1,348 5,027 3,270 2,743 2,888 3,022 0 0 0 0 0 475 289 302 316 326 323 176 329 261 210 5,038 3,313 2,899 3,178 3,374 1,253 911 744 817 870 73 209 192 210 223 3,224 2,098 1,938 2,126 2,255 5,365 5,515 7,032 7,382 9,242 111 140 140 140 140 1,922 2,153 2,153 2,153 2,153 10,364 12,973 12,998 13,072 13,147 5,584 5,298 4,956 4,615 4,274 30,342 3 ...

Summary of the Conference Call on Lanhua Ketech's 2023 Annual Report and 2024 Q1 Report Company Overview - **Company**: Lanhua Ketech - **Industry**: Coal and Chemical Production - **Production Capacity**: Current coal production capacity is 14.1 million tons, with plans to increase to 15 million tons by the end of the year through the integration of new mines [3][4] Key Financial Highlights - **2023 Production**: - Coal: 13.81 million tons produced, 12.99 million tons sold - Urea: 967,800 tons produced, 976,600 tons sold - Total Revenue: 13.284 billion CNY, a year-on-year decrease [3][4] - **2024 Q1 Performance**: - Revenue: 2.262 billion CNY, down 25.03% year-on-year - Net Profit: 134 million CNY, down 82.55% year-on-year - Coal Production: 3.117 million tons, Sales: 2.38 million tons - Urea Production: 221,000 tons, Sales: 193,400 tons [6][7] Market Dynamics - **Coal Prices**: Average coal price in Q1 was 631 CNY per ton, down 30% from 906 CNY per ton in the previous year [7][8] - **Investment Losses**: The company reported a loss of approximately 10-11 million CNY in investment income due to poor coal quality and lower prices [8][9] Operational Challenges - **Production Issues**: - The decline in production and sales was attributed to lower coal prices and internal production challenges, particularly at the Daming and Yuxi mines [11][12] - The integration of new mines has led to initial losses due to high construction costs and depreciation [12] - **Cost Management**: The company is focusing on reducing operational costs and improving product quality to enhance profitability [9][10] Future Outlook - **Production Plans**: The company aims to produce 13.45 million tons of coal in 2024, with expectations of gradual recovery in production levels [13][14] - **Cost Projections**: Future costs are expected to stabilize as production ramps up, with potential reductions in operational costs as new mines reach full capacity [15][16] - **Urea Production**: The company is undergoing upgrades to its urea production processes, which are expected to reduce costs significantly [17][18] Strategic Initiatives - **Green Development**: The company is exploring low-carbon and green development paths, including a project for low-concentration gas heating [6][9] - **Resource Acquisition**: Lanhua Ketech is actively seeking new resource opportunities in Shanxi province, with plans to bid on additional coal resources [25][27] Additional Insights - **Tax Implications**: The recent increase in resource tax in Shanxi is expected to add over 100 million CNY to the company's tax burden [35][36] - **Dividend Policy**: The company plans to maintain a dividend payout ratio of at least 30% in the coming years, reflecting its commitment to shareholder returns [41][42] This summary encapsulates the key points discussed during the conference call, highlighting the company's current performance, challenges, and future strategies in the coal and chemical industry.

作为山西兰花科技创业股份有限公司（以下简称"公司"或"兰 花科创"）的独立董事，本人根据《公司法》、《上市公司治理准则》、 山西兰花科技创业股份有限公司 2023 年度独立董事述职报告 山西兰花科技创业股份有限公司 2023 年度独立董事述职报告 （郑垲） 《上市公司独立董事管理办法》等法律法规及《公司章程》、《公司 独立董事工作制度》等相关规定，忠实履行职责、勤勉尽责，深入了 解公司经营运行情况，积极参与公司决策，审慎客观地发表独立意见， 充分发挥独立董事的作用，切实维护公司和全体股东尤其是中小股东 的合法权益。现将 2023年度履职情况报告如下： 一、独立董事基本情况 （一）个人工作履历、专业背景和兼职情况 郑 垲，1952 年出生，毕业于北京化工大学，曾任北京市化工 研究院科研生产办公室、经营办公室副主任、主任；美国通用电气公 司塑料部北京服务中心经理；北京泛威工程塑料有限公司经营部长； 国家通用工程塑料工程技术研究中心副主任；中国工程塑料工业协会 秘书长；南京聚隆独立董事；现任中国合成树脂协会理事长，瑞丰高 材、聚赛龙、长裕控股集团股份有限公司、无锡灵鸽机械科技股份有 限公司独立董事，2020 年 9 ...

股票代码：600123 股票简称：兰花科创 公告编号：临 2024-012 债券代码：138934 债券简称：23 兰创 01 债券代码：115227 债券简称：23 兰创 02 山西兰花科技创业股份有限公司 第七届董事会第十六次会议决议公告 特别提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 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 担个别及连带责任。 一、董事会会议召开情况 （一）本次董事会会议的召开符合《公司法》、《公司章程》和 上市公司规范性文件要求。 （二）本次会议通知于 2024 年 4 月 9 日以电子邮件和书面方式 发出。 (三)本次会议于 2024 年 4 月 19 日在公司六楼会议室召开，会议 由公司董事长兼总经理刘海山先生主持，应参加董事 9 名，实际参 加董事 9 名。 二、董事会会议审议情况 （一）2023 年年度董事会工作报告； 经审议，以 9 票同意，0 票反对，0 票弃权，审议通过此议案。 （二）2023 年度独立董事述职报告； 经审议，以 9 票同意，0 票反对，0 票弃权，审议通过此议案。 （三）2023 年度财务决算报告及 2024 年 ...

山西兰花科技创业股份有限公司 2023 年度独立董事述职报告 （余春宏） 作为山西兰花科技创业股份有限公司（以下简称"公司"或"兰 花科创"）的独立董事，我严格按照《公司法》、《上市公司治理准 则》、《上市公司独立董事管理办法》等法律法规及《公司章程》、 《公司独立董事工作制度》的要求，忠实履行职责、勤勉尽责，深入 了解公司经营运行情况，积极参与公司决策，审慎客观地发表独立意 见，充分发挥独立董事的作用，切实维护公司和全体股东尤其是中小 股东的合法权益。现将 2023年度履职情况报告如下： 一、独立董事基本情况 （一）个人工作履历、专业背景和兼职情况 余春宏，男，1959 年 1 月出生，中共党员、会计学教授、中国 注册会计师。1982 年 1 月毕业于山西财经学院会计学专业，获管理 学学士学位；1993 年在中南财经大学在职学习，获管理学硕士学位。 1982 年1月至2019年1 月在山西财经大学工作，历任会计学系教师、 理财学系主任、财务处处长、华商学院院长、名誉院长等职务，2019 年 1 月退休。曾任山西杏花村汾酒股份有限公司、山西振东制药股份 有限公司、山西蓝焰控股股份有限公司独立董事、晋城银行外部 ...

山西兰花科技创业股份有限公司 独立董事专门会议 2024 年第一次会议审核意见 山西兰花科技创业股份有限公司（以下简称"公司"） 独立董事专门会议 2024 年第一次会议于 2024 年 4 月 18 日 在公司六楼会议室以现场方式召开，本次会议应到独立董 事 3 名，实到独立董事 3 名。本次会议的召集、召开和表 决程序符合《上市公司独立董事管理办法》、《上海证券交 易所股票上市规则》、《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》和《公司章程》、《独立董事制 度》的相关规定。经与会独立董事认真审议，形成决议并 发表审核意见如下： 一、山西兰花科技创业股份有限公司独立董事专门会 议制度； 审核意见：独立董事认为，制定独立董事专门会议制 度，有利于进一步细化落实独立董事管理办法相关要求， 更好的促进公司规范运作，更好的维护公司和股东利益， 同意将本议案提交公司董事会审议。 表决结果：3 票同意，0 票反对，0 票弃权。 三、关于电煤保供及关联交易的议案； 审核意见：根据公司 2024 年度电煤保供相关工作安 排，公司拟通过晋城国投营销分公司、日照兰花冶电能源 公司进行电煤保供，由其代电厂向公司 ...