证券代码：600141 证券简称：兴发集团 公告编号：临2024-070 转债代码：110089 转债简称：兴发转债 湖北兴发化工集团股份有限公司 关于 2024 年第三季度业绩说明会召开情况的公告 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。 湖北兴发化工集团股份有限公司（以下简称"公司"）于2024年11月4日（星 期一） 10:00-11:30 在 上 海 证 券 交 易 所 上 证 路 演 中 心 （http://roadshow.sseinfo.com），通过网络互动的方式召开了2024年第三季 度业绩说明会。2024 年10 月26 日，公司已在上海证券交易所网站 （www.sse.com.cn）披露了《关于召开2024年第三季度网上业绩说明会的公告》 （详见公司公告：临2024-068），现将此次业绩说明会召开的有关情况公告如 下： 一、说明会基本情况 2024年11月4日，公司董事长李国璋先生，独立董事崔大桥先生，董事、副 总经理、财务总监王琛女士，副董事长胡坤裔先生，董事会秘书鲍伯颖先生出 席了本次业 ...

湖北兴发化工集团股份有限公司 关于"提质增效重回报"行动方案的公告 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。 证券代码：600141 证券简称：兴发集团 公告编号：临2024-069 转债代码：110089 转债简称：兴发转债 （含股份回购），创历史新高。2023 年，为维护市值稳定，提振投资者信心， 公司出资逾 2 亿元（含交易费用）回购并注销股票 838.24 万股，董监高出资 1,590 万元合计增持公司股票 82 万股，控股股东发布上限为 2 亿元的股票增 持计划。2024 年三季度，公司完成员工持股计划的股票购买，总计 1,257 名 核心骨干员工出资3.15 亿元认购公司股票1,806.83 万股。 未来，公司将在符合相关法律法规及《公司章程》中利润分配政策的前提 下，充分考虑发展阶段、经营效益、资本开支计划、现金流量状况等因素，持 续为投资者提供常态化、较高水平的现金分红，同时公司将持续重视市值管理 和长效激励机制的完善，维护股东和员工的利益，助推公司长远稳健发展。 三、提高信披质量，优化投资者关系 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the industry index within the next six months [18]. Core Views - The company's performance in the first three quarters of 2024 shows continuous improvement, with revenue reaching 22.05 billion yuan, a year-on-year increase of 0.04%, and net profit attributable to shareholders at 1.314 billion yuan, up 37.85% year-on-year [1][2]. - The increase in profitability is primarily driven by strong performance in key products such as phosphate rock and specialty chemicals, which have maintained good profit margins [2][4]. - The average price of phosphate rock remains high, with a market average of 1,017.03 yuan/ton in Q3 2024, reflecting a year-on-year increase of 13.85% [4][6]. Financial Performance Summary - Revenue for 2024 is projected to be 29.97 billion yuan, with a year-on-year growth rate of 6.6%, and net profit is expected to reach 1.743 billion yuan, reflecting a growth rate of 26.4% [1][12]. - The company's gross profit margin for the first three quarters of 2024 is reported at 17.96%, an increase of 4.82 percentage points compared to the same period last year [2]. - The net profit margin for the first three quarters of 2024 is 6.02%, up 1.56 percentage points from the previous year [2]. Product and Market Insights - The company has seen significant increases in production and sales across multiple product lines, with production volumes for organic silicon, specialty chemicals, and fertilizers increasing by 62.98%, 119.35%, and 19.27% respectively in the first three quarters of 2024 [4][6]. - The average prices for organic silicon, specialty chemicals, and fertilizers have shown varied trends, with organic silicon prices decreasing by 9.43% year-on-year, while fertilizer prices increased by 6.07% [6][4]. Future Growth Potential - The upcoming IPO of the subsidiary, Xingfu Electronics, is expected to enhance the company's market competitiveness and provide new profit growth points, with significant production capacity in electronic-grade chemicals [7]. - The company is projected to achieve revenues of 29.97 billion yuan in 2024, increasing to 32.41 billion yuan by 2026, with corresponding net profits expected to rise from 1.743 billion yuan in 2024 to 2.548 billion yuan in 2026 [8][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant year-on-year and quarter-on-quarter growth in performance, with the approval of the spin-off listing of Xingfu Electronics [1] - The company achieved total operating revenue of 22.05 billion yuan in the first three quarters of 2024, a year-on-year increase of 0.04%, and a net profit attributable to shareholders of 1.314 billion yuan, a year-on-year increase of 37.85% [1] - The third quarter of 2024 saw operating revenue of 8.646 billion yuan, a year-on-year increase of 3.95% and a quarter-on-quarter increase of 44.35% [1] - The company is transitioning towards a technology-driven green chemical new materials enterprise, with significant projects expected to contribute to profit growth [4] Summary by Sections Financial Performance - In Q3 2024, the company achieved a net profit attributable to shareholders of 509 million yuan, a year-on-year increase of 56.58% and a quarter-on-quarter increase of 20.26% [1] - The company’s financial indicators for 2024-2026 project net profits of 1.723 billion, 2.233 billion, and 2.669 billion yuan respectively, with corresponding P/E ratios of 15X, 11X, and 9X [4][6] Business Development - The company focuses on the fine phosphorus chemical development line and continues to improve its integrated industrial chain [3] - The company has approximately 403 million tons of phosphorus ore resources and a designed production capacity of 5.85 million tons per year [3] - The company has established a unique "mining and power integration" industrial chain, providing stable and low-cost electricity for production [3] Future Growth Potential - The successful registration of the spin-off listing of Xingfu Electronics is expected to provide new profit growth points [1][2] - The company is advancing multiple projects, including the construction of electronic-grade ammonia and other chemical products, which are anticipated to enhance its competitive edge in the green agriculture and new energy sectors [1][4]

Investment Rating - The report maintains a rating of "Outperform" for the company [2] Core Views - The company reported its Q3 2024 results, which met expectations, with a revenue of 22.05 billion yuan for the first three quarters, showing a year-on-year stability, and a net profit of 1.314 billion yuan, reflecting a 38% increase year-on-year [2] - The Q3 2024 revenue was 8.646 billion yuan, representing a 4% year-on-year increase and a 33% quarter-on-quarter increase, with a net profit of 509 million yuan, up 53% year-on-year and 20% quarter-on-quarter [2] - The report highlights the high prosperity in the phosphate chemical sector, with improved performance in fertilizers and organic silicon, while also noting a decline in fertilizer sales volume [2] - The company is expected to benefit from the rebound in glyphosate and organic silicon prices, with potential contributions to Q4 performance [2] - The special chemicals segment remains stable, with ongoing efforts in transformation and upgrading [2] Summary by Sections Financial Performance - For Q3 2024, the company achieved a gross margin of 18.86%, a year-on-year increase of 6.25 percentage points, and a net profit margin of 6.01%, up 1.83 percentage points year-on-year [2] - The company’s revenue for 2024 is projected to be 29.117 billion yuan, with a net profit of 1.850 billion yuan, and an EPS of 1.68 yuan [3][8] Market Data - As of October 25, 2024, the closing price was 23.20 yuan, with a market capitalization of 25.596 billion yuan [4] - The company has a price-to-earnings ratio of 14 times for the 2024 earnings forecast [3][4] Strategic Outlook - The company aims to strengthen its phosphate, silicon, and sulfur-based materials, as well as new materials in microelectronics, with a gradual increase in profit contribution from these segments [2] - The report emphasizes the company's leading position in the industry and its commitment to ongoing product and process development [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 32.10 CNY [1]. Core Insights - The company reported a revenue of 22.05 billion CNY for the first three quarters of 2024, a slight increase of 0.04% year-on-year. The net profit attributable to shareholders reached 1.314 billion CNY, up 37.85% year-on-year, while the net profit excluding non-recurring items was 1.269 billion CNY, an increase of 44.35% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 8.646 billion CNY, representing a year-on-year increase of 3.54% and a quarter-on-quarter increase of 32.69%. The net profit attributable to shareholders for Q3 was 509 million CNY, up 52.73% year-on-year and 20.26% quarter-on-quarter [1]. - The report highlights a significant recovery in demand for the company's main products, with the agricultural chemicals, fertilizers, specialty chemicals, and organic silicon segments showing varying performance in terms of sales volume and price adjustments [1]. Financial Performance Summary - For the first three quarters of 2024, the company generated revenues from its segments as follows: agricultural chemicals (4.003 billion CNY), fertilizers (3.000 billion CNY), specialty chemicals (3.971 billion CNY), and organic silicon (1.858 billion CNY) [1]. - The gross margin for the first three quarters was 17.96%, with a net profit margin of 6.02%. In Q3, the gross margin was 18.86%, and the net profit margin was 6.01%, indicating a year-on-year improvement in profitability [1]. - The report notes that the company is transitioning towards new chemical materials, with its subsidiary, Xingfu Electronics, receiving approval for an IPO, which is expected to enhance the company's growth prospects [1]. Financial Forecasts - The company’s projected revenues for 2024 to 2026 are 29.207 billion CNY, 31.834 billion CNY, and 32.219 billion CNY, respectively, with corresponding net profits of 1.841 billion CNY, 2.360 billion CNY, and 2.576 billion CNY [2]. - The report adjusts the net profit forecasts for 2024-2026 to 1.841 billion CNY, 2.360 billion CNY, and 2.576 billion CNY, reflecting a price-to-earnings ratio of 13.9x, 10.8x, and 9.9x for the respective years [1][2].

证券研究报告 | 2024年10月26日 兴发集团（600141.SH）2024 年三季报点评 优于大市 三季度归母净利润同环比增长，兴福电子 IPO 首发上会获通过 磷化工全产业链平稳运行，第三季度归母净利润同比增长 52.73%。兴发集团于 10 月 25 日晚间发布 2024 年三季度报告，前三季度，公司实现营业收入 220.5 亿元，同比增长 0.04%；归母净利润 13.14 亿元，同比增长 37.85%；其中第 三季度公司实现营业收入 86.46 亿元，同比增长 3.54%；归母净利润 5.09 亿元，同比增长 52.73%，环比增长 20.26%。第三季度公司销售毛利率 18.86%， 同比提升 6.25pcts；销售净利率 6.01%，同比提升 1.83pcts。前三季度公 司的利润主要来自磷矿石、磷肥、部分特种化学品等业务，而草甘膦、有机 硅、商贸物流等业务盈利水平依旧承压。 公司主营业务回顾与展望：磷矿石与磷肥价格平稳运行，草甘膦与有机硅板块 承压，DMSO 表现亮眼。磷矿石价格在 900 元/吨左右的高价区间运行时间已 超 2 年，考虑可开采磷矿品位下降以及下游新领域需求不断增长，我们认 ...

市场数据 2024/10/25 52 周价格区间（元） 14.31-24.83 2024 年 10 月 26 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 证券分析师： 李娟廷 S0350524090007 lijt03@ghzq.com.cn [Table_Title] 2024Q3 业绩同比大增，磷矿资源优势显著 ——兴发集团（600141）2024 年三季报点评 事件: 最近一年走势 2024 年 10 月 26 日，兴发集团发布 2024 年第三季度报告：2024 年前三 季度公司实现营业收入 220.50 亿元，同比增长 0.04%；实现归属于上市 公司股东的净利润 13.14 亿元，同比增加 37.85%；加权平均净资产收益 率为 6.21%，同比增加 1.43 个百分点。销售毛利率 17.96%，同比增加 4.82 个百分点；销售净利率 6.02%，同比增加 1.56 个百分点。 其中，公司 2024Q3 实现营收 86 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 ——兴发集团 2024 年三季报点评 股票研究 /[Table_Date] 2024.10.27 三季度业绩略超预期，看好硅磷景气 兴发集团(600141) 基础化工 [Table_Industry] /原材料 | --- | --- | --- | |----------|-----------------------------------|----------------------------| | | | | | | [table_Authors] 沈唯 ( 分析师 ) | 钱伟伦 ( 分析师 ) | | | 0755-23976795 | 021-38038878 | | | shenwei024936@gtjas.com | qianweilun027712@gtjas.com | | 登记编号 | S0880523080006 | S0880523040003 | 本报告导读： 展望四季度，磷化工景气有望 ...

开源证券 基础化工/农化制品 Q3 业绩延续改善，兴福电子分拆上市获注册 兴发集团（600141.SH） 2024 年 10 月 27 日 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/25 | | 当前股价 ( 元 ) | 23.20 | | 一年最高最低 ( 元 ) | 24.83/14.31 | | 总市值 ( 亿元 ) | 255.96 | | 流通市值 ( 亿元 ) | 255.96 | | 总股本 ( 亿股 ) | 11.03 | | 流通股本 ( 亿股 ) | 11.03 | | 近 3 个月换手率 (%) | 76.39 | 股价走势图 -32% -16% 0% 16% 32% 2023-10 2024-02 2024-06 兴发集团 沪深300 数据来源：聚源 相关研究报告 《Q2 业绩同环比改善，磷矿石、特种 化学品盈利可观—公司信息更新报 告》-2024.8.20 《Q1 业绩同环比承压，拟完善硅石矿 资源保障并发布员工持股计划 —公 司信息更新报告》-2024.4.2 ...