Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company's performance in Q3 slightly exceeded expectations, driven by stable phosphate ore prices and a recovery in glyphosate prices, along with strong performance in the specialty chemicals segment [2]. - The report forecasts that the phosphate chemical industry will remain strong, and the silicon chemical sector is expected to recover in Q4 [2]. - The earnings per share (EPS) estimates for 2024-2026 are projected to be 1.63, 2.01, and 2.25 yuan respectively, with a target price maintained at 24.34 yuan [2]. Financial Performance Summary - In Q3 2024, the company achieved a revenue of 22.05 billion yuan, a year-on-year increase of 0.04%. The net profit attributable to shareholders was 1.314 billion yuan, up 37.85% year-on-year [2]. - For Q3 alone, revenue was 8.646 billion yuan, reflecting a 3.54% year-on-year growth, while net profit was 509 million yuan, marking a 52.73% year-on-year increase and a 20.26% quarter-on-quarter increase [2]. - The gross margin for Q3 was 18.86%, significantly up by 6.25 percentage points year-on-year, although it slightly decreased by 1.62 percentage points quarter-on-quarter [2]. Market Outlook - The phosphate fertilizer market is expected to enter a winter storage demand peak in Q4, while phosphate ore supply is anticipated to decrease as it enters a rest period [2]. - Glyphosate prices are expected to rise due to declining inventory levels in domestic factories since August, with a potential recovery in North American purchasing in Q4 [2]. - The silicon industry is projected to see a reduction in supply during the traditional dry season, with improving fundamentals in the photovoltaic sector likely to boost sentiment in the silicon supply chain [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown continued improvement in Q3 performance, with stable demand in specialty chemicals and fertilizers, and a significant increase in net profit [3][4] - The listing of the subsidiary, Xingfu Electronics, is expected to contribute to new profit growth [4] - The company is on track to transition into a world-class fine chemical enterprise, supported by ongoing improvements in its industrial chain [3] Financial Performance Summary - For Q3 2024, the company achieved revenue of 86.46 billion yuan, a year-on-year increase of 3.54% and a quarter-on-quarter increase of 32.69% [3] - The net profit attributable to shareholders for Q3 2024 was 5.09 billion yuan, reflecting a year-on-year increase of 52.73% and a quarter-on-quarter increase of 20.26% [3] - The company’s revenue for the first three quarters of 2024 was 220.50 billion yuan, with a year-on-year growth of 0.04% [3] Product Performance - In the first three quarters of 2024, the sales amounts for specialty chemicals, pesticides, fertilizers, and organic silicon series were 39.7 billion yuan, 40.0 billion yuan, 30.0 billion yuan, and 18.6 billion yuan respectively [4] - The average selling prices for these products showed a decline in specialty chemicals and pesticides, while fertilizers experienced a price increase [5] Profitability Metrics - The company’s gross margin and net margin for the first three quarters of 2024 were 17.96% and 6.02%, respectively [4] - The projected net profits for 2024-2026 are 17.15 billion yuan, 21.95 billion yuan, and 26.54 billion yuan, with corresponding EPS of 1.55 yuan, 1.99 yuan, and 2.41 yuan [3][4] Valuation Metrics - The current stock price corresponds to a PE ratio of 14.9 for 2024, 11.7 for 2025, and 9.6 for 2026 [3][4] - The company’s market capitalization is approximately 255.96 billion yuan [1]

证券代码：600141 证券简称：兴发集团 公告编号：临 2024-063 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 十一届五次董事会决议公告 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 10 月 25 日以电子通讯方式召开了第十一届董事会第五次会议。会议通知于 2024 年 10 月 20 日以电子通讯方式发出。会议应收到表决票 13 张，实际收到表决票 13 张，符合《公司法》及《公司章程》的有关规定。经与会董事认真审议，形成 如下决议公告： 一、审议通过了关于2024 年第三季度报告的议案 第三季度报告全文见上海证券交易所网站www.sse.com.cn。 表决结果：13 票同意，0 票反对，0 票弃权。 二、审议通过了关于聘任 2024 年度审计机构的议案 详细内容见关于变更会计师事务所的公告，公告编号：临 2024-065。 表决结果：13 票同意，0 票反对，0 票弃权。 本议案尚需提交股东会审议。 三、审议 ...

Financial Performance - The company's operating revenue for Q3 2024 reached CNY 8,646,031,816.82, an increase of 3.54% compared to the same period last year[2]. - Net profit attributable to shareholders was CNY 509,257,850.56, reflecting a significant increase of 52.73% year-on-year[2]. - The net profit after deducting non-recurring gains and losses was CNY 514,294,577.40, up 55.81% from the previous year[3]. - Basic earnings per share for the current period was CNY 0.46, representing a growth of 31.43% compared to the same period last year[3]. - Total operating revenue for the first three quarters of 2024 reached ¥22,049,996,154.75, slightly up from ¥22,041,097,765.13 in the same period of 2023[17]. - Net profit for the first three quarters of 2024 was ¥1,327,406,604.25, compared to ¥998,269,640.16 in the previous year, indicating a growth of approximately 32.9%[18]. - The total comprehensive income for the third quarter of 2024 reached CNY 1,309,819,790.17, compared to CNY 993,027,404.98 in the same period of 2023, representing an increase of approximately 31.8%[19]. - Basic earnings per share increased to CNY 1.19 from CNY 0.91, reflecting a growth of 30.8% year-over-year[19]. Assets and Liabilities - The total assets of the company at the end of the reporting period amounted to CNY 47,119,080,114.60, an increase of 5.15% from the end of the previous year[3]. - The company's total assets increased to CNY 47.12 billion as of September 30, 2024, compared to CNY 44.81 billion at the end of 2023, reflecting a growth of approximately 5.8%[13]. - The total liabilities as of the end of Q3 2024 amounted to ¥24,535,138,064.88, up from ¥22,687,131,167.07 in the previous year[16]. - The equity attributable to shareholders increased to ¥21,233,578,867.85 from ¥20,858,799,718.30, showing a positive trend in shareholder value[16]. Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 774,057,424.17, showing a decrease of 9.07% compared to the same period last year[3]. - Net cash flow from operating activities for the first three quarters of 2024 was CNY 774,057,424.17, down from CNY 851,299,950.62 in the same period of 2023, a decrease of about 9.1%[21]. - Cash inflow from operating activities totaled CNY 13,882,830,567.61, while cash outflow was CNY 13,108,773,143.44, resulting in a net cash flow of CNY 774,057,424.17[21]. - Investment activities generated a net cash outflow of CNY 1,026,330,203.42, compared to a net outflow of CNY 2,001,348,403.05 in the previous year, indicating a reduction in cash outflow by approximately 48.7%[21]. - Cash and cash equivalents at the end of the period were CNY 1,603,886,518.41, down from CNY 2,488,490,971.32 at the end of the same period last year, a decrease of about 35.5%[22]. - Total cash inflow from financing activities was CNY 4,854,309,831.00, down from CNY 5,499,700,762.71, reflecting a decrease of about 11.7%[22]. - The net cash flow from financing activities was negative at CNY -199,551,138.13, an improvement from CNY -1,042,165,258.45 in the previous year[22]. Investments and Acquisitions - The company completed the acquisition of 100% equity in Gu Cheng Xing Fa New Materials Co., Ltd. for CNY 328.96 million, enhancing its market position[4]. - Research and development expenses increased to ¥838,845,311.56 from ¥757,793,996.50, highlighting the company's commitment to innovation[17]. - The company is actively transitioning towards new chemical materials, with a focus on research and development of specialty chemicals, which has positively impacted its performance[12]. - The company has maintained a strong development trend and profitability in its specialty chemicals segment, contributing significantly to overall performance[12]. - The company continues to strengthen its product and process R&D efforts, which are crucial for its strategic transformation and market expansion[12]. Shareholder Information - The company reported a total of 72,479 common shareholders at the end of the reporting period[9]. - The company has no significant changes in the shareholding structure or financing activities among the top shareholders during the reporting period[11]. Other Financial Metrics - The weighted average return on equity increased to 2.41%, up 0.48 percentage points from the previous year[3]. - Non-recurring gains and losses for the current period totaled CNY -5,036,726.84, influenced by various factors including asset disposal losses[5]. - The company reported a significant increase in other income, which rose to ¥118,541,875.54 from ¥43,827,359.54 year-over-year[18]. - The financial expenses for the first three quarters of 2024 were ¥274,510,887.61, compared to ¥231,546,165.27 in the same period of 2023, indicating higher financing costs[17]. - The company's contract liabilities increased to ¥867,976,091.82 from ¥852,845,561.54, reflecting growth in customer prepayments[16].

湖北兴发化工集团股份有限公司 十一届五次监事会决议公告 本公司监事会及全体监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 10 月 25 日以电子通讯方式召开了第十一届监事会第五次会议。会议通知于 2024 年 10 月 20 日以电子通讯方式发出。会议应收到表决票 5 张，实际收到表决票 5 张， 符合《公司法》及《公司章程》的有关规定。经与会监事认真审议公司《关于 2024 年第三季度报告的议案》，形成如下决议公告： 证券代码：600141 证券简称：兴发集团 公告编号：临 2024-064 转债代码：110089 转债简称：兴发转债 3.公司监事会成员保证公司 2024 年第三季度报告所披露的信息真实、准 确、完整地反映了公司前三季度的经营情况和财务状况，不存在虚假记载、误 导性陈述和重大遗漏，并对其内容的真实性、准确性和完整性承担个别连带责 任。 第三季度报告全文见上海证券交易所网站www.sse.com.cn。 表决结果：5 票同意，0 票反对，0 票弃权。 特此 ...

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法律责任。 | 证券代码：600141 | 证券简称：兴发集团 | 公告编号：2024-066 | | --- | --- | --- | | 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 关于召开 2024 年第三次临时股东会的通知 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 重要内容提示： 一、 召开会议的基本情况 (一) 股东会类型和届次 2024 年第三次临时股东会 召开的日期时间：2024 年 11 月 11 日 14 点 30 分 召开地点：湖北省宜昌市伍家岗区沿江大道 188-9 号兴发大厦 3307 室 股东会召开日期：2024年11月11日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 网络投票系 ...

| 主要产品 | 2024 年1 | 至9 月平均售价 （元/吨） | 2023年1至9月平均售价 （元/吨） | 变动比率（%） | | --- | --- | --- | --- | --- | | 特种化学品 | | 10,375.23 | 11,319.01 | -8.34 | | 农药 | | 21,381.74 | 25,710.35 | -16.84 | | 肥料 | | 3,116.07 | 2,937.82 | 6.07 | | 有机硅系列产品 | | 10,705.07 | 11,819.17 | -9.43 | 一、主要产品的产量、销量及收入实现情况（不含税） 主要产品 2024 年1 至9 月产量 （万吨） 2024年1至9月销量 （万吨） 2024 年1 至9 月销售金额 （万元） 特种化学品 44.33 38.27 397,061.52 农药 19.61 18.72 400,344.25 肥料 104.92 96.24 299,879.78 有机硅系列产品 18.58 17.36 185,843.16 | 主要原料 | 2024 年1 至9 月平均进价 | 2023年1至9月平均进 ...

证券代码：600141 证券简称：兴发集团 公告编号：临2024-065 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 关于变更会计师事务所的公告 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。 重要内容提示： ●拟聘任的会计师事务所名称：中审众环会计师事务所（特殊普通合伙） （以下简称"中审众环"） ●原聘任的会计师事务所名称：中勤万信会计师事务所（特殊普通合伙） （以下简称"中勤万信"） ●变更会计师事务所的简要原因及前任会计师事务所的异议情况：根据 《国有企业、上市公司选聘会计师事务所管理办法》等相关法律法规的规定， 中勤万信为公司提供审计服务的年限已达到最长连续聘任期限，为保证审计工 作的独立性和客观性，综合考虑公司业务发展和审计工作需求等情况，经竞争 性谈判及审慎决策，公司拟聘任中审众环为公司 2024 年度审计机构。公司已 就本次变更有关事宜与中勤万信进行了充分沟通，中勤万信已明确知悉本事项 并确认无异议。 3.业务信息 2023 年经审计的总收入 215,466.65 万元，审计 ...

证券代码：600141 证券简称：兴发集团 公告编号：临 2024-068 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 关于召开 2024 年第三季度网上业绩说明会的公告 ●会议形式：上证路演中心视频直播和网络互动 ●会议地点：上证路演中心（http://roadshow.sseinfo.com） ●投资者可于 2024 年 10 月 28 日至 2024 年 11 月 1 日 16:00 前登录上证 路 演 中 心 网 站 首 页 ， 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 （dmb@xingfagroup.com）进行提问。公司将于 2024 年第三季度网上业绩说明 会（以下简称"业绩说明会"）上在信息披露允许的范围内对投资者普遍关注 的问题进行回答。 一、说明会主题 公司 2024 年第三季度报告已对外公布（详见 2024 年 10 月 26 日《上海证 券报》《中国证券报》《证券时报》《证券日报》及上海证券交易所网站 (www.sse.com.cn)），为便于广大投资者更加全面深入了解公司 2024 年第三 本公司董事会及全体董事保证本公告 ...

湖北兴发化工集团股份有限公司（以下简称"公司"）控股子公司湖北兴 福电子材料股份有限公司（以下简称"兴福电子"）首次公开发行人民币普通 股（A 股）并于上海证券交易所（以下简称"上交所"）科创板上市申请已于 2024 年 9 月 27 日经上交所上市审核委员会 2024 年第 23 次会议审议通过，具 体内容详见公司于 2024 年 9 月 28 日在上交所网站披露的《关于控股子公司首 次公开发行股票获得上海证券交易所上市审核委员会审核通过的公告》（公告 编号：临 2024-058）。 根据中国证券监督管理委员会（以下简称"中国证监会"）2024 年 10 月 17 日发布的《关于同意湖北兴福电子材料股份有限公司首次公开发行股票注 册的批复》（证监许可〔2024〕1414 号），中国证监会同意兴福电子首次公 开发行股票的注册申请。兴福电子将根据中国证监会及上交所的相关规定及要 求开展后续工作。 证券代码：600141 证券简称：兴发集团 公告编号：临2024-062 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 关于控股子公司首次公开发行股票并在科创板上市获得 中国证监会注册的公告 ...