| 证券代码：600141 | 证券简称：兴发集团 | 公告编号：2024-024 | | --- | --- | --- | | 转债代码：110089 | 转债简称：兴发转债 | | 关于 2019 年限制性股票激励计划预留授予部分第三个 解除限售期限制性股票解除限售暨上市公告 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、准确性和完整性依法承担法律责任。 如有董事对临时公告内容的真实性、准确性和完整性无法保证或存在异议的， 公司应当在公告中作特别提示。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市 股数为 900,000 股。 本次股票上市流通总数为 900,000 股。 本次股票上市流通日期为 2024 年 4 月 22 日。 湖北兴发化工集团股份有限公司（以下简称"公司"）于2023年10 月27日召开第十届董事会第二十八次会议、第十届监事会第二十一次会 议审议通过了《关于2019年限制性股票激励计划首次及预留授予部分第 三个解除限售期解除限售条件成就的议案》，根据公司《2019年限制性 股票激励计划（草案）修订稿》 ...

[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 兴发集团（600141）公司年报点评 2024年04月14日 [Table_InvestInfo] 2023Q4 归母净利润环比增长 36.85%， 投资评级 优于大市 维持 新项目带动业绩增长 股票数据 0[4Ta月b1le2_日S收to盘ck价（In元fo）] 20.45 [Table_Summary] 52周股价波动（元） 14.31-27.19 投资要点： 总股本/流通A股（百万股） 1103/1102 总市值/流通市值（百万元） 22562/22543  2023Q4 归母净利润环比增长 36.85%，公司拟派发现金红利总额 6.62 亿元 相关研究 （含税）。公司 2023 年实现营业收入 281.05 亿元，同比下降 7.28%，归母 [《Ta 20b 2le 2_年R扣e非po后rt净In利fo润] 同比增长35.42%，新 净利润13.79亿元，同比下降76.44%，扣非后净利润13.13亿元，同比下降 材料、新能源项目不断推进》2023.04.24 78.30%。公司业绩下滑主要由于草甘膦原药、有机硅DMC ...

湖北兴发化工集团股份有限公司 2023 年度股东大会 会 议 材 料 湖北兴发化工集团股份有限公司董事会 二 O 二四年四月二十五日 会议议程 会议时间：2024 年 4 月 25 日（星期四）9:00 会议地点：湖北省宜昌市伍家岗区沿江大道 188-9 号兴发大厦 3307 室 会议议程： 一、主持人宣布本次股东大会开始，宣布出席会议股东、董事、 监事、高管以及见证律师情况 - 1 - 二、推选计票人和监票人 三、介绍人宣读议案 四、股东讨论并审议议案 五、股东进行书面投票表决 六、统计现场投票表决情况 七、宣布现场投票表决结果 八、由见证律师宣读为本次股东大会出具的法律意见书 九、签署会议文件 十、主持人宣布本次股东大会结束 会议须知 为维护股东的合法权益，确保兴发集团2023年度股东大会的正 常秩序和议事效率，根据《公司法》《公司章程》和《股东大会议事 规则》的有关规定，现就会议须知通知如下，望参加本次大会的全 体人员遵守。 一、本次大会期间，全体参会人员应以维护股东的合法权益， 确保大会的正常秩序和议事效率为原则，自觉履行法定义务。 二、为保证本次大会的严肃性和正常秩序，除出席会议的股东 及股东代理人 ...

证券代码：600141 证券简称：兴发集团 公告编号：临2024-023 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 2023 年度网上业绩说明会的公告 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： ●会议内容："兴发集团 2023 年度网上业绩说明会" ●会议时间：2024 年 4 月 19 日 10:00-11:00 ●会议形式：上证路演中心网络文字互动 ●会议地点：上证路演中心（http://roadshow.sseinfo.com） ●投资者可于 2024 年 4 月 18 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。 公司将会于 2023 年度网上业绩说明会（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、业绩说明会主题 公司 2023 年度报告已对外公布（详见 2024 年 4 月 2 日《上海证券报》《中 国证券报》《证券 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [5][6]. Core Views - The company experienced a year-on-year decline in performance for 2023, with revenue of 28.105 billion yuan, down 7.28%, and a net profit of 1.379 billion yuan, down 76.44% [1][2]. - The company is focusing on transformation and upgrading through new materials, with significant investments in high-end new materials and renewable energy sectors [2][4]. - The company is expected to see a gradual recovery in profitability in the second half of the year, supported by its cost advantages in the phosphate and electronic chemicals sectors [1][2]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 28.105 billion yuan, with a projected revenue growth of 5.67% in 2024, reaching approximately 29.698 billion yuan [3][4]. - The net profit for 2023 was 1.379 billion yuan, with an expected recovery to 1.768 billion yuan in 2024, reflecting a growth rate of 28.24% [3][4]. - The earnings per share (EPS) are projected to increase from 1.25 yuan in 2023 to 1.60 yuan in 2024 [3][4]. Strategic Initiatives - The company is advancing projects in the electronic chemicals sector, including the expansion of electronic-grade sulfuric acid and ammonia production, which are expected to contribute to new profit growth [2][4]. - In the renewable energy and high-end materials sectors, the company has successfully launched several projects, including a 50,000-ton photovoltaic adhesive and a 300,000-ton battery-grade phosphoric acid project [2][4]. Market Outlook - The report anticipates a gradual recovery in the company's profitability, driven by stable downstream demand in the agricultural chemicals sector and less cyclical impacts in the specialty chemicals industry [1][2]. - The company is well-positioned to leverage its integrated supply chain advantages and resource capabilities to enhance its market competitiveness [1][2].

[Table_Title] 传统产品景气下行拖累业绩，新材料项目陆续投产奠 定未来成长 [Table_ReportDate] 兴发集团(600141)公司简评报告 | 2024.04.08 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [⚫T abl事e_件Su：mm ary] 翟绪丽 公司发布2023年年度报告，报告期内公司实现营业收入281.05亿元， 首席分析师 同比减少 7.28%；实现归母净利润 13.79 亿元，同比减少 76.44 %； SAC执证编号：S0110522010001 2023Q4实现营业收入61.78亿元，同比增加13.27%，环比减少25.73%； zhaixuli@sczq.com.cn 电话：010-81152683 实现归母净利润4.45亿元，同比减少52.69%，环比增加36.85%。 ⚫ 农化、有机硅产品景气下行，全年业绩同比下滑。 甄理 根据公司经营数据披露，2023 年公司特种化学品、草甘膦系列产品、 化工行业研究助理 肥料、有机硅系列产品平均售价分别为11186.47元/吨、24990.34元/吨、 zhenli@sczq.c ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced a quarter-on-quarter improvement in Q4 performance, with growth segments poised for development [1] - The overall performance in 2023 was significantly impacted by the decline in cyclical product prices, leading to a substantial drop in annual earnings [1][3] - The company is focusing on enhancing its integrated industrial chain in fine phosphorus chemicals, aiming to improve resource and energy self-sufficiency [1][2] Financial Performance Summary - In 2023, the company achieved total revenue of 28.105 billion yuan, a year-on-year decrease of 7.28%, and a net profit attributable to shareholders of 1.379 billion yuan, down 76.44% year-on-year [1][3] - Q4 2023 revenue was 6.178 billion yuan, a year-on-year increase of 13.27%, but a quarter-on-quarter decrease of 25.73% [1] - The company’s Q4 net profit attributable to shareholders was 444.5 million yuan, down 52.67% year-on-year but up 36.85% quarter-on-quarter [1] Product and Market Insights - The company is focusing on the development of organic silicon and electronic chemicals, with significant production capacity in electronic-grade chemicals [2] - The company has a strong position in the organic silicon market, with a design capacity of 360,000 tons per year and ongoing projects expected to enhance competitiveness [2] - The company’s phosphorus chemical products have seen significant price declines, impacting profitability, but recent price increases in Q4 have led to a recovery in profit margins [1][2] Future Earnings Projections - The company’s projected net profits for 2024, 2025, and 2026 are 1.723 billion yuan, 2.224 billion yuan, and 2.444 billion yuan respectively, reflecting a recovery trend after the significant drop in 2023 [3][6] - The expected P/E ratios for 2024, 2025, and 2026 are 14.60, 13.02, and 10.09 respectively, indicating a potential for value appreciation [3][6]

Investment Rating - The report maintains an "Outperform" rating for the company [5]. Core Views - The company reported its 2023 annual results, which met expectations, with a revenue of 28.105 billion yuan (down 7.3% year-on-year) and a net profit attributable to shareholders of 1.379 billion yuan (down 76.4% year-on-year) [5]. - The decline in revenue and net profit was primarily due to a downturn in the agricultural chemicals and organic silicon sectors, with significant price drops in glyphosate and organic silicon products [5]. - The mining and specialty chemicals segments showed stable growth, contributing significantly to the overall performance [5]. - The company plans to distribute a cash dividend of 6 yuan per 10 shares, amounting to 662 million yuan, which represents 48% of the 2023 net profit [5]. Summary by Sections Market Data - Closing price: 19.72 yuan - One-year high/low: 29.8/14.31 yuan - Market capitalization: 21.738 billion yuan [1]. Financial Data - Total revenue for 2023: 28.105 billion yuan - Net profit for 2023: 1.379 billion yuan - Earnings per share (EPS) for 2023: 1.24 yuan - Projected net profit for 2024: 1.765 billion yuan, with EPS of 1.60 yuan [6][7]. Business Performance - The mining segment's revenue increased by 87.36% year-on-year to 1.603 billion yuan, while the gross margin slightly decreased to 73.74% [5]. - Glyphosate sales volume increased by 10.58% year-on-year, but the average selling price dropped by 55.33% [5]. - The specialty chemicals segment maintained healthy growth, with sales volume up 12.94% year-on-year, although prices fell by 29% [5]. Future Outlook - The company aims for a revenue target of 30.2 billion yuan in 2024 and plans to focus on upgrading its phosphate and organic silicon industries [5]. - The company is also working on several key projects to enhance its production capabilities in the coming years [5].

证券研究报告 | 2024年04月03日 兴发集团（600141.SH） 买入 2023 年净利润承压，成长板块多项目稳步推进 核心观点 公司研究·财报点评 农化、有机硅板块市场景气度下行，公司2023年业绩承压。兴发集团发布 基础化工·农化制品 2023年年报，2023年公司实现营业收入281.05亿元，同比下降7.28%；实 证券分析师：杨林 联系人：王新航 现归母净利润13.79亿元（略低于我们此前预期的14.06亿元），同比下降 010-88005379 0755-81981222 yanglin6@guosen.com.cn wangxinhang@guosen.com.cn 76.44%。2023年，公司农化板块草甘膦产品以及联产的有机硅板块产品市场 S0980520120002 竞争加剧，草甘膦板块营业收入42.83亿元，同比下降50.60%，毛利率 基础数据 31.01%，同比减少27.08pcts；有机硅板块营业收入21.44亿元，同比下降 投资评级 买入(维持) 48.13%，毛利率4.33%，同比减少13.16 pcts。公司磷矿石业务盈利水平良 合理估值 收盘价 19.72元 好，营业 ...

2024 年 04 月 03 日 公司研究 评级：买入 (维持 ) 研究所： 证券分析师： 李永磊 S0350521080004 年业绩承压，[ 新Tab 材le_ 料Titl 项e] 目带来利润增长点 2023 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn ——兴发集团（ ） 年报点评 600141 2023 联系人 ： 李娟廷 S0350122090037 lijt03@ghzq.com.cn 最近一年走势 事件 : 2024年4月2日，兴发集团发布2023年报：2023年公司实现营业收入 281.05亿元，同比下降7.28%；实现归属于上市公司股东的净利润13.79 亿元，同比减少76.44%；加权平均净资产收益率为6.73%，同比下降 28.03个百分点。销售毛利率16.17%，同比减少19.44个百分点；销售 净利率4.93%，同比减少17.49个百分点。 其中，公司2023Q4实现营收61.78亿元，同比+13.27%，环比-25.73%； 实现归母净利润4.45亿元，同比-52.69%，环比+36.85%；ROE为 ...