[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 ...

兴[Ta发ble集_Sto团ckN（am6eR0p0tT1yp4e1] ） 公司研究/公司点评 四季度业绩环比改善，成长板块蓄势待发 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-04-06 ⚫[ T事ab件le描_S述um mary] 4月1日，公司发布2023年年度报告，公司2023年实现营业总收入 [收Ta盘bl价e_（Ba元se）D ata] 20.33 281.05亿元，同比-7.28%；实现归母净利润13.79亿元，同比-76.44%； 近12个月最高/最低（元） 29.80/14.31 实现扣非归母净利润13.13亿元，同比-78.30%。2023年Q4实现营 总股本（百万股） 1,103 流通股本（百万股） 1,102 业总收入61.78亿元，同比+13.27%，环比-25.73%；实现归母净利润 流通股比例（%） 99.92 4.45亿元，同比-52.67%，环比+36.85%。 总市值（亿元） 224 流通市值（亿元） 224 ⚫ 公司周期产品景气下行，全年业绩承压下滑、Q4业绩环比修复 公司2023年实现营业总收入281.05亿元，同比-7.28%； ...

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 ...

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 ...

上 市 公 司 基础化工 2024 年04月 02 日 兴发集团 (600141) 公 司 研 ——矿山开采和特种化学品贡献主要利润，草甘膦与有机 究 公 硅景气下行，业绩符合预期 司 点 评 报告原因：有业绩公布需要点评 投资要点： 增持 （维持）  公司发布 2023 年年报，业绩符合预期。公司 2023 年实现营业收入 281.05 亿元 （yoy-7.3%），实现归母净利润为13.79亿元（yoy-76.4%），扣非后归母净利润为13.13 亿元（ yoy-78.3%），整体销售毛利率同比下滑19.44个百分点至16.17%，业绩符合预 证 期。其中4Q23单季度实现营业收入61.78亿元（yoy+13.27%，QoQ-25.73%），归母 券 市场数据： 2024年04月02日 净利润为 4.45 亿元（yoy-52.67%，QoQ+36.85%），扣非后归母净利润为 4.34 亿元 研 （yoy-58.90%，QoQ+31.61%）,4Q23年毛利率同比下降5.40pct、环比上升14.28pct 收盘价（元） 19.72 究 一年内最高/最低（元） 29.8/14.31 至26.89%，业绩符 ...

公司研 究 证 券研究 报 告 磷肥及磷化工 2024年04月02日 兴 发集团（600141）2023年报点评 强 推 （维持） 23Q4 盈利持续改善，看好公司新材料业务稳 目标价：27.86元 步发展 当前价：19.02元 华创证券研究所  事件：1）公司发布2023年报，2023年度实现营业收入281.1亿元，同比-7.3%； 实现归母净利润 13.8 亿元，同比-76.4%；实现扣非净利润 13.1 亿元，同比- 证券分析师：杨晖 78.3%。其中，23Q4 公司实现营业收入 61.8 亿元，同比/环比分别+13.3%/- 25.7%；实现归母净利润 4.45亿元，同比/环比分别-52.7%/+36.9%；实现扣非 邮箱：yanghui@hcyjs.com 净利润4.34亿元，同比/环比分别-58.9%/+31.5%。2）公司发布2023年度利润 执业编号：S0360522050001 分配方案，拟每股派发现金红利0.6元(含税)，现金分红总额占2023年度归母 证券分析师：郑轶 净利润的48.0%。 邮箱：zhengyi@hcyjs.com  从经营数据看： 执业编 号：S0360522100 ...

Financial Performance - Revenue for 2023 was RMB 28.11 billion, a decrease of 7.28% compared to 2022[17] - Net profit attributable to shareholders in 2023 was RMB 1.38 billion, a significant decrease of 76.44% compared to 2022[17] - Operating cash flow in 2023 was RMB 1.45 billion, down 78.89% from 2022[17] - Basic earnings per share in 2023 were RMB 1.25, a decrease of 76.46% compared to 2022[18] - Weighted average return on equity (ROE) in 2023 was 6.73%, a decrease of 28.03 percentage points from 2022[18] - The company achieved annual revenue of 28.105 billion yuan, a decrease of 7.28% year-on-year[27] - Net profit attributable to shareholders of the listed company was 1.379 billion yuan, a decrease of 76.44% year-on-year[27] - Revenue for the reporting period was RMB 28.105 billion, a decrease of 7.28% year-over-year[37] - Operating costs increased by 20.73% to RMB 23.562 billion[37] - Net cash flow from operating activities decreased significantly by 78.89% to RMB 1.453 billion[37] - R&D expenses decreased by 9.36% to RMB 1.117 billion[37] - Main business revenue was RMB 275.65 billion, with a main business cost of RMB 232.35 billion[39] - The chemical industry segment revenue decreased by 30.93% to RMB 17.585 billion, with a gross margin decrease of 20.37 percentage points[40] - The mining segment revenue increased by 87.36% to RMB 1.603 billion, with a gross margin decrease of 0.19 percentage points[40] - Domestic revenue increased by 1.11% to RMB 18.362 billion, while international revenue decreased by 19.50% to RMB 9.203 billion[41] - Production of special chemicals increased by 15.90% to 496,400 tons, with sales increasing by 12.94% to 449,400 tons[42] - Glyphosate series product inventory increased by 52.04% to 453,000 tons due to market demand changes[43] - Total R&D investment for the period was 1,116,851,210.90 yuan, accounting for 3.97% of total revenue[50] - Direct material costs in the chemical industry increased by 21.10% year-over-year to 19,064,614,686.11 yuan[44] - Direct labor costs in the chemical industry rose by 31.82% year-over-year to 766,992,656.63 yuan[44] - Direct material costs for phosphate rock increased by 67.89% year-over-year to 43,435,043.83 yuan[44] - Direct labor costs for phosphate rock surged by 82.62% year-over-year to 118,057,459.24 yuan[44] - Direct material costs for organic silicon series decreased by 41.70% year-over-year to 1,868,170,073.99 yuan[45] - Cash and cash equivalents decreased by 52.56% to RMB 2,238,894,177.30, primarily due to the use of funds raised from the issuance of convertible bonds in the previous period[55] - Derivative financial assets increased by 272.03% to RMB 640,337.91, mainly due to an increase in forward foreign exchange contracts[55] - Accounts receivable increased by 34.07% to RMB 1,244,223,242.26, driven by an increase in receivables within the credit period that were not settled by the end of the period[55] - Prepayments increased by 129.18% to RMB 262,240,791.15, mainly due to prepayments for phosphorus gypsum storage fees related to the transfer of equity in Zhuyuan Environmental Protection[56] - Investment property increased by 1,366.11% to RMB 127,403,316.32, primarily due to the purchase of commercial housing for turnover purposes[56] - Construction in progress increased by 63.17% to RMB 4,023,078,837.15, driven by increased investment in new company acquisitions and project construction[56] - Overseas assets amounted to RMB 1,275,695,594.00, accounting for 2.86% of total assets[57] - Restricted assets totaled RMB 2,082,568,174.27, including RMB 215,666,107.33 in cash and cash equivalents held as guarantees for bills, loans, and land reclamation[58] - Total assets at the end of the reporting period were 4,456,089.34 million yuan, an increase of 7.04% compared to the beginning of the period[193] - Net assets at the end of the reporting period were 2,196,993.19 million yuan, an increase of 1.96% compared to the beginning of the period[193] - The asset-liability ratio at the end of the reporting period was 50.70%, an increase of 1.97 percentage points compared to the beginning of the period[193] Dividend and Share Repurchase - The company's 2023 profit distribution plan is to distribute a cash dividend of 6 yuan per 10 shares (including tax), with a total cash dividend of 661,952,609.4 yuan (including tax), accounting for 48.01% of the net profit attributable to shareholders[3] - The company repurchased 8.3824 million shares for 200 million yuan and implemented share cancellation[27] - The company plans to distribute cash dividends of 661,952,609.4 yuan (tax included) for the 2023 fiscal year[121] - The cash dividend amount accounts for 48.01% of the net profit attributable to ordinary shareholders of the listed company in the consolidated financial statements[122] - Including cash used for share repurchases, the total dividend amount is 862,001,723.55 yuan, accounting for 62.51% of the net profit attributable to ordinary shareholders[122] - The company repurchased 8,382,400 shares, accounting for 0.7540% of the total share capital, with an average transaction price of 23.865 yuan per share and a total payment of 200,049,114.15 yuan (including transaction fees)[121] - The company has a three-year (2022-2024) shareholder dividend return plan, emphasizing annual cash dividends to all shareholders[120] - The company repurchased 8,382,400 shares through centralized bidding transactions from May 5 to June 2, 2023[197] Company Information - The company's total share capital as of March 29, 2024, is 1,103,254,349 shares[3] - The company's legal representative is Li Guozhang[10] - The company's registered address is No. 58, Gaoyang Avenue, Gufu Town, Xingshan County, Hubei Province[12] - The company's office address is Xingfa Building, No. 188-9, Yanjiang Avenue, Wujiagang District, Yichang City, Hubei Province[12] - The company's website is www.xingfagroup.com[12] - The company's board secretary is Bao Boying, with contact address at Xingfa Building, No. 188-9, Yanjiang Avenue, Wujiagang District, Yichang City, Hubei Province[11] - The company's contact phone number is 0717-6760939[11] - The company's fax number is 0717-6760850[11] - The company's email address is dmb@xingfagroup.com[11] Market and Industry Conditions - The company's agrochemical and silicone sectors experienced a significant decline in market conditions, leading to reduced profitability[19] - The mining and specialty chemicals sectors remained stable and were the main contributors to the company's performance in 2023[19] - The company's phosphorus ore reserves and production capacity rank among the top in the industry, with mining rights to approximately 4.05 billion tons of phosphorus ore resources[28] - The company holds 70% equity in Jingzhou Jinghua, which has 2.89 billion tons of proven phosphorus ore reserves, currently in the exploration-to-mining stage[28] - The company holds 50% equity in Qiaogou Mining, which has 3.15 billion tons of proven phosphorus ore reserves, currently in the mining engineering construction stage[28] - The company holds 26% equity in Yuan'an Jixing, which has 1.88 billion tons of proven phosphorus ore reserves, currently in the exploration stage[28] - The company's designed phosphorus ore production capacity is 5.85 million tons per year[28] - The company has developed advanced mining technologies, including thick and gently inclined phosphorus ore body mining technology, improving recovery rates[28] - The company has implemented green mine construction, with all its mines being national-level green mines[28] - In 2023, China's total phosphorus ore production was approximately 105.551 million tons, a decrease of 2.37% year-on-year[28] - From January to February 2023, the phosphorus ore market remained tight due to seasonal shutdowns of Hubei mines during the Spring Festival[28] - Phosphorus ore prices fluctuated significantly, with 28% grade shipboard prices reaching 1000 RMB/ton at the beginning of the year, dropping to 750 RMB/ton by July, and rising to 960 RMB/ton by December[29] - The global specialty chemicals market size is approximately 740 billion USD, with China accounting for over 200 billion USD, representing about 30% of the global market[29] - The company's subsidiary, Xingfu Electronics, has a production capacity of 60,000 tons/year of electronic-grade phosphoric acid, 60,000 tons/year of electronic-grade sulfuric acid, and 10,000 tons/year of electronic-grade hydrogen peroxide[29] - Xingfu Electronics is expanding its production capacity with a 40,000 tons/year electronic-grade sulfuric acid expansion and a 20,000 tons/year electronic-grade ammonia water project[29] - The company's food-grade phosphate production capacity exceeds 150,000 tons/year, making it one of the most comprehensive producers in China[29] - Global glyphosate production capacity is approximately 1.18 million tons/year, with Bayer holding about 370,000 tons/year and the remaining capacity mainly in China[29] - The company has a glyphosate technical production capacity of 230,000 tons/year, ranking first in China, with supporting formulation capacity of 86,000 tons/year[29] - The company's Yichang industrial park has significant raw material advantages, including 100,000 tons/year of glycine production capacity and nearby supply of yellow phosphorus[29] - The company has strong R&D capabilities in fine phosphates, with multiple technologies winning first prizes in provincial and national awards[29] - The company participated in the formulation of national standards for food-grade sodium tripolyphosphate and disodium dihydrogen pyrophosphate[29] - Glyphosate price fluctuated significantly, starting at 46,000 RMB/ton in early 2023, dropping to 23,000 RMB/ton by May, and recovering to 38,000 RMB/ton in July before falling again to 26,000 RMB/ton by December[30] - Global organic silicon monomer capacity reached 7.76 million tons in 2023, with China accounting for 5.69 million tons, representing a 10.70% year-on-year increase[30] - The company's organic silicon monomer design capacity stands at 360,000 tons/year, with downstream capacities including 200,000 tons/year of silicone rubber and 5,600 tons/year of silicone oil[30] - DMC (organic silicon) price fluctuated between 13,000 RMB/ton and 17,000 RMB/ton throughout 2023, ending the year at 13,800 RMB/ton[30] - The company's phosphate fertilizer production capacity includes 200,000 tons/year of monoammonium phosphate and 800,000 tons/year of diammonium phosphate[30] - Monoammonium phosphate price dropped from 4,000 RMB/ton at the beginning of 2023 to 3,000 RMB/ton by June, before recovering to 3,900 RMB/ton by December[30] - Diammonium phosphate price decreased from 4,000 RMB/ton at the start of 2023 to 3,400 RMB/ton in June, then rose to 3,960 RMB/ton by year-end[30] - The company is constructing additional capacity including 80,000 tons/year of special silicone rubber and 2,200 tons/year of organic silicon microcapsules[30] - Wet-process phosphoric acid (100% basis) production capacity stands at 680,000 tons/year, with an additional 50,000 tons/year under construction[30] - The company's sulfuric acid production capacity is 2 million tons/year, and synthetic ammonia capacity is 400,000 tons/year[30] R&D and Innovation - The company's R&D investment for the year reached 1.117 billion yuan, with a dedicated R&D team of 420 people, 85% of whom hold master's degrees or higher[27] - The company successfully developed a new process for drying aerogel powder, reducing material costs by 56%[27] - The company's subsidiary Xingfu Electronics completed the construction and operation of a 30,000-ton/year electronic-grade phosphoric acid project and a 20,000-ton/year electronic-grade etching solution project[27] - The company has 1,138 authorized patents, including 378 invention patents and 760 utility model patents[32] - The company has 17 high-tech enterprises and won the first prize of China Petroleum and Chemical Industry Science and Technology Progress Award[32] - The company has a total installed capacity of 178.4 MW for hydropower stations and 1.828 MW for distributed photovoltaic power stations[32] - The company has established marketing platforms in the US, Germany, Brazil, Argentina, Vietnam, and Hong Kong, with a marketing network covering 116 countries and regions[34] - The company has completed the "shutdown, renovation, relocation, pollution control, and re-greening" projects, reducing comprehensive emissions by 30% and water intake by 50%[36] - The company has formed three core advantageous industries: microelectronic new materials, organic silicon new materials, and green ecological herbicides[36] - The company has achieved a comprehensive utilization rate of four wastes exceeding 95%[36] - The company has 1,454 R&D personnel, representing 9.97% of the total workforce[51] - The company has partnered with the Chinese Academy of Sciences to develop advanced silica aerogel technology, which is listed in the first batch of the "Frontier Materials Industrialization Key Development Guidance Directory"[60] - The company is accelerating its transformation into a modern, technology-driven green chemical and new materials enterprise, with a focus on high-end phosphorus fine chemicals and new energy materials[60] - The company has 1,138 authorized patents and has won 1 National Science and Technology Progress Award and 23 provincial and ministerial-level science and technology awards[64] - The company has established 3 national-level technological innovation platforms and 8 provincial-level technological innovation platforms[64] Environmental and Social Responsibility - The company invested 426.3199 million yuan in environmental protection during the reporting period[129] - The company's total COD (Chemical Oxygen Demand) emissions in 2023 were 11.32 tons, with no超标排放[130] - The company's total ammonia nitrogen emissions in 2023 were 0.26 tons, with no超标排放[130] - The company's total sulfur dioxide emissions in 2023 were 67.76 tons, with no超标排放[130] - The company's total particulate matter emissions in 2023 were 13.76 tons, with no超标排放[130] - The company's total nitrogen oxide emissions in 2023 were 122.13 tons, with no超标排放[130] - The company's total phosphorus emissions in 2023 were 0.20 tons, with no超标排放[130] - The company's total COD emissions from the Liu Caopo Chemical Plant in 2023 were not disclosed, with no超标排放[130] - The company's total ammonia nitrogen emissions from the Liu Caopo Chemical Plant in 2023 were not disclosed, with no超标排放[130] - The company's total phosphorus emissions from the Liu Caopo Chemical Plant in 2023 were not disclosed, with no超标排放[130] - COD emissions in 2023 were 1.03 tons, significantly below the permitted limit of 11.25 tons[132] - Ammonia nitrogen emissions in 2023 were 0.07 tons, well under the permitted limit of 0.43 tons[132] - Sulfur dioxide emissions in 2023 were 20.53 tons, below the permitted limit of 63.464 tons[132] - Nitrogen oxide emissions in 2023 were 7.23 tons, under the permitted limit of 16.541 tons[132] - Particulate matter emissions in 2023 were 1.24 tons, below the permitted limit of 22.162 tons[132] - Sulfur dioxide emissions from Weng'an Longma Phosphorus Industry in 2023 were 63.18 tons, below the permitted limit of 69.4 tons[133] - Particulate matter emissions from Weng'an Longma Phosphorus Industry in 2023 were 10.52 tons, under the permitted limit of 11.97 tons[133] - Nitrogen oxide emissions from Weng'an Longma Phosphorus Industry in 2023 were 102.08 tons, below the permitted limit of 132.05 tons[133] - COD emissions from Hubei Taisheng Chemical in 2023 were 69.61 tons, significantly below the permitted limit of 917.879 tons[133] - Ammonia nitrogen emissions from Hubei Taisheng Chemical in 2023 were 8.62 tons, under the permitted limit of 45.894 tons[133] - The company's wastewater treatment facilities achieved COD emissions of 19.02 tons, well below the permitted limit of 49.938 tons[134] - Ammonia nitrogen emissions from wastewater were 0.85 tons, significantly lower than the permitted 2.498 tons[134] - Total phosphorus emissions from wastewater were within the permitted concentration limit of <8mg/L[134] - Sulfur dioxide emissions from exhaust gases were 43.12 tons, below the permitted 88.431 tons[134] - Nitrogen oxide emissions from exhaust gases were 49.57 tons, well under the permitted 248.455 tons[134] - The company's environmental

基础化工/农化制品 公 司 研 兴发集团（600141.SH） Q4 业绩延续改善彰显盈利韧性，项目建设有条不紊 究 2024年04月02日 ——公司信息更新报告 投资评级：买入（维持） 金益腾（分析师） 徐正凤（联系人） jinyiteng@kysec.cn xuzhengfeng@kysec.cn 日期 2024/4/2 证 书编号：S0790520020002 证书编号：S0790122070041 当前股价(元) 19.72  业绩符合预期，Q4归母净利润环比延续改善，公司盈利韧性彰显 公 一年最高最低(元) 30.39/14.31 公司发布2023年报，实现营收281.05亿元，同比-7.28%；归母净利润13.79亿 司 信 总市值(亿元) 217.56 元，同比-76.44%。其中Q4实现营收61.78亿元，同比+13.27%、环比-25.73%； 息 流通市值(亿元) 217.38 归母净利润4.45亿元，同比-52.67%、环比+36.85%，Q4归母净利润环比延续改 更 总股本(亿股) 11.03 善，业绩符合预期，拟派发现金红利0.6元/股（含税）。结合公司主营产品景气 新 报 流通股 ...

证券研究报告 | 2024年03月04日 兴发集团（600141.SH） 买入 有机硅价格上涨，公司盈利水平有望继续修复  公司研究·公司快评  基础化工·农化制品  投资评级：买入（维持评级） 证券分析师： 杨林 010-88005379 yanglin6@guosen.com.cn 执证编码：S0980520120002 联系人： 王新航 0755-81981222 wangxinhang@guosen.com.cn 事项： 有机硅、磷酸一铵价格上涨：2月28日晚，浙江某有机硅头部企业结束多日封盘不对外报价，开盘后强势 拉涨，DMC报价16400元/吨，D4报价16700元/吨，107胶报价16300元/吨，生胶报价18300元/吨，整 体上涨范围在800-1900元/吨，开盘后一些企业跟涨，多数企业封盘不报。此外，2月28日起，磷肥磷酸 一铵价格也开始上涨，当前湖北地区55%颗粒磷酸一铵市场价格3125元/吨，较2月27日的3075元/吨上 涨50元/吨，涨幅1.63%。 国信化工观点：1）有机硅价格探涨，公司业绩有望继续改善。此次有机硅价格上涨主要得益于前期预售 单还未交付完成，企业无库存方面的 ...

证券代码：600141 证券简称：兴发集团 公告编号：临2023-097 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 关于接待投资者调研情况的公告 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。 一、调研情况 湖北兴发化工集团股份有限公司（以下简称“公司”）近期以现场及电子 通讯方式，与长江证券、国泰君安、浙商证券、开源证券、财通证券等投资机 构进行了沟通交流，公司董事会秘书鲍伯颖参与交流并就投资者关注的问题进 行了回复。 二、调研的主要问题及回复情况 （一）介绍公司前三季度业绩完成情况。 今年前三季度，受宏观经济及市场供需变化影响，公司草甘膦、有机硅、 黄磷、磷肥等周期性产品市场价格同比出现较大跌幅，产销量亦同比出现不同 程度下滑，导致产品盈利水平大幅减弱。公司湿电子化学品、食品添加剂等成 长性产品市场需求受宏观经济影响相对较小，总体保持了健康发展态势，为公 ...