Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 10.0 CNY, while the current price is 8.81 CNY [1]. Core Insights - The company reported significant revenue growth in Q3 2024, with total revenue reaching 404.65 billion CNY for the first three quarters, a year-on-year increase of 18.01%. The net profit attributable to shareholders was 6.83 billion CNY, up 41.02% year-on-year, and the net profit excluding non-recurring items was 6.35 billion CNY, an increase of 84.29% year-on-year. In Q3 2024 alone, revenue was 171.18 billion CNY, reflecting a year-on-year increase of 22.78% and a quarter-on-quarter increase of 33.35% [1][2]. Summary by Sections Revenue and Profitability - For Q3 2024, the company achieved a revenue of 171.18 billion CNY, with a year-on-year increase of 22.78% and a quarter-on-quarter increase of 33.35%. The net profit attributable to shareholders was 3.03 billion CNY, showing a remarkable year-on-year increase of 1886.4% and a quarter-on-quarter increase of 9.77%. The net profit excluding non-recurring items was 2.86 billion CNY, with a year-on-year increase of 3269.2% [1][2]. Segment Performance - In the modified plastics segment, Q3 2024 sales reached 676,400 tons, with a year-on-year increase of 8.2% and a quarter-on-quarter increase of 10.8%, generating revenue of 84.97 billion CNY, up 7.8% year-on-year. The growth was driven by demand improvement and product quality enhancements [2]. - The green petrochemicals segment saw sales of 474,300 tons in Q3 2024, a year-on-year increase of 16.2% and a quarter-on-quarter increase of 39.9%, with revenue of 35.47 billion CNY, reflecting a year-on-year increase of 29.2% [2]. - The new materials segment achieved sales of 66,300 tons in Q3 2024, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 24.2%, generating revenue of 9.76 billion CNY, up 19.2% year-on-year [2]. Future Outlook - The green petrochemicals segment is expected to gradually reduce losses, contributing to the company's ongoing performance recovery. The company has implemented technical upgrades and refined assessments to improve profitability in this segment [2]. - The management's confidence in the company's growth is reflected in the share buyback and stock purchases by executives, totaling 99.769 million CNY [2]. - The company anticipates continued improvement in performance, with projected net profits for 2024-2026 of 9.63 billion CNY, 15.58 billion CNY, and 19.21 billion CNY, respectively, indicating year-on-year growth rates of 204.3%, 61.7%, and 23.3% [2][3].

Summary of Conference Call Company Overview - The conference call was held by Zhima Technology, discussing the company's performance in the first three quarters of the year, highlighting its integrated industrial chain advantages and response to national policies on carbon neutrality and recycling [1][2]. Financial Performance - **Revenue**: The company reported a revenue of 40.4 billion yuan for the first three quarters, representing an 18% year-on-year increase [1]. - **Operating Profit**: The operating profit for the first three quarters was 680 million yuan, with a quarterly profit of 303 million yuan in Q3, showing a 9.7% increase from Q2 [2]. - **Debt Ratio**: The debt-to-asset ratio decreased to 68.9%, down by 2.01 percentage points from the beginning of the year [2]. - **Cash Flow**: The operating cash flow from the beginning of the year to the end of Q3 was 1.467 billion yuan, with a net debt ratio of 2.15 [2]. Segment Performance Modified Plastics - **Sales Volume**: The sales volume of modified plastics reached a historical high of 1.77 million tons in the first three quarters, a 19% increase year-on-year [2]. - **Q3 Performance**: In Q3, the sales volume was 670,000 tons, with a 5% year-on-year increase [2]. - **Profit**: The profit from modified plastics was 1.9 billion yuan, an 11% increase year-on-year [3]. Green Petrochemicals - **Losses**: The green petrochemical segment reported a loss of 2.78 billion yuan in the first three quarters, but this was a reduction in losses by 3.8 billion yuan year-on-year [4]. - **Ningbo and Liaoning Operations**: Ningbo's operations had a loss of 2.78 billion yuan, while Liaoning's operations reported a loss of 1.97 billion yuan in Q3, which was a reduction of 1.38 billion yuan compared to Q2 [6][4]. Market Dynamics - **Demand Growth**: The demand for modified plastics is driven by sectors such as automotive, home appliances, and electronics, with significant growth in the electric vehicle segment [7]. - **Export Opportunities**: The company is capitalizing on export opportunities, particularly in the automotive and electronics sectors, which are experiencing rapid growth [7]. Strategic Initiatives - **International Expansion**: The company is expanding its overseas operations, with new bases in Vietnam, Mexico, Poland, and Spain, expected to contribute to growth by 2025 [3]. - **R&D Investment**: Approximately 4% of revenue is allocated to R&D, supporting innovation and product development [21]. Future Outlook - **Q4 Expectations**: The company anticipates that Q4 will maintain or exceed the performance of Q3, driven by seasonal demand and export orders [16]. - **Long-term Growth**: The management is optimistic about achieving a sales target of 3 million tons for modified plastics in the coming years, with a projected growth rate of 15% to 20% [27][28]. Additional Insights - **Biodegradable Plastics**: The company is investing in biodegradable plastics, with a focus on developing new products to meet market demands [15][26]. - **Market Trends**: The industry is witnessing a consolidation trend, with larger companies gaining market share due to increased quality demands and environmental regulations [27]. This summary encapsulates the key points discussed during the conference call, providing insights into the company's performance, market dynamics, and strategic initiatives.

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 9.12 CNY based on a 24x PE for 2024 [2][3]. Core Views - The petrochemical segment has significantly reduced losses, with a net profit attributable to the parent company of 6.8 billion CNY for the first three quarters of 2024, a year-on-year increase of 41.0%. The third quarter alone saw a net profit of 3.0 billion CNY, marking a staggering year-on-year increase of 1886.4% [1][2]. - The modified plastics business continues to grow, with sales increasing by 11% quarter-on-quarter in Q3. The company has successfully launched its Vietnam base, with a planned capacity of 600,000 tons per year, and is expanding into Poland and Mexico to enhance its global competitiveness [1][2]. - The management expresses strong confidence in long-term performance growth, supported by share buybacks and insider purchases by executives. The company is expected to stabilize its petrochemical segment while continuing to grow its modified plastics and new materials businesses [1][2]. Financial Summary - For 2024, the company forecasts a net profit of 992 million CNY, with projected growth rates of 213.2% and 63.8% for 2025 and 2026, respectively. Revenue is expected to reach 49.25 billion CNY in 2024, with a year-on-year growth of 2.7% [4][6]. - The gross margin for Q3 was reported at 10.8%, reflecting a 2.6 percentage point increase from the previous quarter, despite a significant increase in sales volume [1][4]. - The company’s total revenue for the first three quarters of 2024 was 40.46 billion CNY, with a year-on-year increase of 18.0% [1][4].

Summary of the Conference Call Company Overview - The conference call pertains to Jingfa Technology, a leading company in the modified plastics industry, focusing on the research, production, and sales of new chemical materials [1][5]. Key Financial Highlights - In 2024, the company achieved a record revenue of 60.514 billion yuan, marking a year-on-year increase of 26.23% [6]. - The net profit for 2024 reached 0.825 billion yuan, reflecting a significant year-on-year growth of 160.36% [2][6]. - For Q1 2025, the company reported revenue of 15.666 billion yuan, up 49.06% year-on-year, with a net profit of 0.247 billion yuan, an increase of 138.20% [7]. Business Performance and Market Position - The company maintained its position as the global leader in the modified plastics sector, with a total product sales volume of 4.33 million tons in 2024, representing an 18% increase [2][6]. - The modified plastics segment saw substantial growth, with sales volume reaching 2.5515 million tons in 2024, a 20.78% increase, and revenue of 32.075 billion yuan, up 18.95% [8]. Strategic Initiatives - The company is focusing on innovation-driven growth, enhancing organizational efficiency, and accelerating internationalization [10]. - It is actively pursuing opportunities in emerging markets such as robotics and low-altitude economy, while also deepening its presence in traditional sectors like automotive and consumer electronics [2][8]. Product Development and R&D - The company has a diverse product portfolio, including modified plastics, biodegradable plastics, and specialty engineering plastics, which are widely used across various industries [5]. - As of the end of 2024, the company had filed a total of 6,813 patents and invested 2.5 billion yuan in R&D, receiving a national science and technology progress award [9]. Sustainability and Governance - The company is committed to sustainable practices, having launched a new generation of bio-based carbon LCP materials, becoming the second global supplier to receive ISCC PLUS certification [10]. - It plans to distribute a cash dividend of 0.257 billion yuan and has conducted a stock buyback of 0.369 billion yuan, representing 76% of its net profit [4]. Global Expansion - The company has made significant strides in its global operations, with overseas sales reaching 0.2335 million tons in 2024, a 29.51% increase [3][10]. - New production bases in Vietnam, Spain, Mexico, and Poland are being developed to enhance its global supply chain [10]. Conclusion - Jingfa Technology is well-positioned for future growth, leveraging its innovation capabilities and global presence to capitalize on market opportunities while maintaining a strong commitment to sustainability and shareholder returns [6][10].

Investment Rating - The report maintains a positive investment rating for the company, indicating a favorable outlook [1] Core Views - The company is positioned as a leader in the high-performance new materials sector, particularly in modified plastics, with a comprehensive product portfolio and integrated industrial chain [1][2] - The company's profitability has significantly improved, with a notable increase in both revenue and net profit, signaling a potential reversal in the industry cycle [3][4][6] - The company's core business, modified plastics, continues to grow steadily, supported by increased orders and reduced losses in the green petrochemical sector [7][8] - The company is expanding into emerging fields such as drones and robotics, leveraging its expertise in new materials to open up new growth opportunities [18][20] Financial Performance - In the first three quarters of 2024, the company achieved revenue of RMB 404.6 billion, a year-on-year increase of 18%, with Q3 revenue reaching a record high of RMB 171.2 billion, up 23% YoY [3] - Net profit attributable to shareholders in the first three quarters of 2024 was RMB 683 million, a 41% YoY increase, with Q3 net profit surging 1886% YoY to RMB 303 million [4][6] - The modified plastics segment contributed RMB 223.8 billion in revenue, accounting for 55% of total revenue, with a 15% YoY growth [8] - The company's R&D expenses in the first three quarters of 2024 were RMB 1.6 billion, a 33% YoY increase, with an R&D expense ratio of 4.0%, significantly higher than the sales expense ratio of 1.4% [21][22] Business Segments - The modified plastics segment achieved sales of 67.6 million tons in Q3 2024, generating revenue of RMB 8.5 billion, with a production-to-sales ratio of 99.9% [10][11] - The green petrochemical segment saw reduced losses, with Ningbo Jinhua and Liaoning Jinhua reporting a 30% and 36% reduction in losses, respectively, in H1 2024 [16] - The new materials segment, including fully biodegradable plastics, special engineering plastics, and carbon fiber composites, achieved full production and sales in Q3 2024, with revenue of RMB 980 million [18][19] Emerging Opportunities - The company is developing high-performance carbon fiber composites for drones and low-altitude vehicles, addressing challenges such as corrosion resistance, lightweighting, and high strength [20] - Special engineering plastics are being applied in robotics, particularly in servo motors and connectors, with potential applications in industrial and service robots [20] - The company is exploring the humanoid robotics sector through strategic investments, such as its stake in Yushu Technology [21]

证券代码：600143 证券简称：金发科技 公告编号：2024-080 金发科技股份有限公司 关于召开2024年第三季度业绩说明会的公告 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法律责任。 重要内容提示： 金发科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日发布 公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第 三季度经营成果、财务状况，公司计划于 2024 年 11 月 6 日（星期三）15:00-16:00 在"价值在线"（www.ir-online.cn）举办 2024 年第三季度业绩说明会，与投资 者进行沟通和交流，广泛听取投资者的意见和建议。 一、说明会类型 本次业绩说明会以网络文字互动方式召开，公司将针对 2024 年第三季度的 会议召开时间：2024 年 11 月 6 日（星期三）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn），投资者可访问网址 https://eseb.cn/1iPXHBfMG9q 或使用微信扫描下方小 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥17,117,592,793.08, representing a year-on-year increase of 22.78%[2] - Net profit attributable to shareholders for the same period was ¥303,244,134.98, a significant increase of 1,886.40% compared to the previous year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥285,975,588.02, with a year-to-date increase of 84.29%[2] - The basic earnings per share for Q3 2024 was ¥0.1140, reflecting a year-on-year increase of 1,900.00%[3] - Total operating revenue for the first three quarters of 2024 reached ¥40.46 billion, a 17.8% increase from ¥34.29 billion in the same period of 2023[19] - Net profit for Q3 2024 was CNY 320,567,017.01, a decrease of 16.6% compared to CNY 384,366,338.01 in Q3 2023[21] - The company reported a total profit of CNY 713,371,762.66 for Q3 2024, down from CNY 757,144,736.79 in Q3 2023, reflecting a decline of 5.8%[21] - The company’s total profit for the first three quarters of 2024 was ¥826.47 million, down 51.5% from ¥1.71 billion in the same period of 2023[30] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥64,583,728,078.40, an increase of 4.89% from the end of the previous year[3] - Current assets as of September 30, 2024, totaled ¥26.58 billion, compared to ¥23.29 billion at the end of 2023, indicating a 14.8% growth[17] - Total liabilities as of September 30, 2024, amounted to ¥44.50 billion, compared to ¥43.66 billion at the end of 2023, reflecting a 1.9% increase[18] - The company's total assets reached ¥64.58 billion, up from ¥61.58 billion, marking a 4.9% increase[18] - Non-current liabilities totaled ¥20.84 billion, an increase from ¥20.31 billion, representing a 2.6% rise[18] - The total liabilities increased to 19,108,537,034.42 RMB from 16,816,296,616.81 RMB, reflecting an increase of approximately 17.2%[29] - The total assets reached 33,026,142,075.47 RMB, up from 30,631,303,747.32 RMB, marking an increase of about 7.8%[29] Shareholder Information - The company reported a total of 163,850 common shareholders at the end of the reporting period[8] - The top shareholder, Yuan Zhimin, holds 19.36% of the shares, totaling 510,380,393 shares[8] - The largest shareholder, Yuan Zhimin, holds 510,380,393 shares, representing a significant portion of the company's equity[10] - The second-largest shareholder, Xiong Haitao, holds 122,331,359 shares[10] Share Repurchase and Holdings - The company repurchased a total of 53,247,953 shares, accounting for 2.02% of the total share capital, with a maximum purchase price of RMB 7.68 per share and a minimum of RMB 6.31 per share[15] - The total amount paid for the repurchase was RMB 369,081,670.34, excluding transaction fees[15] - A total of 13 directors, supervisors, and senior management personnel planned to increase their holdings by at least RMB 9.5 million, completing the plan by acquiring 1,475,200 shares, which is 0.06% of the total share capital[15] - The total amount spent on the share increase was RMB 9,976,900, excluding transaction fees[15] - The company has engaged in a share repurchase program with a budget between RMB 300 million and RMB 500 million over a 12-month period[15] - The company has disclosed its commitment to timely information disclosure regarding the progress of its share repurchase[15] Cash Flow and Expenses - The net cash flow from operating activities for the year-to-date period was ¥1,466,749,760.83, showing a decrease of 53.11%[3] - Operating cash flow for the first nine months of 2024 was CNY 1,466,749,760.83, a decrease of 53.2% from CNY 3,127,837,532.02 in the same period of 2023[25] - Cash flow from operating activities was ¥2.39 billion, a decrease of 34.5% compared to ¥3.65 billion in the same period of 2023[32] - The company incurred financial expenses of ¥251.66 million, a decrease of 20.4% from ¥316.19 million in the previous year[30] - Financial expenses for Q3 2024 were CNY 915,530,299.54, an increase of 17.4% compared to CNY 779,839,359.41 in Q3 2023[21] Research and Development - Research and development expenses for Q3 2024 were CNY 1,601,005,346.41, an increase of 33.4% from CNY 1,200,401,699.67 in Q3 2023[21] - Research and development expenses increased to ¥477.41 million, up 9.3% from ¥436.81 million in the previous year[30]

证券代码：600143 证券简称：金发科技 公告编号：2024-079 金发科技股份有限公司 关于 2024 年第三季度计提资产减值准备的公告 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法律责任。 重要内容提示: 截至本公告披露日，金发科技股份有限公司（以下简称"公司"）2024 年第 三季度计提各项资产减值准备合计 8,787.35 万元。 一、本次计提资产减值准备情况概述 （一）本次计提资产减值准备的原因 根据《企业会计准则第 22 号—金融工具确认和计量》《企业会计准则第 1 号—存货》《企业会计准则第 8 号—资产减值》《上海证券交易所股票上市规则》 等相关规定，为真实、准确、公允地反映公司财务状况、资产价值及经营成果， 基于谨慎性原则，公司对截至 2024 年 9 月 30 日合并报表中主要资产进行了减值 测试，对合并报表范围内可能发生资产减值损失的有关资产计提相应减值准备。 （二）本次计提资产减值准备的资产范围及金额 1 / 3 单位：人民币元 项目 本期发生额 信用减值损失 应收票据坏账损失 184,579.85 应收 ...

证券代码：600143 证券简称：金发科技 公告编号：2024-078 金发科技股份有限公司 2024 年第三季度主要经营数据公告 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法律责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第3号——行 业信息披露》有关规定和披露要求，金发科技股份有限公司（以下简称"公 司"）将2024年第三季度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 产量（2024 | 年 | 月、 7-9 | 销量（2024 | 年 7-9 | 月、 | 营业收入（2024 | 年 | 7- | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 万吨） | | | 万吨） | | 9 月、万元） | | | | 改性塑料产品 | | | 67.69 | | | 67.64 | | 849,703.29 | | | 绿色石化产品 | | | 49.76 | | | 47.43 | | 35 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [6][12][8]. Core Viewpoints - The company is a leading player in the modified plastics sector, with significant growth potential driven by technological advancements and market demand. The report highlights the company's strategic focus on expanding its modified plastics, improving its green petrochemical operations, and growing its new materials business [3][4][5][6]. Summary by Sections Company Overview - The company, Jinfa Technology, is one of the most comprehensive enterprises in the global chemical new materials industry, focusing on modified plastics, green petrochemicals, new materials, and healthcare [2][22]. Modified Plastics Growth - The modified plastics sector is experiencing continuous growth, supported by advancements in automotive, home appliances, electronics, and new energy industries. The current modification rate in China is only 23%, significantly lower than the global average of 50%, indicating substantial growth potential [3][39]. - The company aims to achieve a sales target of 3 million tons of modified plastics and increase the proportion of engineering plastics to 30% as part of its "333 strategy" [3][4]. Green Petrochemicals - The green petrochemical segment has faced losses due to industry downturns and operational challenges, with a reported loss of 1.884 billion yuan in 2023. However, the company is implementing multi-faceted measures to reduce losses, showing early signs of improvement in 2024 [4][5][6]. New Materials Expansion - The company is actively expanding its new materials business, which includes special engineering plastics, fully biodegradable materials, and high-performance carbon fibers. The demand for these materials is growing rapidly due to their superior performance and increasing environmental awareness [5][24]. Financial Forecast and Valuation - The company is expected to see revenue growth from 55.22 billion yuan in 2024 to 71.53 billion yuan in 2026, with net profits projected to rise from 970 million yuan to 2.11 billion yuan over the same period. The current price-to-earnings ratios are 22.94, 13.95, and 10.57 for the years 2024, 2025, and 2026, respectively [6][12][11].