2024年11月9日上午，华福证券广州东风中路证券营业部携手投资者共同前往上交所上市公司——金发 科技（600143）进行实地参观和调研活动。 金发科技成立于1993年，于2004年上市，是一家主营高性能改性塑料研发、生产和销售的高科技上市公 司。 活动期间，金发科技孵化器董事长兼总经理余启生一行接待了投资者一行，并带领投资者实地参观上市 公司，介绍公司的基本概况、市场领域以及在行业中的竞争优势等情况。 投资者表示收获颇丰，对公司的投资价值和市场前景有了更加明确的判断，对自身的投资决策更有信 心。 华福证券广州东风中路证券营业部将继续与上市公司携手合作，持续开展投资者教育活动，继续做好投 资者和上市公司的沟通维护工作，助力投资者更好地理解市场动态和企业价值，更好地贯彻理性投资和 价值投资的理念，助力资本市场高质量发展。 ...

证券代码：600143 证券简称：金发科技 公告编号：2024-082 （二）内部决策程序审批情况 1 / 5 重要内容提示: 一、担保情况概述 （一）担保情况 2024 年 11 月 11 日，因金发科技股份有限公司（以下简称"公司"）控股 子公司辽宁金发科技有限公司（以下简称"辽宁金发"或"债务人"）向银行申 请融资、结算事宜，公司与大连银行股份有限公司沙河口支行（以下简称"大连 银行"或"债权人"）签订了《最高额保证合同》，为辽宁金发提供连带责任保 证，被担保主债权的本金最高限额为人民币 5 亿元。 金发科技股份有限公司 辽宁金发的其他股东未按认缴出资比例向辽宁金发提供担保，上述担保无反 担保。 关于为控股子公司提供担保的进展公告 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。 被担保人：辽宁金发科技有限公司 本次担保是否为关联担保：否 本次担保金额：人民币 5 亿元 已实际为被担保人提供的担保余额：人民币 53.12 亿元（含本次担保） 本次担保是否有反担保：无 对外担保逾期的累计数量：无 特别风险提示：截至 2024 ...

Group 1: Company Performance and Strategy - The company achieved its highest quarterly revenue ever in Q3 2023, with a year-on-year increase of 22.78% [2] - The management expenses increased by 4.61% year-on-year and saw a significant rise of 33.35% quarter-on-quarter due to rapid revenue growth [5] - The company plans to continue enhancing its market share in modified plastics, specialty engineering plastics, and biodegradable materials [1] Group 2: Business Segments and Market Position - The sales proportion of specialized materials from Liaoning Jinfa has reached approximately 50%, with higher prices compared to general materials [3] - The company has established a national key laboratory for the efficient development and high-quality utilization of waste plastics, positioning itself early in the circular economy sector [2] - The company has achieved sales of about 200,000 tons of environmentally friendly high-performance recycled plastics in the first three quarters of 2023 [2] Group 3: Future Outlook and Innovations - The company is actively developing high-performance products in the medical sector, including NC membranes and flash-spun non-woven fabrics [4] - The company is focusing on digital transformation to enhance operational efficiency and has implemented big data modeling on some production lines [3] - The company is monitoring the low-altitude economy and is developing materials suitable for drones and flying cars [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [16]. Core Insights - The company's Q3 2024 performance exceeded expectations, with revenue and net profit both showing significant growth. The total revenue for the first three quarters of 2024 reached 40.465 billion, a year-on-year increase of 18.01%, while the net profit attributable to shareholders was 683 million, up 41.02% year-on-year [1][2]. - The improvement in profitability is attributed to strong sales growth in the company's main products and a reduction in losses in the green petrochemical segment, which positively impacted overall performance [2]. - The company is experiencing a robust increase in sales volume and revenue in its modified plastics segment, with Q3 2024 revenue from this segment reaching 8.497 billion, a 5.48% increase year-on-year [4]. Financial Summary - For 2024, the company is projected to achieve revenues of 55.665 billion, 63.071 billion in 2025, and 69.503 billion in 2026, with corresponding net profits of 972 million, 1.557 billion, and 2.274 billion respectively [8]. - The earnings per share (EPS) are expected to be 0.36, 0.58, and 0.85 for the years 2024, 2025, and 2026 respectively, with current price-to-earnings (P/E) ratios of 20.6, 12.8, and 8.8 [8]. - The company's cash flow from operating activities for the first three quarters of 2024 was 1.467 billion, a decrease of 53.11% year-on-year, primarily due to increased inventory levels to ensure stable production [3]. Segment Performance - The green petrochemical products segment saw production of 497,600 tons in Q3 2024, a 5.33% increase year-on-year, with sales volume increasing by 16.19% [4]. - The average selling price for green petrochemical products was 7,477.53 per ton, reflecting an 11.03% year-on-year increase [4]. - The modified plastics segment also showed resilience, with production and sales reaching historical highs, supported by the company's competitive advantages in providing comprehensive solutions and global services [4][7]. Emerging Opportunities - The company is actively expanding into emerging fields such as flying cars, drones, and robotics, with new materials expected to contribute significantly to future growth [7]. - The development of lightweight, high-strength materials for flying cars and drones is underway, addressing key technical challenges and expanding market applications [7].

Financial Performance - The company's revenue for the first three quarters of 2024 reached CNY 40.465 billion, representing a year-on-year increase of 18.01% [1] - The net profit attributable to shareholders for the same period was CNY 683 million, up 41.02% year-on-year [1] - In Q3 2024, the net profit attributable to shareholders was CNY 303 million, showing a remarkable year-on-year growth of 1886.40% [1] Business Segments - The growth in revenue was primarily driven by the increase in market share of modified plastics and new materials, with modified plastics sales rising by 19% year-on-year [3] - The green petrochemical segment saw a 16.19% year-on-year increase in product sales in Q3, with a 39.91% increase compared to Q2 [3] Operational Efficiency - The company's operating cash flow for the first three quarters was CNY 1.467 billion, with a net cash ratio of 2.15 [1] - As of the end of September 2024, the company's debt-to-asset ratio was 68.90%, a decrease of 2.01 percentage points from the beginning of the year [1] Strategic Initiatives - The company is focusing on enhancing its integrated supply chain advantages and responding to the national "dual carbon" strategy [1] - Plans to increase R&D investment and develop new product grades in the biobased materials sector were discussed, with a relatively lower investment scale compared to previous green petrochemical projects [3] Future Outlook - The company aims to further improve operational efficiency and reduce losses in the fourth quarter by enhancing profitability in modified plastics and new materials [4]

金发科技股份有限公司 关于以集中竞价交易方式回购股份进展公告 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： | 回购方案首次披露日 | 2024/7/29 | | --- | --- | | 回购方案实施期限 | 自董事会审议通过本次回购方案之日起 12 个月内 | | 预计回购金额 | 亿元~5 亿元 3 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 万股 5,324.80 | | 累计已回购股数占总股本比例 | 2.02% | | 累计已回购金额 | 36,908.17 万元 | | 实际回购价格区间 | 6.31 元/股~7.68 元/股 | 一、 回购股份的基本情况 证券代码：600143 证券简称：金发科技 公告编号：2024-081 金发科技股份有限公司（以下简称"公司"）于 2024 年 7 月 27 日召开公司第 八届董事会第五次（临时）会议审议通过了《关于以集中竞价交易 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's Q3 earnings improved year-on-year, driven by increased orders in the modified plastics segment and a reduction in losses in the green petrochemical segment [3][4] - The company is advancing its integrated layout, with new material projects set to commence production soon, enhancing its competitive edge [4][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 40.46 billion, a year-on-year increase of 18.0%, and a net profit attributable to shareholders of 680 million, up 41.0% year-on-year [2] - In Q3 2024, the company reported revenue of 17.12 billion, a year-on-year increase of 22.8% and a quarter-on-quarter increase of 33.3% [3] - The net profit attributable to shareholders in Q3 2024 was 300 million, a significant year-on-year increase of 1886.4% [3] - The operating cash flow for Q3 2024 was 70 million [3] Segment Performance - The modified plastics segment generated sales revenue of 8.50 billion, with a year-on-year increase of 8% and a quarter-on-quarter increase of 5% [3] - The new materials segment achieved sales revenue of 980 million, up 19% year-on-year and 9% quarter-on-quarter, with notable growth in biodegradable plastics [3] - The green petrochemical segment reported revenue of 3.55 billion, a year-on-year increase of 29% and a quarter-on-quarter increase of 39% [3] Future Earnings Forecast - Projected revenues for 2024, 2025, and 2026 are 56.76 billion, 64.61 billion, and 73.73 billion respectively, with net profits expected to be 1.01 billion, 1.52 billion, and 2.16 billion [6][11] - The company is expected to maintain a leading position in the modified plastics industry, with an anticipated improvement in overall gross margins following the integration of its Ningbo and Liaoning projects [6]

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].