证券代码：600378 证券简称：昊华科技 公告编号：2024-031 昊华化工科技集团股份有限公司 关于 2023 年年度股东大会增加临时提案的公告 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。 一、 股东大会有关情况 1. 股东大会的类型和届次： 2023 年年度股东大会 3. 股权登记日 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 600378 | 昊华科技 | 2024/5/13 | 二、 增加临时提案的情况说明 1. 提案人：中国昊华化工集团股份有限公司 2. 提案程序说明 公司已于 2024 年 4 月 30 日公告了股东大会召开通知，持有公司 64.75%股 份的股东中国昊华化工集团股份有限公司，在 2024 年 5 月 10 日提出临时提案 并书面提交股东大会召集人。股东大会召集人按照《上市公司股东大会规则》有 关规定，现予以公告。 3. 临时提案的具体内容 鉴于公司第八届董事会第十五次会议已审议通过《关于审议不调整公司发行 ...

证券研究报告 公 2024年05月10日 司 报 告 昊华科技(600378) │ 行 业： 基础化工/化学制品 公 投资评级： 买入（维持） 司 当前价格： 32.88元 价格下滑致业绩承压，高端氟材+制冷剂并进 年 目标价格： 37.49元 报 点 事件： 评 基本数据 4月29日，公司发布2023年年报，2023年公司实现营业收入78.52亿元， 总股本/流通股本(百万股) 911.47/903.95 同比下滑 13%；实现归母净利润 9.00 亿元，同比下滑 23%，扣非后归母净 流通A股市值(百万元) 29,721.77 利润8.11亿元，同比下滑16%；实现基本每股收益0.99元/股。 每股净资产(元) 9.52 公司发布2024年一季报，2024年Q1公司实现营业收入16.13亿元，同比 资产负债率(%) 44.42 下滑22%，环比增加2%；归母净利润1.37亿元，同比下滑40%，环比下滑 一年内最高/最低(元) 40.80/23.51 36%；销售净利率8.50%，同比下滑2.56pct，环比下滑5.00pct。  供需矛盾加剧，产品价格下滑致业绩承压 股价相对走势 公司23年业绩承压，主 ...

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 31.70 CNY [1] Core Views - The company's performance is under pressure due to the decline in prices of fluorinated materials, and attention should be paid to capacity construction and asset acquisition progress [1][4] - The company reported a revenue of 7.852 billion CNY in 2023, a decrease of 13.40% year-on-year, and a net profit of 900 million CNY, down 22.76% year-on-year [3][6] - The company is actively pursuing capacity expansion and has plans to acquire 100% of Sinochem Blue Sky to enhance its fluorochemical industry chain [5][6] Financial Performance - In Q4 2023, the company achieved a revenue of 1.579 billion CNY, a year-on-year decrease of 39.27% and a quarter-on-quarter decrease of 19.86% [3] - For Q1 2024, the company reported a revenue of 1.613 billion CNY, down 21.62% year-on-year but up 2.17% quarter-on-quarter [3] - The average selling prices of PTFE resin, fluororubber, and fluorinated gases decreased by 13.4%, 44.4%, and 5.4% respectively in 2023 [4] Capacity Expansion and Strategic Moves - The company is advancing its capacity construction with existing capacities of 30,000 tons/year for fluororesin and 5,500 tons/year for fluororubber [5] - A new 4,600 tons/year electronic gas project has been completed and is in operation, positioning the company among the leaders in domestic fluorinated electronic gases [5] - The acquisition of Sinochem Blue Sky is valued at approximately 7.244 billion CNY, which will enhance the company's product lines and overall competitiveness in the fluorochemical sector [5][6] Profit Forecast and Valuation - The profit forecast for 2024-2026 has been adjusted downward due to the decline in product prices, with expected net profits of 1.039 billion CNY, 1.174 billion CNY, and 1.299 billion CNY respectively [6][7] - The report indicates a projected revenue growth rate of 10.44% for 2024, following a decline of 13.40% in 2023 [7]

公 司 研 究 昊华科技（600378.SH）：业绩短期 2024年5月7日 强烈推荐/维持 承压，重点项目有序推进 东 昊华科技 公司报告 兴 证 券 昊华科技发布2023年年报及2024年1季报：公司2023年实现营业收入78.52 公司简介： 股 亿元，YoY-13.40%，归母净利润9.00亿元，YoY-22.76%。公司拟每10股派 2018年至2019年公司资产重组完成后，公 份 发现金红利3.46元（含税）。公司2024年1季度实现营业收入16.13亿元， 司的资产规模和盈利规模显著提升，形成了 有 多领域的“高技术产品+技术服务”多维协 YoY-21.62%，归母净利润1.37亿元，YoY-39.87%。 限 同的业务模式，打造以氟化工为核心业务， 公 主要产品价格持续下行，导致盈利水平下滑。2023 年，公司主要产品受到行 同时发展特种气体、特种橡塑制品等成长产 司 业及供需情况的影响，价格有不同程度的下降，其中，氟橡胶受到原料端价格 业的立体化产业结构。公司主要业务包括五 大板块，即氟材料、特种气体、特种橡塑制 证 低位、需求端未有提振等因素影响，价格同比下降较多，YOY-44.35%；其 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 氟化工及制冷剂 ＃investSuggestion＃ ＃ ＃d昊yCo华mpa科ny＃技 （ 600378 ） investSug 增持 ( 维ges持tionC）h 600378 ＃title＃ 氟材料跌价致收入下滑，并购中化蓝天有序推进 ange＃ ＃createTime1＃ 2024 年05 月06日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry：＃公司2023年实现营收78.52亿元（yoy-13.40%），归母净利润9.00亿 市场数据日期 2024-04-30 元（yoy-22.76%），扣非归母净利润8.11亿元（yoy-15.86%）。其中2023Q4 收盘价（元） 31.09 单季度营收15.79亿元（yoy-39.27%，qoq-19.86%），归母净利润2.13亿元 总股本（百万股） 911.47 （yoy-47.81%，qoq+15.97%），扣非归母净利润 1.34 亿元（yoy-37.34%， 流通股本（百万股） 903.95 qoq-25.16%）。公司2024Q1营收16.13亿元（yoy-2 ...

上 市 公 司 基础化工 2024 年05月 05 日 昊华科技 (600378) 公 司 研 究 —— 24Q1 业绩短期承压，项目建设稳步推进 公 司 点 报告原因：有业绩公布需要点评 评 投资要点： 增持 （维持）  公司发布 2023 年报：报告期内，公司实现营收 78.52 亿元（YoY-13%），实现归母净利润 9.00 亿元 （YoY-23%），扣非归母净利润8.11亿元（YoY-16%）。其中，23Q4单季度实现营收15.79亿元（YoY-41%， QoQ-20%），实现归母净利润2.13亿元（YoY-48%，QoQ+16%），扣非归母净利润1.34亿元（YoY-37%， QoQ-25%），单季度销售毛利率33.06%，同、环比分别变动+12.84pct、+7.00pct，净利率13.50%，同、 证 市场数据： 2024年04月30日 环比分别变动-1.83pct、+4.15pct。费用方面，23Q4 销售、管理费用环比增长 0.22、0.94 亿元，研发费 券 用环比增长0.47亿元。此外，23Q4资产处置收益0.46亿元，资产减值损失0.47亿元，其他收益1.80亿 收盘价（元） 31 ...

1、公司概况与战略定位 来，公司业务进行了梳理，明确了成为创新型世界一流先进化工材料解决方案提 供商的战略定位。 2、经营情况与财务数据 年，由于化工行业整体景气下行，公司营业收入下降 13.4%，净利润下降 22.76%， 但毛利率相比去年同期提升了 2.17 个百分点。 2024 年一季度，公司面临基数高和行业下行的双重压力，但主营业务毛利率仍有 明显提升，显示出公司发展的韧性。 3、项目进展与未来规划 公司的春风项目已获得上交所并购重组委无条件审核通过，中化蓝天的数据更新 后已报至交易所，预计证监会注册后将进行交割。 公司在高端核材料、电子化学品、高端制造化工材料及碳减排等板块有项目建设 和布局，部分项目计划于年底前建成或已建设完成，预计今年投产。 对于 2024 年，公司给出了营业收入 83.4 亿，净利润 9.81 亿的预算指引，并将 围绕该目标进行卓越运营提质增效。 4、产品价格与市场情况 2023 年，由于化工行业整体价格下滑，公司主要产品价格普遍下降，但管理层已 采取措施应对，包括调整产品结构和优化装置运行。 特种涂料产品价格表现亮眼，一季度均价约 5 万元，较去年均价 4 万元有所提升， 主 ...

1、公司概况与战略定位 ·公司拥有13家所属企业，其中12家为科技型企业，自2018年重大资产重组以 来，公司业务进行了梳理，明确了成为创新型世界一流先进化工材料解决方案提 供商的战略定位。 2、经营情况与财务数据 ·从2018年至2022年，昊华科技的收入和利润保持了22%以上的复合增长率。2023 年，由于化工行业整体景气下行，公司营业收入下降13.4%，净利润下降22.76%， 但毛利率相比去年同期提升了2.17个百分点。 ·2024年一季度，公司面临基数高和行业下行的双重压力，但主营业务毛利率仍有 明显提升，显示出公司发展的韧性。 3、项目进展与未来规划 ·公司的春风项目已获得上交所并购重组委无条件审核通过，中化蓝天的数据更新 后已报至交易所，预计证监会注册后将进行交割。 ·公司在高端核材料、电子化学品、高端制造化工材料及碳减排等板块有项目建设 和布局，部分项自计划于年底前建成或已建设完成，预计今年投产。 ·对于2024年，公司给出了营业收入83.4亿，净利润9.81亿的预算指引，并将 围绕该目标进行卓越运营提质增效。 4、产品价格与市场情况 ·2023年，由于化工行业整体价格下滑，公司主要产品价格普 ...

Financial Performance - The net profit attributable to shareholders for 2023 is CNY 899,813,205.41, with a proposed cash dividend of CNY 3.46 per 10 shares, totaling CNY 315,369,937.22, representing 35.05% of the net profit[3]. - The cumulative distributable profit for the parent company as of December 31, 2023, is CNY 253,630,317.24[3]. - The company's operating revenue for 2023 was CNY 7,852,379,380.79, a decrease of 13.40% compared to CNY 9,067,529,684.27 in 2022[17]. - The net profit attributable to shareholders for 2023 was CNY 899,813,205.41, down 22.76% from CNY 1,164,978,276.05 in the previous year[17]. - The basic earnings per share for 2023 was CNY 0.9902, reflecting a decrease of 23.08% from CNY 1.2873 in 2022[18]. - The weighted average return on equity decreased to 10.81% in 2023, down 4.35 percentage points from 15.16% in 2022[18]. - The total assets at the end of 2023 were CNY 15,761,660,575.39, an increase of 2.16% from CNY 15,428,065,766.03 at the end of 2022[17]. - The net cash flow from operating activities increased by 9.91% to CNY 1,092,315,975.42 in 2023, compared to CNY 993,840,073.13 in 2022[17]. - The company reported a total of CNY 50,239,333.22 in gains from the disposal of non-current assets in 2023[21]. - The company received government subsidies amounting to CNY 58,238,033.57 in 2023, significantly higher than CNY 5,684,777.90 in 2022[21]. Risk Management - The company has confirmed that there are no significant risks affecting its production and operations during the reporting period[6]. - The company has outlined various risks and corresponding measures in the management discussion and analysis section[6]. - The company emphasizes the importance of risk awareness regarding future plans and development strategies[4]. - The overall safety situation of the company remains stable, with strengthened HSE management and emergency response capabilities[32]. - The company acknowledges market volatility risks and plans to adjust its strategies accordingly to maintain revenue and profit stability[132]. - The company has implemented the FORUS system to enhance risk management and reduce safety and environmental risks, focusing on identifying and addressing major accident hazards[135]. Operational Efficiency - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties[5]. - The company has implemented 190 quality improvement and efficiency enhancement measures, resulting in an additional profit of 140 million yuan, exceeding the planned target by 14.1%[28]. - The company saved procurement costs of 113 million yuan through optimized procurement strategies and established a unified supplier management system[28]. - The company has established a dynamic management approach for accounts receivable, including various collection methods, and has integrated collection efforts into performance assessments to mitigate bad debt losses[136]. - The company is focusing on enhancing its engineering technology business competitiveness through the integration of Southwest Institute and Dalian Institute[31]. - The company is focusing on technological innovation and process optimization to enhance production efficiency and profitability in the specialty coatings sector[43]. Research and Development - In 2023, the company achieved operating revenue of 7.852 billion yuan and a net profit of 900 million yuan, with a research and development investment intensity of 8.21%[25]. - The company has undertaken over 40 major national and provincial organic fluorine technology projects, showcasing its strong research capabilities[46]. - The company has successfully developed and commercialized several key technologies, including domestic production of special-purpose peroxide sulfurized fluororubber raw materials and large-scale methanol catalysts[29][30]. - The company has established a comprehensive technology development platform for electronic gases, addressing key technical bottlenecks in the production process[60]. - The company has applied for 322 patents, including 245 invention patents, with several patent achievements receiving awards[96]. - The company is actively involved in the development of new technologies, including environmentally friendly alternative organic fluorocarbon electronic gas preparation technology, which has achieved key process breakthroughs[96]. Governance and Compliance - The board of directors and senior management have ensured the accuracy and completeness of the annual report[2]. - The company has revised its governance documents and strengthened the role of independent directors and specialized committees to improve oversight and decision-making effectiveness[140]. - The company disclosed 4 regular reports and 74 temporary announcements during the reporting period, adhering to principles of transparency and timely communication with investors[141]. - The company is committed to continuous improvement in governance practices and compliance with regulatory requirements to protect shareholder interests[142]. - The company has established a long-term mechanism to enhance governance levels and promote sustainable development[142]. - The company has implemented a fixed remuneration system for independent directors[164]. Market and Industry Trends - The domestic petrochemical industry saw a revenue decline of 1.1% year-on-year, with total profits down by 20.7%, indicating a challenging market environment[26]. - The global semiconductor industry sales totaled $526.8 billion in 2023, a year-on-year decline of 8.2%, while China's semiconductor sales decreased by 14% to $155.1 billion[39]. - The global specialty paint and coatings market is expected to grow from ¥133.91 billion in 2023 to ¥171.62 billion by 2029, with a CAGR of 4.25%[43]. - The company is positioned to benefit from national policies aimed at enhancing the capabilities of specialized chemicals and new materials, which are expected to drive growth in the sector[87]. - The company is expanding its market presence in high-end chemical materials and specialized chemicals, as indicated by recent government policies promoting innovation and quality[88]. Employee and Talent Management - The company has implemented a talent development mechanism to support high-quality development, including a three-tier reserve system for young management talents[33]. - The company has established a training plan focused on capability enhancement, with a structured approach to track and implement training needs across departments[184]. - The total number of employees at the parent company and major subsidiaries is 7,728, with 3,703 in production, 3,520 in technical roles, and 1,009 holding master's degrees or higher[181][182]. - The company has maintained a stable leadership team with no changes in shareholding for key executives during the reporting period[150]. Future Outlook - The company aims to achieve operating revenue of 8.34 billion CNY and a net profit of 981 million CNY in 2024[125]. - The company plans to strengthen its technological innovation capabilities by accelerating the cultivation of original technologies and enhancing collaboration with research institutions[126]. - The company is committed to accelerating the transformation and industrialization of technological achievements, particularly in high-end applications such as electronic information and hydrogen energy[126]. - The company is focused on achieving "zero" incidents in safety and environmental management through rigorous accountability and digital systems[130]. - The company remains optimistic about future growth, with a focus on sustainability and innovation in its business model[153].

北京市通商律师事务所 关于昊华化工科技集团股份有限公司 发行股份购买资产并募集配套资金暨关联交易的 补充法律意见书（三） 二〇二四年四月 | 第一部分 相关事项的补充核查 5 | | --- | | 一、本次重大资产重组方案 5 | | 二、本次重大资产重组相关各方的主体资格 5 | | 三、本次重大资产重组的相关协议 6 | | 四、本次重大资产重组的批准和授权 7 | | 五、本次重大资产重组的交易标的情况 8 | | 六、本次重大资产重组涉及的债权债务处理及职工安置 28 | | 七、关联交易与同业竞争 28 | | 八、信息披露 29 | | 九、关于股票买卖情况的自查 30 | | 十、本次重大资产重组的实质性条件 30 | | 十一、参与本次交易的证券服务机构的资质 30 | | 十二、结论意见 31 | | 第二部分 《问询函》相关事项回复的补充更新 33 | | 一、问题 6 33 | | 二、问题 7.2 44 | | 附件一：中化蓝天及其境内子公司主要业务资质清单 60 | | 附件二：中化蓝天境内子公司清单 79 | | 附件三：中化蓝天及其境内子公司主要自有不动产清单 80 | | 附 ...