[Table_Title] 盛和资源（600392.SH） [Table_Summary] 核心观点： 元/股，对应最新收盘价的 PE 分别为 46.2/30.4/24.7 倍。稀土产业链 经历了 Q1 去库以后，价格有所企稳，后市预计易涨难跌，考虑公司参 股的海外稀土矿预期投产后，投资收益有望赋予公司资源股属性，我们 认为给予公司 24 年 2.5 倍 PB 估值较为合理，对应公司合理价值为 13.61 元/股，维持公司"买入"评级。 风险提示。供给超预期、需求不及预期风险；海外项目运营风险。 | --- | --- | --- | --- | --- | --- | |----------------------------------------------|-------|--------|--------|-------|-------| | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 16758 | 17877 | 14317 | 16687 | 18109 | | 增长率（ % ） | 57.9% ...

Business Goals and Financial Performance - The company aims to achieve a dual business layout domestically and internationally by 2025, with a revenue target of 20 billion RMB in 2023, 24 billion RMB in 2024, and 30 billion RMB in 2025[2]. - In 2023, the company reported a revenue of 1,787,744,670 RMB, a year-on-year increase of 6.68%, while net profit attributable to shareholders decreased by 79.12% to 332,737,700 RMB[12]. - The company plans to achieve an annual revenue of 24 billion RMB in 2024, although this target is subject to market supply and demand uncertainties[57]. - The company reported a revenue increase of 15% year-over-year, reaching 1.2 billion yuan in the last quarter[120]. - The company provided a future outlook with a revenue guidance of 1.5 billion yuan for the next quarter, representing a 25% increase compared to the current quarter[122]. Production and Capacity - The company’s rare earth processing capacity is projected to exceed 60,000 tons per year, with metal processing capacity reaching 30,000 tons per year by 2025[2]. - The company’s sales volume for rare earth oxides increased by 63.64% year-on-year, while sales volume for rare earth salts rose by 42.88%[16]. - The company invested 4,101.98 million CNY in the annual production project for 12,000 tons of rare earth metals and alloys, with the first phase already in production[33]. - The company will advance projects including 3,300 tons of rare earth oxide production in 2024, 3,000 tons/year of fluorine new materials, and 6,000 tons of rare earth metal alloys[71]. Research and Development - The company has achieved significant advancements in technology, with 55 new patents granted in the year, including 28 invention patents and 3 foreign patents, bringing the total to over 300 patents[4]. - The company’s research and development expenses increased due to higher labor costs allocated to R&D activities[12]. - The company is focusing on enhancing its research and development capabilities to drive future growth[116]. - The company is investing 100 million yuan in R&D for new technologies to improve production efficiency by 15%[120]. Cost Management and Financials - The company’s cost of direct materials accounted for 41.22% of total costs, reflecting a year-on-year increase of 19.42%[16]. - The total operating cost for rare earth oxides was 5,928,365,533.66 CNY, accounting for 34.87% of total costs, a 69.67% increase compared to the previous year[18]. - The operating cost for rare earth metals reached 8,617,920,730.81 CNY, representing 50.68% of total costs, with a year-on-year increase of 19.41%[18]. - The gross margin improved to 35%, up from 30% in the previous year, reflecting better cost management[121]. Governance and Management - The company has a diverse board of directors with members holding various significant positions in other organizations, enhancing its governance structure[90]. - The company has committed to avoiding competition with its controlling shareholder and ensuring fair and just related transactions in the future[82]. - The company has established a commitment to reduce and standardize related transactions with its controlling shareholder to ensure fairness[82]. - The company has not reported any significant differences in governance compared to regulations set by the China Securities Regulatory Commission[82]. - The company has a robust employee incentive mechanism in place, linking performance pay to both company performance and individual contributions[188]. Environmental Responsibility - The company has implemented necessary environmental protection measures and has not experienced any environmental pollution incidents[74]. - The company has acknowledged potential environmental pollution risks associated with its operations, including wastewater and noise[104]. - The company invested 18.79 million yuan in environmental protection during the reporting period[195]. - The company achieved compliance with emission standards for major pollutants, including SO2, NOX, and COD[198]. Market Expansion and Strategic Initiatives - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by the end of the fiscal year[121]. - A strategic acquisition of a competitor was announced, valued at 500 million yuan, aimed at enhancing production capabilities[122]. - The company is exploring potential mergers and acquisitions to strengthen its market position[116]. Employee and Director Information - The total number of employees across the parent company and major subsidiaries is 2,235, with 1,459 in production roles and 332 in technical positions[139]. - The total remuneration for current directors, supervisors, and senior management during the reporting period amounted to 116,780,440 shares, with an average of 1,161.55 shares per person[88]. - The actual remuneration paid to directors, supervisors, and senior management during the reporting period amounted to 11.6155 million CNY[149].

Environmental Initiatives - The company completed the transfer of all outdoor tailings by September 22, 2023, eliminating general solid waste pollution sources in the factory area[5]. - In Q4, the company reported organized emissions of particulate matter at 0.1766 tons and fluoride emissions at 0.0118 tons[6]. - The company achieved a reduction of 1,265.9 tons of carbon dioxide equivalent emissions through the implementation of clean energy projects, including a 4.49 MW photovoltaic project that generated 221.97 million kWh in 2023[13]. - The company has not experienced any safety or environmental complaints since its establishment and has not had any major safety or environmental incidents[8]. - The company has established pollution control facilities for various sources, all of which are reported to be operating normally[9]. - The company has completed the environmental protection process for tail gas treatment, achieving a 99.95% recovery rate of particulate matter[7]. - The company plans to implement new sustainability initiatives, aiming for a 50% reduction in carbon emissions by 2025[42]. - The company emphasizes its commitment to ESG (Environmental, Social, and Governance) initiatives as part of its development vision[117]. - The company is aligned with national policies on carbon neutrality, adjusting its energy structure to increase the proportion of clean energy used[141]. Financial Performance - The total revenue for the company reached 116.78 million, with a year-on-year growth of 1,161.55%[23]. - The company reported a significant increase in revenue, achieving a total of $1.2 billion for the fiscal year, representing a 15% year-over-year growth[27]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in the last fiscal year, representing a growth of 20% year-over-year[42]. - The company's operating revenue for 2023 was CNY 17,877,446,725.09, an increase of 6.68% compared to CNY 16,757,927,013.46 in 2022[84]. - The net profit attributable to shareholders for 2023 decreased by 79.12% to CNY 332,737,733.12 from CNY 1,593,477,779.58 in 2022[84]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 269,717,576.02, down 82.7% from CNY 1,559,107,384.58 in the previous year[84]. - The net cash flow from operating activities for 2023 was CNY 390,856,768.17, a decrease of 23.46% compared to CNY 510,638,399.16 in 2022[84]. - The company's total assets at the end of 2023 were CNY 15,325,764,939.65, a decrease of 1.38% from CNY 15,540,961,184.43 at the end of 2022[84]. - The net assets attributable to shareholders decreased by 2.46% to CNY 9,018,779,388.72 from CNY 9,245,904,640.48 at the end of 2022[84]. - The basic earnings per share for 2023 were CNY 0.1898, down 79.12% from CNY 0.9091 in 2022[103]. - The diluted earnings per share for 2023 were also CNY 0.1898, reflecting the same percentage decrease as basic earnings[103]. - The weighted average return on net assets for 2023 decreased by 12.26 percentage points to 3.56% from 15.82% in 2022[103]. Market Expansion and Product Development - The company plans to expand its market presence and is focusing on new product development and technological advancements[24]. - User data showed a 25% increase in active users, reaching 5 million by the end of the year[27]. - The company provided guidance for the next fiscal year, projecting revenue growth of 10% to 12%[27]. - New product launches included two innovative technologies aimed at enhancing operational efficiency, expected to contribute an additional $200 million in revenue[27]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share within the next three years[27]. - A strategic acquisition was completed, adding $150 million in annual revenue and expanding the company's product portfolio[27]. - The company is exploring partnerships with key industry players to enhance its competitive position in the market[27]. - The company is focused on enhancing product turnover and deepening market penetration to meet its revenue goals for the second half of 2023[60]. - The company aims to achieve revenue targets of 20 billion yuan, 24 billion yuan, and 30 billion yuan for the years 2023, 2024, and 2025 respectively[113]. Research and Development - Research and development expenses increased by 20%, totaling $100 million, to support new technology initiatives[27]. - The total R&D expenditure for the period was CNY 277,094,729.10, accounting for 1.55% of operating revenue[161]. - The number of R&D personnel is 267, accounting for 11.95% of the total workforce[161]. - The company added 55 new patents during the year, including 28 invention patents, bringing the total number of patents to over 300[116]. - The company is actively involved in the development of new technologies and has established several high-tech enterprises, focusing on innovation in rare earth and zirconium-titanium processing[149]. Governance and Management - The company held a total of 5 board meetings during the year, with 2 conducted in person and 3 via communication methods[35]. - The strategic and sustainable development committee includes members such as Yan Shiqiang, Huang Ping, and Zhang Geng[36]. - The company has committed to avoiding competition with its controlling shareholder, the Comprehensive Research Institute, following a major asset restructuring completed in 2012[37]. - There were no objections raised by the board members regarding company matters during the reporting period[36]. - The company has established various specialized committees, including the audit committee and the remuneration and assessment committee[36]. - The company’s board members have been actively involved in other organizations, indicating a broad network of expertise[32]. - The company has not faced any requests for temporary shareholder meetings related to preferred stock voting rights[38]. - The company’s annual report indicates a commitment to transparency and governance practices[39]. - The company’s performance and remuneration for directors and senior management are determined based on their roles, responsibilities, and previous year's performance, compared to industry standards[50]. - The company’s independent director, Mao Jingwen, resigned due to exceeding the limit on the number of independent directorships held[51]. - The company’s independent director, Xie Yuling, was elected to fill the vacancy left by Mao Jingwen[51]. Challenges and Strategic Adjustments - The company faced challenges in achieving its 2023 revenue targets due to a significant decline in rare earth product prices and a weakening market for zirconium and titanium products[60]. - The company is adapting its strategies in response to market conditions, emphasizing the need for agile decision-making to navigate challenges[60]. - The company is likely to explore market expansion opportunities based on the current financial performance and market conditions[187]. - The company is assessing its strategies for mergers and acquisitions to enhance growth prospects in the future[199]. Social Responsibility - The company has invested a total of 483.91 million yuan in poverty alleviation and rural revitalization projects, including donations for educational support[16]. - The company has reported a total of 18 million yuan in donations for public welfare projects, including educational charities[14]. - The company has made significant contributions to social responsibility, with total charitable donations exceeding CNY 5 million in 2023[141].

Financial Performance - The company's operating revenue for the current period is ¥2,885,986,957.22, representing a decrease of 39.92% compared to the same period last year[4] - The net profit attributable to shareholders of the listed company is -¥215,570,282.47, a decline of 378.59% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses is -¥219,820,069.34, down 531.71% compared to the previous year[4] - The net cash flow from operating activities is -¥402,788,064.12, a decrease of 168.38% year-on-year[4] - The basic earnings per share is -¥0.1230, reflecting a decline of 378.91% compared to the same period last year[4] - The diluted earnings per share is also -¥0.1230, with a decrease of 378.91% year-on-year[4] - The weighted average return on equity is -0.02%, a decrease of 0.85 percentage points compared to the previous year[4] - The significant decline in revenue and profit is attributed to a substantial drop in rare earth product prices compared to the same period last year[6] - The net profit for the first quarter of 2024 was CNY -226,307,531.34, compared to a net profit of CNY 88,940,519.72 in the same period last year[14] - The total comprehensive income for the first quarter of 2024 was CNY -812,027,418.15, a significant decline from CNY 450,675,848.75 in the previous year[14] - Basic and diluted earnings per share for the first quarter of 2024 were both CNY -0.1230, compared to CNY 0.0441 in the same period last year[28] - The company reported an operating profit of CNY -259,738,473.80 for the first quarter of 2024, compared to an operating profit of CNY 85,341,524.96 in the previous year[14] Cash Flow and Assets - The increase in accounts receivable and prepaid accounts contributed to the negative cash flow from operating activities[6] - The company's cash and cash equivalents decreased to CNY 2,022,056,614.09 from CNY 2,333,940,380.80, reflecting a decline of approximately 13.4%[34] - Accounts receivable increased to CNY 1,087,217,886.57, up from CNY 968,962,969.63, indicating a growth of about 12.2%[34] - Inventory decreased to CNY 4,084,522,535.03 from CNY 4,885,659,309.38, representing a decline of approximately 16.4%[34] - The equity attributable to shareholders of the listed company decreased by 7.68% to CNY 8,325,869,432.19 from CNY 9,018,779,388.72[34] - The company reported a decrease in cash received from sales of goods and services, totaling CNY 2,760,933,344.60, down from CNY 4,033,495,966.57 in the previous year[55] - The company experienced a decrease in cash paid for goods and services, amounting to CNY 2,961,623,011.16, compared to CNY 3,857,213,565.49 in Q1 2023[55] - The ending balance of cash and cash equivalents was CNY 1,171,910,380.87, down from CNY 1,852,427,227.71 at the end of Q1 2023[56] Liabilities and Borrowings - The total liabilities of the company as of March 31, 2024, were not explicitly stated but can be inferred from the total assets and equity figures[34] - Total liabilities were approximately ¥5.39 billion, compared to ¥5.56 billion in the previous period[52] - The company’s long-term borrowings decreased to approximately ¥327.66 million from ¥498.41 million[52] Production and Sales - The company reported a significant decrease in sales volume for rare earth oxides, down 24.95% year-over-year to 2,560.36 tons[49] - The production volume of rare earth oxides increased by 75.38% year-over-year to 4,598.59 tons[49] Government Support - The company received government subsidies amounting to ¥6,141,327.38, which are closely related to its normal business operations[5] Cash Flow Activities - In Q1 2024, the cash inflow from operating activities was CNY 2,873,976,595.53, a decrease of 30.8% compared to CNY 4,157,385,077.63 in Q1 2023[55] - The net cash outflow from operating activities was CNY -402,788,064.12, compared to CNY -150,081,048.01 in the same period last year[55] - The cash inflow from investment activities totaled CNY 41,077,887.22, an increase from CNY 38,455,264.47 in Q1 2023[56] - The net cash outflow from investment activities was CNY -289,437,890.88, compared to CNY -34,468,456.55 in the previous year[56] - The cash inflow from financing activities was CNY 1,564,844,761.90, up from CNY 1,087,125,095.61 in Q1 2023[56] - The net cash flow from financing activities was CNY 320,527,809.02, a significant improvement from CNY -121,665,815.81 in the same quarter last year[56] Asset Overview - As of March 31, 2024, total assets decreased by 5.99% to CNY 14,407,923,863.53 from CNY 15,325,764,939.65 at the end of the previous year[34] - Non-current assets totaled approximately ¥5.24 billion, a decrease from ¥5.60 billion in the previous period[40] - Current assets amounted to approximately ¥9.17 billion, down from ¥9.73 billion[40] - The company’s equity attributable to shareholders was approximately ¥8.33 billion, down from ¥9.02 billion[52]

[Table_Title] 盛和资源（600392.SH） 稀土加工业务产销稳步增长，期待参股项目尽快投产。据年报，23 年 公司稀土氧化物产量 19149 吨，同比增 56%，销量 17875 吨，同比增 64%；稀土金属产量 17657 吨，同比增 43%，销量 14770 吨，同比增 55%。Q4 稀土氧化物产量 6808 吨，同比增 194%，环比增 10%，销 量 8346 吨，同比增 158 %，环比增 72%；稀土金属产量 5262 吨，同 比增 24%，环比增 27%，销量 4453 吨，同比增 53%，环比增 10%。 盈利预测与投资建议。预计公司 24-26 年 EPS 分别为 0.28/0.39/0.47 元/股，对应最新收盘价的 PE 分别为 36.1/26.3/21.5 倍。稀土价格易 涨难跌，考虑公司参股的海外稀土矿预期投产后，投资收益有望赋予公 司资源股属性，我们认为给予公司 23 年 2.5 倍 PB 估值较为合理，对 应公司合理价值为 13.74 元/股，维持公司"买入"评级。 风险提示。供给超预期、需求不及预期风险；海外项目运营风险。 -50% -40% -29% -19% ...

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、完整性承担个别及连带责任。 证券代码：600392 证券简称：盛和资源 公告编号：临 2024-012 盛和资源控股股份有限公司 2023 年年度利润分配预案的公告 重要内容提示： 每股分配比例：每股派发现金红利 0.05 元（含税）。 本次利润分配以实施权益分派股权登记日的总股本为基数，具体日期将在权益 分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，按照每股分配比例不 变的原则进行分配，相应调整分配总额，并将另行公告具体调整情况。 本次利润分配尚须提交公司 2023 年年度股东大会审议批准后方可实施。 一、公司 2023 年度利润分配预案 经信永中和会计师事务所（特殊普通合伙）审计， 截止 2023 年 12 月 31 日，公 司合并报表期末未分配利润为 4,164,514,089.23 元。经董事会决议，公司 2023 年年 度拟以实施权益分派股权登记日登记的总股本为基数分派利润。本次利润分配方案如 下： 公司拟以股权登记日的总股本为基数，拟向全体股东每 10 股派发现金 ...

盛和资源控股股份有限公司 董事会审计委员会对会计师事务所 2023 年度 履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准 则》《国有企业、上市公司选聘会计师事务所管理办法》《上海证券交易所上市公 司自律监管指引第 1 号-规范运作》和盛和资源控股股份有限公司（以下简称"公 司"）的《公司章程》等相关规定和要求，董事会审计委员会本着勤勉尽责的原 则，恪尽职守，严格按照《董事会专门委员会工作细则》等有关制度的要求认真 履行职责。现将董事会审计委员会对会计师事务所 2023 年度履行监督职责情况 汇报如下： 一、2023 年年审会计师事务所基本情况 信永中和会计师事务所（特殊普通合伙）（以下简称"信永中和"）成立于 2012 年 3 月 2 日，注册地为北京市东城区朝阳门北大街 8 号富华大厦 A 座 8 层，首席 合伙人为谭晓青先生。截止 2023 年 12 月 31 日，信永中和合伙人（股东）245 人，注册会计师 1656 人。签署过证券服务业务审计报告的注册会计师人数超过 660 人。 信永中和 2022 年度业务收入为 39.35 亿元，其中，审计业务收入为 2 ...

盛和资源控股股份有限公司 2023 年度会计师事务所履职情况评估报告 盛和资源控股股份有限公司（以下简称"公司"）聘请信永中和会计师事务 所（特殊普通合伙）（以下简称"信永中和"）作为公司 2023 年度财务及内部控 制审计机构。根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司治理准则》《国有企业、上市公司选聘会计师事务所管理办法》等规定和要求， 公司对信永中和 2023 年度审计过程中的履职情况进行评估，具体情况如下： 一、会计师事务所的情况 信永中和成立于 2012 年 3 月，企业注册地址为北京市东城区朝阳门北大街 8 号富华大厦 A 座 8 层，首席合伙人为谭小青先生。截至 2023 年 12 月 31 日， 信永中和合伙人（股东）245 人，注册会计师 1,656 人。签署过证券服务业务审 计报告的注册会计师人数超过 660 人。信永中和拥有财政部颁发的会计师事务所 执业证书，2010 年成为首批获准从事 H 股企业审计业务的会计师事务所，2020 年在财政部完成从事证券服务业务会计师事务所备案。信永中和 2022 年度业务 收入为 39.35 亿元，其中，审计业务收入为 29.34 ...

证券代码：600392 证券简称：盛和资源 公告编号：2024-017 盛和资源控股股份有限公司 关于召开 2023 年年度股东大会的通知 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。 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 5 月 17 日 14 点 00 分 重要内容提示： 股东大会召开日期：2024年5月17日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 一、 召开会议的基本情况 (一) 股东大会类型和届次 2023 年年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 召开地点：成都市高新区盛和一路 66 号城南天府 7 楼（公司会议室） (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 17 日 至 2024 年 5 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 ...

目录 | 报告说明 | | --- | | 董事长致辞 | | 关于我们 | | ESG 管理 | | 2023 大事记 | | 数说 2023 | | 【责任专题】 | | | --- | --- | | 聚焦发展定位，拓展国际合作新局面 | 16 | | 多元化供应，赋能创新未来 | 16 | | 全球化布局，强化供应保障 | 17 | | 延伸产业链，布局应用材料 | 17 | | 盛创 卓越品质 | 01 | | --- | --- | | 聚焦创新研发 | 20 | | 筑牢安全生产 | 23 | | 严控产品质量 | 27 | | 保障客户权益 | 29 | | 盛美 绿色发展 | 02 | | --- | --- | | 完善环境管理 | 32 | | 应对气候变化 | 34 | | 节约资源使用 | 40 | | 优化污废治理 | 42 | | 坚持绿色运营 | 46 | | 盛兴 携手并进 | | | --- | --- | | 保障员工权益 | 50 | | 助力员工成长 | 52 | | 守护职业健康 | 54 | | 打造暖心职场 | 56 | | 盛合 价值共享 | 04 | | - ...