Investment Rating - The report maintains a "Recommended" rating for the company [1][6]. Core Views - The company is expected to achieve a net profit of 336 million yuan in the first half of 2024, representing a year-on-year increase of 116.77% [6]. - The company's cost reduction and efficiency improvement strategies have contributed to performance recovery, despite weak terminal demand for products [6]. - The viscose staple fiber business is anticipated to see a recovery, with market prices increasing and a favorable supply-demand dynamic [6]. Financial Summary - Revenue for 2024 is projected to be 22.685 billion yuan, with a growth rate of 3.5% [21]. - The net profit attributable to shareholders is expected to be 745 million yuan in 2024, reflecting a growth rate of 31.7% [21]. - Earnings per share (EPS) are forecasted to be 0.36 yuan for 2024, with a price-to-earnings (PE) ratio of 15 [21][23]. Profitability and Efficiency - The company's EBITDA is projected to increase from 3.344 billion yuan in 2024 to 3.480 billion yuan in 2026 [2][8]. - The net profit margin is expected to improve from 3.28% in 2023 to 4.56% in 2026 [2][8]. - The return on equity (ROE) is forecasted to rise from 4.17% in 2023 to 7.11% in 2026 [17]. Market Dynamics - The viscose staple fiber market has seen a price increase of 450 yuan per ton, reaching an average of 13,450 yuan per ton in June [6]. - The apparent consumption of viscose staple fiber in China reached 1.66 million tons by May 2023, marking a year-on-year increase of 19% [6]. - The industry is characterized by high operating rates and low inventory levels, indicating a strong operational environment [6]. Future Projections - The company’s net profit is projected to reach 7.45 billion yuan in 2024, 9.36 billion yuan in 2025, and 11.15 billion yuan in 2026 [6]. - The expected EPS for 2025 and 2026 are 0.45 yuan and 0.54 yuan, respectively [6]. - The PE ratio is anticipated to decrease to 12 in 2025 and 10 in 2026, indicating potential valuation improvement [21].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [16] Core Views - The company is expected to see a significant increase in net profit for the first half of 2024, with an estimated net profit of approximately 336 million yuan, representing a year-on-year increase of about 117% [4] - The company is transitioning from traditional chemicals to high-value-added fine chemicals, with ongoing projects that include 200,000 tons of organic silicon monomer and 13,900 tons of high-end silicone oil [2][6] - The supply-demand situation for viscose is tight, and there is an expectation of price increases in the third quarter [6][13] Summary by Sections Financial Performance - The company reported a net profit of approximately 258 million yuan for Q2 2024, which is a year-on-year increase of about 2% and a quarter-on-quarter increase of approximately 231% [4] - The company has adjusted its net profit forecast for 2024 to 694 million yuan, with projections of 892 million yuan and 1.088 billion yuan for 2025 and 2026, respectively [6][15] Market Position and Projects - The company is a leading player in both viscose and soda ash markets, with its current price-to-book ratio at historical low levels [6] - Ongoing projects include a 100,000-ton battery-grade sodium carbonate and an 8,000-ton viscose staple fiber project, indicating a strategic shift towards fine chemicals [2][6] Price Trends and Demand - The average prices for key products in Q2 2024 showed a mixed trend, with a notable decrease in prices for soda ash and organic silicon, while the viscose price remained stable [13] - The demand for viscose staple fiber has increased significantly, with consumption reaching 1.66 million tons in the first five months of 2024, an 18.6% increase year-on-year [13]

Financial Performance - The company expects a net profit attributable to shareholders of approximately 336 million yuan for the first half of 2024, an increase of about 181 million yuan, representing a year-on-year growth of approximately 117%[8] - The estimated net profit attributable to shareholders after deducting non-recurring gains and losses is approximately 333 million yuan, an increase of about 179 million yuan, reflecting a year-on-year growth of approximately 116%[11] - The earnings per share for the first half of 2024 is projected to be 0.0751 yuan[9] - The preliminary profit total is estimated at approximately 508.54 million yuan, with a net profit attributable to shareholders of approximately 155.12 million yuan, and a net profit after deducting non-recurring gains and losses of approximately 154.18 million yuan[15] Cost Management - Despite a decline in the prices of the company's main products due to insufficient downstream demand and industry capacity expansion, the total cost and expenses decreased more significantly than the decline in operating income, leading to an increase in net profit[21] - The company has actively explored efficiency improvement potential across all production and operational aspects to mitigate external market pressures[21] Forecast and Reporting - The company emphasizes that the forecast data is based on preliminary calculations and has not been audited by registered accountants[18] - The company assures that there are no significant uncertainties affecting the accuracy of this performance forecast[16] - The financial data will be formally disclosed in the 2024 semi-annual report, and investors are advised to pay attention to investment risks[20] - The company’s financial department has conducted preliminary calculations for the performance forecast, which is subject to final confirmation in the official report[20]

证券代码：600409 证券简称：三友化工 公告编号：临 2024-029 号 唐山三友化工股份有限公司 关于董事、高级管理人员辞职的公告 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。 会之日起生效。 李瑞新先生、刘铁亮先生辞职后不再担任公司任何职务，公司董 事会对李瑞新先生、刘铁亮先生在公司任职期间为公司发展所做出的 重要贡献表示衷心感谢。 特此公告。 唐山三友化工股份有限公司（以下简称"公司"）于 2024 年 7 月 1 日收到董事李瑞新先生、副总经理刘铁亮先生的书面辞职报告。 李瑞新先生因已届法定退休年龄辞去公司第九届董事会董事、董 事会审计委员会委员及董事会战略委员会委员职务。根据《公司法》 《公司章程》等相关规定，李瑞新先生的辞职不会导致公司董事会人 数低于法定最低人数，不会对公司董事会的正常运作产生影响，其辞 职报告自送达公司董事会之日起生效。刘铁亮先生因已达到公司规定 的内部退养年龄辞去公司副总经理职务，其辞职报告自送达公司董事 唐山三友化工股份有限公司董事会 2024 年 7 月 2 日 ...

证券代码：600409 证券简称：三友化工 公告编号：临 2024-028 号 每股分配比例 A 股每股现金红利 0.0830 元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/6/21 | － | 2024/6/24 | 2024/6/24 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 16 日的 2023 年年度股东大会审议通过。 二、 分配方案 唐山三友化工股份有限公司 2023 年年度权益分派实施公告 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： 1. 发放年度：2023 年年度 2. 分派对象： 四、 分配实施办法 1. 实施办法 无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股 权登记日上海证券交易所收市后登记在册并在上海证券交易所各会员办理了指定 交易的股东派发。已办 ...

基础化工 ——Q1 业绩基本符合预期，"三链一群"稳步推进值得期 | --- | --- | |---------------------------------------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 03 月 31 日 | | 每股净资产（元） | 6.61 | | 资产负债率 % | 40.94 | | | | | 总股本 / 流通 A 股（百万） 流通 B 股/H 股（百万） | 2064/2064 -/- | 相关研究 | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------| | | 2023 | 2024Q1 | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 21,920 | 5,216 | 24,043 | 24,555 | 25,139 | | 同比增长率（%） | -7.4 ...

北京市高朋律师事务所 关于唐山三友化工股份有限公司 2023 年年度股东大会的法律意见书 北京市朝阳区东三环北路霞光里18号佳程广场B座7层 邮编：100027 电话 TEL：（8610）5924 1188 传真 FAX：（8610）5924 1199 经查阅，公司于2024年4月26日在《中国证券报》、《上海证券报》、《证 券日报》及上海证券交易所网站上发布了《唐山三友化工股份有限公司关于召开 2023年年度股东大会的通知》（以下简称"《会议通知》"）的公告，对本次大会 召开的时间、会议表决方式、会议地点、会议召集人、会议审议事项、会议出席 对象、会议登记方法等相关事项均进行了公告。 北京市朝阳区东三环北路霞光里18号佳程广场B座7层 邮编：100027 电话 TEL：（8610）5924 1188 传真 FAX：（8610）5924 1199 北京市高朋律师事务所 关于唐山三友化工股份有限公司 2023 年年度股东大会的法律意见书 高朋法书字第 20240010（证见 SY02）号 致：唐山三友化工股份有限公司 北京市高朋律师事务所接受唐山三友化工股份有限公司（以下简称"公司"） 委托，指派范超律师、肖芳 ...

2023 年年度股东大会决议公告 唐山三友化工股份有限公司 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。 证券代码：600409 证券简称：三友化工 公告编号：临 2024-027 号 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 5 月 16 日 (二)股东大会召开的地点：公司所在地会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 33 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,025,861,536 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 49.6941% | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 1、 议案名称：《2023 年年度报告全文及摘要》 审议结果：通过 表决情况： | 股东 | 同意 | | 反对 | | 弃权 | | | --- | -- ...

唐山三友化工股份有限公司 2023 年年度股东大会 会 议 材 料 2024 年 5 月 8 日 | | | | 2023 | 年年度股东大会会议议程 | 1 | | --- | --- | --- | | 股东大会现场发言须知 | | 3 | | 议案之一 | 2023 | 年年度报告全文及摘要 4 | | 议案之二 | 2023 | 年度董事会工作报告 5 | | 议案之三 | 2023 | 年度监事会工作报告 11 | | 议案之四 | 2023 | 年度财务工作报告 19 | | 议案之五 | 2023 | 年度利润分配预案 20 | | 议案之六 | | 关于在公司领薪的董事及监事考核情况的议案 21 | | 议案之七 | 2024 | 年度筹融资计划 23 | | 议案之八 | 关于 | 2024 年度为子公司提供担保的议案 24 | | 议案之九 | 关于 | 年度子公司为子公司提供担保的议案 32 2024 | | 议案之十 | | 关于修订《公司独立董事工作制度》的议案 35 | | 独立董事述职报告 | | 46 | 唐山三友化工股份有限公司 2023 年年度股东大会会议议程 会议投票方式 ...

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 5.53 yuan [1]. Core Views - The company reported a revenue of 21.9 billion yuan in 2023, a year-on-year decrease of 7%, and a net profit attributable to shareholders of 600 million yuan, down 43% year-on-year [1]. - In Q4 2023, the company achieved a revenue of 5.5 billion yuan, a slight decrease of 1% year-on-year but an increase of 2% quarter-on-quarter, with a net profit of 200 million yuan, up 468% year-on-year and 13% quarter-on-quarter [1]. - For Q1 2024, the company reported a revenue of 5.2 billion yuan, down 4% year-on-year and 5% quarter-on-quarter, with a net profit of 78 million yuan, showing a year-on-year increase of 1.75 million yuan but a quarter-on-quarter decrease of 64% [1]. Summary by Sections Financial Performance - In 2023, the company faced pressure from a downturn in the silicone and PVC markets, leading to a significant decline in performance due to weak downstream demand and new capacity releases [1]. - The price differences for viscose staple fiber, soda ash, and PVC in 2023 were 5,075 yuan/ton, 948 yuan/ton, and 2,339 yuan/ton, respectively, with year-on-year changes of +228 yuan/ton, +105 yuan/ton, and -547 yuan/ton [1]. - The company’s main products experienced a significant price drop, contributing to the decline in performance [1]. Market Outlook - In Q1 2024, the company turned a profit due to a decrease in raw material costs and effective cost control, despite the main products' prices being affected by slow recovery in downstream demand and industry capacity releases [1]. - The company is actively advancing its "Three Chains and One Cluster" industrial layout, focusing on high-end product development and expanding its production capacity in various chemical sectors [1]. Profit Forecast and Valuation - The report adjusts the profit forecast for 2024-2025, estimating net profits of 577 million yuan and 903 million yuan, respectively, with corresponding EPS of 0.28 yuan and 0.44 yuan [10]. - The company is recognized as a leading player in the domestic soda ash and viscose staple fiber markets, with a strategic focus on expanding its industrial capabilities [10].