Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [5][6]. Core Views - The company's short-term performance is under pressure due to declining prices of its main products, particularly soda ash, while its long-term growth potential is supported by its "Three Chains and One Cluster" industrial layout [5][6]. - The company reported a revenue of 16.078 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.05%, while the net profit attributable to shareholders was 395 million yuan, reflecting a year-on-year increase of 13.51% [5][6]. - The report highlights that the company is investing approximately 57 billion yuan to develop its industrial layout, which includes high-end electronic chemicals and organic silicon new materials [5][6]. Summary by Sections Market Data - Closing price as of October 25, 2024: 5.80 yuan - One-year high/low: 6.49/4.36 yuan - Price-to-book ratio: 0.9 - Dividend yield: 1.43% - Market capitalization: 11,973 million yuan [3][4]. Financial Performance - For Q3 2024, the company achieved a revenue of 53.18 billion yuan, down 1.53% year-on-year and 4.08% quarter-on-quarter, with a net profit of 67 million yuan, down 65.18% year-on-year and 73.14% quarter-on-quarter [5][6]. - The average selling prices for key products showed significant declines, particularly for soda ash, which fell by 21.64% year-on-year [5][6]. Future Projections - The projected net profits for 2024-2026 are revised to 472 million, 642 million, and 939 million yuan respectively, reflecting a downward adjustment due to the current pricing environment [5][6]. - The report anticipates that the lack of new capacity in the viscose staple fiber industry will lead to improved supply-demand dynamics, potentially enhancing future earnings [5][6].

证券代码：600409 证券简称：三友化工 公告编号：临 2024-038 号 唐山三友化工股份有限公司 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《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十三 号——化工》有关规定和披露要求，现将唐山三友化工股份有限公司（以下简称 "公司"）2024 年第三季度主要经营数据公告如下： 二、公司主要产品的价格变动情况 | | 2024 年 | 2024 年 | | 2023 年 | | | --- | --- | --- | --- | --- | --- | | 主要产品 名称 | 第三季度 | 第二季度 | | 第三季度 | | | | 平均售价 | 平均售价 | 环比价格 | 平均售价 | 同比价格 | | | （元/吨） | （元/吨） | 变动幅度 | （元/吨） | 变动幅度 | | 纯碱 | 1,606.33 | 1,807.31 | -11.12% | 2,049.81 | -21.64% | | 粘胶短纤维 | ...

证券代码：600409 证券简称：三友化工 公告编号：临 2024-039 号 唐山三友化工股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 29 日（星期二）至 11 月 04 日（星期一）16:00 前登录上证路演中心网站首页点击 "提问预征集"栏目或通过公司邮箱 sh600409@126.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 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。 唐山三友化工股份有限公司（以下简称"公司"）已于 2024 年 10 月 26 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 05 日下午 15:00-16:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经 营成果及财 ...

Financial Performance - The company's operating revenue for Q3 2024 was approximately ¥5.32 billion, a decrease of 1.53% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was approximately ¥67.08 million, down 65.18% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥41.06 million, a decline of 78.77% compared to the previous year[2]. - Basic earnings per share for Q3 2024 were ¥0.0325, a decrease of 65.20% year-on-year[2]. - Total operating revenue for the first three quarters of 2024 was CNY 16,077,908,159.01, a decrease of 2.05% compared to CNY 16,414,664,008.61 in the same period of 2023[14]. - Net profit for the first three quarters of 2024 was CNY 550,677,847.71, compared to CNY 630,037,760.66 in 2023, indicating a decline of 12.63%[15]. - The net profit attributable to shareholders of the parent company for the first three quarters of 2024 was CNY 394,728,657.30, an increase of 13.51% from CNY 347,760,830.46 in 2023[16]. - Basic earnings per share for the first three quarters of 2024 were CNY 0.1912, up from CNY 0.1685 in the same period of 2023, representing an increase of 13.06%[16]. - The total comprehensive income for the first three quarters of 2024 was CNY 425,432,268.82, significantly lower than CNY 1,129,694,465.06 in the previous year[24]. Assets and Liabilities - Total assets at the end of Q3 2024 were approximately ¥26.15 billion, an increase of 2.19% from the end of the previous year[3]. - Shareholders' equity attributable to the parent company at the end of Q3 2024 was approximately ¥13.77 billion, up 1.60% from the previous year[3]. - The company's current assets decreased to RMB 7,625,790,644.86 from RMB 7,807,387,370.65, indicating a decline of about 2.3%[11]. - Total liabilities as of the end of the third quarter of 2024 were CNY 10,911,118,578.85, compared to CNY 10,626,377,711.64 at the end of the same period in 2023, an increase of 2.68%[15]. - The total liabilities decreased to CNY 3,074,000,000.00 as of September 30, 2024, compared to CNY 3,200,000,000.00 at the end of 2023[21]. - The total liabilities decreased from CNY 4,677,500,898.57 in the previous year to CNY 3,980,133,766.14, reflecting a reduction of approximately 14.85%[22]. - The total equity increased from CNY 9,892,790,698.18 to CNY 10,147,700,524.64, representing a growth of about 2.58%[22]. Cash Flow - The company reported a net cash flow from operating activities of approximately ¥1.19 billion for the year-to-date, an increase of 8.04% compared to the same period last year[2]. - The net cash flow from operating activities for Q3 2024 was CNY 1,188,478,913.35, an increase of 8.0% compared to CNY 1,100,035,860.11 in Q3 2023[18]. - Cash flow from operating activities for the first three quarters of 2024 was CNY 763,178,084.62, compared to CNY 797,050,523.28 in the same period of 2023, indicating a decline of 4.26%[25]. - Total cash inflow from financing activities decreased to CNY 2,149,973,128.96 in Q3 2024 from CNY 3,040,947,426.09 in Q3 2023, representing a decline of 29.4%[19]. - The net cash flow from investing activities was -CNY 647,170,351.24 in Q3 2024, worsening from -CNY 164,676,475.30 in Q3 2023[19]. Operational Challenges - The decline in net profit was primarily due to industry capacity expansion, high raw material prices, and insufficient downstream demand[5]. - The company’s major products experienced weak price adjustments, particularly in the soda ash sector, which faced significant price declines[5]. - The company reported a decrease in investment income from CNY 506,648,585.15 in 2023 to CNY 148,830,140.88 in 2024, a decline of approximately 70.70%[24]. Research and Development - Research and development expenses for the first three quarters of 2024 were CNY 440,723,075.47, slightly down from CNY 449,430,664.71 in 2023, a decrease of 1.58%[15]. - Research and development expenses for the first three quarters of 2024 were CNY 131,403,831.64, slightly down from CNY 134,936,635.84 in the previous year[23]. Company Information - 唐山三友化工股份有限公司在2024年第三季度首次执行新会计准则[26]. - 公司负责人为王春生，董事会于2024年10月26日发布报告[26].

证券代码：600409 证券简称：三友化工 公告编号：临 2024-037 号 唐山三友化工股份有限公司 关于参加 2024 年河北辖区上市公司投资者网上集体接待日暨 2024 年半年报业绩说明会的公告 唐山三友化工股份有限公司董事会 2024 年 10 月 11 日 会议召开时间：2024 年 10 月 15 日（周二）14:00-17:00 召开方式：网络在线交流方式 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2024 年 10 月 15 日（周二）14:00-17:00。 届时公司总经理张作功先生、副总经理兼董事会秘书刘印江先生、总会计师 姚志强先生将在线就公司业绩、公司治理、发展战略、经营状况和可持续发展等 投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与。 特此公告。 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： 为进一步加强与投资者的互动 ...

证券代码：600409 证券简称：三友化工 公告编号：临 2024-036 号 唐山三友化工股份有限公司 关于热电分公司进行碳排放配额结余量交易的公告 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。 （二）董事会审议情况 2024 年 10 月 9 日，公司召开 2024 年第三次临时董事会会议，本次会议通 知于 2024 年 9 月 29 日向全体董事以电子邮件、专人送达的形式发出，会议以通 讯表决方式召开。会议应出席董事 14 人，亲自出席董事 14 人。会议的召集、召 开符合《公司法》、《公司章程》的有关规定，会议决议合法有效。 经与会董事认真审议，通过了《关于热电分公司出售碳排放配额结余量的议 案》。同意票 14 票，反对票 0 票，弃权票 0 票。董事会同意公司热电分公司在全 国碳排放权交易系统以大宗协议、挂牌交易等多种转让方式出售结余碳排放配 额，累计出售量不超过 100 万吨（含），并授权公司管理层在全国碳排放权交易 系统进行交易。 （三）本次交易事项在董事会审批权限范围内，无需提交公司股东大会审议 批准，不会构 ...

上 市 公 司 证 券 研 究 报 告 基础化工 公 司 研 究/ 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 5.05 | | 一年内最高/最低（元） | 6.35/4.36 | | 市净率 | 0.8 | | 息率（分红/股价） | 1.64 | | 流通 A 股市值（百万元） | 10,425 | | 上证指数/深证成指 | 2,842.21/8,348.48 | | --- | --- | |-------------------------------|-------------------------------| | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 6.64 | | 资产负债率 % | 41.43 | | 总股本/流通 A 股（百万） | 2,064/2,064 | | 流通 B 股 /H 股（百万） | -/- | 一年内股价与大盘对比走势 ...

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 4.96 CNY [1] Core Views - The company reported a revenue of 10.8 billion CNY for the first half of 2024, a year-on-year decrease of 2%, while the net profit attributable to shareholders reached 328 million CNY, a year-on-year increase of 111% [1] - In Q2 2024, the company achieved a revenue of 5.5 billion CNY, a year-on-year decrease of 0.2% but a quarter-on-quarter increase of 6%, with a net profit of 250 million CNY, a year-on-year decrease of 1% but a quarter-on-quarter increase of 221% [1] - The decline in raw material costs and ongoing cost reduction efforts contributed to significant quarter-on-quarter performance improvement [1] - The company is advancing its "Three Chains and One Cluster" project, focusing on high-end product development and expanding its industrial chain layout [1] Summary by Sections Financial Performance - The company’s revenue for the first half of 2024 was 10.8 billion CNY, with a net profit of 328 million CNY [1] - Q2 2024 revenue was 5.5 billion CNY, with a net profit of 250 million CNY [1] - The company expects net profits for 2024-2026 to be 710 million CNY, 941 million CNY, and 1.104 billion CNY respectively, with corresponding EPS of 0.34, 0.46, and 0.53 CNY [2] Market Conditions - The viscose market is stabilizing, with supply and demand gradually balancing [1] - The chlor-alkali industry is experiencing both maintenance and resumption of operations, leading to a temporary reduction in supply [1] - The price spread for viscose staple fiber in Q2 2024 was 4,758 CNY/ton, a year-on-year decrease of 395 CNY/ton [1] Project Development - The company is making steady progress on its "Three Chains and One Cluster" industrial layout, with several projects nearing completion [1] - Key projects include high-end electronic chemicals and organic silicon materials, with production processes entering trial phases [1] Shareholder Returns - The company has implemented a high dividend payout ratio, distributing 171 million CNY in cash dividends for the first half of 2024, representing 30.29% of the 2023 net profit [1]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a significant increase in net profit for the first half of 2024, with a year-on-year increase of 111.23%, despite a slight decline in revenue [2][6] - The company is focusing on the development of new industries and projects, particularly in high-end electronic chemicals, which are expected to drive future growth [5][6] Financial Performance Summary - For the first half of 2024, the company achieved revenue of 10.76 billion yuan, a year-on-year decrease of 2.31%, while net profit attributable to shareholders reached 328 million yuan, a year-on-year increase of 111.23% [2][3] - The gross profit margin for the first half of 2024 was 17.62%, down 0.72 percentage points year-on-year, while the net profit margin increased by 1.02 percentage points to 4.18% [2] - In Q2 2024, the company reported revenue of 5.54 billion yuan, a slight year-on-year decrease of 0.21%, but a significant quarter-on-quarter increase of 6.29% [2][4] Product Performance Summary - The company’s main products include soda ash, viscose staple fiber, PVC resin, caustic soda, and DMC, with varying revenue contributions and profit margins [2][4] - In H1 2024, soda ash generated revenue of 3.25 billion yuan with a gross margin of 31.73%, while viscose staple fiber brought in 4.92 billion yuan with a gross margin of 6.36% [2][4] - The company is experiencing price declines in key raw materials, which has positively impacted its cost structure and overall profitability [3][4] Future Outlook - The company’s revenue projections for 2024-2026 are estimated at 22.4 billion, 23.5 billion, and 24.3 billion yuan, respectively, with net profits expected to reach 720 million, 917 million, and 1.172 billion yuan [6][60] - The company is positioned as a leader in both viscose staple fiber and soda ash markets, with its "three chains and one cluster" strategy expected to unlock growth opportunities [6][60]

唐山三友化工股份有限公司 2024 年度"提质增效重回报"行动方案 半年度评估报告 二、实施权益分派，落实股东回报 为积极回报投资者，提升投资者的获得感和满意度，构建与股东 的和谐关系，2024 年 6 月，公司实施了 2023 年年度权益分派方案。 本次利润分配以公司总股本 20.64 亿股为基数，每股派发现金红利 0.0830 元（含税），共计派发现金红利 1.71 亿元，占 2023 年度归属 于上市公司股东净利润的 30.29%，上市以来，公司已累计现金分红 42.26 亿元。 三、加快实施"三转"战略，培育新质生产力 加速构建"三链一群"产业布局，借助创新引擎与项目基石，全面 塑造并激活新质生产力。 全力构筑创新优势。把科技创新作为发展新质生产力的核心要素， 加快推进高水平科技自立自强。保持高强度研发投入。1-6 月份，公 司完成研发投入（R&D 口径）4.9 亿元，同比增长 10.44%。加强高 水平技术攻关。重点突破离子液制备再生纤维素纤维等关键核心技术， 加快攻关低碳建材开发等绿色低碳技术，其中 6 项新技术、新产品通 过科技成果鉴定，被收录至国家科技成果库。上半年，获得专利授权 38 项，累 ...