证券代码：600409 证券简称：三友化工 公告编号：临 2024-033 号 唐山三友化工股份有限公司 关于调整高端电子化学品项目投资金额的公告 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。 重要内容提示： ●本次项目投资金额调整事项已经唐山三友化工股份有限公司（以下简称"公 司"）九届五次董事会会议审议通过，该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。 ●本次项目投资金额调整事项不构成关联交易，亦不构成《上市公司重大资产 重组管理办法》规定的重大资产重组的情形。 ●风险提示：在项目实施过程中，存在各种不可预见因素或不可抗力因素，可 能出现项目施工延期、未来产品产能过剩或价格下跌、产品销售情况不及预期等 情况，从而导致项目投资收益不达预期，敬请广大投资者注意投资风险。 为提升项目建设品质和智能化水平，公司全资子公司唐山三友电子化学品有 限责任公司（以下简称"电子化学品公司"）拟将电子化学品项目的总投资金额由 83,799.98 万元调增至 104,825.96 万元。具体情况如下： 一、项目概述 为加快构 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, with a year-on-year growth of 15%[11]. - The company's operating revenue for the first half of 2024 was approximately CNY 10.76 billion, a decrease of 2.31% compared to the same period last year[12]. - Net profit attributable to shareholders increased by 111.23% year-on-year, reaching approximately CNY 327.65 million[12]. - Basic earnings per share increased by 111.32% to CNY 0.1587[12]. - The net cash flow from operating activities rose by 50.72% to approximately CNY 573.47 million[12]. - The company's total operating costs decreased by 1.45% to approximately ¥8.86 billion, which was a smaller decline compared to revenue[19]. - The net profit after deducting non-recurring gains and losses for the reporting period was approximately 324.50 million RMB, an increase of 110.47% compared to the same period last year[83]. - The interest coverage ratio improved significantly to 10.95 times, up 88.55% from 5.81 times in the previous year[83]. - The company's current ratio improved to 136.01%, an increase of 13.62 percentage points from the previous year[83]. - The total comprehensive income for the first half of 2024 is CNY 297,022,986.30, compared to CNY 916,082,192.08 in the same period of 2023, reflecting a decrease of about 67.6%[94]. Market and Product Development - User data showed a 20% increase in active customers compared to the same period last year, indicating strong market demand[11]. - New product launches contributed to a 25% increase in sales volume, particularly in the chemical segment[11]. - The company has set a revenue guidance of RMB 1.5 billion for the second half of 2024, reflecting a 10% increase from the previous guidance[11]. - Market expansion efforts have led to a 30% increase in market share in the domestic market[11]. - The company is exploring potential acquisitions to diversify its product offerings and enhance competitive advantage[11]. - The company is focusing on a strategic transition towards marine economy, green transformation, and high-quality development, aiming to enhance its circular economy scale[14]. - Future outlook includes plans for market expansion and potential new product launches, aiming to enhance competitive positioning[87]. Research and Development - The company is investing RMB 200 million in R&D for new technologies aimed at enhancing production efficiency[11]. - The company’s R&D efforts resulted in 38 new patents granted, including 19 invention patents and 19 utility model patents during the reporting period[18]. - Research and development expenses remained stable, with a slight decrease of 0.05% to approximately ¥265.46 million[19]. - Research and development expenses for the first half of 2024 are CNY 71,717,527.42, compared to CNY 70,270,735.48 in the same period of 2023, indicating a slight increase of about 2.1%[93]. Environmental and Sustainability Initiatives - The management highlighted a focus on sustainability initiatives, aiming for a 15% reduction in carbon emissions by 2025[11]. - The company has established a robust circular economy system, integrating various products and processes to enhance resource utilization and environmental sustainability[16]. - The company has implemented a comprehensive environmental management strategy, ensuring compliance with national and local regulations[32]. - The company has made adjustments in its board and management personnel, reflecting a strategic shift in leadership[30]. - The company has implemented ecological restoration projects, achieving a greening area of 18,000 square meters to reduce carbon emissions[49]. - The company has established a monitoring plan for pollutant emissions, ensuring compliance with national and local standards[47]. Financial Health and Stability - The company has no significant non-operational fund occupation by controlling shareholders, ensuring financial integrity[2]. - There are no major risks identified that could impact the company's financial performance in the near term[2]. - The company's total assets at the end of the reporting period were approximately CNY 26.03 billion, an increase of 1.72% from the end of the previous year[12]. - The company's interest-bearing debt decreased from 29.14 billion RMB at the beginning of the reporting period to 24.91 billion RMB at the end, representing a year-on-year decline of 14.51%[76]. - The total equity attributable to shareholders rose to CNY 13,710,953,415.83 from CNY 13,553,386,235.22, reflecting an increase of about 1.16%[86]. - The company maintained a loan repayment rate of 100% during the reporting period[83]. Governance and Compliance - The company has no significant related transactions that were not disclosed in temporary announcements[61]. - The company has not reported any significant changes in its share capital structure during the reporting period[65]. - The company has not disclosed any new employee incentive plans or stock ownership plans during this reporting period[31]. - The company has committed to transparency and fairness in pricing for any unavoidable related party transactions[50]. - The company has pledged to comply with all relevant laws and regulations regarding shareholder rights and related party transactions[52]. Risks and Challenges - The company faces macroeconomic volatility risks, impacting profitability due to reliance on basic chemical products[27]. - Environmental risks are heightened due to stricter national policies, leading to increased investment in environmental facilities[27]. - Safety production risks are present due to the nature of chemical manufacturing, necessitating robust safety management and employee training[27]. - The company is focused on enhancing its international market presence to mitigate exchange rate risks associated with imports and exports[27]. Shareholder and Stakeholder Relations - The company did not distribute profits or increase capital reserves, with no dividends or stock bonuses declared for the period[31]. - The company has a significant shareholder structure, with Tangshan Sanyou Chemical Group Co., Ltd. holding 752,399,757 shares, representing a major portion of the equity[69]. - The company has a new controlling shareholder, the State-owned Assets Supervision and Administration Commission of Tangshan City, effective February 2, 2024[71]. - The company has not reported any changes in the top ten shareholders due to the transfer of shares[70]. Accounting and Financial Reporting - The company adheres to the accounting standards set by the Ministry of Finance, ensuring accurate financial reporting[110]. - The company recognizes expected credit losses based on reasonable and supportable information, considering past events, current conditions, and forecasts of future economic conditions[126]. - The company applies the asset-liability method for income tax accounting, recognizing deferred tax liabilities for taxable temporary differences[162]. - The company has adopted simplified accounting treatment for short-term leases and low-value asset leases, not recognizing right-of-use assets and lease liabilities[164].

唐山三友化工股份有限公司 关于开展商品期货套期保值业务的 可行性分析报告 唐山三友化工股份有限公司（简称"公司"）及控股子公 司拟使用自有资金开展商品期货套期保值业务（简称"套保业 务"）。具体内容如下： 一、开展套保业务的背景和必要性 公司属基础化工行业，主要生产纯碱、粘胶短纤、PVC、 烧碱、有机硅等产品，所需原材料主要为原盐、浆粕、电石、 硅块等。产品及原材料价格的大幅波动会对公司及控股子公 司造成不利影响，带来经营风险。 基于上述原因，公司及控股子公司拟开展套保业务，充 分利用期货市场价格发现、风险对冲、避险保值功能，控制 市场风险，规避或减少因产品及原材料价格发生不利变动引 起的损失，降低对企业正常生产经营的不利影响，提升整体 抵御风险的能力。 二、开展套保业务的情况概述 （一）交易目的 公司套保业务以套期保值为原则，不以套利、投机为目 的，均为针对实际经营中的采购成本控制、销售利润锁定及 预防存货跌价损失的套期保值操作，以规避相应产品或原材 料价格波动风险。 1 （二）交易品种 套保业务交易品种仅限公司及控股子公司生产经营范 围内的商品及与公司生产经营相关的大宗原材料品种，包括 但不限于纯碱、烧碱 ...

证 券 研 究 报 告 2024 年 07 月 22 日 三友化工 (600409) | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 07 月 19 日 | | 收盘价（元） | 5.50 | | 一年内最高 / 最低（元） | 6.35/4.36 | | 市净率 | 0.8 | | 息率（分红 / 股价） | 1.51 | | 流通 A 股市值（百万元） | 11,354 | | 上证指数/深证成指 | 2,982.31/8,903.23 | 一年内股价与大盘对比走势： 相关研究 - ⚫ 主营产品价差有所修复+挖潜降本，Q2 业绩环比大幅改善。据 Wind 和百川盈孚数据， 2024Q2 公司主营产品纯碱、粘胶短纤、烧碱、PVC、有机硅市场均价分别为 2175、13073、 3150、5601、13706 元/吨，同比分别-14.99%、+0.32%、-3.53%、-0.70%、-7.32%， 环比分别-5.20%、-0.35%、-3.92%、+2.81%、-12.1 ...

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 ...