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]

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].

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 ...

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 ...

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 ...