涨跌幅比较 黄静 分析师 执业证书编号:S0530524020001 huangjing48@hnchasing.com 相关报告 2023 年平稳收官，2024 年开年业绩有所承压。2023年，公司实现营 业收入 62.62 亿元，同比下降 2.77%；实现归母净利润 7.09 亿元，同 比下降 7.86%；实现扣非归母净利润 6.51 亿元，同比下滑 17.87%。其 中 Q4 实现营业收入 18.40 亿元，同比增长 5.26%；实现归母净利润 2.08 亿元，同比增长 36.54%；实现扣非归母净利润 1.77 亿元，同比 增长 12.33%。2024Q1，公司实现营业收入15.56亿元，同比增长3.62 %； 实现归母净利润1.87亿元，同比下降9.57%；实现扣非归母净利润1.39 亿元，同比下滑 24.85%。 产品价格下降幅度大于成本下降，盈利能力下行。2023年，综合毛利 率和净利率分别为 31.13%和 11.65%，分别同比下滑 3.02 和 1.36pct。 主 要 产 品 各 类 盐 、 纯 碱 、 氯 化 铵 、 烧 碱 的 毛利率分别为 32.21%/41.93%/24.64%/ ...

雪天盐业集团股份有限公司 关于召开 2023 年度暨 2024 年第一季度 证券代码：600929 证券简称：雪天盐业 公告编号：2024-032 业绩说明会的公告 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： 会议召开时间：2024 年 5 月 16 日(星期四) 下午 15:00-16:30 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 5 月 9 日(星期四) 至 5 月 15 日(星期 三)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 雪 天 盐 业 集 团 股 份 有 限 公 司 （ 以 下 简 称 公 司 ） 邮 箱 officer@snowskysalt.com.cn 进行提问。公司将在业绩说明会上对 投资者普遍关注的问题进行回答。 公司已于 2024 年 4 月 9 日发布了 2023 年年度报告，并于 2024 年 4 月 27 日发布了 2 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 1,555,591,026.08, representing a year-on-year increase of 3.62%[18] - The net profit attributable to shareholders of the listed company was CNY 186,547,790.30, showing a decrease of 9.57% compared to the same period last year[18] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 138,747,304.96, reflecting a decline of 24.85%[18] - The basic earnings per share were CNY 0.1124, down by 19.66% compared to the previous year[18] - The diluted earnings per share were also CNY 0.1124, indicating a decrease of 19.66%[18] - Total operating revenue for Q1 2024 reached ¥1,555,591,026.08, an increase of 3.8% compared to ¥1,501,219,423.02 in Q1 2023[40] - Net profit attributable to shareholders of the parent company for Q1 2024 was ¥186,547,790.30, a decrease of 9.6% from ¥206,281,258.53 in Q1 2023[44] - Total comprehensive income for the first quarter of 2024 was approximately ¥189.76 million, compared to ¥213.13 million in the same period of 2023, representing a decrease of about 11.0%[45] - Basic and diluted earnings per share for the first quarter of 2024 were both ¥0.1124, down from ¥0.1399 in the first quarter of 2023, indicating a decline of approximately 19.4%[45] Cash Flow - The net cash flow from operating activities was CNY 100,199,305.49, which decreased by 1.96% year-on-year[18] - The net cash flow from operating activities for the first quarter of 2024 was ¥100.20 million, slightly down from ¥102.21 million in the first quarter of 2023, a decrease of about 2.0%[52] - Cash inflow from operating activities totaled ¥1.37 billion in the first quarter of 2024, an increase of about 15.5% from ¥1.18 billion in the same period of 2023[48] - Cash outflow from operating activities was ¥1.27 billion in the first quarter of 2024, compared to ¥1.08 billion in the first quarter of 2023, reflecting an increase of approximately 17.3%[52] - Cash inflow from investment activities was ¥24.23 million in the first quarter of 2024, significantly higher than ¥5.30 million in the same period of 2023[52] - Cash outflow from investment activities was ¥125.88 million in the first quarter of 2024, compared to ¥204.43 million in the first quarter of 2023, indicating a decrease of approximately 38.4%[52] - Net cash flow from investment activities was negative at ¥101.65 million in the first quarter of 2024, an improvement from negative ¥204.42 million in the same period of 2023[52] - Cash inflow from financing activities totaled ¥55.52 million in the first quarter of 2024, compared to ¥137.95 million in the first quarter of 2023[52] - Cash outflow for debt repayment was ¥133.20 million in the first quarter of 2024, significantly higher than ¥39.00 million in the same period of 2023, reflecting an increase of approximately 241.0%[52] Assets and Liabilities - Total assets at the end of the reporting period reached ¥11,475,779,105.67, an increase of 2.36% compared to the previous year[21] - Total assets increased to ¥11,475,779,105.67 in Q1 2024, compared to ¥11,210,705,158.46 in Q1 2023, reflecting a growth of 2.4%[38] - Total liabilities amounted to ¥3,092,344,320.82 in Q1 2024, up from ¥3,036,305,530.10 in Q1 2023, indicating a rise of 1.8%[38] - Equity attributable to shareholders of the listed company was ¥7,848,023,042.30, reflecting a growth of 2.52% year-over-year[21] - The company's total equity increased to ¥8,383,434,784.85 in Q1 2024, compared to ¥8,174,399,628.36 in Q1 2023, reflecting a growth of 2.6%[38] Shareholder Information - The total number of common shareholders at the end of the reporting period was 47,527[24] - The largest shareholder, Hunan Light Industry Salt Industry Group Co., Ltd., holds 27.90% of the shares[24] Operational Highlights - The company is focused on expanding its market presence and developing new products and technologies[21] - Research and development expenses for Q1 2024 were ¥32,002,610.68, down from ¥36,580,551.68 in Q1 2023, a decrease of 12.8%[40] - The company reported a financial asset impairment loss of ¥3,399,347.62 in Q1 2024, compared to ¥1,802,410.03 in Q1 2023, indicating a significant increase in losses[44] - The company reported a non-recurring loss from the disposal of non-current assets amounting to ¥-122,361.84[21] - Accounts receivable increased to ¥230,669,087.95 from ¥71,591,979.23, indicating a significant rise[29] - Prepayments rose to ¥139,069,348.02, compared to ¥60,183,411.19 in the previous year[29] - The company’s inventory increased to ¥453,789,781.52 in Q1 2024, compared to ¥429,627,988.11 in Q1 2023, representing a growth of 5.6%[38] Cash and Cash Equivalents - The total cash and cash equivalents at the end of the period were CNY 2,265,597,466.01, down from CNY 2,359,801,212.11 at the beginning of the period[1] - Cash and cash equivalents amounted to ¥2,265,597,466.01, down from ¥2,359,801,212.11 in the previous year[29] - Cash and cash equivalents increased to ¥4,305,304,680.51 in Q1 2024, compared to ¥4,059,753,739.11 in Q1 2023, marking a growth of 6.1%[38]

证券代码：600929 证券简称：雪天盐业 公告编号：2024-030 雪天盐业集团股份有限公司 2024 年第一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：第十四号——食品制造》的要求，雪天盐业集团 股份有限公司（以下简称公司）现将 2024 年第一季度主要经营数据 （未经审计）披露如下： 一、公司 2024 年第一季度主要经营情况 1、按产品类别分类情况： | 产品名称 | 本期营业收入（单位：万元） | | --- | --- | | 各类盐 | 59,672.17 | | 芒硝 | 2,425.52 | | 烧碱类 | 13,552.26 | | 双氧水 | 2,526.30 | | 纯碱 | 35,235.48 | | 氯化铵 | 30,255.55 | | 其他 | 11,891.83 | | | | 注：合计数与单项加总的尾差系四舍五入所致。 2、按销售渠道分类情况： | 销售渠道 | 本期营业收入（单位：万 ...

申万宏源证券承销保荐有限责任公司 关于雪天盐业集团股份有限公司 2023年持续督导年度报告书 | 保荐机构 | 申万宏源证券承销保荐 | 上市公司简称 | 雪天盐业 | | --- | --- | --- | --- | | | 有限责任公司 | | | | 保荐代表人 | 何搏、罗泽 | 上市公司代码 | 600929 | | 报告年度 | 2023年度 | 报告日期 | 2024年4月12日 | | | 建立健全并有效执行持续督导工作制 | 保荐机构已建立健全并有效执行了 | | --- | --- | --- | | | 度，并针对具体的持续督导工作制定 | 持续督导制度，并制定了相应的工 | | 序号 1 | 工作内容 相应的工作计划 | 完成或督导情况 作计划 | | | 根据中国证监会相关规定，在持续督 | 保荐机构已与雪天盐业签订《保荐 协议》，该协议明确了双方在持续 | | --- | --- | --- | | | 导工作开始前，与上市公司或相关当 | | | 2 | 事人签署持续督导协议，明确双方在 | | | | 持续督导期间的权利义务，并报上海 | 督导期间的权利和义务，并报上海 | ...

Investment Rating - The report maintains a "Hold" rating for Xue Tian Salt Industry (600929) with a current price of 6.07 CNY and a target price not specified for the next six months [3][22]. Core Views - The company reported a revenue of 6.262 billion CNY in 2023, a decrease of 2.77% year-on-year, and a net profit attributable to shareholders of 709 million CNY, down 7.86% year-on-year. Despite this, the company is optimizing its product structure and has seen a 31% increase in sales volume of 171,500 tons in its domestic market [3][20]. - The company is expanding its production capacity, which is expected to drive future growth. Several projects have been completed, including energy-saving upgrades and new production facilities, which are anticipated to significantly reduce production costs [3][20]. - The company has a strong commitment to shareholder returns, with a cash dividend of 2.00 CNY per 10 shares, totaling approximately 332 million CNY, which represents 46.82% of the net profit for the year [3][20]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 62.62 billion CNY, with a year-on-year decline of 2.77%. The net profit attributable to shareholders was 7.09 billion CNY, down 7.86% [3][4]. - The company’s product sales showed a positive trend, with high-end salt sales increasing by 33.8% year-on-year [3][20]. Production Capacity Expansion - The company has completed several key projects, including energy-saving upgrades and new production facilities, which are expected to enhance production efficiency and reduce costs significantly [3][20]. - The new production capacity is projected to contribute to revenue growth in the coming years [3][20]. Dividend Policy - The company has maintained a high dividend payout ratio, with a cash dividend of 2.00 CNY per 10 shares, reflecting a strong cash flow performance [3][20]. - The historical dividend payout ratios from 2020 to 2023 have been consistently high, averaging over 50% [3][20]. Earnings Forecast - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.52 CNY, 0.54 CNY, and 0.55 CNY, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 12, 11, and 11 [3][20].

产能结构不断优化，主要产品产销量增长。根据公司年报，公司 2023 年各类盐实现产量 549.41 万吨，同比增 长 2.57%，销量 432.82 万吨，同比增长 0.39%；32%烧碱产量 63.97 万吨，同比增长 21.82%，销量 59.04 万吨， 同比增长 20.12%；双氧水产量 14.51 万吨，同比增长 101.25%，销量 13.58 万吨，同比增长 110.22%；纯碱产 量 81.30 万吨，同比增长 11.35%，销量 79.89 万吨，同比增长 6.68%；氯化铵产量 83.03 万吨，同比增长 9.97%，销量 91.75 万吨，同比增长 20.31%。公司 32%烧碱、纯碱、氯化铵、双氧水产销量增加主要由于生产 产能充分释放。在产能方面，公司下属湘渝盐化子公司索特盐化拟新建 60 万吨 MVR 制盐装置，项目建成后索 特盐化的生产能力为 180 万吨/年精制盐；公司合成氨装置产能已提高至 30 万吨，联碱改造装置预计将于 2024 年完成投产，预计可将公司联碱产能提高至 90-100 万吨。 拟建设衡阳绿色低碳盐碱产业园项目，提升纯碱行业竞争力。公司着力构建"聚焦资源、以盐为 ...

Financial Performance - The company's total revenue for Q4 2023 reached ¥1,839,820,126.62, marking a significant increase compared to previous quarters[17] - The net profit attributable to shareholders for Q4 2023 was ¥207,753,474.90, showing a strong performance in profitability[17] - In 2023, the company's operating revenue was approximately CNY 6.44 billion, a decrease of 2.77% compared to the previous year[54] - The net profit attributable to shareholders was approximately CNY 708.75 million, down 7.86% year-on-year[54] - The net profit after deducting non-recurring gains and losses was approximately CNY 651.21 million, a decline of 17.87% compared to the previous year[54] - Cash flow from operating activities was approximately CNY 1.04 billion, a decrease of 23.32% year-on-year[54] - The company's total revenue for the reporting period was 6.26 billion RMB, a decrease of 2.77% year-on-year, while operating costs increased by 1.69% to 4.31 billion RMB[155] - The company's total revenue for the reporting period was approximately CNY 2,357,435,880.82, with a year-on-year decrease of 11.19%[172] Assets and Liabilities - The company's total assets increased by 19.94% year-on-year, reaching approximately CNY 11.21 billion[54] - The net assets attributable to shareholders increased by 23.19% year-on-year, totaling approximately CNY 7.66 billion[54] - Cash and cash equivalents at the end of the period reached ¥2,359,801,212.11, accounting for 21.05% of total assets, an increase of 88.34% compared to the previous period[187] - Accounts receivable decreased by 32.50% to ¥71,591,979.23, representing 0.64% of total assets[187] - Fixed assets increased by 51.40% to ¥5,155,876,403.57, now comprising 45.99% of total assets, driven by upgrades in energy-saving technology projects[187][190] - Short-term borrowings rose by 139.53% to ¥164,408,363.50, accounting for 1.47% of total liabilities[188] - Other payables increased by 147.27% to ¥1,002,390,474.32, representing 8.94% of total liabilities[188] - The company reported a significant increase in long-term equity investments, rising by 2,781.68% to ¥122,922,483.59, now 1.10% of total assets[187] - The company has reduced its non-current liabilities due within one year by 66.87% to ¥10,554,245.32, reflecting repayment of long-term borrowings[188][193] Product Development and Innovation - The company launched several new products, including various types of salt and personal care items, enhancing its product line and market presence[43] - The brand "Snow Sky" was valued at ¥10.435 billion, an increase of over ¥4 billion from the previous year, reflecting its growing influence in the market[43] - The company launched 105 new patents in 2023, bringing the total to 353, highlighting its commitment to innovation in the salt industry[142] - The company is focusing on the development of high-value-added fine chemical fields, including fluorine and ammonia products[123] Market Expansion and Strategy - The company is actively expanding into new materials and new energy sectors, establishing a joint venture with China Power for new energy storage projects[66] - The company is actively expanding its market presence, with six major production bases and a comprehensive marketing network across China, enhancing its competitive edge in the salt industry[143] - The company has established six regional marketing subsidiaries within the province and ten outside, enhancing its operational efficiency and market competitiveness[93] - The company has exported products to 14 countries, including Japan, South Korea, and Saudi Arabia, indicating a strong international market presence[94] - The company is addressing potential industry competition by signing a commitment letter to resolve any conflicts with its controlling shareholder[83] Corporate Governance and Social Responsibility - The company has implemented a differentiated compensation incentive mechanism based on market evaluation contributions, enhancing its governance structure[46] - The company is committed to social responsibility and has actively engaged in national enterprise reform initiatives, demonstrating its commitment to corporate governance[46] - The company is committed to improving its governance structure and ensuring equal rights for all shareholders during meetings[102] Environmental and Safety Management - The company has implemented comprehensive environmental protection and safety management systems to comply with national policies and enhance its green development[101] - The company is enhancing product quality and has received recognition for its salt products, achieving "zero accidents" in safety and environmental protection[69] Financial Activities and Cash Flow - The company reported a significant increase in financing activities, with net cash flow from financing activities reaching 1.01 billion RMB, compared to a negative cash flow of 410.67 million RMB in the previous year[149] - The company experienced a 346.01% increase in net cash flow from financing activities, attributed to cash received from issuing shares to specific investors[186] Industry Outlook - The seasoning industry in China is projected to grow from CNY 592.5 billion in 2023 to over CNY 1 trillion by 2027, indicating a strong market outlook[51] - The demand for soda ash is expected to increase by over 10 million tons by 2030, driven by the lithium battery and photovoltaic industries[87] - The company is focusing on sodium-ion battery technology as part of its new energy development strategy[104] - The company is actively pursuing policies to support the development of the new energy vehicle industry, aligning with national carbon neutrality goals[200]

雪天盐业集团股份有限公司 2023 年度独立董事述职报告 杨 平 波 本人作为雪天盐业集团股份有限公司（以下简称"公司"或"雪 天盐业"）独立董事，2023 年任职期间，严格按照相关法律法规、公 司规章制度等相关规定，认真、勤勉、谨慎地履行职责，本着独立、 客观和公正的原则，认真审议公司董事会及各专门委员会的各项议案， 充分发挥独立董事的作用，维护全体股东尤其是中小股东的合法权益， 促进公司规范运作和治理水平的提升。现就 2023 年度本人履职情况 汇报如下： 一、独立董事的基本情况 （一）个人基本情况 本人杨平波，女，1966 年出生，湖南工商大学会计学院教授，硕 士生导师，湖南商学院校级"教学名师"，湖南省会计学会理事。先 后被聘为财政部中央企业绩效考评财务专家、湖南省政府采购财务专 家，湖南省财政厅管理会计咨询专家、行政事业单位内部控制咨询专 家。现任雪天盐业集团股份有限公司、西施生态科技股份有限公司、 湖南华菱线缆股份有限公司、中复神鹰碳纤维股份有限公司、岳阳振 兴中顺新材料科技股份有限公司独立董事。 （二）是否存在影响独立性的情况说明 二、2023 年度履职情况 （一）出席公司会议情况 报告期内，公 ...

第四届董事会第三十六次会议决议公告 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。 雪天盐业集团股份有限公司 证券代码：600929 证券简称：雪天盐业 公告编号：2024-019 一、董事会会议召开情况 雪天盐业集团股份有限公司（以下简称"公司"）第四届董事会 第三十六次会议于 2024 年 4 月 7 日以现场加通讯表决的方式在公司 会议室召开，会议通知于 2024 年 3 月 27 日以邮件方式向全体董事发 出。本次会议应参加表决的董事 8 名，实际参加表决的董事 8 名。会 议由副董事长李志勇先生主持。会议的召集、召开与表决程序符合《中 华人民共和国公司法》《雪天盐业集团股份有限公司章程》以及有关 法律法规的规定，会议合法有效。 二、董事会会议审议情况 （一）审议通过了《关于公司 2023 年度董事会工作报告的议案》 议案的表决结果：同意 8 票；反对 0 票；弃权 0 票。 本议案尚需提交公司股东大会审议。 （二）审议通过了《关于 2023 年度独立董事述职报告的议案》 股东大会将听取独立董事述职报告，具体内容详见 ...