证券研究报告 | 年报点评报告 2024年04月25日 旗滨集团（601636.SH） 浮法玻璃保持韧性，光伏玻璃接力续航 事件：公司发布 2023年报及2024年一季报。2023 年公司实现收入 156.8 亿 增持（维持） 元，同比增长17.8%，实现归母净利润17.5亿元，同比增长33.0%，其中单Q4 股票信息 实现收入45.0亿元，同比增长29.5%，环比2023年Q3增长4.6%，归母净利润 5.1亿元，同比增长645.5%，环比2023年Q3下降14.9%。2024年Q1公司实 行业 玻璃玻纤 现收入38.6亿元，同比增长23.2%，实现归母净利润4.4亿元，同比增长292.3%。 前次评级 增持 4月24日收盘价(元) 7.48 2023年浮法玻璃量利齐增，2024年竣工下行或将承压。2023年在保交楼政策 以及家装需求推动下，浮法玻璃需求显著改善，同时供给端产量减少，叠加主要 总市值(百万元) 20,072.60 原燃料价格下降，行业盈利能力提升，公司2023年浮法玻璃原片产量1.10亿重 总股本(百万股) 2,683.50 箱，同比增加102万重箱，销量1.14亿重箱，同比增加599万重箱 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][8]. Core Views - The company achieved a revenue of 15.683 billion yuan in 2023, representing a year-on-year increase of 17.8%, and a net profit of 1.751 billion yuan, up 32.98% [5][10]. - The company is actively expanding its photovoltaic glass production capacity, with a total of 8,200 tons/day by the end of 2023, and plans for further expansion in Malaysia [7][10]. - The company has introduced its fifth employee stock ownership plan, enhancing employee motivation and aligning their interests with the company's growth [8][10]. Financial Performance - In Q1 2024, the company reported a revenue of 3.857 billion yuan, a 23.2% increase, and a net profit of 442 million yuan, up 292.3% [5][10]. - The company plans to distribute a cash dividend of 3.3 yuan per 10 shares, totaling approximately 883 million yuan, with a payout ratio of 50.44% [5][10]. - The gross profit margin for Q1 2024 was 26.09%, with a net profit margin of 12.18%, reflecting stable profitability despite raw material price fluctuations [6][10]. Market Position and Outlook - The company is positioned to benefit from the recovery in the real estate sector, with a 17% year-on-year increase in real estate completions in 2023, supporting glass demand [6][10]. - The report forecasts the company's earnings for 2024-2026 to be 2.167 billion, 2.420 billion, and 2.633 billion yuan, respectively, with corresponding EPS of 0.81, 0.90, and 0.98 yuan [8][10]. - The company is expected to maintain stable profitability in the float glass industry while expanding into new growth areas such as photovoltaic and electronic glass [8][10].

株洲旗滨集团股份有限公司 2023 年度 审计报告 CAC 证审字[2024]0007 号 审计机构:中审华会计师事务所(特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.eor.cn）"进行查 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.eor.cn）"进行查 ip 目 求 | 目 灵 | 页 码 | | --- | --- | | 一、审计报告 | 1-5 | | 二、已审财务报表 | | | 1、合并资产负债表 | 6-7 | | 2、合并利润表 | 8 | | 3、合并现金流量表 | 9 | | 4、合并所有者权益变动表 | 10-11 | | 5、母公司会计报表 | 12-17 | | 6、财务报表附注 | 18-140 | 三、附件 1、审计机构营业执照及执业许可证复印件 审计报告 CAC 证审字[2024]0007 号 株洲旗滨集团股份有限公司全体股东: 一、审计意见 我们审计了株洲旗滨集团股份有限公司(以下简称"旗滨集团")财务报表,包括 2023年12月 31日的合并及母公司资产负债表,2023 ...

| 证券代码：601636 | 证券简称：旗滨集团 公告编号：2024-044 | | --- | --- | | 可转债代码：113047 | 可转债简称：旗滨转债 | 株洲旗滨集团股份有限公司 株洲旗滨集团股份有限公司（以下简称"公司"）已于 2024 年 4 月 25 日发 布了 2023 年年度报告和 2024 年第一季度报告。为便于广大投资者更全面深入地 了解公司 2023 年度和 2024 年第一季度的经营成果、财务状况，公司将于 2024 年 5 月 8 日下午 15:00-16:30 举行 2023 年度暨 2024 年第一季度业绩说明会，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视频结合网络互动召开，公司将针对 2023 年度和 2024 年第一季度的经营业绩、财务状况等情况与投资者进行互动交流和沟通，在信息 披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 关于召开 2023 年度暨 2024 年第一季度业绩说明会的公告 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 ...

Financial Performance - The company's operating revenue for 2023 reached ¥15,682,741,264.36, representing a 17.80% increase compared to ¥13,312,679,939.15 in 2022[20]. - Net profit attributable to shareholders for 2023 was ¥1,750,882,456.29, a 32.98% increase from ¥1,316,678,207.34 in 2022[20]. - The net cash flow from operating activities for 2023 was ¥1,543,166,035.51, showing a significant increase of 171.89% compared to ¥567,578,450.24 in 2022[20]. - The total assets of the company as of the end of 2023 amounted to ¥31,915,246,100.52, a 30.60% increase from ¥24,437,098,111.26 in 2022[20]. - Basic earnings per share for 2023 were ¥0.6552, up 32.98% from ¥0.4927 in 2022[21]. - The weighted average return on net assets for 2023 was 13.31%, an increase of 2.95 percentage points from 10.36% in 2022[21]. - The company reported a net profit of ¥507,554,683.17 in Q4 2023, with total revenue for the quarter at ¥4,498,202,660.36[23]. - Non-recurring gains and losses for 2023 included government subsidies amounting to ¥168,057,267.15, compared to ¥129,649,862.09 in 2022[24]. Shareholder Returns - The proposed cash dividend for 2023 is RMB 3.30 per 10 shares, resulting in a total cash dividend distribution of RMB 883,126,656.39 (including tax), with a cash dividend payout ratio of 50.44%[4]. - The total cash dividend for 2023, including the amount for share repurchase, is CNY 1,164,138,383.84, representing 66.49% of the net profit attributable to the parent company's shareholders[125]. - The company has maintained a clear and transparent dividend policy, ensuring that small and medium shareholders have opportunities to express their opinions[124]. - The company commits to at least one cash dividend distribution each year from 2023 to 2025, with the distributed profit exceeding 20% of the available distributable profit for the year[159]. Corporate Governance - The board of directors has ensured the authenticity, accuracy, and completeness of the annual report, taking legal responsibility for any misstatements or omissions[2]. - The company completed the revision and improvement of 29 governance systems during the reporting period, enhancing the level of standardized operations[70]. - The governance structure reform was supported by a top global management consulting firm, aiming to create a more efficient and professional board system[70]. - The company actively organized training for directors and senior management to enhance awareness of regulatory compliance and governance systems[70]. - The company has established a risk management framework, enhancing risk identification and management capabilities across all levels[135]. Market Expansion and Strategy - The company is actively expanding into overseas emerging markets to strengthen its market presence[26]. - The company plans to optimize its product structure and increase the sales proportion of differentiated products such as colored glass and ultra-white glass[26]. - The company aims to improve cost control and efficiency by implementing lean production management practices[26]. - The company is focusing on enhancing governance structures and improving operational efficiency through strategic reforms[26]. - The company plans to increase its overseas production capacity in the photovoltaic glass sector to enhance market share[62]. Research and Development - R&D investment amounted to CNY 572.23 million, an increase of 14.5%, with a R&D expense ratio of 3.65%[33]. - The company submitted 281 patent applications, representing a year-on-year increase of 46.3%, and was granted 149 new patents, an increase of 88.2% compared to the previous year[27]. - The company is investing heavily in R&D, with a budget increase of 25% to enhance product innovation and technology[81]. - The company is committed to technological innovation and quality improvement in its float glass products, aiming to extend its cost advantages and enhance profitability[32]. Environmental Responsibility - The company has implemented a comprehensive internal control system, ensuring effective governance and compliance without any major deficiencies[138]. - The company has established a mechanism for environmental protection, focusing on pollution prevention and compliance with environmental laws[140]. - The company reduced carbon emissions by 78,958 tons during the reporting period through various measures, including the implementation of waste heat power generation and rooftop photovoltaic systems[151]. - The company received recognition as a national green factory in 2023[149]. Risks and Challenges - The company faces risks related to market dynamics and will enhance research and development to adapt to changes[65]. - The company anticipates a decline in gross margin and operating performance due to accelerated capacity expansion in the photovoltaic glass sector, which may lead to lower product prices[66]. - The company is exposed to foreign exchange and interest rate risks due to increased overseas investments, necessitating enhanced monitoring and potential use of financial derivatives for hedging[67]. - The real estate market is expected to take a longer time for marginal improvement, impacting the company's project timelines and investment strategies[184]. Employee and Management - The company has a total of 16,003 employees, with 238 in the parent company and 15,765 in major subsidiaries[120]. - The employee composition includes 11,222 production staff, 553 sales personnel, 2,431 technical staff, 251 financial staff, and 1,546 administrative staff[120]. - The company has implemented a fair and reasonable compensation policy, ensuring timely and adequate payment of salaries, with a focus on performance-based incentives[121]. - The company has introduced a long-term incentive mechanism to align the interests of key personnel with those of the company and shareholders[121]. Financial Management - The company has not made any changes to the use of raised funds, maintaining the original investment commitments[182]. - The company has approved a capital increase of RMB 500 million to its wholly-owned subsidiary, Qibin Solar[101]. - The company has invested a total of ¥973,602,591.91 in fundraising projects, replacing ¥972,405,422.10 of pre-invested funds and ¥1,197,169.81 of self-raised funds for issuance costs[185]. - The company has established a financial and budget committee consisting of three directors to oversee financial matters[119].

| 证券代码：601636 | 证券简称：旗滨集团 公告编号：2024-034 | | --- | --- | | 可转债代码：113047 | 可转债简称：旗滨转债 | 株洲旗滨集团股份有限公司 关于 2024 年度公司及子公司提供担保额度预计的公告 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。 根据公司目前存量贷款、生产经营计划以及资本性支出需求情况，为保障 2024 年度公司及子公司（公司合并报表范围内的主体，"子公司"包括纳入公司合 并报表范围的公司下属各级全资和控股子公司，以及后续新设或新进的各级全资 和控股子公司，下同）经营和发展的资金需求，公司及子公司拟在不超过 2,230,021 万元人民币（或等值外币，下同）额度内为公司合并报表范围内的主体 提供担保（以上担保指公司合并报表范围内主体之间的担保，主要包括公司对子 公司提供的担保）。 担保范围包括融资类担保以及非融资性质的业务经营类担保。融资类担保包 含综合授信、借款、开立信用证、银行承兑汇票、融资性保函等业务担保；业务 经营类担保包括但不限于诉讼保全担保、财 ...

株洲旗滨集团股份有限公司 2023年度募集资金存放与实际使用情况 鉴证报告 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://sc.mgf.gm.cn）"进行查 。 "我一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gor.cn）"进行查询 "一" 19 ri- 2 | œ | | --- | | 目录 | 页码 | | --- | --- | | 一、鉴证报告 | 1-2 | | 二、募集资金年度存放与实际使用情况的专项报告 | 3-6 | | 附件一、募集资金使用情况对照表 | 7-8 | 三、审计机构营业执照及执业许可证复印件 CAC 证专字[2024]0110 号 审计机构:中审华会计师事务所(特殊普通合伙) = 株洲旗滨集团股份有限公司 2023 年度募集资金存放与实际使用情况鉴证报告 CAC 证专字[2024]0110 号 株洲旗滨集团股份有限公司全体股东: 我们审核了后附的株洲旗滨集团股份有限公司(以下简称"贵公司") 董事会编制的《2023年度募集资金存放与实际使用情况的专项报告》。 一、对报告使用者和使用目的的限定 我们的责任是对贵公司董事会编 ...

2023 年度募集资金存放与实际使用情况的专项报告 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）募集资金使用和结余情况 2023年期初剩余募集资金金额为17,544.77万元，2023年度本公司对募集资金 投资项目投入募集资金6,087.09万元，募集资金专用账户累计取得利息收入扣除 手续费后净额为208.04万元。 | 证券代码：601636 | 证券简称：旗滨集团 | 公告编号：2024-033 | | --- | --- | --- | | 可转债代码：113047 | 可转债简称：旗滨转债 | | 株洲旗滨集团股份有限公司 株洲旗滨集团股份有限公司（以下简称"公司"）董事会根据中国证券监督管 理委员会《上市公司监管指引第2号—上市公司募集资金管理和使用的监管要求 （2022年修订）》及《上海证券交易所上市公司自律监管指引第1号——规范运 作》以及《上海证券交易所上市公司自律监管指南第1号——公告格式》等相关 规定要求，编制了公开发行A股可转换公司债券的《2023年度募集资金存放与实际 使用情况的专项报告》（以 ...

株洲旗滨集团股份有限公司 会计师事务所选聘制度 第一条 为规范株洲旗滨集团股份有限公司（以下简称"公司"）选聘会计师事务 所的行为，推动提升审计工作质量，保证财务信息的真实性和连续性，切实维护股东利 益和会计师事务所的合法权益，根据《中华人民共和国公司法》《中华人民共和国证券 法》《上海证券交易所股票上市规则》《国有企业、上市公司选聘会计师事务所管理办 法》及国家有关法律、法规和《株洲旗滨集团股份有限公司章程》（以下简称"《公司 章程》"）的有关规定，结合公司实际情况，制定本制度。 第二条 本制度所称选聘会计师事务所（含新聘、续聘、改聘），是指公司根据相 关法律法规要求，聘任会计师事务所对财务会计报告发表审计意见、出具审计报告的行 为。公司聘任会计师事务所从事除财务会计报告审计之外的其他法定审计业务的，可以 比照本制度执行。 第二章 组织管理与职责 第一章 总则 第三条 公司聘用或者解聘会计师事务所，应当经董事会审计及风险委员会（以 下简称"审计委员会"）审议同意后，提交董事会审议，并由股东大会决定。公司不得 在董事会和股东大会审议批准前聘任会计师事务所开展审计工作。 第四条 公司控股股东、实际控制人不得在公 ...

株洲旗滨集团股份有限公司审计及风险委员会 对会计师事务所 2023 年度履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准 则》《国有企业、上市公司选聘会计师事务所管理办法》《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》和《公司章程》等规定和要求，株洲旗滨 集团股份有限公司（以下简称"公司"）董事会审计及风险委员会（以下简称"审 计委员会"）本着勤勉尽责的原则，恪尽职守，认真履职。现将审计委员会对会 计师事务所 2023 年度履行监督职责的情况汇报如下： 一、2023 年度年审会计师事务所基本情况 （一）会计师事务所基本情况 中审华会计师事务所（特殊普通合伙）成立于 2000 年 9 月 19 日，注册地址 为天津经济技术开发区第二大街 21 号 4 栋 1003 室，首席合伙人黄庆林。 截至 2023 年 12 月 31 日，中审华共有合伙人 103 人，注册会计师 516 人， 签署过证券服务业务审计报告的注册会计师 114 人。中审华 2022 年度经审计的 收入总额为 83,656 万元。其中，审计业务收入 60,815 万元，证券业务收入为 1 ...