分析师承诺 《证券期货投资者适当性管理办法》、《证券经营机构投资者适当性管理实施指引（试行）》已于2017年7月1日起正 式实施。根据上述规定，开源证券评定此研报的风险等级为R3（中风险），因此通过公共平台推送的研报其适用的 投资者类别仅限定为专业投资者及风险承受能力为C3、C4、C5的普通投资者。若您并非专业投资者及风险承受能 力为C3、C4、C5的普通投资者，请取消阅读，请勿收藏、接收或使用本研报中的任何信息。 因此受限于访问权限的设置，若给您造成不便，烦请见谅！感谢您给予的理解与配合。 备注：评级标准为以报告日后的 6~12 个月内，证券相对于市场基准指数的涨跌幅表现，其中 A 股基准指数为沪 深 300 指数、港股基准指数为恒生指数、新三板基准指数为三板成指（针对协议转让标的）或三板做市指数（针 对做市转让标的）、美股基准指数为标普 500 或纳斯达克综合指数。我们在此提醒您，不同证券研究机构采用不同 的评级术语及评级标准。我们采用的是相对评级体系，表示投资的相对比重建议；投资者买入或者卖出证券的决 定取决于个人的实际情况，比如当前的持仓结构以及其他需要考虑的因素。投资者应阅读整篇报告，以获取比较 完 ...

致：浙江台华新材料股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）接受浙江台华新材料股份 有限公司（以下简称"公司"）的委托，指派本所律师列席公司于 2024 年 4 月 30 日 14 点 30 分在浙江省嘉兴市秀洲区王店镇梅北路 113 号浙江嘉华特种尼龙 有限公司会议室召开的 2023 年年度股东大会（以下称"本次股东大会"），并 依据《中华人民共和国公司法》等中国法律、法规和相关规范性文件（以下称"中 国法律法规"）及《浙江台华新材料股份有限公司章程》（以下称"公司章程"） 的规定，就本次股东大会的召集和召开程序、出席会议人员资格、召集人资格、 会议表决程序和表决结果等事宜（以下称"程序事宜"）出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的有关本次股东大会的文 件，包括但不限于第五届董事会第四次会议决议、第五届监事会第四次会议决议 以及根据上述决议内容刊登的公告、本次股东大会的通知、议案和决议及会议资 料等，同时听取了公司及相关人员就有关事实的陈述和说明，列席了本次股东大 会。公司承诺其所提供的文件和所作的陈述和说明是完整、真实和有效的，无任 何隐瞒、疏漏之处。 在本法律意 ...

本次会议由公司董事会提议召开。公司董事长施清岛先生通过线上视频方式 证券代码：603055 证券简称：台华新材 公告编号：2024-037 浙江台华新材料股份有限公司 2023 年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 16 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 600,011,394 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 67.3816 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 (一) 股东大会召开的时间：2024 年 4 月 30 日 (二) 股东大会召开的地点：浙江省嘉兴市秀洲区王店镇梅北路 113 号浙江嘉 华特种尼龙有限公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 主持并完成了全部议程。会议召集及召 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index within the next 6 to 12 months [15]. Core Views - The company reported strong Q1 2024 results, with revenue of 1.472 billion yuan, a year-on-year increase of 51.72%, and a net profit of 150 million yuan, up 101.13% year-on-year. The non-recurring net profit reached 135 million yuan, a significant increase of 377.67% year-on-year, driven by strong demand for products such as sun-protective clothing and nylon filament [1][6]. - The company's nylon 66 filament production capacity is expected to ramp up, contributing to performance growth, while a 100,000-ton recycled nylon project is set to commence production soon, enhancing profitability further [6][7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue is projected to grow from 5,094 million yuan in 2023 to 9,896 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 16% [1]. - Net profit is expected to increase from 670 million yuan in 2024 to 1,000 million yuan in 2026, reflecting a strong growth trajectory [1]. - **Profitability Metrics**: - Gross margin improved by 2.82 percentage points year-on-year to 23.4% in Q1 2024, while net profit margin increased by 2.5 percentage points to 10.17% [4]. - The return on equity (ROE) is projected to rise from 10% in 2024 to 16% in 2026 [1]. - **Cash Flow and Efficiency**: - Operating cash flow was negative 155 million yuan in Q1 2024, compared to negative 54 million yuan in the same period last year, influenced by increased cash payments for goods and services [5]. - Inventory turnover days decreased by 20.4 days year-on-year to 168.48 days, indicating improved operational efficiency [5]. Market Position and Future Outlook - The company is positioned to benefit from the growing demand for recycled nylon, with global production currently at only 130,000 tons, suggesting significant growth potential [5]. - The chemical recycling project is nearing completion and is expected to enhance the company's competitive edge in the market, with production capacity ranking among the top globally [5].

台华新材(603055) 业绩超预期，差异化战略推动公司持续成长 事件： 公司发布 24 年一季报，24Q1 公司实现营业收入 14.7 亿元，同比增长 52%， 环比下降 7%；实现归母净利润 1.50 亿元，同比增长 101%，环比增长 23%，； 实现扣非后归母净利润 1.35 亿元，同比增长 378%，环比增长 16%。 锦纶行业景气持续修复，公司业绩超预期 公司 24 年一季度业绩大幅增长，主要是 22 年底以来，锦纶行业景气度持 续修复，根据隆众咨讯和百川盈孚数据，锦纶 POY、DTY、FDY 市场均价已 经从 23Q1 的 1.57、1.81、1.65 万元/吨提升至 24Q1 的 1.70、1.93、1.81 万元/吨，同比分别增长了 8.3%、6.6%、9.7%。我国锦纶纤维的开工率也从 23Q1 的 64%逐季提升至 24Q1 的 77%。公司 24Q1 毛利率同比增长了 2.82pct 至 23.4%，净利率也同比增长了 2.50pct 至 10.17%。 展望后市，锦纶行业景气度仍处于上升周期，公司锦纶长丝及后端纺织、 染整、坯布、面料等环节盈利能力有望进一步抬升，业绩有望进一步增长。 ...

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Financial Performance - The company's operating revenue for Q1 2024 reached RMB 1,472,423,298.45, representing a 51.72% increase year-on-year[13] - The net profit attributable to shareholders of the listed company was RMB 149,800,220.36, reflecting a 101.13% increase compared to the same period last year[13] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 135,080,298.92, showing a significant increase of 377.67% year-on-year[13] - The company's basic earnings per share for the period was RMB 0.17, up 112.50% from the previous year[13] - Operating profit for Q1 2024 was RMB 165,866,626.56, compared to RMB 86,368,815.63 in Q1 2023, indicating a growth of 92%[28] - The company reported a diluted earnings per share of RMB 0.17 for Q1 2024, compared to RMB 0.08 in Q1 2023[31] - The company reported a net profit of ¥10,064,840.30 for Q1 2024, compared to a net loss in the same quarter last year[60] - Net profit for the period reached approximately $149.77 million, compared to $74.46 million in the previous year, representing an increase of about 100.5%[76] - The total comprehensive income for the period was approximately $153.49 million, compared to $72.87 million in the previous year, an increase of about 109.8%[76] Research and Development - The company's R&D expenses increased by 60.18% due to higher investment in research and development activities[6] - Research and development expenses in Q1 2024 amounted to RMB 80,083,285.85, up from RMB 49,995,997.34 in Q1 2023, representing a 60% increase[28] - Research and development expenses for Q1 2024 were ¥8,732,756.08, up from ¥6,852,482.08 in Q1 2023, indicating a focus on innovation[60] Cash Flow and Investments - The cash flow from operating activities showed a net outflow of RMB 154,984,708.42, which is not applicable for year-on-year comparison[13] - Cash flow from operating activities in Q1 2024 showed a net outflow of RMB -154,984,708.42, worsening from RMB -54,362,901.02 in Q1 2023[32] - Cash received from sales and services in Q1 2024 was RMB 1,008,028,796.80, compared to RMB 640,706,707.48 in Q1 2023, marking a 57% increase[32] - Cash flow from operating activities was approximately $174.69 million, compared to $124.36 million in the same period last year, indicating a growth of about 40.5%[84] - Operating cash inflow totaled $330.73 million, a decrease from $357.34 million[88] - Net cash flow from operating activities was -$84.34 million, compared to a positive $6.15 million in the previous period[88] - Cash inflow from investment activities totaled $101.8 million, an increase from $79.7 million year-over-year[33] - Cash outflow from investment activities was $319.3 million, down from $502.7 million year-over-year[33] - Net cash flow from investment activities was -$217.5 million, improving from -$423.0 million year-over-year[33] - Cash outflow from investing activities was $30.88 million, significantly lower than $148.99 million last year[88] - Net cash flow from investing activities was -$30.10 million, compared to -$148.99 million previously[88] Assets and Liabilities - Total assets as of March 31, 2024, were RMB 10,987,085,039.52, compared to RMB 10,559,978,369.38 at the end of 2023[26] - Current assets totaled RMB 4,630,861,222.86 as of March 31, 2024, up from RMB 4,226,335,266.49 at the end of 2023, reflecting an increase of 10%[24] - Total liabilities stood at $1.60 billion, marginally up from $1.60 billion at the end of the previous year[35] - Total liabilities increased to approximately $6.39 billion, up from $6.11 billion, reflecting a growth of about 4.6% year-over-year[75] - Long-term borrowings increased to approximately $1.61 billion, up from $1.54 billion, showing a growth of about 4.5%[75] - The total equity attributable to shareholders rose to approximately $4.60 billion, up from $4.45 billion, marking an increase of about 3.3%[75] Share Repurchase and Equity - The company plans to repurchase shares with a total amount not less than RMB 50 million and not exceeding RMB 100 million, with a repurchase price capped at RMB 13.93 per share[20] - The company has repurchased a total of 1,211,800 shares, accounting for 0.14% of the total share capital, with a total expenditure of ¥11,024,200 (excluding transaction fees)[46] - The equity attributable to shareholders of the listed company increased by 3.23% to ¥4,596,301,871.56 from ¥4,452,379,297.35[72] Compliance and Strategy - The company has no significant changes in major shareholders or shareholding structure compared to the previous period[66] - The company is committed to adhering to legal and regulatory requirements for information disclosure and risk warnings[47] - The company continues to monitor market conditions and will adjust strategies accordingly to enhance growth prospects[47]

浙江台华新材料股份有限公司 二〇二四年四月 2023 年年度股东大会 会议材料 | 目录 | | --- | | 2023 年年度股东大会会议议程 | | 5 | | --- | --- | --- | | 议案一：2023 | 年度董事会工作报 | 7 | | 议案二：2023 | 年度监事会工作报告 | 8 | | 议案三：2023 | 年度财务决算报告 | 9 | | 议案四：2023 | 年年度报告全文及报告摘要 | 10 | | 议案五：2023 | 年度利润分配方案 | 11 | | 议案六：关于 年度公司及子公司向金融机构申请综合授信额度的议案..12 | 2024 | | | 2024 | 议案七：关于公司与子公司、子公司之间 | 年度担保计划的议案 13 | | 议案八：关于续聘 年度会计师事务所的议案 14 | 2024 | | | 议案九：关于 年度公司董事薪酬方案的议案 15 | 2024 | | | 议案十：关于 年度公司监事薪酬方案的议案 16 | 2024 | | | 议案十一：关于增加注册资本、变更公司名称暨修订《公司章程》部分条款的议 | | | | 案 17 | | | | ...

中信证券股份有限公司 关于浙江台华新材料股份有限公司 公开发行可转换公司债券持续督导保荐总结报告书 保荐人编号：Z20374000 申报时间：2024 年 4 月 一、发行人基本情况 公司名称：浙江台华新材料股份有限公司（以下简称"台华新材"、"发行人" 或"公司"） 英文名称：Zhejiang Taihua New Material Co., Ltd. 股票代码：603055 上市地点：上海证券交易所 法人代表：施清岛 成立日期：2001 年 2 月 21 日 注册资本：89,046.0468 万元 住 所：浙江省嘉兴市秀洲区王店镇工业园区 办公地点：浙江省嘉兴市秀洲区王店镇梅北路 113 号 邮政编码：314011 电话号码：0573-83703555 传真号码：0573-83706565 经营范围：新型纺织材料及特种纺织品的研发、生产和销售；其他纺织品的 生产及销售；纺织品、机械设备及化工产品（不含化学危险品和易制毒化学品） 的批发、佣金代理（拍卖除外）及其进出口业务。（以上商品进出口不涉及国营 贸易、进出口配额许可、出口配额招标、出口许可证等专项管理的商品） 二、本次发行情况概述 经中国证券监督管理委 ...

中信证券股份有限公司 关于浙江台华新材料股份有限公司 2023 年持续督导工作现场检查报告 上海证券交易所： 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对浙江台华新材料股份有限公司（以下简称"台华新材""公司" "上市公司"）进行持续督导工作的保荐人，对 2023 年度（以下简称"本持续督 导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构 中信证券股份有限公司 （二）保荐代表人 （四）现场检查时间 2024 年 4 月 8 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 1 （六）现场检查手段 何少杰、赵旭亮 （三）现场检查人员 何少杰 本次现场检查的手段主要包括资料查 ...