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 ...

关于浙江台华新材料股份有限公司 2023年度持续督导报告书 | 上市公司：浙江台华新材料股份有限公司（以下简称"台华新材"、"公司"） | | | --- | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"或"保荐人"） | | | 保荐代表人姓名：何少杰 | 联系电话：0571-85783754 | | 保荐代表人姓名：赵旭亮 | 联系电话：0571-85783754 | 经中国证券监督管理委员会《关于核准浙江台华新材料股份有限公司公开发 行可转换公司债券的批复》（证监许可[2021]2109 号文）核准，并经上海证券交 易所同意，公司于 2021 年 12 月 29 日公开发行可转换公司债券 60 万手，每张面 值 100 元，募集资金总额为 60,000 万元，扣除各类发行费用之后实际募集资金 净额 59,202.55 万元。中汇会计师事务所（特殊普通合伙）于 2022 年 1 月 6 日对 浙江台华新材料股份有限公司公开发行可转换公司债券的资金到位情况进行了 审验，并出具了"中汇会验[2022]0006 号"验资报告。2022 年 1 月 21 日，公司 可转换公司债券在上海证 ...

被担保企业名称： 控股孙公司嘉华再生尼龙（江苏）有限公司（以下简称"嘉华再生（江苏）"）、 控股孙公司嘉华特种尼龙（江苏）有限公司（以下简称"嘉华尼龙（江苏）"）。 证券代码：603055 证券简称：台华新材 公告编号：2024-036 浙江台华新材料股份有限公司 关于对外担保进展的公告 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个别及连带责任。 重要内容提示: 本次担保金额及已实际为其提供的担保余额： 浙江台华新材料股份有限公司（以下简称"公司"或"台华新材"）本次为 控股孙公司嘉华再生（江苏）担保金额为人民币 4,900 万元，本次为控股孙公司 嘉华尼龙（江苏）担保金额为人民币 8,000 万元。截至公告披露日，公司对嘉华 再生（江苏）的担保余额为 212,900 万元（含本次担保），对嘉华尼龙（江苏） 的担保余额为 148,000 万元（含本次担保）。 本次担保是否有反担保：无 对外担保逾期的累计数量：无 特别风险提示： 截至公告披露日，公司为下属子公司及下属子公司之间的担保余额为 552,000 万元，占公司 2023 年度 ...

李咏红 ：高级分析师，上海交通大学会计硕士，2021 年进入广发证券发展研究中心。 买入： 预期未来 12 个月内，股价表现强于大盘 10%以上。 增持： 预期未来 12 个月内，股价表现强于大盘 5%-15%。 [Table_Address] 联系我们 本报告由广发证券股份有限公司或其关联机构制作，广发证券股份有限公司及其关联机构以下统称为"广发证券"。本报告的分销依据不同 国家、地区的法律、法规和监管要求由广发证券于该国家或地区的具有相关合法合规经营资质的子公司/经营机构完成。 广发证券股份有限公司具备中国证监会批复的证券投资咨询业务资格，接受中国证监会监管，负责本报告于中国（港澳台地区除外）的分 销。 [Table_I 重要mportant 声明Notices] [Table_PageText] 台华新材|年报点评 本报告所载资料的来源及观点的出处皆被广发证券认为可靠，但广发证券不对其准确性、完整性做出任何保证。报告内容仅供参考，报告 中的信息或所表达观点不构成所涉证券买卖的出价或询价。广发证券不对因使用本报告的内容而引致的损失承担任何责任，除非法律法规 有明确规定。客户不应以本报告取代其独立判断或仅根 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [3][4]. Core Insights - The company reported a revenue of 5.09 billion, an increase of 27.1% year-on-year, and a net profit attributable to shareholders of 0.45 billion, up 67% [1][24]. - The company aims to enhance its competitive edge in differentiated products such as nylon 66 and recycled nylon, leveraging its position as a leader in the nylon segment [2][21]. - The company plans to increase its focus on R&D and innovation to become a global leader in green multifunctional nylon and high-end functional fabrics [2][11]. Financial Performance - In Q4 2023, the company achieved a revenue of 1.578 billion, a year-on-year increase of 57.9%, with a net profit of 0.122 billion, up 527% [8]. - The company's gross margin for long silk was 17.7%, down 1.4 percentage points, while the gross margin for fabric was 23.8%, down 0.74 percentage points [8]. - The company plans to distribute a cash dividend of 0.14 billion, with a dividend payout ratio of 32% [12]. Future Projections - The company forecasts net profits attributable to shareholders of 0.59 billion, 0.72 billion, and 0.90 billion for the years 2024, 2025, and 2026, respectively [23]. - The expected EPS for the same years is projected to be 0.66, 0.81, and 1.01 yuan per share, with corresponding P/E ratios of 16, 13, and 10 [23][24]. Strategic Initiatives - The company is focusing on enhancing its production efficiency and product quality while reducing costs to meet customer demands [20]. - It aims to expand its market presence both domestically and internationally, particularly targeting key clients in niche markets [2][10].