上市保荐书 华泰联合证券有限责任公司 关于湖北振华化学股份有限公司 向不特定对象发行可转换公司债券并在主板上市 之上市保荐书 上海证券交易所： 作为湖北振华化学股份有限公司（以下简称"发行人""公司""振华股 份"）申请向不特定对象发行可转换公司债券并在主板上市的保荐人，华泰联合 证券有限责任公司（以下简称"华泰联合证券"、"保荐人"）及其保荐代表人已 根据《中华人民共和国公司法》《中华人民共和国证券法》《证券发行上市保荐业 务管理办法》《上市公司证券发行注册管理办法》（以下简称"《再融资注册办 法》"）《上海证券交易所上市公司证券发行上市审核规则》等法律法规和中国 证监会及贵所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则 和行业自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 现将有关情况报告如下： 一、发行人基本情况 （一）发行人概况 1、公司名称：湖北振华化学股份有限公司 2、注册地址：湖北省黄石市西塞山区黄石大道 668 号 3、设立日期：2003 年 6 月 19 日 4、注册资本： 509,016,166 元 5、法定代表人：蔡再华 6、联系方式：86-0714-64063 ...

关于湖北振华化学股份有限公司 向不特定对象发行可转换公司债券 申请文件的第二轮审核问询函的回复 （修订稿） 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 二〇二四年四月 股票简称：振华股份 股票代码：603067 上海证券交易所： 贵所于 2023 年 11 月 14 日出具的《关于湖北振华化学股份有限公司向不特 定对象发行可转换公司债券申请文件的第二轮审核问询函》（上证上审（再融资） 〔2023〕720 号）（以下简称"审核问询函"或"问询函"）已收悉。湖北振华 化学股份有限公司（以下简称"公司"、"振华股份"或"发行人"）与华泰联合 证券有限责任公司（以下简称"保荐人""华泰联合证券"）等相关方对审核问 询函所列问题进行了核查，对申请材料认真地进行了修改、补充和说明。现提 交贵所，请予审核。 说明： 1、如无特殊说明，本回复中使用的简称或名词释义与《湖北振华化学股份 有限公司向不特定对象发行可转换公司债券并在主板上市募集说明书》（以下简 称"募集说明书"）一致。涉及募集说明书补充披露或修改的内容已在募集说明 书及本回复中以楷体加粗方式列示。 2、本回复部 ...

请务必阅读正文之后的信息披露和法律声明 | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅（ % ） | 19.6 | 26.3 | 13.5 | | 相对涨幅（ % ） 资料来源：海通证券研究所 | 20.6 | 22.3 | 5.1 | | --- | --- | --- | --- | --- | --- | |----------------------|-------|--------|-------|-------|-------| | [Table_FinanceInfo] | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入（百万元） | 3534 | 3699 | 4202 | 4937 | 5858 | | (+/-)YoY(%) | 18.1% | 4.7% | 13.6% | 17.5% | 18.6% | | 净利润（百万元） | 4 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The company is a leader in the domestic chromium salt industry and is expected to benefit from the recovery in demand for chromium salts, which will enhance price elasticity. Additionally, the price rebound of the co-produced product VK3 is anticipated to contribute to the company's performance. The company is also deeply engaged with downstream customers and is advancing its iron-chromium flow battery project, which may open up long-term growth opportunities. The profit forecast for 2024-2026 is maintained, with expected net profits of 435 million, 513 million, and 587 million yuan, respectively, and corresponding EPS of 0.86, 1.01, and 1.15 yuan, leading to a current PE ratio of 12.0, 10.2, and 8.9 times [7][16][36] Supply and Demand Analysis - The supply side shows a stable competitive landscape in the domestic chromium salt industry, with a high concentration of firms and production levels likely at a high point, limiting short-term supply increases. On the demand side, the strong export demand for metallic chromium, a key downstream demand source for chromium salts, is expected to provide robust support for chromium salt demand. In this context, chromium salt prices are likely to continue rising [8][32][58] VK3 Price Rebound - VK3 prices have started to rebound from the bottom, which is expected to contribute positively to the company's performance. The average price of VK3 reached a low of 64,000 yuan per ton in Q4 2023 but rebounded to 79,000 and 86,000 yuan per ton in Q1 and Q2 2024, respectively, marking increases of 25% and 36% [33][60] Downstream Customer Engagement and Project Progress - The company is leveraging its position in the chromium salt industry to explore the iron-chromium flow battery project. As of April 2023, the company has delivered key stack materials in six batches, corresponding to an installed capacity of approximately 2 megawatts. The construction of the flow energy storage R&D center is progressing smoothly, with the testing line for the self-developed electrolyte solution completed and entering trial production [36][44]

wuxr@gf.com.cn SAC 执证号：S0260523070003 021-38003762 [Table_PageText] 振华股份|年报点评 2 / 4 吴鑫然 ：资深分析师，中山大学金融硕士，2017 年进入广发证券发展研究中心。 持有： 预期未来 12 个月内，股价相对大盘的变动幅度介于-10%～+10%。 买入： 预期未来 12 个月内，股价表现强于大盘 15%以上。 持有： 预期未来 12 个月内，股价相对大盘的变动幅度介于-5%～+5%。 | --- | --- | --- | --- | --- | --- | |-------------------------|--------------------------|-----------------------|--------------------------|-----------------------|--------------------------| | | 广州市 | 深圳市 | 北京市 | 上海市 | 香港 | | 地址 | 广州市天河区马场路 | 深圳市福田区益田路 | 北京市西城区月坛北街 | 上海市浦东新 ...

湖北振华化学股份有限公司 机构调研交流会内容纪要 一、会议基本情况 调研时间：2024年4月10日 调研形式：电话会议 公司参会人员： 杨帆 财务总监 董事会秘书 韩翔 总经理助理 参会机构：详见附件“参会机构清单” 二、会议交流的主要内容 （一）公司近期经营情况介绍 ...

开源证券 振华股份（603067.SH） 2024 年 04 月 10 日 ，看好需求复苏为铬盐带来盈利弹性 亿元，同比增长 4.67%，实现归 2023Q4 公司实现归母净利润 0.82 。结合公司 2023 年年报，我们下调 2024-2026 年公司归母净利润分别为 分别为 0.86（-0.14）、1.01（-0.19）、 1.15 元，当前股价对应 PE 分别为 10.8、9.2、8.0 倍。我们看好未来需求复苏为 公司铬盐产品带来的业绩弹性，维持"买入"评级。 量价拆分：2023 年铬盐量增价减，超细氢氧化铝继续放量，VK3 或有所拖累 产销量方面，根据公司公告，2023 年公司铬盐产品总产量（折重铬酸钠）约 24.5 万吨，同比增长约 15.46%。分产品来看，2023 年公司重铬酸盐、铬的氧化物销 量分别 2.56、10.63 万吨，分别同比+0.94%、+19.83%。价格方面，2023 年公司 重铬酸盐、铬的氧化物平均售价分别为 9987、21028 元/吨，分别同比-14.78%、 -5.05%。成本端，2023 年公司主要原料铬铁矿、纯碱、块煤、硫酸采购均价分 别为 2441、2135、 ...

Financial Performance - The company's operating revenue for 2023 was CNY 3,698,698,929.53, representing a year-on-year increase of 4.67% compared to CNY 3,533,800,546.53 in 2022[23]. - The net profit attributable to shareholders for 2023 was CNY 370,808,626.75, a decrease of 11.07% from CNY 416,972,642.79 in 2022[23]. - The basic earnings per share for 2023 was CNY 0.74, down 10.84% from CNY 0.83 in 2022[24]. - The total assets at the end of 2023 were CNY 4,249,266,472.38, an increase of 6.73% from CNY 3,981,407,667.69 at the end of 2022[23]. - The cash flow from operating activities for 2023 was CNY 396,313,628.35, a decline of 19.28% compared to CNY 490,978,501.71 in 2022[23]. - The weighted average return on equity for 2023 was 13.98%, down 3.91 percentage points from 17.89% in 2022[24]. - The company's net assets attributable to shareholders increased by 11.43% to CNY 2,805,629,662.59 at the end of 2023 from CNY 2,517,944,652.16 at the end of 2022[23]. - The gross profit margin decreased to 24.35%, down by 2.79% compared to the previous year[52]. - The revenue from inorganic salt manufacturing was ¥3,543,885,961.23, with a gross profit margin of 24.55%[52]. - The company achieved a net cash flow from operating activities of approximately CNY 396.31 million, a decrease of 19.28% from the previous year[50]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 1.83 CNY per 10 shares, totaling approximately 93.15 million CNY, which represents 25.12% of the net profit attributable to shareholders[6]. - The company emphasizes the importance of maintaining shareholder value, particularly for small and medium investors, through its profit distribution strategy[6]. - The company will hold an online performance briefing to elaborate on the cash dividend plan, with details to be announced separately[7]. - The company has established a cash dividend policy that respects and protects shareholder interests[163]. - The company has approved a three-year shareholder dividend return plan for 2023-2025[149]. Market Position and Production - The company is the largest and most comprehensive producer of chromium chemicals and vitamin K3 globally, indicating strong market positioning[6]. - The company is the only listed company in the A-share market focused on chromium chemicals, maintaining a leading position in production scale, technology level, product quality, and market share globally[40]. - The company achieved overseas sales revenue of approximately 470.43 million yuan, a year-on-year growth of 18.02%, reaching a historical peak[32]. - The company’s products are widely used across various industries, including surface treatment, pigments, and agriculture[80]. - The company is positioned as the largest producer of chromium salts globally, with a comprehensive product line and a leading market share[111]. Research and Development - The company is focused on the research and development of chromium chemical products, including the development of digital calcium-free roasting technology[14]. - The company has established multiple R&D platforms, including a national-level innovation platform, to support its technological advancements and product development[46]. - The company applied for 13 invention patents, 7 utility model patents, and 1 design patent during the reporting period, all of which were accepted, bringing the total to 136 applications and 79 authorized patents[91]. - The company has developed several key technologies, including "calcium-free roasting clean production technology" and "chromium salt industrial pollution reduction technology" to enhance clean production capabilities[89]. - The company has a total of 289 R&D personnel, indicating a focus on innovation and product development[159]. Environmental Compliance and Sustainability - The company has maintained compliance with environmental discharge standards, with no exceedances reported for SO2, NOx, and particulate emissions[175]. - The company’s pollutant discharge indicators currently meet national standards, but changes in environmental policies could increase compliance costs and negatively impact operating performance[131]. - The company has invested in advanced pollution control technologies, including a low-nitrogen combustion system for gas boiler emissions, operational since 2022[190]. - The company has implemented a waste gas treatment facility with a design capacity of 200,000 m³/h, which has been in operation since 2008[190]. - The company has established a comprehensive monitoring system to ensure compliance with various pollutant discharge standards, including GB31573-2015 and GB12348-2008[183]. Governance and Management - The company has established a governance structure comprising a shareholders' meeting, board of directors, and supervisory board, ensuring compliance with relevant laws and regulations[133]. - The board of directors consists of 8 members, including 3 independent directors, and has established various committees to enhance governance practices[134]. - The company has implemented various internal control and disclosure management systems to ensure transparency and protect investor rights[134]. - The company’s management structure includes a compensation and assessment committee responsible for setting and reviewing compensation policies[160]. - The company has a total of 12 directors and supervisors, with 3 independent directors holding no shares[141]. Strategic Initiatives and Future Plans - The company aims to enhance its supply chain and ensure the safety of raw material supply through the operation of its sulfuric acid-thermal power cogeneration facility[114]. - The company plans to invest in high-end chromium tanning agents and high-purity chromium oxide green products to expand its market share in high-value segments[114]. - The company aims to achieve a revenue of 4.2 billion yuan and a net profit of 430 million yuan in 2024[118]. - The company plans to enhance the integrated operation of chromium sulfate and vitamin K3 to improve profitability across the entire product line[116]. - The company will focus on the development of new clean production technologies for chromium salts, including the "new generation clean production technology for chromium anhydride"[115].

湖北振华化学股份有限公司 审 计 报 告 大信审字[2024]第 2-00306 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 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://ac.mof.gw.cn/ 报告编码:京244GKL Room 2206 22/F Xuevuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing, China, 100083 告 计 报 田 大信审字[2024]第 2-00306 号 湖北振华化学股份有限公司全体股东: 1. 事项描述 一、审计意见 我们审计了湖北振华化学股份有限公司(以下简称"贵公司")的财务报表,包括 2023 年 12 月 31 日的合并及母公司资产负债表,2023年度的合并及母公司利润表、合并及母公司 现金流量表、合并及母公司股东权益变动表,以及财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 贵公司 2023 年 12 月 31 日的合并及母公司财 ...

证券代码：603067 证券简称：振华股份 公告编号：2024-016 湖北振华化学股份有限公司 关于 2023 年度利润分配方案的公告 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： 每股分配比例：每 10 股派发现金红利 1.83 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分 配比例不变，相应调整分配总额，并将另行公告具体调整情况。 经大信会计师事务所（特殊普通合伙）审计，2023 年度归属于上市公司股 东的净利润 370,808,626.75 元。经公司第四届董事会第二十四次会议审议通过， 公司 2023 年年度拟实施利润分配方案如下：拟以方案实施前的公司总股本 509,016,166 股为基数，每 10 股派发现金红利 1.83 元（含税），共计派发现金红 利93,149,958.38元（含税），占2023年度归属于上市公司股东的净利润的25.12%。 本年度不送红股也不 ...