安徽广信农化股份有限公司 独立董事提名人声明与承诺 提名人安徽广信农化股份有限公司董事会，现提名祝传颂为安徽广信农化股 份有限公司第六届董事会独立董事候选人，并已充分了解被提名人职业专长、教 育背景、工作经历、兼任职务等情况。被提名人已书面同意出任安徽广信农化股 份有限公司第六届董事会独立董事候选人（参见该独立董事候选人声明）。提名 人认为，被提名人具备独立董事任职资格，与安徽广信农化股份有限公司之间不 存在任何影响其独立性的关系，具体声明并承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行政法规、 规章及其他规范性文件，具有五年以上法律、经济、财务、管理或者其他履行 独立董事职责所必需的工作经验，并已根据《上市公司高级管理人员培训工作 指引》及相关规定取得独立董事资格证书。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如适 用）； （三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律 监管规则以及公司章程有关独立董事任职资格和条件的相关规定； （四 ...

Summary of Conference Call Notes Company and Industry Overview - The conference call primarily discusses **Guangxin Co., Ltd.**, focusing on its position in the **agricultural chemicals industry**, particularly in the production of various pesticides and intermediates [1][2][4]. Key Points and Arguments 1. **Market Demand and Production Capacity**: - The global demand for **Dicamba** is approximately **20,000 tons**, with Brazil accounting for **8,900 to 9,000 tons**, India for **3,000 to 4,000 tons**, the U.S. for **4,500 tons**, and China for **1,500 tons** [1]. - Guangxin and **Bayi Chemical** together hold about **50%** of the total production capacity in the industry, which is **820,000 tons** [4]. 2. **Competitive Advantages**: - Guangxin has a fully integrated supply chain for its products, including key intermediates like **3426342 aniline** and others, which provides a significant cost advantage over competitors [2]. - The company’s ability to produce a complete range of products from raw materials to finished goods sets it apart from its peers [2][4]. 3. **Pricing Dynamics**: - The price of **Dicamba** rose from **8,000** to **18,000** in 2020 due to capacity relocation by Bayi Chemical, but subsequently fell to **10,000** by mid-2022 due to increased competition and price wars [5][6]. - Current pricing strategies are under review, with potential for price recovery to levels between **14,000** and **15,000**, which could significantly enhance profitability [7]. 4. **Profitability and Financial Performance**: - The company forecasts a net profit of around **400 million** for the first half of the year, with quarterly profits of **220 million** and **180 million** for Q1 and Q2 respectively [12]. - Guangxin has distributed dividends exceeding its initial capital raised, indicating strong cash flow and value creation [13][14]. 5. **Future Growth and Product Development**: - New products like **Yingzhongwei** and others are expected to contribute positively to future revenues, with potential revenues of **1.5 billion** from new product launches [11]. - The company is also working on regulatory approvals for several new products, which could further enhance its market position [10]. 6. **Market Position and Valuation**: - The company is currently viewed as undervalued, with a market capitalization of just over **10 billion**, while holding **8 billion** in cash and a stable profit base [15][16]. - The competitive landscape is stable with only a few key players, which supports a favorable environment for price recovery and profitability [15][17]. Additional Important Insights - The integration of the supply chain and the ability to adapt to market changes are highlighted as critical factors for Guangxin's sustained competitive edge [2][17]. - The potential for industry consolidation is noted, which could lead to improved pricing power and profitability across the sector [8][17]. This summary encapsulates the essential insights from the conference call, providing a comprehensive overview of Guangxin's current standing and future prospects in the agricultural chemicals industry.

证券代码：603599 证券简称：广信股份 公告编号：2024-023 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/7/24 | － | 2024/7/25 | 2024/7/25 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 6 月 7 日的 2023 年年度股东大会审议通过。 安徽广信农化股份有限公司 2023 年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.60 元 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本 910,269,345 股为基数，每股派发现金红利 0.60 元（含税 ...

Summary of Conference Call Company/Industry Involved - The conference call was organized by Guojin Securities, focusing on professional investment institutions and invited clients Core Points and Arguments - The content of the meeting was primarily for exchanging research views and the expert speakers' opinions represented their personal views, not investment advice [1] Other Important but Possibly Overlooked Content - The meeting content is confidential and cannot be disclosed or shared without prior written permission from Guojin Securities [1]

Financial Performance Forecast - The company expects a net profit attributable to shareholders for the first half of 2024 to be between 390 million and 425 million CNY, a decrease of 61.87% to 58.45% compared to the same period last year [4]. - The estimated net profit after deducting non-recurring gains and losses is projected to be between 355 million and 390 million CNY, reflecting a year-on-year decrease of 63.15% to 59.52% [10]. - The previous year's net profit attributable to shareholders was 1,022.9 million CNY, with a net profit of 963.4 million CNY after deducting non-recurring gains and losses [13]. Factors Affecting Performance - The decline in performance is attributed to low prices of certain pesticides and fine chemicals due to market supply and demand changes, along with increased shipping costs and a decrease in sales volume [6]. - The company terminated the acquisition agreement for 70% of Liaoning Shixing Pharmaceutical and Chemical Co., which also impacted the net profit for the first half of 2024 [6]. Performance Forecast Validity - The company emphasizes that there are no significant uncertainties affecting the accuracy of this performance forecast [10]. - The company assures that there are no major factors that could significantly impact the performance forecast [16]. - The financial data provided is preliminary and subject to final confirmation in the official half-year report [7]. Reporting Period and Announcement - The reporting period for the performance forecast is from January 1, 2024, to June 30, 2024 [11]. - The announcement was made by the board of directors of Anhui Guangxin Agricultural Chemical Co., Ltd. on July 10, 2024 [18].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][8]. Core Views - The report highlights the company's complete industrial chain, which provides cost advantages. The company is accelerating its layout in the pharmaceutical intermediates and new materials sectors, with high value-added products expected to improve overall profitability. However, due to the sluggish pesticide market, the profit forecasts for 2024-2025 have been revised downwards [3][8]. - The expected net profits attributable to the parent company for 2024-2026 are projected to be 1.114 billion, 1.421 billion, and 1.896 billion yuan, respectively, with year-on-year growth rates of -22.6%, +27.6%, and +33.4% [3][19]. Financial Summary - The company's revenue for 2024 is estimated at 5.868 billion yuan, with a year-on-year decrease of 35.3%. The revenue is expected to grow by 10.1% in 2024, 15.6% in 2025, and 14.5% in 2026 [19]. - The gross profit margin is projected to be 32.3% in 2024, increasing to 36.5% by 2026 [19]. - The company's return on equity (ROE) is expected to decline to 10.5% in 2024 but recover to 13.5% by 2026 [19]. - The price-to-earnings (P/E) ratio is forecasted to be 9.18 in 2024, decreasing to 5.91 by 2026 [19]. Market Conditions - The report notes that the pesticide market is currently experiencing low demand due to high inventory levels overseas and industry overcapacity, leading to a continuous decline in product prices. As of June 16, 2024, the agricultural raw material price index was reported at 76.99 points, down 11.4% year-on-year [8][3]. - The company is positioned as a leader in the pesticide sector, with ongoing projects aimed at expanding its product offerings and enhancing its competitive edge [3][8]. Strategic Developments - The company is advancing multiple projects to enhance its industrial chain, including the production of various pesticide products and the establishment of a new project for the production of 40,000 tons of para-aminophenol, which is expected to strengthen its competitive position [3][8]. - The company has a significant capacity for phosgene production, which is crucial for its pesticide and fine chemical applications, and is expected to support future expansion needs [14][3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [1][36]. Core Views - The company is expected to see revenue growth in the coming years, with projected revenues of 71.57 billion, 86.92 billion, and 95.80 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 22.0%, 21.5%, and 10.2% [5][32]. - The report highlights the continuous growth in pesticide demand and the restructuring of supply dynamics, which are anticipated to drive pesticide prices back to reasonable levels [5][30]. - The company's ongoing extension of its industrial chain is expected to enhance product structure optimization and core competitiveness, positively impacting performance [5][15]. Financial Summary - In 2022, the company reported operating revenue of 9,062 million yuan, which is projected to decline to 5,868 million yuan in 2023, before recovering to 7,157 million yuan in 2024 [1][28]. - The net profit attributable to the parent company is expected to decrease from 2,316 million yuan in 2022 to 1,439 million yuan in 2023, with a further decline to 1,110 million yuan in 2024, before rebounding to 1,418 million yuan in 2025 and 1,822 million yuan in 2026 [1][5]. - The report indicates a significant drop in cash flow from operating activities, which is expected to recover in the following years, with net cash flow from operations projected at 2,600 million yuan in 2024 [17][28]. Industry Overview - The pesticide industry is currently facing a down cycle, with short-term performance pressures due to excess capacity and high inventory levels [30][38]. - Despite the current challenges, long-term demand for pesticides is expected to remain resilient, driven by increasing global population and the need for enhanced agricultural productivity [30][38]. - The report notes that the global pesticide market has grown from 35.575 billion USD in 2006 to 87.7 billion USD in 2022, with a compound annual growth rate of approximately 5.80% [30].

证券代码：603599 证券简称：广信股份 公告编号：2024-021 安徽广信农化股份有限公司 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 | | 25 | | --- | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 386,321,504 | | | 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 | | | | 份总数的比例（%） | 42.4403 | | 1、 议案名称：审议《公司 2023 年度董事会工作报告》 (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。 本次股东大会由董事长黄金祥先生主持，采用现场会议、现场投票与网络投 票的方式召开，公司聘请的国浩律师（上海）事务所律师出席了本次会议。会议 (一) 股东大会召开的时间：2024 年 6 月 7 日 (二) 股东大会召开的地点：广信股份总部大楼三楼 (三 ...

国浩律师（上海）事务所 关于安徽广信农化股份有限公司 国浩律师（上海）事务所 法律意见书 2023 年年度股东大会的 致：安徽广信农化股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受安徽广信农化股份有限 公司（以下简称"公司"）委托，指派律师出席并见证了公司于2024年6月7日在 广信股份总部大楼召开的公司2023年年度股东大会（以下简称"本次股东大会"）， 并根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东大 会规则》等法律、法规、规范性文件及《安徽广信农化股份有限公司章程》（以 下简称"公司章程"）的相关规定，出具本法律意见书。 一、本次股东大会的召集、召开程序 公司董事会于2024年4月25日召开第五届董事会第十九次会议，审议通过了 《关于召开公开2023年年度股东大会具体安排的议案》，并于2024年4月26日公告 发出了召开本次股东大会的会议通知。经核查，通知载明了会议的时间、地点、 内容、会议出席对象、网络投票的方法及时间，并说明了出席会议的股东登记方 法、联系方式等事项。 公司本次股东大会现场会议于2024年6月7日14:00在广信股份总部大楼召 开；公司通过上海证券 ...

Investment Rating - The investment rating for Guangxin Co., Ltd. (603599) is "Outperform" [4]. Core Views - The company reported a revenue of 5.868 billion yuan in 2023, a year-on-year decrease of 35%, and a net profit attributable to shareholders of 1.439 billion yuan, down 38% year-on-year. The gross margin was 37.84%, a decline of 3.15 percentage points year-on-year [4]. - In Q4 2023, the company experienced a significant revenue drop of 68% year-on-year, with a net profit decline of 75% year-on-year. The performance was below expectations [4]. - The company’s Q1 2024 results showed a revenue of 1.215 billion yuan, down 36% year-on-year but up 57% quarter-on-quarter, with a net profit of 225 million yuan, down 57% year-on-year but up 95% quarter-on-quarter, indicating a recovery trend [4]. - The agricultural chemical market remains under pressure due to low product prices, with limited short-term upside potential. The company’s main pesticide raw material sales volume decreased by 18% year-on-year in 2023 [4]. - The company is expanding its industrial chain by integrating upstream and downstream operations, which is expected to create new profit growth points [4]. Summary by Sections Financial Performance - 2023 total revenue was 5.868 billion yuan, with a year-on-year growth rate of -35.3%. The net profit attributable to shareholders was 1.439 billion yuan, with a year-on-year growth rate of -37.9% [17]. - Q1 2024 revenue was 1.215 billion yuan, down 36% year-on-year but up 57% quarter-on-quarter. The net profit was 225 million yuan, down 57% year-on-year but up 95% quarter-on-quarter [17]. Market Position and Strategy - The company is one of the largest producers of pesticide raw materials and fine chemical intermediates in China, leveraging its integrated supply chain to enhance profitability [4]. - New projects, such as the 300,000-ton ion membrane caustic soda project, are expected to improve raw material supply and reduce costs [4]. Future Outlook - The forecast for net profit attributable to shareholders for 2024 and 2025 has been revised down to 1.172 billion yuan and 1.427 billion yuan, respectively, with a new estimate for 2026 at 1.687 billion yuan [4]. - The current market capitalization corresponds to a price-to-earnings ratio of 11, 9, and 8 times for 2024, 2025, and 2026, respectively, compared to an average PE of 13 times for comparable companies [4].