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].

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].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.69 CNY, based on a 12x PE for 2024 [4][5]. Core Views - The company experienced a significant recovery in production and sales in Q1 2024, with major raw materials and intermediates showing a sequential increase in sales volume [3][4]. - The agricultural chemical sector is expected to see marginal improvements in market conditions, driven by a stabilization in product prices and an increase in export volumes [1][3][16]. Financial Performance Summary - In 2023, the company reported a revenue of 5.868 billion CNY, a decrease of 35% year-on-year, and a net profit of 1.439 billion CNY, down 38% year-on-year [15]. - For Q1 2024, the company achieved a revenue of 1.215 billion CNY, a year-on-year decrease of 37% but a sequential increase of 57%, with a net profit of 0.225 billion CNY, reflecting a year-on-year decrease of 57% but a sequential increase of 95% [15]. - The forecasted revenues for 2024, 2025, and 2026 are 7.177 billion CNY, 8.291 billion CNY, and 9.135 billion CNY, respectively, with corresponding growth rates of 22%, 15.53%, and 10.17% [4][9]. Industry Outlook - The agricultural chemical sector is showing signs of recovery, with a 51% year-on-year increase in pesticide formulation exports in the first quarter of 2024, indicating a potential upturn in demand for raw materials [1][3]. - The company is focusing on technological innovation and has successfully launched several projects, enhancing its integrated supply chain from raw materials to fine chemicals [16].

张伟保：华南理工大学化工硕士，13 年化工行业研究经验，其中三年卖方研究 经验，十年买方研究经验，善于通过供求关系以及竞争变化来判断行业和公司 发展趋势，致力于推荐具有长期竞争力的优质公司。2023 年加入华鑫证券研究 所，担任化工行业首席分析师。 刘韩：中山大学材料工程/香港城市大学金融学硕士，3 年能源化工大宗商品研 究经验，2022 年加入华鑫证券研究所，从事化工行业及上市公司研究。 证 报 告 公 司 研 究 券 研 2024 年 04 月 29 日 究 | --- | --- | --- | |-----------------------------------------------------------------------------------------|--------------------------------------------------|-------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 图 13: 李度资产负债率 40% 35% 30% 25% 20% 15% 10% 5% 0% 2019Q3 zonzoz IDozaz 506102 2020Q3 2018Q; 2019Q1 2019Q2 2023Q4 2024Q1 18Q 2018Q 2023Q 资产负债率(%) 资料来源:wind,国海证券研究所 图 15: 李度毛利率及净利率 60% 50% 40% 30% 20% 10% 0% 2021Q2 2021Q3 2021Q4 2019Q4 2020Q4 2019Q2 2019Q3 2020Q2 020Q3 022Q4 2020Q 2021Q 2022Q 2022Q 022Q 销售净利率 销售期间费用率(%) 资料来源:wind,国海证券研究所 图 17: 2024 年 Q1 经营活动现金流净额 2.2 亿元 | --- | --- | --- | --- | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------- ...