上 市 公 司 基础化工 公 司 研 究/ 公 司 点 评 2024 年 11 月 04 日 广信股份 (603599) —— Q3 整体经营稳定，业绩符合预期，静待行业景气 回暖 证 券 研 究 报 告 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 11 月 04 日 | | 收盘价（元） | 11.07 | | 一年内最高/最低（元） | 16.94/9.56 | | 市净率 | 1.1 | | 息率（分红 / 股价） | 5.42 | | 流通 A 股市值（百万元） | 10,077 | | 上证指数/深证成指 | 3,310.21/10,663.10 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | ...

证 券 研 究 报 告 广信股份（603599）2024 年三季报点评 强推（维持） 业绩底部震荡，期待新品释放 目标价：14.52 元 当前价：10.89 元 事项： 广信股份发布 2024 年三季度报告，24Q1-Q3 实现营收 34.90 亿元，同比31.46%，实现归母净利润 5.74 亿元，同比-56.61%。其中 Q3 实现营收 12.03 亿 元，同 / 环比-8.83% / +12.23%，实现归母净利润 1.62 亿元，同 / 环比-46.09% / -13.37%。 评论： 财务方面：毛利率环比提升，财务费用影响净利率。24Q3，公司实现毛利率 30.66%，环比+0.35PCT，实现净利率 13.47%，环比-3.98PCT，毛利提升、净 利下滑的原因主要来自于财务费用的环比上行。24Q3 公司财务费用为 0.02 亿 元，环比+0.97 亿元，财务费用率为 0.14%，环比+9.01 PCT，财务费用的上行 可能来自于 1）利息收入有所降低，24H1 公司利息收入为 1.18 亿元，24Q3 公 司利息收入仅为 0.46 亿元，较上半年均值明显下滑；2）汇兑损失拖累，财务 费用中除利息 ...

广信股份（ [Table_StockNameRptType] 603599） 公司点评 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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。 根据上海证券交易所《上市公司行业信息披露指引第十八号—化工》、《关 于做好上市公司 2024 年第三季度报告披露工作的通知》的要求，安徽广信农化 股份有限公司（以下简称"公司"）现将 2024 年第三季度主要经营数据披露如 下： 一、 主要产品的产量、销量及收入实现情况 | 项目 | 2024 年 | | 7-9 | 月产 | 2024 | 年 | 7-9 | 月销量 2024 | | 年 | 7-9 | 月销售 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 量（吨） | | | （吨） | | | | 金额（万元） | | | | | 主要农药原药 | | | | 20,784.40 | | | | 23,387.96 | 66,849.42 | | | | | 主要农药中间体 | | | 170,566.27 | | 182,276.55 | ...

Financial Performance - Revenue for Q3 2024 was CNY 1,202,535,224.96, a decrease of 8.83% year-over-year, and year-to-date revenue decreased by 31.46% to CNY 3,489,513,084.25[2] - Net profit attributable to shareholders for Q3 2024 was CNY 162,008,917.02, down 46.09% year-over-year, with a year-to-date decrease of 56.61% to CNY 574,181,253.05[2] - Basic earnings per share for Q3 2024 was CNY 0.18, a decline of 45.45%, and year-to-date basic earnings per share decreased by 56.55% to CNY 0.63[4] - Total operating revenue for the first three quarters of 2024 was CNY 3,489,513,084.25, a decrease of 31.5% compared to CNY 5,090,960,006.79 in the same period of 2023[16] - Net profit for the first three quarters of 2024 was CNY 569,565,538.29, a significant decline of 57.5% from CNY 1,338,489,668.20 in the same period of 2023[19] - Earnings per share for the first three quarters of 2024 was CNY 0.63, compared to CNY 1.45 in the same period of 2023, indicating a decrease of 56.6%[19] Cash Flow and Liquidity - Cash flow from operating activities year-to-date was CNY 520,822,253.65, a decrease of 57.48% compared to the previous year[2] - In the first three quarters of 2024, the company's cash inflow from operating activities was approximately CNY 2.49 billion, a decrease of 38.3% compared to CNY 4.05 billion in the same period of 2023[20] - The net cash outflow from investing activities was CNY 290.82 million, significantly down from CNY 1.47 billion in the previous year, indicating a reduction in investment expenditures[21] - The company reported a net cash inflow from financing activities of CNY 1.07 billion, an increase from CNY 260.68 million in the same period last year, reflecting improved financing conditions[21] - The total cash and cash equivalents at the end of the period reached CNY 7.57 billion, up from CNY 5.90 billion at the end of the same period last year, showing a strong liquidity position[21] - The net increase in cash and cash equivalents for the period was CNY 1.87 billion, down from CNY 3.01 billion in the previous year, reflecting a tighter cash flow situation[21] Assets and Liabilities - The total assets at the end of the reporting period were CNY 15,524,392,896.11, reflecting a slight increase of 0.05% from the end of the previous year[4] - The company's total liabilities as of the end of the third quarter of 2024 were CNY 6,036,760,198.40, an increase from CNY 5,902,309,187.56 at the end of the same period in 2023[18] - Shareholder equity attributable to shareholders was CNY 9,487,632,697.71, a decrease of 1.33% from the end of the previous year[4] - The total equity attributable to shareholders of the parent company was CNY 9,487,632,697.71, slightly up from CNY 9,483,719,229.35 in the previous year[18] Operational Metrics - The company experienced a significant decline in sales volume and product prices, impacting overall profitability[7] - Total operating costs for the first three quarters of 2024 were CNY 2,867,446,769.41, down from CNY 3,703,172,629.23 in 2023, reflecting a reduction of 22.6%[18] - The cash received from sales of goods and services was CNY 2.22 billion, down 43.5% from CNY 3.93 billion in the previous year, indicating a decline in sales performance[20] - The cash outflow for purchasing goods and services was CNY 1.20 billion, down 28.2% from CNY 1.67 billion in the previous year, indicating cost control measures[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 17,018[9] - The top shareholder, Anhui Guangxin Group Co., Ltd., holds approximately 351.18 million shares, representing a significant portion of the company's equity[11] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending activities[11] Research and Development - Research and development expenses for the first three quarters of 2024 were CNY 215,207,999.75, down from CNY 238,336,655.12 in 2023, a decrease of 9.7%[18] - The company has not disclosed any significant new strategies or product developments during the reporting period[12] Other Financial Metrics - Non-recurring gains and losses for Q3 2024 included government subsidies of CNY 120,663.49, while total non-recurring losses year-to-date amounted to CNY -100,823,390.33[5] - The weighted average return on equity for Q3 2024 was 1.63%, a decrease of 1.69 percentage points year-over-year, and year-to-date it was 5.96%, down 8.33 percentage points[4] - The company reported a financial income of CNY 164,045,888.71 in the first three quarters of 2024, compared to CNY 65,944,493.40 in the same period of 2023, showing an increase of 148.5%[18] - Deferred income tax liabilities increased to CNY 48,892,910.84 from CNY 39,282,179.78 year-over-year, reflecting a rise of 24.1%[18]

Investment Rating - The report assigns a "Strong Buy" rating to the company, with a target price of 15.84 CNY based on a 2024 PE of 18 times [1][7]. Core Insights - The company has established a dual industrial chain layout, enhancing profitability and opening up multiple avenues for growth. It has a significant cash reserve of 8.231 billion CNY, which supports its long-term growth potential [1][6]. - The company is expected to benefit from the launch of new pesticide products in 2024-2025, which will enrich its product lineup and elevate profit margins [1][6]. - The company has a strong return on equity (ROE) that has increased from 7% in 2015 to 31% in 2020, indicating a robust financial performance that is currently undervalued by the market [1][6]. Summary by Sections Company Overview - Guangxin Co., Ltd. was established in 2000 and has developed a dual industrial chain layout in its production bases located in Guangde and Dongzhi, focusing on phosgene and chlorobenzene [1][14]. - The company holds the largest phosgene production capacity among private enterprises in China, with a licensed capacity of 320,000 tons per year [1][14]. Industrial Chain Layout - The company has completed its industrial chain layout for phosgene and chlorobenzene, which includes upstream, midstream, and downstream operations, providing a competitive edge in cost and production efficiency [1][27]. - The phosgene chain is characterized by its scarcity and regulatory constraints, while the chlorobenzene chain has seen increased competition, which may reshape the market dynamics [1][27]. Financial Performance - The company reported a total revenue of 5.868 billion CNY in 2023, with a projected decline to 5.617 billion CNY in 2024, followed by a recovery to 7.404 billion CNY in 2025 [2]. - The net profit attributable to shareholders is expected to decrease from 1.439 billion CNY in 2023 to 804 million CNY in 2024, before rebounding to 1.259 billion CNY in 2025 [2]. Growth Drivers - The company is set to launch several new pesticide products, including 1,500 tons of isoxaben and 3,000 tons of thiamethoxam, which are anticipated to significantly boost revenue and profit margins [1][6]. - The company has a strong cash position, with net cash totaling 8.231 billion CNY, which will facilitate its entry into new markets and support ongoing capital expenditures [1][6]. Valuation - The report highlights that the company's valuation is currently at the bottom of the industry range, with a PE ratio of around 11 times, which is expected to recover as profits stabilize and new projects come online [1][6]. - The adjusted return on invested capital (ROIC) for 2022 was reported at 47%, significantly higher than industry peers, indicating strong operational efficiency [1][6].

证券研究报告 非金融公司|公司点评|广信股份（603599） 景气低迷，业绩承压，出口迎曙光 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月28日 证券研究报告 |报告要点 公司发布半年报，2024H1 公司实现营业收入 23 亿元，同比-39%；实现归母净利润 4.1 亿元， 同比-60%；实现扣非后归母净利润 3.7 亿元，同比下降 61%。上半年业绩下滑主要是农药行业 景气持续低迷，量价下行所致。2024Q2 公司原药/中间体销量分别约 1.8/13.7 万吨，同比分 别-5%/-19%，原药/中间体单吨均价分别约 2.89/0.33 万元，同比分别-30%/-7%。 |分析师及联系人 许隽逸 申起昊 SAC：S0590524060003 SAC：S0590524070002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月28日 广信股份(603599) 景气低迷，业绩承压，出口迎曙光 | --- | --- | |----------------------------|-------------------| ...

来源：公司年报、国金证券研究所 事件 8 月 27 日，公司发布 2024 年半年报，公司 2024 年半年度实现营 业收入 22.87 亿元，同比-39.37%，归母净利润 4.12 亿元，同比- 59.71%。其中 2024 年 2 季度，公司实现营业收入 10.72 亿元，同 比-41.95%，归母净利润 1.87 亿元，同比-62.72%。 分析 分业务来看，2024 年 2 季度单季，公司原药业务实现营业收入 5.17 亿，价格 2.88 万元/吨，同比-30.05%；精细化工产品业务实现收 入 4.57 亿，价格 3339 元/吨，同比-7.17%。 公司产品价格当前处于历史较低位置，原材料有一定回落。从细分 产品价格来看，杀菌剂主要产品甲基硫菌灵当前报价 3.8 万元/吨 （价格分位数 42.86%，数据起始 2015 年），多菌灵当前报价 3.45 万元/吨（价格分位数 0%,数据起始 2015 年）；除草剂主要产品敌 草隆 4.2 万元/吨（价格分位数 34.29%，数据起始 2015 年），草甘 膦当前报价 2.5 万元/吨（价格分位数 11.28%，数据起始 2013 年）， 公司这四个 ...

证券代码：603599 证券简称：广信股份 公告编号：2024-037 安徽广信农化股份有限公司 关于召开 2024 年半年度业绩说明会的公告 本公司监事会及全体监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： https://roadshow.sseinfo.com/） 安徽广信农化股份有限公司（以下简称"公司"）已于 2024 年 8 月 28 日发 布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半 年度经营成果、财务状况，公司计划于 2024 年 10 月 08 日上午 09:00-10:00 举 行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 董事长、总经理：黄金祥先生 财务总监：何王珍女士 独立董事：王韧女士 ...

证券代码：603599 证券简称：广信股份 编号：2024-035 安徽广信农化股份有限公司 2024 年第二季度主要经营数据的公告 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。 根据上海证券交易所《上市公司行业信息披露指引第十八号—化工》、《关 于做好上市公司 2024 年半年度报告披露工作的通知》的要求，安徽广信农化股 份有限公司（以下简称"公司"）现将 2024 年第二季度主要经营数据披露如下： 一、 主要产品的产量、销量及收入实现情况 | 项目 | 2024 年 | 月产 | 4-6 | 2024 年 | | 4-6 | 月销量 年 4-6 | 2024 | 月销售 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 量（吨） | | | （吨） | | 金额（万元） | | | | 主要农药原药 | | 17,952.36 | | | 17,885.72 | | | | 51,718.47 | | 主要农药中间体 | | 1 ...