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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance in H1 2024 showed a significant decline, with revenue of 2.3 billion yuan, down 39% year-on-year, and a net profit attributable to shareholders of 410 million yuan, down 60% year-on-year [2][6] - The decline in performance is primarily attributed to the ongoing downturn in the pesticide industry, with both volume and price decreasing [6] - Despite the current challenges, there are signs of improvement in export demand for pesticides, with a notable increase in export volume and value in Q2 2024 [6] - The company has a strong cash position with 11.4 billion yuan in cash assets and a low debt level, which supports its ongoing projects and future growth [6] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 2.3 billion yuan, a decrease of 39% year-on-year, and a net profit of 410 million yuan, down 60% year-on-year [2][6] - For Q2 2024, revenue was 1.1 billion yuan, down 42% year-on-year, and net profit was 190 million yuan, down 63% year-on-year [6] - The sales volume of raw materials and intermediates in Q2 2024 was approximately 180,000 tons and 137,000 tons, down 5% and 19% year-on-year, respectively [6] Market Outlook - The pesticide industry is expected to see a recovery in the medium to long term, driven by resilient end-user demand and reduced inventory levels in global distribution channels [6] - The export of pesticides has shown significant growth, with a 54% increase in export volume and a 30% increase in export value in Q2 2024 [6] Company Position - The company has a robust cash position with 11.4 billion yuan in cash assets and total borrowings of 3.1 billion yuan [6] - The successful launch of new projects, including 300,000 tons of ion membrane caustic soda and 40,000 tons of para-aminophenol, enhances the company's integrated supply chain [6] - The company is expected to continue its growth trajectory with ongoing project developments [6]

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 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥2,286,977,859.29, a decrease of 39.37% compared to ¥3,771,991,143.51 in the same period last year[13]. - Net profit attributable to shareholders for the first half of 2024 was ¥412,172,336.03, down 59.71% from ¥1,022,895,459.33 in the previous year[13]. - The net profit after deducting non-recurring gains and losses was ¥372,058,850.57, a decline of 61.38% compared to ¥963,390,579.60 in the same period last year[13]. - The net cash flow from operating activities was ¥351,596,392.28, a decrease of 67.39% from ¥1,078,075,744.97 in the previous year[13]. - Basic earnings per share decreased by 59.82% to CNY 0.45 compared to the same period last year[14]. - Operating cash flow decreased by 67.39% compared to the same period last year, attributed to reduced sales revenue[15]. - The company's weighted average return on equity dropped by 6.64 percentage points to 4.33%[14]. - The company reported a significant decrease in tax expenses, which were CNY 70,964,544.98 compared to CNY 155,270,426.05 in the first half of 2023[89]. Assets and Liabilities - The total assets at the end of the reporting period were ¥15,770,181,755.47, an increase of 1.64% from ¥15,516,096,682.38 at the end of the previous year[13]. - The net assets attributable to shareholders at the end of the reporting period were ¥9,348,086,164.35, a decrease of 1.43% from ¥9,483,719,229.35 at the end of the previous year[13]. - Total current assets as of June 30, 2024, are ¥12,989,698,069.21, compared to ¥12,335,765,456.61 at the end of 2023, reflecting growth[82]. - Total liabilities rose to CNY 9,444,003,155.51, an increase from CNY 8,590,284,672.07 in the previous year[87]. - The total liabilities increased to ¥6,422,095,591.12 from ¥5,902,309,187.56, reflecting a growth of 8.77%[84]. Research and Development - Research and development expenses were CNY 157 million, a decrease of 10.14% compared to the previous year[30]. - The company has developed core technologies in various synthesis processes, including phosgene synthesis and impurity control technologies[24]. - The company aims to enhance its research and development capabilities in biochemistry and microbial pesticides[119]. Market and Product Development - The company plans to further develop its product lines, including pharmaceutical intermediates and new materials, leveraging its integrated industrial chain[21]. - The company is focused on strategic partnerships and potential acquisitions to bolster its market position[116]. - The agricultural sector is expected to see resilient demand due to factors such as food security and population growth in the Asia-Pacific region[19]. Environmental and Social Responsibility - The company is committed to enhancing safety and environmental management in response to increasing regulatory pressures[39]. - The company has established a wastewater pretreatment station with a daily processing capacity of 5,000 tons, utilizing advanced treatment technologies for both high-salinity and low-salinity wastewater[52]. - The company donated a total of 3.054 million yuan to the Guangde Youth Innovation and Entrepreneurship Development Foundation in the first half of 2024, focusing on poverty alleviation, education assistance, and disaster relief projects[62]. - The company is actively pursuing green and low-carbon development, with a focus on reducing emissions and enhancing energy efficiency[61]. Corporate Governance - The company appointed He Wenlong as an independent director and Zhao Yingjie and Liu Kaizheng as board members following the resignation of former directors due to personal reasons and job transfers[44]. - The company did not distribute dividends or issue bonus shares for the reporting period, maintaining a profit distribution plan of zero[45]. - The company has no significant litigation or arbitration matters during the reporting period[72]. Financial Management - The company strictly adhered to regulations regarding the use of raised funds, ensuring cost control and risk management during project implementation[75]. - The company has completed all non-public fundraising projects, and the special account for raised funds will be closed following the completion of the project[75]. - The company recognizes significant accounts receivable for bad debt provisions if they exceed RMB 37 million[127]. Shareholder Information - Total number of common shareholders as of the end of the reporting period is 17,348[76]. - The largest shareholder, Anhui Guangxin Group Co., Ltd., holds 351,180,906 shares, accounting for 38.58% of total shares[77]. - The second-largest shareholder, Weng Renyuan, has reduced his holdings by 14,301,673 shares, now holding 28,822,800 shares, which is 3.17%[77].

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 ...

第六届董事会第一次会议决议公告 证券代码：603599 证券名称：广信股份 公告编号：2024-032 安徽广信农化股份有限公司 一、董事会会议召开情况 安徽广信农化股份有限公司（以下简称"公司"）第六届董事会第一次会 议于 2024 年 8 月 27 日召开。本次会议应参会董事 9 人，实际参会董事 9 人， 会议由公司董事长黄金祥先生主持，符合《公司法》和《公司章程》等的相关 规定，会议合法有效。 二、董事会会议审议情况 （一）审议通过公司《2024年半年度报告及摘要》 内容详见公司 2024 年 8 月 28 日于上海证券交易所网站（www.sse.com.cn） 披露的《安徽广信农化股份有限公司 2024 年半年度报告及摘要》。 董事会审计委员会对财务会计报告及定期报告中的财务信息发表了审 核意见。 表决结果：9 票赞成，0 票反对，0 票弃权。 （二）审议通过《关于公司 2024 年半年度募集资金存放与实际使用情况的 专项报告》 内容详见公司 2024 年 8 月 28 日于上海证券交易所网站（www.sse.com.cn） 披露的《关于公司 2024 年半年度募集资金存放与实际使用情况的专项报告》 ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于安徽广信农化股份有限公司 2024 年第二次临时股东大会的 法律意见书 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8月26日在 广信股份总部大楼3楼会议室召开的公司2024年第二次临时股东大会（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8月7日召开第五届董事会第二十次会议，审议通过了 《关于召开公司2024年第二次临时股东大会的议案》，并于2024年8月9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。 经验证，本次股东大会召开的时间、地点及其他事项与会议通知披露的一致 ...

二○二四年八月 安徽广信农化股份有限公司 2024 年第二次临时股东大会资料 603599 安徽广信农化股份有限公司 2024 年第二次临时股东大会会议议程 现场会议时间：2024 年 8 月 26 日下午 14 点 00 分 网络投票时间：采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30 ， 13:00-15:00 ；通过互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 现场会议地点：广信总部大楼 3 楼会议室 参会人员：股东及股东代表、董事、监事、高级管理人员、公司聘请的律师 会议议程： 一、主持人宣布会议开始 1、审议《关于公司与全资子公司之间互相提供担保额度的议案》 2、审议《关于调整独立董事薪酬的议案》 3、审议《关于选举公司第六届董事会的议案》 4、审议《关于选举公司第六届监事会的议案》 四、股东代表发言、公司领导回答股东提问 五、现场投票表决 六、宣读现场表决结果 七、休会，等待网络表决结果 八、宣读本次股东大会决议 九、宣读本次股东大会法律意见书 十、签署股东大会决议和会议记录 十一 ...

（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）中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者退 （离）休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规定（如 适用）； （五）中共中央组织部《关于进一步规范党政领导干部在企业兼职（任职） 问题的意见》的相关规定（如适用）； 安徽广信农化股份有限公司 独立董事候选人声明与承诺 本人祝传颂，已充分了解并同意由提名人安徽广信农化股份有限公司董事会 提名为该公司第六届董事会独立董事候选人。本人公开声明，本人具备独立董事 任职资格，保证不存在任何影响本人担任该公司独立董事独立性的关系，具体声 明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法规、部门规 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，并已经参加培训并取得证券交易所认可的相关培训 证明材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司规章的要求： （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 ...