索通发展 603612.SH 公司研究 | 首次报告 出海开新篇，拓展促成长 索通发展首次覆盖报告 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 15,311 | 13,750 | 19,057 | 24,549 | 29,770 | | 同比增长 (%) | -21.1% | -10.2% | 38.6% | 28.8% | 21.3% | | 营业利润(百万元) | (891) | 554 | 1,229 | 1,815 | 2,545 | | 同比增长 (%) | -160.5% | 162.1% | 122.0% | 47.7% | 40.3% | | 归属母公司净利润(百万元) | (723) | 272 | 786 | 1,161 | 1,525 | | 同比增长 (%) | -179.9% | 137.7% | 188.6% | 47.7% | 31.3% | | 每股收益（元） | (1.45) | 0.55 | 1.58 | 2.33 | 3.06 ...

索通发展 603612.SH 公司研究 | 首次报告 出海开新篇，拓展促成长 索通发展首次覆盖报告 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 2025-2027 年每股收益分别为 1.58、2.33、3.06 元，参考可比公司 2026 年调整后平均 PE 为 15 倍，我们给予公司 2026 年 15 倍 PE，目标价 34.95 元， 首次给予"买入"评级。 风险提示 石油焦价格大幅波动、下游电解铝产能建设不及预期、储能等电池下游需求不及预期风 险、假设条件变化影响测算结果、表外产能未完全统计影响测算结果。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 15,311 | 13,750 | 19,057 | 24,549 | 29,770 | | 同比增长 (%) | -21.1% | -10.2% | 38.6% | 28.8% | 21.3% | | 营业利润(百万元) | (891) | 554 | 1,229 | 1,815 | 2 ...

证券代码：603612 证券简称：索通发展 公告编号：2026-012 特此公告。 索通发展股份有限公司董事会 2026 年 3 月 4 日 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。 索通发展股份有限公司（以下简称"公司"）与阿联酋环球铝业公司（Emirates Global Aluminium PJSC，亦翻译为"阿联酋全球铝业公司"）签署了《合资协议》， 共同出资在阿联酋设立合资公司，建设 300kt/a 预焙阳极项目（一期），以实现公 司预焙阳极产能出海的战略规划，进一步巩固海外市场竞争优势。具体内容详见 公司于 2025 年 12 月 16 日在上海证券交易所网站（www.sse.com.cn）披露的《索 通发展股份有限公司关于对外投资暨与阿联酋环球铝业公司（EGA）签署合资协 议的公告》（公告编号：2025-072）。 公司近日收到国家市场监督管理总局《经营者集中反垄断审查不实施进一步 审查决定书》（反执二审查决定〔2026〕126 号），具体内容如下： "根据《中华人民共和国反垄断法》第三十条规定，经初步审查 ...

Core Viewpoint - The company has provided guarantees for its subsidiaries to support their financing needs, with a total guarantee limit of RMB 12 billion, which is intended to facilitate the subsidiaries' operational stability and growth [1][16]. Summary by Sections Guarantee Objects and Basic Information - The company has provided guarantees for its subsidiaries, including Jia Yu Guan Su Tong Carbon Material Co., Ltd., Tian Dong Bai Kuang San Tian Carbon Co., Ltd., Longxi Su Tong Carbon Material Co., Ltd., Shandong Su Tong Innovation Carbon Material Co., Ltd., and Su Tong Qi Li Carbon Material Co., Ltd. [1][2]. Cumulative Guarantee Situation - As of the announcement date, the total guarantee balance for Jia Yu Guan Carbon Material is RMB 741.50 million, with an unused guarantee limit of RMB 443.50 million. For Tian Dong Bai Kuang, the guarantee balance is RMB 567.40 million, with an unused limit of RMB 853.20 million. Longxi Su Tong has a guarantee balance of RMB 699.31 million, with an unused limit of RMB 300 million. Shandong Su Tong Innovation has a guarantee balance of RMB 1.48968 billion, with an unused limit of RMB 651 million. Su Tong Qi Li has a guarantee balance of RMB 480.20 million, with an unused limit of RMB 254 million. Su Tong Sheng Yuan has a guarantee balance of RMB 529 million, with an unused limit of RMB 470 million [2][18]. Internal Decision-Making Process - The guarantees are authorized by the company's board and shareholders, allowing for a total guarantee amount not exceeding RMB 12 billion, which can be reused within the validity period of the shareholder resolution [1][2]. Overview of Guarantee Situation - The company provides guarantees primarily for its subsidiaries and between subsidiaries, with a monthly summary of actual guarantees disclosed for investor transparency [4]. Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary to meet the operational needs of the subsidiaries, ensuring their sustainable and stable development. The company maintains control over the subsidiaries' management and finances, keeping the guarantee risks within a manageable range [16][17]. Board of Directors' Opinion - The board believes that the guarantee limits are aligned with the business development needs of the company and its subsidiaries, and will not adversely affect the company's operations or financial stability [17]. Cumulative External Guarantee Quantity and Overdue Guarantees - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to RMB 145.33 billion, which is 281.06% of the company's audited net assets for 2024. The actual guarantee balance is RMB 79.17 billion, representing 153.11% of the net assets. There are no overdue guarantees reported [18].

Group 1 - The company, Suotong Development, announced that as of the date of the announcement, the total external guarantees provided by the company and its subsidiaries amount to approximately RMB 14.533 billion, which represents 281.06% of the company's audited net assets for the year 2024 [1] - The actual guarantee balance is approximately RMB 7.917 billion, accounting for 153.11% of the company's audited net assets for 2024 [1] - The total guarantees provided to the controlling subsidiaries amount to approximately RMB 14.07 billion, which is 272.1% of the company's audited net assets for 2024 [1] Group 2 - The actual guarantee balance for the controlling subsidiaries is approximately RMB 7.454 billion, representing 144.15% of the company's audited net assets for 2024 [1] - The company does not provide guarantees for its controlling shareholders, actual controllers, or their related parties [1]

证券代码：603612 证券简称：索通发展 公告编号：2026-011 索通发展股份有限公司 关于 2026 年 2 月份提供担保的公告 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法律责任。 重要内容提示： | 被担保人名称 | 本次担保金额 | 实际为其提供的 | 是否在前期 | 本次担保是 | | --- | --- | --- | --- | --- | | | （万元） | 担保余额 | 预计额度内 | 否有反担保 | | 嘉峪关索通炭材 料有限公司 | 7,000.00 | 74,150.00 | 是 | 否 | | 田东百矿三田碳 素有限公司 | 36,100.00 | 56,740.25 | 是 | 否 | | 陇西索通炭材料 有限公司 | 5,000.00 | 69,931.12 | 是 | 否 | | 山东索通创新炭 材料有限公司 | 30,000.00 | 128,968.36 | 是 | 否 | | 索通齐力炭材料 有限公司 | 8,400.00 | 31,100.00 | 是 | 否 | | 甘肃索通盛源碳 ...

经济观察网 索通发展（603612.SH）多位高管完成减持，合计减持占公司总股本约0.046%，减持期间公 司股价波动，公告当日股价上涨5.18%。 事件影响 市场情绪与股价短期波动： 高管变动 根据索通发展（603612.SH）2026年2月27日发布的减持结果公告（公告编号：2026-010），公司董事及 高管刘瑞、范本勇、袁钢、黄河通过集中竞价方式减持计划已实施完毕，具体减持情况如下（数据截至 2026年2月26日）： 刘瑞（董事、副总裁）：减持68,000股，减持后持股比例降至0.0417%。 范本勇（董事、副总裁）：减持55,000股，减持后持股比例降至0.0338%。 袁钢（副总裁、董事会秘书，已离任）：减持48,000股，减持后持股比例降至0.0294%。 黄河（副总裁）：减持58,000股，减持后持股比例降至0.0353%。 荆升阳（原董事，已离任）：因离任后6个月内不得转让股份，减持计划提前终止，未减持股份。 上述减持股份均来源于股权激励取得，减持总规模占公司总股本比例较低（合计约0.046%）。减持期 间（2026年2月11日至2月26日），公司股价表现波动，2月26日收盘报35.15元， ...

Company Overview: Suotong Development Industry and Company Insights - Suotong Development is the largest commercial prebaked anode supplier globally, focusing on a dual-driven model of "prebaked anode + cathode" [1] - The company has established a foundation based on integrated green energy supply from wind, solar, and hydrogen, with prebaked anode and cathode industries as its core [1] - A partnership with EGA aims to finalize an investment agreement by the end of 2025 for overseas prebaked anode construction, indicating promising future growth [1] - Planned electrolytic aluminum projects in Indonesia, Angola, and Saudi Arabia may lead to overseas project launches by 2026, with a projected prebaked anode capacity of 8 million tons by 2030, including 2 million tons overseas [1] Financial Performance and Cost Management - The company has significantly reduced costs in prebaked anode production, with petroleum coke raw material costs accounting for 81.2% of total costs [1] - Price increases in petroleum coke directly raise production costs; however, Suotong Development has optimized its blending algorithm to reduce the use of high-priced low-sulfur coke while maintaining product quality, effectively controlling cost increases [2] - This strategy has improved net profit per ton to 400 RMB/ton by 2025, with potential for an additional 100 RMB/ton reduction once blending devices are fully implemented across all factories [2] - The gross profit margin for overseas prebaked anodes is estimated at 80-100 USD/ton, indicating greater profitability in international markets [2] Lithium Resource Focus and Technological Advancements - The company is concentrating on lithium resources, being the first to industrialize "lithium extraction technology" from aluminum industrial solid waste [2] - A comprehensive material system is being developed, including "sulfide solid electrolyte—lithium sulfide—lithium carbonate—aluminum solid waste lithium extraction" [2] - The "low-carbon lithium extraction from aluminum solid waste" project is expected to establish a production line capable of producing 1,000 tons of lithium and 10,000 tons of aluminum fluoride by 2026, contributing approximately 100 million RMB in profit [2] Investment Recommendations - Future capacity for prebaked anodes has significant growth potential, with conservative profit estimates of 400 RMB per ton leading to a projected profit of 2.1 billion RMB from 520,000 tons of equity capacity [2] - Including the profit from lithium extraction, total projected profits could reach around 2.2 billion RMB [2] - Historical valuation ranges from 15 to 20 times earnings; at a 15 times multiple, the market capitalization could reach 33 billion RMB, indicating nearly double the current market value [2]

本公司董事会、全体董事及相关股东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： ● 本次减持股份计划实施前，公司董事、副总裁刘瑞持有公司股份275,700股，占公司总股本的 0.0553%；董事、副总裁范本勇持有公司股份223,200股，占公司总股本的0.0448%；副总裁、董事会秘 书（已离任）袁钢持有公司股份194,500股，占公司总股本的0.0390%；副总裁黄河持有公司股份 233,700股，占公司总股本的0.0469%；董事（已离任）荆升阳持有公司股份218,400股，占公司总股本 的0.0438%。上述人员持有股份来源皆为股权激励取得。 ● 减持计划的实施结果情况 近日，公司收到上述人员的减持结果告知函。截至2026年2月26日，公司董事、副总裁刘瑞通过集中竞 价方式减持公司股份68,000股，占公司总股本的0.0137%；董事、副总裁范本勇通过集中竞价方式减持 公司股份55,000股，占公司总股本的0.0110%；副总裁、董事会秘书（已离任）袁钢通过集中竞价方式 减持公司股份48,000股，占公司总股本的0.0096% ...

索通发展股份有限公司 董事、高管减持股份结果公告 本公司董事会、全体董事及相关股东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： 本次减持股份计划实施前，公司董事、副总裁刘瑞持有公司股份 275,700 股，占公司总股本的 0.0553%；董事、副总裁范本勇持有公司股份 223,200 股， 占公司总股本的 0.0448%；副总裁、董事会秘书（已离任）袁钢持有公司股份 194,500 股，占公司总股本的 0.0390%；副总裁黄河持有公司股份 233,700 股，占 公司总股本的 0.0469%；董事（已离任）荆升阳持有公司股份 218,400 股，占公 司总股本的 0.0438%。上述人员持有股份来源皆为股权激励取得。 证券代码：603612 证券简称：索通发展 公告编号：2026-010 减持计划的实施结果情况 近日，公司收到上述人员的减持结果告知函。截至 2026 年 2 月 26 日，公司 董事、副总裁刘瑞通过集中竞价方式减持公司股份 68,000 股，占公司总股本的 0.0137%；董事、副总裁范本勇通过集中竞价方式减持公 ...