证券研究报告|公司动态点评 2024 年 09 月 09 日 阿科力（603722.SH） 聚醚胺行业景气度处于低位，看好 COC 产品产业化进程 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|-----------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 713 | 537 | 568 | 972 | 1,184 | 股票信息 | | | 增长率 yoy （ % ） | -19.0 | -24.7 | 5.9 | 70.9 | 21.8 | | | | 归母净利润（百万元） | 120 | 24 | 35 | 126 | 195 | 行业 | 基础化工 | | 增长率 yoy （ % ） | 19.7 | -80.1 | 48.2 | ...

无锡阿科力科技股份有限公司（以下简称"公司"）于 2024 年 1 月 29 日在上 海证券交易所网站（www.sse.com.cn）披露了《无锡阿科力科技股份有限公司关 于向特定对象发行股票申请获得上海证券交易所审核通过的公告》（公告编号： 2024-001），于 2024 年 7 月 8 日在上海证券交易所网站（www.sse.com.cn）披露 了《无锡阿科力科技股份有限公司关于向特定对象发行 A 股股票申请获得中国 证券监督管理委员会同意注册批复的公告》（公告编号：2024-024）。 公司于 2024 年 8 月 31 日在上海证券交易所网站（www.sse.com.cn）披露了 《无锡阿科力科技股份有限公司 2024 年半年度报告》，因此更新了部分申请材料， 公司本次向特定对象发行股票募集说明书（注册稿）全文详见公司于同日披露在 上海证券交易所网站（www.sse.com.cn）的《无锡阿科力科技股份有限公司向特 定对象发行股票募集说明书（注册稿）》。 公司董事会将按照上述批复文件和相关法律法规的要求及公司股东大会的 授权，在规定期限内办理本次向特定对象发行股票的相关事项，并及时履行信息 披露义务 ...

证券代码：603722 证券简称：阿科力 无锡阿科力科技股份有限公司 Wuxi Acryl Technology Co.,Ltd. 向特定对象发行股票并在主板上市 募集说明书（注册稿） （福建省福州市湖东路 268 号） 保荐机构（主承销商） 二零二四年九月 无锡阿科力科技股份有限公司 向特定对象发行股票募集说明书（注册稿） 声明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资 料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The demand for polyether amines is awaiting recovery, and the COC thousand-ton facility is ready for deployment [1] - The company's revenue for the first half of 2024 was 2.42 billion yuan, a year-on-year decrease of 13.30%, with a net profit attributable to shareholders of 1.98 million yuan, down 87.75% year-on-year [1] - The company is facing pressure on prices and profitability due to capacity expansion in the polyether amine industry and lower-than-expected offshore wind power installations [1][2] - The company maintains a focus on high-end, quality clients and has established good relationships with well-known companies [1] - The COC material has achieved mass production and is expected to meet regulatory requirements for trial production [1] Financial Summary - The company expects net profits for 2024-2026 to be 0.22 billion yuan, 1.07 billion yuan, and 2.21 billion yuan, respectively, with corresponding P/E ratios of 147.40X, 29.73X, and 14.45X [2] - Revenue is projected to recover with a year-on-year growth of 9.7% in 2024, followed by 54.3% in 2025 and 36.5% in 2026 [4][7] - The gross margin is expected to stabilize around 14.5% in 2024, increasing to 30.5% by 2026 [4][7] - The company’s total assets are projected to grow from 933 million yuan in 2023 to 1.384 billion yuan in 2026 [6][7]

Financial Performance - The company reported a revenue of RMB 500 million for the first half of 2024, representing a 15% increase compared to the same period in 2023[8]. - The net profit for the first half of 2024 was RMB 80 million, up 20% year-over-year[8]. - The company's operating revenue for the first half of 2024 was ¥242,125,837.22, a decrease of 13.30% compared to ¥279,264,967.20 in the same period last year[14]. - Net profit attributable to shareholders was ¥1,982,939.20, down 87.75% from ¥16,182,265.38 year-on-year[14]. - The net cash flow from operating activities decreased by 65.85% to ¥15,009,747.78, compared to ¥43,948,950.28 in the previous year[14]. - Basic earnings per share fell to ¥0.02, a decline of 87.75% from ¥0.18 in the same period last year[15]. - The weighted average return on equity decreased to 0.26%, down 1.86 percentage points from 2.12% year-on-year[15]. - The company reported a significant decline in gross profit margin due to a substantial drop in product prices, impacting net profit[15]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 329,200 yuan, down 97.66% compared to the same period last year[29]. - The company reported a net loss of approximately 17.59 million for the period[87]. Market Expansion and Product Development - User data indicates a growth in active users by 25%, reaching a total of 1.5 million users by June 30, 2024[8]. - The company plans to launch two new products in Q4 2024, targeting the renewable energy sector[8]. - The company aims for a market expansion strategy, targeting Southeast Asia with a projected revenue increase of 10% in that region by the end of 2025[8]. - The company is actively expanding its international market presence while accelerating new product development to enhance sales growth[19]. - The company has initiated two new self-research projects focused on developing specialized cyclic olefin copolymers (COC) for biomedical packaging and electronic optics, targeting emerging applications in the market[32]. Research and Development - Research and development expenses increased by 30% to RMB 50 million, focusing on new material technologies[8]. - The company emphasizes a research and development strategy focused on high-value, high-tech products, ensuring alignment with market trends and customer needs[21]. - Research and development expenses were reduced by 22.64% to $7.01 million from $9.06 million, attributed to decreased R&D investment[36]. - Research and development expenditures include salaries, materials, and external services, with costs in the research phase expensed as incurred, while development costs can be capitalized if certain criteria are met[147]. Environmental and Safety Compliance - The company reported a total wastewater discharge of 17,063 tons in the first half of 2024, with chemical oxygen demand at 0.46, ammonia nitrogen at 0.038, total nitrogen at 0.198, and total phosphorus at 0.009, all within the annual discharge limits[51]. - The company achieved a total gas emission of 1.393 tons of volatile organic compounds and 0.027 tons of particulate matter in the first half of 2024, also compliant with the annual discharge limits[51]. - The company has implemented pollution control facilities, ensuring that wastewater and gas emissions meet national and local standards, with no significant environmental violations reported during the reporting period[52]. - The company emphasizes safety and environmental protection, completing various safety inspections and ensuring all occupational hazard factors are within limits[31]. Financial Position and Assets - The total assets at the end of the reporting period were ¥937,736,801.20, a slight increase of 0.56% from ¥932,519,380.92 at the end of the previous year[14]. - The net assets attributable to shareholders decreased by 2.05% to ¥745,665,012.02 from ¥761,269,572.82 at the end of the previous year[14]. - The company's total assets increased to CNY 940,658,533.31, up from CNY 934,418,199.64 at the end of 2023[73]. - The company's current assets decreased to CNY 440,424,712.00 from CNY 522,589,745.02, representing a decline of about 15.7%[68]. - Accounts receivable increased significantly to CNY 87,680,121.04 from CNY 57,966,208.01, marking an increase of around 51.2%[68]. Shareholder and Governance Information - The total number of ordinary shareholders as of the end of the reporting period is 5,635[63]. - The largest shareholder, Zhu Xuejun, holds 21,912,700 shares, representing 24.92% of the total shares[63]. - The company has established a governance structure that includes a shareholders' meeting, board of directors, and supervisory board[95]. - The company has not reported any significant litigation or arbitration matters during the reporting period[62]. Compliance and Regulatory Matters - The company confirmed no non-operational fund occupation by controlling shareholders or related parties[2]. - The company has established a long-term commitment to avoid conflicts of interest and protect company interests[59]. - The company is committed to adhering to new regulatory requirements from the China Securities Regulatory Commission regarding compensation measures[59]. - The company has received approval from the China Securities Regulatory Commission for a specific stock issuance, indicating ongoing capital-raising efforts[34]. Inventory and Receivables Management - The inventory at the end of the period amounts to CNY 39,796,551.59, with a provision for inventory impairment of CNY 3,669,089.23[198]. - The total accounts receivable balance is CNY 92,310,683.62, with a bad debt provision of CNY 4,630,562.58, resulting in a provision ratio of 5.02%[181]. - The company has a bad debt provision of CNY 114,231.09, with a provision rate of 4.76% for accounts receivable[178]. - The company has not reported any significant write-offs for other receivables during the period[196].

证券代码：603722 证券简称:阿科力 公告编号：2024-032 无锡阿科力科技股份有限公司 关于子公司申请银行授信额度的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 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 个别及连带法律责任。 | 序号 | 银行 | 授信额度 | | | --- | --- | --- | --- | | 1 | 中国银行股份有限公司无锡锡山支行 | | 20,000 | | 2 | 中国银行股份有限公司潜江分行 | | 20,000 | | | 合 计 | | 40,000 | 授信品种包括但不限于：中长期项目贷款、开具银行承兑汇票、开具保函、 开具信用证等业务。 以上拟申请的授信额度是子公司与相关银行初步协商后制订的预案，最终融 资金额仍需与银行进一步协商后确定，相关融资事项以正式签署的协议为准。该 额度项下的具体授信品种及额度分配、授信的期限、具体授信业务的利率、费率 等条件及和抵质押的其他条件由子公司与授信银行协商确定。子公司视经营需要 在授信额度内进行融资，事后向公司董事会报备，公司董事会不再逐笔形成决议。 公司董事会授权 ...

无锡阿科力科技股份有限公司 无锡阿科力科技股份有限公司（以下称"股份公司"）第四届董事会第十三次 会议于 2024 年 8 月 30 日在公司办公楼二层会议室召开，会议的通知于 2024 年 8 月 23 日以电话、短信通知的方式发出。股份公司董事共计 8 人，出席本次董 事会的董事共 8 人，出席会议人数符合《中华人民共和国公司法》和《无锡阿科 力科技股份有限公司章程》的规定。 证券代码：603722 证券简称：阿科力 公告编号：2024-027 第四届董事会第十三次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、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法 律责任。 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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 法律责任。 一、会议召开情况 为规范公司募集资金的存放、使用和管理，切实保护投资者权益，根据《上 市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证 券交易所上市公司自律监管指引第 1 号——规范运作》及公司《募 ...

证券代码：603722 证券简称:阿科力 公告编号：2024-028 无锡阿科力科技股份有限公司 第四届监事会第十三次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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 法律责任。 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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 法律责任。 一、会议召开情况 无锡阿科力科技股份有限公司（以下简称"公司"）第四届监事会第十三次会 议通知于 2024 年 8 月 23 日以短信、电话方式通知各位监事，会议于 2024 年 8 月 30 日上午在公司会议室以现场表决方式召开。会议应出席监事 3 人，实际出 席监事 3 人。本次会议的召开符合《公司法》和《无锡阿科力科技股份有限公司 章程》及其他有关法律法规的规定，会议合法有效。会议由监事会主席戴佩主持， 公司董事会秘书列席了本次会议。 同意：3 票；反对：0 票；弃权：0 票； 同意的票数占监事人数的 100%，表决结果为通过。 2. 审议通过了《关于公司 2024 ...

证券代码：603722 证券简称：阿科力 公告编号：2024-030 无锡阿科力科技股份有限公司 关于补选第四届董事会独立董事的公告 该议案尚需提交公司股东大会审议，候选独立董事任期自股东大会审议通过 之日起至第四届董事会任期届满之日止。 特此公告。 无锡阿科力科技股份有限公司 董事会 2024 年 8 月 31 日 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、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法 律责任。 无锡阿科力科技股份有限公司（以下简称"公司"）独立董事窦红静女士已 于 2024 年 8 月 16 日辞去公司第四届董事会独立董事、提名委员会主任委员的职 务，具体内容详见公司于 2024 年 8 月 16 日披露的《无锡阿科力科技股份有限公 司关于独立董事辞职的公告》（公告编号：2024-026） 窦红静女士辞去公司董事会独立董事职务，公司独立董事人数将不满足占董 事会人数三分之一的法定比例要求，为完善公司治理结构，确保董事会的正常运 作，根据《公司法》、《公司章程》、《董事会议事规则》及相关法律法规的规定， 公司于 2024 年 8 月 ...

证券代码：603722 证券简称：阿科力 公告编号：2024-031 无锡阿科力科技股份有限公司 2024 年半年度主要经营数据公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 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 别及连带法律责任。 无锡阿科力科技股份有限公司（以下简称"公司"）根据《上海证券交易所 上市公司自律监管指引第 3 号——行业信息披露》之《第十三号——化工》和《关 于做好主板上市公司 2024 年半年度报告披露工作的通知》要求，现将 2024 年半 年度主要经营数据披露如下： 二、报告期内主要产品和原材料的价格变动情况 （一）主要产品销售价格变动情况(不含税) | 主要产品 | 2024 年 | 1-6 月平均售价 | 2023年1-6月平均售价 | 变动比率 | | --- | --- | --- | --- | --- | | | | （元/吨） | （元/吨） | | | 脂肪胺 | | 15,210.64 | 17,652.20 | -13.83% | | 光学材料 | | 29,881.82 | 39,690.72 | -24.71 ...