开展外汇套期保值业务的可行性分析报告 一、外汇套期保值业务情况概述 开展外汇套期保值业务的可行性分析报告 仙鹤股份有限公司 （五）交易对方 经国家外汇管理局和中国人民银行批准，具有外汇套期保值业务经营资格的 开展外汇套期保值业务的可行性分析报告 银行等金融机构。 （一）开展套期保值业务的目的 仙鹤股份有限公司（以下简称"公司"）随着业务规模的不断扩大，境外购 销业务占比逐步提升，且多采用外币结算，因此当汇率出现较大波动时，汇兑损 益对公司的经营业绩会造成影响。为提高公司应对外汇波动风险的能力，更好地 规避和防范面临的外汇汇率、利率波动风险，公司及子公司计划在银行等金融机 构开展外汇套期保值业务。公司不进行单纯以盈利为目的的外汇交易，所有外汇 交易行为均以正常生产经营为基础，以具体经营业务为依托，以规避和防范汇率 波动风险为目的，不影响公司正常生产经营，不得进行投机和套利交易。 （二）外汇业务交易品种及涉及货币 公司及子公司拟开展外汇套期保值业务，包括但不限于远期结售汇、外汇互 换、外汇期货、外汇期权业务及其他外汇衍生产品等业务；涉及外币币种为公司 生产经营所使用的主要结算货币，包括但不限于美元、欧元等币种。 ...

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2024-059 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 仙鹤股份有限公司 关于开展外汇套期保值业务的公告 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。 重要内容提示： 交易目的：仙鹤股份有限公司（以下简称"公司"）随着业务规模的不断扩大， 境外购销业务占比逐步提升，且多采用外币结算，因此当汇率出现较大波动时，汇兑损益 对公司的经营业绩会造成影响。为提高公司应对外汇波动风险的能力，更好地规避和防范 面临的外汇汇率、利率波动风险，公司及子公司计划在银行等金融机构开展外汇套期保值 业务。公司不进行单纯以盈利为目的的外汇交易，所有外汇交易行为均以正常生产经营为 基础，以具体经营业务为依托，以规避和防范汇率波动风险为目的，不影响公司正常生产 经营，不得进行投机和套利交易。 交易品种：包括但不限于远期结售汇、外汇互换、外汇期货、外汇期权业务及 其他外汇衍生产品等业务。 交易场所：经国家外汇管理局和中 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 7.9-8.3 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 107.42%-117.37% [2] - The growth in net profit is attributed to the rapid expansion of paper-based new materials, effective cost management under sustainable development standards, and stable growth in export markets [2][3] - The company is advancing two major investment projects in Guangxi and Hubei, each with an annual production capacity of 2.5 million tons of high-performance paper-based new materials [3] Financial Data Summary - The company's revenue is projected to grow from 8,553.48 million yuan in 2023 to 10,805.18 million yuan in 2024, reflecting a growth rate of 26.32% [6] - The net profit attributable to shareholders is expected to increase from 663.79 million yuan in 2023 to 1,077.86 million yuan in 2024, a growth rate of 62.38% [6] - The company's EBITDA is forecasted to rise from 1,434.52 million yuan in 2023 to 1,954.38 million yuan in 2024 [6] Production Capacity and Cost Management - The company has successfully launched new production lines in Hubei and Guangxi, with the total production capacity expected to reach approximately 700,000 tons by the end of 2024 [3] - The company is focusing on cost advantages through the gradual release of new production capacity and effective management of raw material costs [3] Market Position and Growth Potential - The company has established a strong international brand image through years of overseas market expansion, leading to stable growth in export revenues [2] - The report emphasizes the company's commitment to sustainable development and green energy initiatives, which are expected to enhance its competitive edge and profitability [2][3]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company is expected to see a rise in costs but maintain stable pricing, leading to strong profit performance. The projected net profit for Q3 is between 242 million to 280 million yuan, representing a year-on-year increase of 20.1% to 38.9% [2] - The company benefits from the gradual implementation of projects in Guangxi and Hubei, leading to improved production and sales. The average price remains stable, although there is a slight increase in costs [2] - The integration of forest, pulp, and paper production is accelerating, which is expected to reduce the impact of cost cycles over time [2] Financial Performance Summary - The company's revenue for 2022 was 7,738 million yuan, with a projected increase to 10,065 million yuan in 2024, reflecting a year-on-year growth rate of 17.7% [3] - The net profit for 2022 was 710 million yuan, with an expected increase to 1,082 million yuan in 2024, indicating a growth rate of 63.0% [3] - The earnings per share (EPS) for 2022 was 1.01 yuan, projected to rise to 1.53 yuan in 2024 [3][10] Production and Sales Outlook - The company is expected to maintain a favorable production and sales environment, with an anticipated increase in sales volume in Q3 due to successful project implementations [2] - The company has launched new production lines in Hubei and Guangxi, which are expected to contribute significantly to production capacity, with a total of approximately 600,000 tons of paper production capacity from these projects [2] Profitability Forecast - The forecasted net profit for the company from 2024 to 2026 is 10.8 billion yuan, 14.7 billion yuan, and 18.7 billion yuan respectively, with corresponding P/E ratios of 12.1X, 8.9X, and 7.0X [2]

Financial Performance - The company expects a net profit attributable to shareholders for the first three quarters of 2024 to be between 792 million and 830 million yuan, representing an increase of 41.02 million to 44.82 million yuan compared to the same period last year, a year-on-year increase of 107.42% to 117.37%[2]. - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 722 million and 760 million yuan, an increase of 40.68 million to 44.48 million yuan compared to the same period last year, a year-on-year increase of 129.09% to 141.14%[3]. - The net profit for the same period last year was 381.83 million yuan, and the net profit after deducting non-recurring gains and losses was 315.17 million yuan[4]. Business Strategy - The company is expanding the application of paper-based new materials, which are experiencing rapid growth due to technological advancements and policy support, contributing to stable profit margins[5]. - The company has implemented photovoltaic power generation projects across its production parks to mitigate energy supply risks and reduce production costs[5]. - The company has established stable relationships with international clients through years of overseas market expansion, leading to steady growth in export markets[5]. Forecast and Risks - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by an accounting firm[6]. - Investors are advised to pay attention to investment risks as the forecast data is preliminary and subject to change in the official third-quarter report[7].

| 证券代码：603733 | 证券简称：仙鹤股份 公告编号：2024-054 | | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | 仙鹤股份有限公司 可转债转股结果暨股份变动公告 （二）可转债上市情况 经上海证券交易所自律监管决定书[2021]461 号文同意，公司本次发行的 20.50 亿元可转换公司债券于 2021 年 12 月 9 日起在上海证券交易所挂牌交易， 债券简称"鹤 21 转债"，债券代码"113632"。 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。 重要内容提示： 累计转股情况：截至 2024 年 9 月 30 日，累计共有人民币 97,000 元"鹤 21 转债"已转换成公司股票，累计转股数量为 3,285 股，占可转债转股前公司已 发行股份总额的 0.00047%。 未转股可转债情况：截至 2024 年 9 月 30 日，尚未转股的"鹤 21 转债" 金额为人民币 2,049,902,000 元，占可转债发行总量的 99.9953%。 本季度转股情况：自 2 ...

关于不向下修正"鹤 21 转债"转股价格的公告 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。 仙鹤股份有限公司 重要内容提示： 自 2024 年 8 月 20 日至 2024 年 9 月 18 日，仙鹤股份有限公司（以下简 称"公司"）股票已出现任意连续三十个交易日中至少有十五个交易日的收盘价 低于当期转股价格的 80%（即 15.59 元/股）的情形，触及"鹤 21 转债"转股价 格向下修正条款。 经公司第三届董事会第二十四次会议审议通过，公司董事会决定本次不 行使"鹤 21 转债"的转股价格向下修正权利，且未来三个月内（即 2024 年 9 月 19 日至 2024 年 12 月 18 日），若再次触发"鹤 21 转债"转股价格向下修正条款， 公司亦不提出向下修正方案。在此期间之后，自 2024 年 12 月 19 日起首个交易 日开始重新起算，若再次触发"鹤 21 转债"转股价格向下修正条款，届时公司 董事会将再次召开会议决定是否行使"鹤 21 转债"的转股价格向下修正权利。 | 证券代码：603733 | 证券 ...

| 证券代码：603733 | 证券简称：仙鹤股份 公告编号：2024-052 | | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | 仙鹤股份有限公司 关于召开 2024 年半年度业绩说明会的公告 投资者可于 2024 年 9 月 12 日（星期四）至 9 月 20 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqb@xianhepaper.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 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。 重要内容提示： 会议召开时间： 2024 年 9 月 23 日（星期一）上午 10:00-11:30 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sse nfo.com/） 会议召开方式：上证路演中心视频录播和网络互动 仙鹤股份有限公司（以下简称"公司"）已于 2024 年 8 月 15 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 ...

[Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 10 日收盘价（元） ] | 15.25 | | 52 周股价波动（元） | 11.31-20.58 | | 总股本 / 流通 A 股（百万股） | 706/706 | | 总市值 / 流通市值（百万元 | 10766/10766 | | 相关研究 | | | [Table_ReportInfo] 《食品卡产能逐步释放，两大新基地投产在 | | | 即》 2024.06.07 | | 市场表现 [Table_QuoteInfo] -37.73% -28.73% -19.73% -10.73% -1.73% 7.27% 2023/9 2023/12 2024/3 2024/6 仙鹤股份 海通综指 | --- | --- | --- | --- | |------------------------ ...

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2024-051 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 仙鹤股份有限公司 正"鹤21转债"转股价格的议案》，"鹤21转债"的转股价格自2022年8月3日起由38.74 元/股调整为27.23元/股。具体内容详见公司于2022年8月2日在上海证券交易所网站 （www.sse.com.cn）披露的《仙鹤股份有限公司关于向下修正"鹤21转债"转股价格的 公告》（公告编号：2022-062）。 3、因公司实施2022年年度权益分派，"鹤21转债"转股价格自2023年6月19日起由 27.23元/股调整为26.92元/股。具体内容详见公司于2023年6月13日在上海证券交易所网 站（www.sse.com.cn）披露的《仙鹤股份有限公司关于实施2022年年度权益分派调整 "鹤21转债"转股价格的公告》（公告编号：2023-051）。 关于"鹤21转债"预计满足转股价格修正条件 的提示性公告 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 ...