Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a record high sales volume in Q3 of the year, with self-produced pulp advantages expected to gradually manifest in Q4 [1] - The company reported a revenue of 7.262 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 16.9% [1] - The net profit attributable to shareholders for the same period was 817 million yuan, a significant year-on-year increase of 114% [1] - The report highlights the integration of pulp and paper production, which is expected to enhance profitability as raw material costs stabilize [1] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 7,738 million yuan - 2023A: 8,553 million yuan - 2024E: 10,050 million yuan (growth rate of 18%) - 2025E: 12,197 million yuan (growth rate of 21%) - 2026E: 14,451 million yuan (growth rate of 18%) [1][2] - **Net Profit Forecasts**: - 2022A: 710 million yuan - 2023A: 664 million yuan - 2024E: 1,081 million yuan (growth rate of 63%) - 2025E: 1,342 million yuan (growth rate of 24%) - 2026E: 1,615 million yuan (growth rate of 20%) [1][2] - **Earnings Per Share (EPS)**: - 2022A: 1.01 yuan - 2023A: 0.94 yuan - 2024E: 1.53 yuan - 2025E: 1.90 yuan - 2026E: 2.29 yuan [1][2] - **Market Capitalization**: - As of October 30, 2024, the market capitalization is approximately 13.216 billion yuan [1] - **Profitability Ratios**: - Gross margin for Q3 was 16.55%, an increase of 7.36 percentage points year-on-year [1] - Net profit margin for Q3 was 11.25%, an increase of 5.10 percentage points year-on-year [1] Industry Outlook - The report indicates that the company is well-positioned to benefit from the trend of replacing plastic with paper, which is expected to expand demand [1] - The integration of pulp and paper production is anticipated to enhance the company's competitive edge and profitability in the long term [1]

Investment Rating - The report maintains a "Buy" rating for Xianhe Co., Ltd. (603733.SH) with a current price of 19.17 CNY [1]. Core Views - The company achieved a revenue of 7.26 billion CNY in the first three quarters of 2024, representing a year-on-year increase of 16.9%, and a net profit attributable to shareholders of 820 million CNY, up 114.0% year-on-year [1]. - The growth in revenue is attributed to capacity expansion and accelerated overseas market development, with products now widely sold in Japan, South Korea, North and South America, Europe, Southeast Asia, the Middle East, and Central Asia [1]. - The report projects revenue for 2024-2026 to be 10.01 billion CNY, 11.66 billion CNY, and 14.25 billion CNY respectively, with corresponding net profits of 1.09 billion CNY, 1.38 billion CNY, and 1.59 billion CNY [2][3]. Summary by Sections Revenue and Profitability - In Q3 2024, the company reported revenue of 2.66 billion CNY, a year-on-year increase of 8.7%, and a net profit of 270 million CNY, up 32.5% year-on-year [1]. - The gross margin for the first three quarters of 2024 was 16.6%, an increase of 7.4 percentage points year-on-year, while Q3 2024 gross margin was 14.6%, up 5.3 percentage points year-on-year but down 2.8 percentage points quarter-on-quarter [1]. Financial Projections - The report forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be 1.54 CNY, 1.96 CNY, and 2.25 CNY respectively, with price-to-earnings (P/E) ratios of 12, 10, and 9 times [2][3]. - The company’s capital expenditure is expected to exceed the industry average, indicating a strong investment in growth [2]. Market Position and Strategy - The report highlights the increasing integration of pulp and paper production, which is expected to enhance profitability as the company expands its production capacity [2]. - The company is positioned to capture a larger market share in the specialty paper industry, which is trending towards consolidation among leading players [2].

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2024-061 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤 21 转债 | | 仙鹤股份有限公司 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第二次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 关于召开 2024 年第二次临时股东大会的通知 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： 股东大会召开日期：2024年11月14日 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 11 月 14 日 14 点 00 分 召开地点：浙江省衢州市衢江区天湖南路 69 号仙鹤股份有限公司会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 202 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥2,658,452,980.81, an increase of 8.68% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥266,566,611.45, reflecting a growth of 32.49% year-over-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥243,073,872.98, up 45.26% from the previous year[2]. - Basic earnings per share for Q3 2024 were ¥0.38, an increase of 31.03% compared to the same period last year[3]. - Diluted earnings per share for Q3 2024 were ¥0.36, representing a growth of 33.33% year-over-year[3]. - Total revenue for the first three quarters of 2024 reached ¥7,261,986,679.52, an increase of 16.9% compared to ¥6,212,503,644.51 in the same period of 2023[16]. - The net profit for the year-to-date period increased by 113.97% due to enhanced production capacity, increased sales, and optimized raw material procurement[6]. - The net profit for the third quarter of 2024 reached CNY 823,055,805.57, a significant increase from CNY 384,421,861.16 in the same period last year, representing a growth of approximately 114%[18]. - The total profit for the third quarter was CNY 922,749,130.98, up from CNY 421,780,806.80, marking an increase of about 119% year-over-year[17]. Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥22,449,738,556.23, a rise of 18.97% from the end of the previous year[3]. - Total assets as of September 30, 2024, amounted to ¥22,449,738,556.23, up from ¥18,869,530,841.37 at the end of 2023, reflecting a growth of 19.5%[15]. - Total liabilities reached ¥14,514,188,474.70, compared to ¥11,507,649,489.34 at the end of 2023, marking a rise of 26.1%[16]. - Non-current liabilities increased to ¥9,298,653,455.37, up from ¥5,894,901,881.36 at the end of 2023, reflecting a growth of 57.5%[16]. - The company's total assets amounted to 10,442,462,129.08 CNY, down from 11,004,791,909.82 CNY, reflecting a decrease of approximately 5.1%[23]. - The total liabilities decreased to 4,436,376,446.13 CNY from 5,114,858,431.49 CNY, showing a decline of about 13.2%[23]. Shareholder Information - Shareholders' equity attributable to the parent company reached ¥7,893,841,150.88, increasing by 7.75% compared to the end of last year[3]. - The total number of common shareholders at the end of the reporting period is 19,864[8]. - Zhejiang Xianhe Holding Group Co., Ltd. holds 540,000,000 shares, accounting for 76.49% of the total shares[9]. - The second largest shareholder, Wang Minglong, holds 10,000,600 shares, representing 1.42%[9]. - The top ten shareholders include various entities, with the largest being a domestic non-state-owned legal person[8]. - The company has not reported any changes in the top ten shareholders due to securities lending activities[10]. - The company has a pledge of 42,000,000 shares by its largest shareholder[8]. - There are no reported related party transactions among the top shareholders[9]. Cash Flow and Investments - The net cash flow generated from operating activities for the first three quarters was CNY 447,949,955.01, a turnaround from a negative cash flow of CNY -723,207,444.84 in the previous year[19]. - The net cash flow from investment activities was -2,811,152,764.37 CNY, compared to -2,227,952,289.02 CNY in the previous year, indicating a decline of approximately 26.2%[20]. - The net cash flow from financing activities was 2,310,557,483.24 CNY, down from 3,170,092,391.89 CNY, indicating a decrease of approximately 27.1%[20]. - The cash and cash equivalents at the end of the period were 744,923,228.85 CNY, down from 961,639,552.07 CNY, a decline of about 22.5%[20]. - The cash inflow from financing activities was 6,424,550,168.13 CNY, down from 7,251,315,857.22 CNY, indicating a decrease of about 11.4%[20]. Research and Development - Research and development expenses increased to CNY 99,220,657.56, up from CNY 75,179,962.45, reflecting a growth of about 32% year-over-year[17]. - Research and development expenses increased to ¥37,738,907.90, a 34.6% rise from ¥28,055,540.94 in the previous year[24]. Comprehensive Income - The company reported a total comprehensive income of ¥363,243,647.47 for the first three quarters of 2024, compared to ¥249,999,729.50 in the previous year[25]. - The total comprehensive income for the third quarter was CNY 820,760,172.35, compared to CNY 378,846,751.90 in the previous year, showing an increase of about 117%[18].

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2024-058 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 仙鹤股份有限公司 关于公司续聘2024年度审计机构的公告 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: 拟续聘的会计师事务所名称：中汇会计师事务所（特殊普通合伙） 仙鹤股份有限公司（以下简称"公司"）于2024年10月29日召开第三届董事会第二十 五次会议，审议通过了《关于公司续聘2024年度审计机构的议案》。公司拟续聘中汇会计 师事务所（特殊普通合伙）（以下简称"中汇会计师事务所"）为公司2024年度财务报告及 内部控制审计机构，聘期一年，并提请股东大会授权公司经营层根据具体情况与其签署业 务合同，决定其报酬和相关事项。现将相关事宜公告如下： （13）本公司同行业上市公司审计客户家数：6家 2、投资者保护能力 中汇会计师事务所未计提职业风险基金，购买的职业责任保险累计赔偿限额为3亿元， 职业保险购买符合相关规定。 ...

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2024-056 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 仙鹤股份有限公司 第三届董事会第二十五次会议决议公告 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。 一、董事会会议召开情况 根据《公司章程》《仙鹤股份有限公司董事会审计委员会工作细则》等相关规定， 本议案已经公司第三届董事会审计委员会第十二次会议审议通过。 审计委员会审核认为：中汇会计师事务所（特殊普通合伙）具有较强的专业胜任能 力和投资者保护能力，不存在违反《中国注册会计师职业道德守则》对独立性要求的情 形，诚信状况良好，同意续聘中汇会计师事务所为公司2024年度财务报告及内部控制审 计机构，并同意将此议案提交公司董事会审议。 1.审议通过《关于公司2024年第三季度报告的议案》 根据《公司章程》《仙鹤股份有限公司董事会审计委员会工作细则》等相关规定， 本议案已经公司第三届董事会审计委员会第十二次会议审议通过。 审计委员会审核认为 ...

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。 一、监事会会议召开情况 仙鹤股份有限公司（以下简称"公司"）第三届监事会第十六次会议通知于2024年 10月18日以邮件、传真等方式向全体监事发出，会议于2024年10月29日以通讯表决方式 召开。本次会议由监事会主席王敏文先生召集，会议应参与表决监事3人，实际参与表决 监事3人。会议的召集、召开与表决程序符合《中华人民共和国公司法》（以下简称 "《公司法》"）、《仙鹤股份有限公司章程》（以下简称"《公司章程》"）以及有 关法律法规的规定，会议合法有效。 二、监事会会议审议情况 1.审议通过《关于公司2024年第三季度报告的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 监事会审核认为：公司2024年第三季度报告的编制和审议程序符合相关法律法规及 《公司章程》的有关规定，报告内容真实、准确、完整地反映了公司的财务状况和经营 成果，我们同意公司2024年第三季度报告的内容，保证本报告所载资料不存在任何虚假 记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和 ...

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]