上海市锦天城律师事务所 关于仙鹤股份有限公司 2024 年第二次临时股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于仙鹤股份有限公司 2024 年第二次临时股东大会的 法律意见书 一、本次股东大会的召集和召开程序 本次股东大会由公司董事会根据 2024 年 10 月 29 日召开的第三届董事会第 二十五次会议决议召集。公司已于 2024 年 10 月 30 日在《上海证券报》及上海 证券交易所网站刊登了《关于召开 2024 年第二次临时股东大会的通知》（公告 编号：2024-061），并决定于 2024 年 11 月 14 日 14 时 00 分在浙江省衢州市衢 江区天湖南路 69 号公司会议室召开 2024 年第二次临时股东大会，本次股东大会 采取现场表决与网络投票相结合的方式召开。 本次股东大会现场会议于 2024 年 11 月 14 日（星期四）下午 14:00 在浙江 省衢州市衢江区天湖南路 69 号公司会 ...

| 证券代码：603733 | 证券简称：仙鹤股份 公告编号：2024-063 | | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | 仙鹤股份有限公司 1、本次股份质押基本情况 2、本次被质押的股份不存在被用作重大资产重组业绩补偿等事项的担保或其他 保障用途的情况。 3、股东累计质押股份情况 截至公告披露日，股东累计质押股份情况如下： 关于公司股东部分股份办理质押的公告 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： 浙江仙鹤控股集团有限公司持有公司无限售流通股股份 540,000,000 股，占公 司总股本比例的 76.49%，持有公司股份累计质押数量（含本次）84,000,000 股，占其持股数量比例 15.56%。 一、上市公司股份质押 仙鹤股份有限公司（以下简称"公司"）于 2024 年 11 月 11 日收到控股股东 浙江仙鹤控股集团有限公司（以下简称"仙鹤控股"）的通知，获悉其所持有公 司的部分股份被质押，具体事项如下： 二、可能引发的风险及应对措施 仙鹤控 ...

债券代码：113632 债券简称：鹤21转债 证券代码：603733 证券简称：仙鹤股份 公告编号：2024-062 仙鹤股份有限公司 关于"鹤21转债"2024年付息的公告 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： 可转债付息债权登记日：2024年11月15日 可转债除息日：2024年11月18日 可转债兑息日：2024年11月18日（由于2024年11月17日为休息日，可转债付息日 顺延至2024年11月18日，顺延期间不另付息） 仙鹤股份有限公司（以下简称"公司"或"本公司"）于2021年11月17日公开发行 的可转换公司债券（以下简称"本期债券"或"鹤21转债"）将于2024年11月18日开始 支付自2023年11月17日至2024年11月16日期间的利息。根据《仙鹤股份有限公司公开发 行可转换公司债券募集说明书》（以下简称"《募集说明书》"）有关条款的规定，现 将有关事项公告如下： （1）年利息计算 年利息指可转换公司债券持有人按持有的可转换公司债券票面总金额自可转换公司 债券发行首日起每 ...

Investment Rating - The report maintains a "Buy" rating for the company with a DCF target valuation of 22.66 RMB [4][9] Core Views - The company reported robust Q3 2024 performance with revenue of 7.262 billion RMB, a YoY increase of 16.89%, and net profit attributable to shareholders of 817 million RMB, a YoY surge of 113.97% [2] - Q3 2024 revenue reached 2.658 billion RMB, up 8.68% YoY and 11.02% QoQ, while net profit attributable to shareholders was 267 million RMB, up 32.49% YoY but down 5.34% QoQ [2] - The company's gross margin in Q3 2024 was 14.58%, down 2.8 percentage points QoQ, and net margin was 10.03%, down 1.7 percentage points QoQ [3] - The company's upstream pulp layout is becoming more comprehensive, with the Guangxi base's 400,000-ton chemical pulp and PM4 paper machine starting production at the end of Q3, and the Hubei PM3 successfully producing paper in early October [3] Financial Performance - The company's Q3 2024 sales volume increased QoQ, with tonnage profit exceeding 750 RMB/ton, remaining at a historical median level [2] - Investment income from associates and joint ventures (mainly from Xiawang Paper) was approximately 48 million RMB in Q3 2024, down 15% QoQ [2] - The company's revenue growth for 2024-2026 is forecasted at 14.5%, 39.9%, and 18.6%, respectively, with net profit attributable to shareholders expected to be 1.079 billion RMB, 1.235 billion RMB, and 1.400 billion RMB [8][9] Industry and Market Position - The company's Guangxi and Hubei pulp and paper integration bases are gradually becoming operational, enhancing the company's upstream and downstream industrial chain and diversifying its product structure [3] - The company's comprehensive competitiveness is increasingly prominent as its pulp and paper integration capacity is realized [3] Valuation and Forecast - The report adjusts the company's sales volume and paper price assumptions, forecasting net profit attributable to shareholders for 2024-2026 at 1.079 billion RMB, 1.235 billion RMB, and 1.400 billion RMB, respectively [4][9] - The DCF target valuation is set at 22.66 RMB, maintaining the "Buy" rating [4][9]

仙鹤股份有限公司 2024 年第二次临时股东大会 会议资料 仙鹤股份有限公司 2024 年第二次临时股东大会会议议程 一、会议召开时间： 现场会议时间：2024 年 11 月 14 日（星期四）14 点 00 分 网络投票时间： 1、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 2024 年 11 月 14 日（星期四）9:15-9:25，9:30-11:30，13:00-15:00； 2、通过互联网投票平台的投票时间为 2024 年 11 月 14 日（星期四）9:15- 15:00。 股票代码：603733 中国·衢州 二〇二四年十一月 | 会议议程 3 | | --- | | 会议须知 5 | | 议案一：关于公司续聘2024年度审计机构的议案 6 | | 议案二：关于开展外汇套期保值业务的议案 9 | 2024 年第二次临时股东大会会议资料 3、公司董事、监事及高级管理人员； 4、公司聘请的律师。 五、会议主持人：公司董事长王敏良先生 六、审议事项： 1、关于公司续聘 2024 年度审计机构的议案； 2、关于开展外汇套期保值业务的议案。 二、会议召开方式：现场投票方式、网络投票方 ...

Summary of Conference Call Company and Industry - The conference call primarily discusses the performance and outlook of a company in the specialty paper industry, specifically focusing on its product lines and market conditions. Key Points and Arguments Company Performance - The company maintained strong operational stability in Q3, with quarterly profits consistent with previous quarters, despite rising costs and weak market demand [1][2][3] - Sales volume exceeded 300,000 tons in Q3, achieving a record sales revenue of over 2.6 billion yuan, marking the best quarterly performance in history [3][4] - The company anticipates continued sales growth into Q4, with expectations for new breakthroughs in performance [4] Market Conditions - The market is described as relatively weak, with many companies experiencing profit declines and cash flow issues due to competitive pricing pressures [2][5] - The company has demonstrated resilience and risk management capabilities, maintaining a competitive edge through product differentiation and quality [3][6] Product Lines and Innovations - The company has successfully launched new products while maintaining strong performance in existing lines, particularly in high-margin categories [10][12] - There is a focus on developing new product categories, including ginger-based products, which are expected to contribute significantly to future revenues [12][13] - The company is exploring strategic partnerships to enhance supply chain efficiency and product offerings [8][9] Pricing and Cost Dynamics - Gross margins are under pressure due to rising costs and a slight decline in sales prices, particularly in the wood-based product segment [5][6] - The company is cautious about future pricing trends, indicating potential volatility based on market conditions and competitor actions [5][23][28] - The average cost of raw materials has reached historical highs, with expectations for continued pressure in Q4 [26][27] Future Outlook - The company projects a sales volume exceeding 1 million tons for the year, with potential for further growth in 2024 as new production lines come online [36][37] - There is a strategic focus on maintaining price stability while ensuring product quality, with an emphasis on high-value services [25][28] - The company is preparing for potential financing opportunities to support ongoing projects and technological advancements [42] Other Important Content - The company is actively monitoring competitive dynamics and market trends, with a commitment to innovation and long-term partnerships [7][8][9] - There is an acknowledgment of the challenges posed by international trade dynamics, particularly in relation to European market regulations [16][17] - The management emphasizes the importance of maintaining a healthy ecosystem within the industry, advocating for quality over price competition [25][26] This summary encapsulates the key insights from the conference call, highlighting the company's performance, market conditions, product innovations, pricing dynamics, and future outlook.

Investment Rating - The investment rating for the company is "Buy (Maintain)" [6] Core Views - 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%, and a net profit attributable to shareholders of 817 million yuan, up 114.0% year-on-year [1] - The company is benefiting from the gradual implementation of projects in Guangxi and Hubei, leading to stable production and sales, although there is a slight decline in profit per ton due to high raw material costs [2][3] - The integration of forestry and pulp production is accelerating, which is expected to reduce cost fluctuations over time [3] Financial Performance - For Q3 2024, the company achieved a revenue of 2.658 billion yuan, a year-on-year increase of 8.7%, and a net profit of 267 million yuan, up 32.5% year-on-year [1] - The gross margin for Q3 2024 was 14.6%, an increase of 5.3 percentage points year-on-year, while the net profit margin was 10.0%, up 1.8 percentage points year-on-year [3] - The company’s operating cash flow for Q3 2024 was 371 million yuan, an increase of 338 million yuan year-on-year [4] Earnings Forecast - The forecasted net profits for the company from 2024 to 2026 are 1.082 billion yuan, 1.468 billion yuan, and 1.874 billion yuan, respectively, with corresponding PE ratios of 12.2X, 9.0X, and 7.1X [4]

PE 19.85 12.12 9.64 8.22 资料来源：公司公告，中国银河证券研究院 公司点评报告 · 轻工行业 *能落地驱动业绩稳增,自给浆助力成本改善 2024 年 10月 31 日 核心观点 | --- | --- | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------|----------|----------|------------------------------------|--------------------| | | | | | | | | | | | | | | | ● | 事件:公司发布 2024年第三季度报告。报告期内,公司实现营收 72.62亿元, 同比+16.89%;归母净利润 8.17 亿元,同比+113.97%;扣非净利润 7.42 亿 | | | 仙鹤股份 (603733.SH) | | ...

仙鹤股份（603733.SH） 造纸 证券研究报告/公司点评报告 2024 年 10 月 30 日 Q3 销量年内新高，自制浆优势 Q4 逐步体现 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024 年 10 月 30 日 公司研究 营收利润双增，广西、湖北基地的竞争优势将逐渐凸显 ——仙鹤股份（603733.SH）2024 年三季报点评 | --- | --- | --- | --- | --- | |--------------------------------------------|---------------------------------------------------------------------------------------------|-----------------|----------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------- ...