关于实际控制人增持公司股份计划的公告 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： | | | 仙鹤股份有限公司 仙鹤股份有限公司（以下简称"公司"、"本公司"）实际控制人之一的王 敏文先生基于对公司未来发展的信心和对公司长期投资价值的认可，拟使用其自 有资金，自 2024 年 5 月 9 日起 6 个月内，通过上海证券交易所允许的方式（包 括但不限于集中竞价交易、大宗交易等）增持公司 A 股股份，累计拟增持股份的 金额为不低于人民币 3,000 万元且不超过人民币 5,000 万元（以下简称"本次增 持计划"）。 本次增持计划的实施不会导致公司股权分布不具备上市条件，亦不会导 致公司控股股东及实际控制人发生变化。 本次增持计划可能存在因资本市场情况发生变化，或其他风险因素导致 延迟或无法实施的风险，敬请广大投资者注意投资风险。 2024 年 5 月 8 日，公司收到实际控制人之一的王敏文先生拟以自有资金通 过上海证券交易所允许的方式（包括但不限于集中竞价交易、大宗交易等）增持 公司 A 股股份计划的告 ...

仙鹤股份有限公司 2023 年年度股东大会 会议资料 股票代码：603733 中国·衢州 二〇二四年五月 2023 年年度股东大会会议资料 | | | | 3 | | 会议议程 | | --- | --- | --- | | 5 | | 会议须知 | | 6 | | 议案一：关于2023年度董事会工作报告的议案 | | 7 | | 议案二：关于2023年度监事会工作报告的议案 | | 2023 年年度报告及其摘要的议案 8 | | 议案三：关于公司 | | 2023 年度财务决算报告的议案 9 | | 议案四：关于公司 | | 2023 年度利润分配预案的议案 | | 议案五：关于公司 15 | | 2023 年度日常关联交易情况及 2024 | | 议案六：关于公司 年度日常关联交易预计 | | 的议案 | | 16 | | 2024 年度与合营公司进行关联担保的议案 | | 议案七：关于 24 | | 2024 年度向银行申请综合授信额度的议案 | | 议案八：关于 26 | | 2023 | | 议案九：关于提请股东大会授权董事会确认公司董事、监事 年度薪酬及 | | 年度薪酬额度的议案 | | 202 ...

Company Overview - The company achieved a revenue of 8.55 billion yuan in 2023, a year-on-year increase of 10.5%, with a net profit attributable to the parent company of 660 million yuan, a year-on-year decrease of 6.5% [35] - In Q4 2023, the company's revenue was 2.34 billion yuan, a year-on-year increase of 5.1%, with a net profit attributable to the parent company of 280 million yuan, a year-on-year increase of 96.7% [35] - In Q1 2024, the company's revenue was 2.21 billion yuan, a year-on-year increase of 20.2%, with a net profit attributable to the parent company of 270 million yuan, a year-on-year increase of 120.1% [35] Product Performance - The daily consumer goods series achieved revenue of 4.11 billion yuan in 2023, a year-on-year increase of 15.5%, with a gross margin of 11% [1][4] - The food and medical packaging materials series achieved revenue of 1.73 billion yuan in 2023, a year-on-year increase of 14.6%, with a gross margin of 6.9% [1][4] - The business communication and publishing printing materials series achieved revenue of 710 million yuan in 2023, a year-on-year decrease of 8.0%, with a gross margin of 14.3% [1][4] - The tobacco industry supporting series achieved revenue of 810 million yuan in 2023, a year-on-year increase of 0.8%, with a gross margin of 16.5% [1][4] - The electrical and industrial paper series achieved revenue of 680 million yuan in 2023, a year-on-year increase of 17.9%, with a gross margin of 14.3% [1][4] Regional Performance - Domestic sales revenue reached 7.53 billion yuan in 2023, a year-on-year increase of 11.2%, with a gross margin of 10.6% [1][4] - Export sales revenue reached 570 million yuan in 2023, a year-on-year decrease of 5.1%, with a gross margin of 20.3% [1][4] Financial Projections - The company's revenue is expected to reach 10.54 billion yuan in 2024, 12.50 billion yuan in 2025, and 14.72 billion yuan in 2026 [3][27] - Net profit attributable to the parent company is expected to be 1.03 billion yuan in 2024, 1.31 billion yuan in 2025, and 1.64 billion yuan in 2026 [3][27] - EPS is projected to be 1.46 yuan in 2024, 1.86 yuan in 2025, and 2.33 yuan in 2026 [31][36] Capacity Expansion - The company's two major projects, the "High-performance Paper-based New Materials in Sanjiangkou New District" and the "Annual 2.5 Million Tons of High-performance Paper-based New Materials Circular Economy in Hubei Shishou," are progressing as planned, with the first phase nearing completion and expected to start production in 2024 [5] Industry Outlook - The company's product matrix is rich, and downstream demand is expected to recover marginally, maintaining a "Hold" rating [36] - The company's profitability is improving, and new production capacity is gradually being released [38]

股 票 研 究 [Table_MainInfo] [Table_Title] 仙鹤股份(603733) | --- | --- | --- | |----------|---------------------------|------------------------------------------| | | 刘佳昆 ( 分析师 ) | 仙鹤股份 2023 年及 \n毛宇翔 ( 研究助理 ) | | | 021-38038184 | 0755-23976668 | | | liujiakun029641@gtjas.com | maoyuxiang029547@gtjas.co | | 证书编号 | S0880524040004 | m S0880124030007 | 投资要点： 请务必阅读正文之后的免责条款部分 | --- | --- | --- | |--------------------------------|--------------|-------------| | | | | | [Table_ 交易数据 Market] | | | | 52 周内股价区间（元） | | 11.80 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [10]. Core Insights - The company reported a revenue of 2.21 billion yuan in Q1 2024, representing a year-on-year growth of 20.2%, and a net profit of 270 million yuan, which is a significant increase of 120.1% year-on-year [3][4]. - The strong performance is attributed to the release of new production capacity, particularly from the 300,000-ton food-grade paper project and the 300,000-ton specialty paper project, which commenced operations in April 2023 and January 2024, respectively [3]. - The company's gross margin improved significantly, reaching 18.0% in Q1 2024, an increase of 8.0 percentage points year-on-year, while remaining stable compared to the previous quarter [5]. - The report highlights the company's effective inventory management and cost control, which contributed to the improved gross margin [5]. - The company is expanding its "pulp-paper integration" strategy, with plans for an additional 800,000-ton self-produced pulp project expected to be fully operational by Q4 2024, enhancing its competitive advantage [5]. Financial Summary - The company’s total revenue is projected to grow from 8.55 billion yuan in 2023 to 11.59 billion yuan in 2024, reflecting a growth rate of 35.49% [6]. - The net profit is expected to increase from 664 million yuan in 2023 to 998 million yuan in 2024, with a growth rate of 50.27% [6]. - Earnings per share (EPS) are forecasted to rise from 0.94 yuan in 2023 to 1.41 yuan in 2024 [6]. - The report indicates a low valuation with price-to-earnings (P/E) ratios of 13, 9, and 7 for 2024, 2025, and 2026, respectively, suggesting potential for price appreciation [5][6].

[Table_Contacts] 盈利持续修复，推进浆纸一体化布局 ⚫ 24Q1 同比增速靓丽。23 年营收 85.53 亿元，同比增长 10.53%，归母 净利 6.64 亿元，同比下降 6.55%，扣非归母净利 5.95 亿元，同比增长 6.81%。24Q1 营收 22.09 亿元，同比增长 20.2%，环比下降 5.6%； 归母净利 2.69 亿元，同比增长 120.1%，环比下降 4.6%；扣非归母净 利 2.37 亿元，同比增长 106%，环比下降 15.3%，公司盈利修复显著。 ⚫ 分产品来看，23 年日用消费系列营收 yoy+15.5%，量/价 yoy+19.3%/ -3.2%；电气及工业用纸营收 yoy+17.9%，量/价 yoy+22.2%/-3.5%； 烟草行业配套系列营收 yoy+0.8%，量/价 yoy 持平/+0.8%。23 年食品 与医疗包装材料系列营收 yoy+14.6%，量/价 yoy+49.0%/-23.1%，随 着涂布类产品增加、自产浆助推成本下移，食品卡纸盈利改善可期。 ⚫ 季度盈利能力显著回升。24Q1 毛利率/净利率 18.0%/12.3%，同比 +8.0/+5.6p ...

1、《仙鹤股份（603733.SH）：盈利修复靓丽，林浆纸 2、《仙鹤股份（603733.SH）：产销创新高、盈利稳步 3、《仙鹤股份（603733.SH）：经营拐点显现，盈利能 证券研究报告 | 季报点评 仙鹤股份（603733.SH） 公司发布 2024 一季报：2024Q1 实现收入 22.09 亿元（同比+20.2%），归母净利润为 2.69 亿元（同比+120.1%），扣非归母净利润为 2.37 亿元（同比+106.0%）。销量季 节性环比略下滑，受益于 23Q4 提价函逐步落地，24Q1 均价环比小幅上升。根据我们判 断测算：公司前期囤货、成本可控，叠加食品卡有望减亏、产品结构改善，整体吨盈利 达 900+元/吨（环比略增）；剔除食品卡影响、薄纸吨盈利环比稳定。展望未来，24Q2 公司仍处提价趋势，且成本可控，吨盈利有望维持高位。 盈利显著改善，财务费用略提升。2024Q1 毛利率为 18.0%（同比+8.0pct），归母净利 率为 12.2%（同比+5.5pct）。从费用表现来看，2024Q1 期间费用率为 5.7%（同比 +1.3pct），其中销售/研发/管理/财务费用率分别为 0.2%/1. ...

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上半年整体上来讲是感觉倒是比较困难的这个困难主要来自于虽然大家市场对降价下降是有预期的或者说降价的确在报价上已经往下走了但其实大家在仓库里面存放的准备再用的这部分的库存成本都是高的所以其实更多的是因为降价下降带来的指价下调的压力导致上半年大家的经营都比较的紧张 然后整个市场的需求相对来说没有这么好或者说疫情结束之后一下子没有释放和开放的那么快所以大家都面临一定的压力到了下半年整体上面来讲就慢慢的有所服输看上去有所服输从需求上看上去还不错整个政治行业的订单大家都还有还在另外整体上面来讲大家的成本也因为上半年的低价木匠 可能会有一些减缓这个根据不同的行业不同的公司可能都会有不同的一些实际的情况因为有些可能在300年拿到了这个低价家有些可能并没有所以大家可能成本上还有一点不一样但总体大家看到特动车公司在三季度开始都有一定的所谓的恢复如果说在去年总体还是表现亏损的公司在今年的一季度也是应该 转亏为盈了扭亏为盈了所以整个趋势可以看到这东西在逐步的向前走但是我也会积极的和大家去提一个醒其实大家看到目前的整个市场的现象其实还有一些可能并不是实际的情况大家看到的现在感觉大家有所服输的确是在这样的一条路上但是我们在接下来可能行 ...

Financial Performance - The company's revenue for Q1 2024 reached ¥2,209,002,230.13, representing a 20.22% increase compared to the same period last year[11] - Net profit attributable to shareholders for Q1 2024 was ¥268,850,594.03, a significant increase of 120.14% year-over-year[11] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥236,886,450.40, up by 105.97% from the previous year[11] - Basic earnings per share for Q1 2024 were ¥0.38, reflecting a 123.53% increase year-over-year[11] - The net profit attributable to shareholders increased by 120.14% due to sales growth, reduced raw material costs, and ongoing cost control efforts[22] - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 105.97% driven by profit growth during the period[22] - Basic earnings per share reached 1.23 RMB, reflecting a 123.53% increase attributed to profit growth[22] - Diluted earnings per share increased by 111.76% to 1.12 RMB, also due to profit growth[22] - The total comprehensive income for Q1 2024 was CNY 271,954,792.12, up from CNY 119,990,043.38 in Q1 2023, marking an increase of approximately 126%[52] - The total profit for Q1 2024 was CNY 308,749,811.61, compared to CNY 137,871,805.78 in Q1 2023, showing an increase of approximately 124%[52] Assets and Liabilities - The total assets of the company at the end of Q1 2024 amounted to ¥20,486,667,879.74, an increase of 8.57% compared to the end of the previous year[14] - The equity attributable to shareholders reached ¥7,596,369,905.05, which is a 3.69% increase from the previous year[14] - The company's total liabilities as of Q1 2024 were ¥12,852,831,735.59, compared to ¥11,507,649,489.34 in the previous year[14] - Total liabilities increased to ¥20,486,667,879.74 as of March 31, 2024, from ¥18,869,530,841.37 as of December 31, 2023, reflecting a rise of 8.6%[37] - The total assets decreased slightly to ¥10,940,795,005.07 from ¥11,004,791,909.82 year-over-year[70] - The total liabilities decreased to ¥4,931,795,751.53 from ¥5,114,858,431.49 year-over-year[64] - The total equity increased to ¥6,008,999,253.54 from ¥5,889,933,478.33 year-over-year[70] Cash Flow - The net cash flow from operating activities for Q1 2024 was negative at -¥413,653,747.75, indicating a change in cash flow dynamics[11] - The net cash flow from operating activities was -CNY 326,021,374.20, an improvement from -CNY 408,427,212.13 in the same period last year[77] - The company reported a net cash inflow from operating activities of CNY 1,940,843,994.88 in Q1 2024, compared to CNY 1,960,672,628.51 in Q1 2023, indicating a slight decline[48] - The total cash outflow from operating activities was CNY 587,745,952.22, down from CNY 954,177,396.60 in Q1 2023[77] - The company reported a total cash outflow from investment activities of CNY 1,077,662,138.46, compared to CNY 1,366,844,829.62 in the previous year[77] - The cash inflow from financing activities totaled CNY 703,104,938.08, compared to CNY 1,180,260,688.20 in the previous year, reflecting a decrease of approximately 40%[79] - The net cash flow from financing activities was CNY 130,203,103.47, down from CNY 834,307,588.72 in Q1 2023[79] Expenses - Total operating costs for Q1 2024 were ¥1,953,682,104.91, up from ¥1,740,574,844.84 in Q1 2023, reflecting a growth of 12.2%[40] - Research and development expenses increased to ¥29,634,514.68 in Q1 2024, compared to ¥23,323,628.25 in Q1 2023, marking a rise of 27.1%[40] - Financial expenses surged by 193.60% primarily due to increased loan interest and foreign exchange gains in the previous year[22] - The company recorded a tax expense of CNY 38,106,809.91 in Q1 2024, up from CNY 15,258,181.57 in Q1 2023, which is an increase of about 149%[52] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 19,718[24] - Zhejiang Xianhe Holding Group Co., Ltd. holds 76.49% of the shares, amounting to 540,000,000 shares, with 42,000,000 shares pledged[24] - The company issued 205 million convertible bonds totaling 2.05 billion RMB, with a term of 6 years[25] - As of March 31, 2024, 97,000 RMB of convertible bonds have been converted into 3,285 shares, representing 0.00047% of the total shares before conversion[31] Investment Activities - The company reported a net cash outflow from investing activities of -¥1,408,129,389.72 in Q1 2024, compared to -¥479,682,155.22 in Q1 2023[45] - The cash inflow from investment activities was CNY 1,132,148,624.15, down from CNY 1,238,186,862.67 in Q1 2023[77] - The net cash flow from investment activities was CNY 54,486,485.69, a significant improvement from -CNY 128,657,966.95 in Q1 2023[79] Accounting Standards - The company did not apply new accounting standards or interpretations starting from 2024[78]