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]

证券代码：603733 证券简称：仙鹤股份 公告编号：2024-025 债券代码：113632 债券简称：鹤21转债 仙鹤股份有限公司 关于接待机构调研情况的公告 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（以下简称“公司”）于 2024年4月26日、4月27日通 过电话会议交流形式接待了机构投资者调研，现将调研具体情况公告如下： 一、调研基本情况 调研时间：2024年4月26日、4月27 日 调研方式：电话会议交流 调研机构名称（排名不分先后）：国盛证券、中金公司、东方证券、东北证 券、东兴证券、申万证券、兴业证券、中信证券、中泰证券、华泰证券、浙商证 券、国海证券、西南证券、广发证券、南方基金、南华基金、银华基金、华宝基 金、万家基金、德邦基金、兴银基金、永赢基金、招商基金、信诚基金、融通基 金、嘉实基金、中海基金、汇安基金、湘财基金、诺德基金、格林基金、恒越基 金、鹏扬基金、巨子基金、子呈基金、富安达基金、淡水泉基金、景顺长城基金、 ...

2024 年 4 月 29 日 收益表现 % 1M 3M 1Y 相对 5.10 19.11 -16.32 绝对 7.43 27.59 -26.45 资料来源：Wind 公司研究 营收稳健增长，四季度毛利率环比改善明显 ——仙鹤股份（603733.SH） 2023 年报点评 买入（维持） 当前价：18.08 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 021-52523872 wuziqian@ebscn.com 市场数据 总股本(亿股) 7.06 总市值(亿元)： 127.64 一年最低/最高(元)： 11.31/25.41 近 3 月换手率： 37.18% 股价相对走势 -52% -36% -21% -5% 10% 04/23 07/23 10/23 01/24 仙鹤股份 沪深300 相关研报 点评： 敬请参阅最后一页特别声明 -1- 证券研究报告 利润表现超预期，维持"买入"评级：我们基本维持 2024-2025 年营收预测为 115.9/147.2 亿元，并新增 2026 年营收预测为 177.9 亿 ...

仙鹤股份（603733.SH） 公司发布 2023 年报：2023 全年实现收入 85.53 亿元（同比+10.5%），归母净利润为 6.64 亿元（同比-6.6%），扣非归母净利润为 5.95 亿元（同比+6.8%）；单 Q4 实现收 入 23.41 亿元（同比+5.1%），归母净利润 2.82 亿元（同比+96.7%），扣非归母净利 润 2.80 亿元（同比+196.02%）。 成本下行，盈利修复靓丽。根据我们测算，单 Q4 销量约为 28.4 万吨，环比-1.4 万吨（剔 除食品卡后销量环比平稳）；均价约 8254 元/吨（环比约+45 元/吨）；本部吨盈利约为 824 元/吨（环比+456 元/吨），剔除食品卡后、薄纸吨盈利超 1000 元/吨（环比约+500 元/吨）。由于下游提前补库&食品卡调整客户结构，Q4 销量环比略降，整体均价平稳， 受益于低价浆入库改善成本，吨盈利大幅改善。展望未来，24H1 公司仍处提价空间，且 由于前期囤浆、预计成本上升空间可控，吨盈利有望维持高位。Q4 夏王由于竞争加剧、 让利客户&抢占份额，预计均价&盈利能力环比回落，但仍处高位。 多品类表现优异，多元矩阵共驱成长。 ...

Investment Rating - The report maintains an "Add" rating for the company [3][9]. Core Views - The company reported a revenue of 8.553 billion yuan in 2023, with a year-on-year growth of 10.53%. However, the net profit attributable to shareholders decreased by 6.55% to 664 million yuan. The fourth quarter showed significant improvement in profitability, with a net profit increase of 40.14% compared to the previous quarter, attributed to product price increases and cost benefits [11]. - The company is expected to experience a significant capacity release in 2024, with production capacity reaching 1.6 million tons by the end of 2023, supported by new production bases in Guangxi and Hubei [2][3]. Financial Summary - Revenue projections for 2024-2026 are 10.692 billion yuan, 12.830 billion yuan, and 14.755 billion yuan, with corresponding year-on-year growth rates of 25.0%, 20.0%, and 15.0% respectively [16]. - The net profit attributable to shareholders is forecasted to be 931 million yuan in 2024, 1.218 billion yuan in 2025, and 1.552 billion yuan in 2026, reflecting growth rates of 40.2%, 30.9%, and 27.4% respectively [16]. - The gross margin is expected to improve from 11.6% in 2023 to 16.0% in 2024, indicating enhanced profitability [16]. - The price-to-earnings (PE) ratio is projected to decrease from 19.2 in 2023 to 8.2 in 2026, suggesting a more attractive valuation over time [16].

[公Ta司ble盈_F利in预anc测e]及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 7,738 8,553 10,643 12,985 15,650 增长率 yoy% 28.6% 10.5% 24.4% 22.0% 20.5% 净利润（百万元） 710 664 1,116 1,396 1,677 增长率 yoy% -30.1% -6.5% 68.2% 25.0% 20.2% 每股收益（元） 1.01 0.94 1.58 1.98 2.38 每股现金流量 0.10 0.09 1.72 1.67 2.21 净资产收益率 10.3% 9.0% 13.5% 15.0% 15.9% P/E 18.0 19.2 11.4 9.1 7.6 P/B 1.9 1.7 1.5 1.4 1.2 备注：股价信息为 4 月 26 日收盘价 仙鹤股份（603733）/轻工 证券研究报告/公司点评 2024 年 4 月 28 日 投资要点 公司持有该股票比例 相关报告 公司点评 来源:Wind、中泰证券研究所 | --- | --- | --- | --- | --- | --- | - ...

若国金证券以外的任何机构或个人发送本报告，则由该机构或个人为此发送行为承担全部责任。本报告不构成国金证券向发送本报告机构或个人的收件人提供 投资建议，国金证券不为此承担任何责任。 此报告仅限于中国境内使用。国金证券版权所有，保留一切权利。 | --- | --- | --- | --- | |--------------------------------------|--------------------------------------|-------|--------------------------------------------------| | | 上海 北京 深圳 | | | | 电话： 021-80234211 | 电话： 010-85950438 | | 电话： 0755-86695353 | | 邮箱： researchsh@gjzq.com.cn | 邮箱： researchbj@gjzq.com.cn | | 邮箱： researchsz@gjzq.com.cn | | 邮编： 201204 | 邮编： 100005 | | 邮编： 518000 | | 地址：上海浦东新区芳 ...

东方证券承销保荐有限公司 关于仙鹤股份有限公司 2023年度募集资金存放与使用情况的专项核查意见 根据中国证监会《证券发行上市保荐业务管理办法》、《上海证券交易所上市 公司自律监管指引第 11 号——持续督导》等有关法律法规的要求，东方证券承 销保荐有限公司（以下简称"东方投行"或"保荐机构"）作为仙鹤股份有限公 司（以下简称"仙鹤股份"、"公司"或"发行人"）2021 年公开发行可转换公司 债券的保荐机构，对仙鹤股份 2023 年度募集资金存放与使用情况进行了审慎核 查，核查具体情况及专项核查意见如下： 一、募集资金基本情况 （一）实际募集资金金额 公司经中国证券监督管理委员会《关于核准仙鹤股份有限公司公开发行可转 换债券的批复》（证监许可[2021]3200 号）核准，由主承销商东方投行采用余额 包销方式，公开发行可转换公司债券 2,050 万张，每张面值为人民币 100.00 元， 共计募集资金 205,000.00 万元，扣除承销和保荐费用 1,086.50 万元（含税金额） 后的募集资金余额为 203,913.50 万元，已由主承销商东方投行于 2021 年 11 月 23 日汇入公司募集资金监管账 ...

关于本报告 概况 《仙鹤股份 2023 年度可持续发展报告》（以下简称"报告"或"本报告"）是仙鹤股份有限公司 连续第三年发布的可持续发展报告，同时也是公司第五份非财务信息报告，旨在系统描述公司在 可持续发展方面所秉持的原则与理念、管理方法及成果绩效。 数据说明 报告中数据、管理机制和案例来自公司实际运营的原始记录或财务报告。报告中的财务数据 以人民币为单位。财务数据与公司年度报告不符的，以年度报告为准。 称谓说明 | 仙鹤股份有限公司 | 仙鹤、仙鹤股份、公司、本公司、我们 | | --- | --- | | 浙江哲丰新材料有限公司 | 哲丰新材料 | | 浙江鹤丰新材料有限公司 | 鹤丰新材料 | | 浙江唐丰特种纸有限公司 | 浙江唐丰 | | 河南仙鹤特种浆纸有限公司 | 河南仙鹤 | | 浙江哲丰能源发展有限公司 | 哲丰能源 | | 浙江仙鹤新能源有限公司 | 仙鹤新能源 | | 广西仙鹤能源发展有限公司 | 广西仙鹤能源 | | 湖北仙鹤热力能源有限公司 | 湖北仙鹤能源 | | 浙江仙鹿新材料有限公司 | 仙鹿新材料 | | 浙江柯瑞新材料有限公司 | 柯瑞新材料 | | 浙江夏王纸业有限公司 ...

仙鹤股份有限公司 董事会审计委员会对会计师事务所 2023 年度履行 监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》《上海证券交易所上 市公司自律监管指引第1号——规范运作》和《仙鹤股份有限公司章程》（以下 简称"《公司章程》")《仙鹤股份有限公司董事会审计委员会工作细则》(以 下简称"《董事会审计委员会工作细则》")等规定和要求,仙鹤股份有限公司 (以下简称"公司")董事会审计委员会本着勤勉尽责的原则,恪尽职守,认真 履职。现将公司董事会审计委员会对会计师事务所 2023年度履职评估及履行监 督职责的情况汇报如下: 一、2023 年年审会计师事务所基本情况 于公司续聘 2023 年度审计机构的议案》。公司独立董事对上述议案发表了事前 认可意见及明确同意的独立意见。 (一) 会计师事务所基本情况 二、2023年年审会计师事务所履职情况 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")创 立于 1992 年,2013年 12月转制为特殊普通合伙,首席合伙人为余强,管理总 部设立于杭州。经过近 30年的发展 ...