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 2023 年年度股东大会的 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 2023 年年度股东大会的 法律意见书 致：仙鹤股份有限公司 仙鹤股份有限公司（以下简称"公司"）2023 年年度股东大会于 2024 年 5 月 17 日（星期五）14 点 00 分在浙江省衢州市衢江区天湖南路 69 号公司会议室 如期召开。上海市锦天城律师事务所（以下简称"本所"）经公司聘请委派邓颖 律师、陆思慧律师（以下简称"本所律师"）列席，根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《上市公司股东大会规则（2022 年修订）》 （以下简称"《股东大会规则》"）等法律法规、其他规范性文件以及《仙鹤股 份有限公司章程》（以下简称"《公司章程》"）、《仙鹤股份有限公司股东大 会议事规则》（以下简称"《议事规则》"）的规定，就本次股东大会的召集和 召开程序、召集人及出席会议 ...

| 证券代码：603733 | 证券简称：仙鹤股份 公告编号：2024-030 | | --- | --- | | 债券代码：113632 | 债券简称：鹤 21 转债 | 仙鹤股份有限公司 2023 年年度股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 4 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 562,059,180 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 79.6145 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事长王敏良先生主持会议。会议采用现 (一) 股东大会召开的时间：2024 年 5 月 17 日 (二) 股东大会召开的地点：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 (三) 出席会议的普通股股东和 ...

仙鹤股份有限公司 关于召开 2023 年度暨 2024 年第一季度 业绩说明会的公告 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。 | 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2024-031 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 重要内容提示： 会议召开时间： 2024 年 5 月 27 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 投资者可于 2024 年 5 月 20 日（星期一）至 5 月 24 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。 仙鹤股份有限公司（以下简称"公司"）已于 2024 年 4 月 27 日发布公司 2023 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][14]. Core Views - The company achieved a revenue of 8.55 billion yuan in 2023, representing a year-on-year increase of 10.5%. However, the net profit attributable to shareholders decreased by 6.5% to 660 million yuan. The adjusted net profit increased by 6.8% to 590 million yuan [1][14]. - In Q1 2024, the company reported a revenue of 2.21 billion yuan, a significant year-on-year increase of 20.2%, and a net profit of 270 million yuan, which is a remarkable increase of 120.1% year-on-year [1][14]. - The report highlights that the company's profitability is expected to improve continuously, driven by capacity release and cost reduction, with a target price set at 21.7 yuan per share [14]. Financial Summary - **2023 Financial Performance**: - Total revenue: 8,553 million yuan - Year-on-year growth: 10.5% - Net profit: 664 million yuan - Year-on-year decline: -6.5% - Earnings per share: 0.94 yuan - Price-to-earnings ratio: 21 times [2][14]. - **2024 Financial Projections**: - Expected total revenue: 10,208 million yuan - Expected net profit: 1,085 million yuan - Expected earnings per share: 1.54 yuan - Expected price-to-earnings ratio: 13 times [2][14]. - **Long-term Projections**: - Expected net profit for 2025: 1,407 million yuan - Expected net profit for 2026: 1,698 million yuan - Corresponding price-to-earnings ratios for 2025 and 2026 are projected to be 10 and 8 times, respectively [2][14]. Operational Insights - The company has a total production capacity of 1.6 million tons for specialty paper and related products, with a comprehensive production capability across the entire industry chain [14]. - The report indicates that the company has successfully expanded its market presence in Europe, Southeast Asia, and the Middle East, contributing to a steady increase in domestic sales [14].

公 司 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 仙鹤股份（603733.SH）：盈利迎来 修复，产能扩张与浆纸一体化助力 增长 2024 年 5 月 15 日 推荐/维持 仙鹤股份 公司报告 事件：公司公布 2023 年及 2024 年一季度业绩。2023 年公司实现收入 85.53 亿元，同比+10.53%；归母净利润 6.64 亿元，同比-6.55%；扣非归母净利润 5.95 亿元，同比+6.81%。2024 年一季度公司实现收入 22.09 亿元，同比 +20.22%；归母净利润 2.69 亿元，同比+120.14%；扣非归母净利润 2.37 亿 元，同比+105.97%。 产能与需求增长支撑销量，纸价受浆价带动回落。23 年公司主营造纸收入 81.06 亿元，同比+9.90%；分产品来看，日用消费系列/食品医疗包装材料/烟 草行业配套/商务交流与出版印刷材料/电气及工业用材产品收入 41.07 亿 /17.32 亿/8.12 亿/7.12 亿/6.81 亿元，同比+15%/+15%/+1%/-8%/+18%。 量价拆分来看：（1）23 年产品销量 97.13 万吨（+1 ...

2024 年 05 月 13 日 仙鹤股份(603733.SH) 盈利能力持续改善 此外，2024Q1 单季度公司实现营收 22.09 亿元，同比增长 20.22%;归 母净利润 2.69 亿元，同比增长 120.14%；扣非后归母净利润 2.37 亿 元，同比增长 105.97%。 5 月 9 日，公司发布实际控制人增持公司股份计划公告，实控人之一 的王敏文拟使用其自有资金，自 2024 年 5 月 9 日起 6 个月内增持公 司 A 股股份，累计拟增持股份的金额为不低于 0.30 亿元且不超过 0.50 亿元。 分产品看，2023 年日用消费/食品与医疗包装材料/商务及出版印刷 材料/烟草行业配套/电气及工业用纸/特种浆纸及其他系列分别实现 收 入 41.07/17.32/7.12/8.12/6.81/0.62 亿元，同比分别 +15.49/+14.62/-7.97/+0.83/+17.93/-59.35%；分地区看，2023 年国 内/国外分别实现收入 75.32/5.74 亿元，同比分别+11.23/-5.05%。 公司通过与国内外知名企业进行技术工艺合作，加大各类纸产品技术 研究开发工作，高洁净度离 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within six months [12]. Core Insights - The company has seen significant growth in its food and medical packaging materials, with production and sales increasing by 63.37% year-on-year [2]. - The sales volume of the company's electrolytic capacitor paper has grown by 12.35% year-on-year, driven by technological breakthroughs and the rapid development of the new energy vehicle industry [2]. - The company is expected to continue enhancing the quality of its electrolytic capacitor paper and accelerate the launch of new products [2]. - The company is expanding its production capacity with new projects in Guangxi and Hubei, which are expected to significantly enhance its market position and production capabilities [14]. Financial Data and Valuation - Revenue is projected to grow from 7,738.31 million in 2022 to 15,643.09 million by 2026, with a compound annual growth rate (CAGR) of approximately 19.63% [3]. - The net profit attributable to the parent company is expected to increase from 710.29 million in 2022 to 1,668.39 million by 2026, reflecting a significant recovery after a decline in 2023 [3]. - The company's earnings per share (EPS) is forecasted to rise from 1.01 in 2022 to 2.36 by 2026 [3]. - The price-to-earnings (P/E) ratio is expected to decrease from 19.76 in 2022 to 8.41 by 2026, indicating improved valuation attractiveness [3]. Production and Market Strategy - The company has launched a 300,000-ton food card paper machine in Changshan, which began production in April 2023, with a total output of 119,700 tons in its first seven months [12]. - The company is adjusting its product pricing and leveraging its production capabilities to enhance profitability, particularly in the competitive food and medical packaging market [12]. - The integration of upstream raw material production is expected to reduce costs and improve overall profit margins [14]. Market Position and Future Outlook - The company is positioned to capture significant market share in the high-performance paper-based materials sector, with new projects in Guangxi and Hubei expected to enhance its competitive edge [14]. - The report anticipates that the company's net profit will reach 10.7 billion in 2024, 13.8 billion in 2025, and 16.7 billion in 2026, with corresponding P/E ratios of 13, 10, and 8 [14].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.46 yuan based on DCF valuation [19][37]. Core Insights - The company reported a revenue of 8.553 billion yuan in 2023, a year-on-year increase of 10.53%, while the net profit attributable to shareholders was 664 million yuan, a decrease of 6.55% compared to the previous year [1]. - In Q1 2024, the company achieved a revenue of 2.209 billion yuan, reflecting a year-on-year growth of 20.22%, although it experienced a quarter-on-quarter decline of 5.64%. The net profit attributable to shareholders was 269 million yuan, marking a significant year-on-year increase of 120.14% but a quarter-on-quarter decrease of 4.65% [1]. - The company's performance showed gradual recovery in the second half of 2023, with Q1 2024 results slightly exceeding market expectations. The revenue growth was primarily driven by new capacity additions, leading to a sales volume increase of approximately 20% [1]. - The company’s profitability improved significantly in Q4 2023, with a gross margin of 18.05%, an increase of 8.7 percentage points quarter-on-quarter, attributed to product price increases and stable raw material costs [1]. - The company is expected to implement price increases for certain products starting March 2024, which may support profitability in Q2 2024. New production capacities in Hubei and Guangxi are set to enhance the company's competitive strength in the specialty paper industry [1]. Financial Summary - The company’s revenue for 2023 was 8,553 million yuan, with a year-on-year growth of 10.5%. The projected revenues for 2024 and 2025 are 10,872 million yuan and 14,412 million yuan, respectively, indicating a growth rate of 27.1% and 32.6% [23]. - The net profit attributable to shareholders for 2024 is forecasted to be 1,034 million yuan, representing a year-on-year increase of 55.8% [23]. - The gross margin is expected to improve to 14.8% in 2024, with a net margin of 9.5% [23].

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 ...