来源：公司年报、国金证券研究所 新化股份 (603867.SH) 买入(维持评级) 公司点评 证券研究报告 业绩简评 2024 年 8 月 14 日公司披露半年报，2024 年上半年实现营业收入 14.8 亿元，同比增长 18%，归母净利润 1.5 亿元，同比增长 7%； 其中 2 季度单季度实现营业收入 7.4 亿元，同比增长 24%，环比下 滑 0.6%，归母净利润 7105 万元，同比增长 19%，环比下滑 7%。 经营分析 主业经营稳健，产品销量增长带动业绩向好。脂肪胺、有机溶剂和 香精香料为公司三大核心产品，上半年销量分别为 6.2 万吨、2.9 万吨、1.1 万吨，同比去年上半年的销量增速分别为 15%、-1%、 67%，其中香料板块销量随着新产能的逐步释放增长较为明显。从 产品价格变化来看，上半年脂肪胺销售均价为 11813 元/吨，同比 下滑 3.8%；有机溶剂销售均价为 8413 元/吨，同比提高 8.1%；香 精香料销售均价为 34673 元/吨，同比下滑 1.4%；有机溶剂涨价较 为明显。 香精香料产能进一步扩大，助力公司长期成长。通过多年发展公 司的香料规模不断扩大，控股子公司江苏馨瑞 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Insights - The company achieved a revenue of 1.48 billion RMB in the first half of 2024, representing an 18% year-on-year growth, with a net profit of 150 million RMB, up 7% year-on-year [1] - The main business remains stable, with product sales growth driving performance, particularly in the fragrance and flavor segment, which saw a significant increase in sales volume [1] - The company is expanding its fragrance production capacity, which is expected to support long-term growth [1][2] Summary by Sections Performance Overview - In Q2 2024, the company reported a revenue of 740 million RMB, a 24% increase year-on-year, but a 0.6% decrease quarter-on-quarter [1] - The sales volume for the company's three core products in the first half of 2024 was 62,000 tons for fatty amines, 29,000 tons for organic solvents, and 11,000 tons for fragrances, with growth rates of 15%, -1%, and 67% respectively [1] Price Trends - The average selling price for fatty amines was 11,813 RMB/ton, down 3.8% year-on-year; organic solvents increased by 8.1% to 8,413 RMB/ton; while fragrances decreased by 1.4% to 34,673 RMB/ton [1] Capacity Expansion - The company is expanding its fragrance production capacity, with a total of 16,000 tons/year from its subsidiary and an additional 16,650 tons/year from a new facility in Ningxia [1] - A new project announced in June 2024 will add 7,155 tons of new products, with a total investment of 60 million RMB, expected to be completed in 5 months [1] Profit Forecast and Valuation - The company is projected to achieve net profits of 334 million RMB, 451 million RMB, and 553 million RMB for 2024, 2025, and 2026 respectively, with a downward adjustment of 13% for 2024 [2] - The current market capitalization corresponds to PE ratios of 11.63, 8.62, and 7.03 for the years 2024, 2025, and 2026 respectively [2]

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥1,482,904,222.37, representing a 17.92% increase compared to ¥1,257,529,571.91 in the same period last year[14]. - The net profit attributable to shareholders of the listed company was ¥147,174,578.57, up 6.70% from ¥137,936,225.50 in the previous year[14]. - The basic earnings per share for the reporting period was ¥0.80, reflecting a 6.67% increase from ¥0.75 in the same period last year[15]. - The diluted earnings per share increased to ¥0.77, up 6.94% from ¥0.72 in the previous year[15]. - The net profit after deducting non-recurring gains and losses was ¥140,548,954.50, which is a 5.94% increase from ¥132,672,908.37 in the previous year[14]. - The total comprehensive income for the first half of 2024 was ¥170,042,999.46, compared to ¥154,015,631.52 in the first half of 2023, marking an increase of 10.67%[103]. - The company reported a total profit of ¥196,678,830.68 for the first half of 2024, compared to ¥175,213,971.99 in the same period of 2023, reflecting a growth of 12.5%[102]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 67.77% to ¥47,652,663.51, primarily due to an increase in cash paid for goods and services[16]. - The company's cash and cash equivalents amount to ¥561,287,115.02, down from ¥732,030,664.02[96]. - As of June 30, 2024, the accounts receivable amounted to CNY 34,518.13 million, representing 19.23% of current assets, indicating a significant risk related to liquidity and potential bad debts[33]. - The ending cash and cash equivalents balance was CNY 549,231,998.42, down from CNY 824,563,401.72 at the end of the first half of 2023, a decrease of approximately 33.3%[110]. - The company reported a decrease in cash inflow from sales of goods and services, which totaled CNY 1,330,419,172.25, compared to CNY 1,288,789,787.32 in the first half of 2023, an increase of about 3.2%[107]. Assets and Liabilities - The total assets at the end of the reporting period were ¥4,036,015,609.53, a 1.65% increase from ¥3,970,557,843.13 at the end of the previous year[15]. - The total liabilities of the company as of June 30, 2024, amount to ¥1,565,502,935.46, with current liabilities at ¥699,457,214.62 and non-current liabilities at ¥866,045,720.84[95]. - The company's fixed assets are valued at ¥1,328,976,694.49, compared to ¥848,024,448.71 in the previous period[97]. - The total equity attributable to shareholders at the end of the period was ¥2,401,939,311.72, a decrease from ¥2,470,512,674.07 in the previous period[118]. Research and Development - The company's research and development expenses increased by 14.17% to 47,522,848.78 CNY, reflecting investment in new product development[27]. - Ongoing research and development efforts are focused on enhancing product features, with an investment of $30 million allocated for 2024[67]. - The company has established several research and development centers, contributing to its technological advantages and innovation capabilities[24]. Environmental Compliance - The company has implemented pollution prevention facilities, ensuring compliance with environmental standards[41]. - The company emphasizes the importance of safety management in its operations, particularly in the fine chemical industry, to mitigate risks associated with flammable and toxic materials[33]. - The company has established wastewater, waste gas, solid waste, and noise pollution control facilities as per environmental impact assessment requirements, with no hazardous waste generated[52]. Market and Product Development - The company’s main products include low-carbon fatty amines, organic solvents, and synthetic fragrances, with stable demand from the pesticide and pharmaceutical industries[18]. - The production capacity for synthetic fragrances is set to increase, with Jiangsu Xinrui's capacity at 16,000 tons/year and Ningxia Xinhua's new base expected to release 16,650 tons/year[18]. - The company is actively expanding its application of lithium extraction technology in various sectors, including lithium recovery from brine and ore[25]. Shareholder and Corporate Governance - The company has not proposed any profit distribution or capital reserve increase for the first half of 2024, indicating a focus on reinvestment or cash preservation[36]. - The major shareholder, Jiande State-owned Assets Management Co., plans to hold shares long-term and will limit share reductions to 1% of total shares within any 90-day period[62]. - The company commits to reducing related party transactions and ensuring fair pricing in any necessary transactions, adhering to legal and regulatory requirements[59]. Risk Management - The company has established a comprehensive risk management framework to address potential safety, environmental, and financial risks associated with its operations[33]. - The company faces risks from rising environmental protection standards, which may increase operational costs and impact profitability due to the need for enhanced environmental management[33]. - The company is exposed to raw material price volatility, which is closely linked to global oil prices, potentially affecting production costs and profit margins[33]. Accounting and Financial Reporting - The company's accounting policies comply with the requirements of enterprise accounting standards, ensuring a true and complete reflection of its financial status[136]. - The company recognizes revenue based on the progress of performance obligations, confirming revenue at a point in time when control is transferred to the customer[179]. - The company assesses the recoverability of deferred tax assets based on the likelihood of future taxable income[183].

第六届监事会第七次会议决议公告 浙江新化化工股份有限公司 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 浙江新化化工股份有限公司（以下简称"公司"）第六届监事会第七次会议 （以下简称"本次会议"）于 2024 年 08 月 13 日以现场结合通讯会议方式召开。 本次会议应参会监事 3 名，实际参会监事 3 名，本次会议由赵建标主持，会议的 召开符合《公司法》和《章程》的规定。 二、监事会会议审议情况 出席会议的监事对议案进行了认真审议并做出了如下决议： | 证券代码：603867 | 证券简称：新化股份 公告编号：2024-049 | | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | 1、审议通过《新化股份 2024 年半年度募集资金存放与使用情况的专项报 告》 特此公告。 浙江新化化工股份有限公司监事会 2024 年 8 月 15 日 2、审议通过《新化股份关于公司 2024 年半年度报告及其摘要的议案》 (1)公司 2024 年半年度报告及其摘要的编制程序符 ...

| 证券代码：603867 | 证券简称：新化股份 公告编号：2024-050 | | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | 浙江新化化工股份有限公司 2024年半年度募集资金存放与使用情况的专项报告 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。 根据中国证监会发布的《上市公司监管指引第 2 号——上市公司募集资金管理和 使用的监管要求》和上海证券交易所发布的《上海证券交易所上市公司自律监管指引 第 1 号——规范运作》等有关规定，浙江新化化工股份有限公司（以下简称"公司"） 董事会编制了截至2024年6月30日止的《新化股份2024年半年度募集资金存放与使用情 况的专项报告》。现将公司2024年半年度募集资金存放与实际使用情况报告如下： 一、募集资金基本情况 (一) 2019年公开发行股票"新化股份" 1. 实际募集资金金额和资金到账时间 经中国证券监督管理委员会证监许可〔2019〕958号文核准，并经上海证券交易所同 意，本公司由主承销商光大证券股份有限公司采用余额包销方式 ...

| 证券代码：603867 | 证券简称：新化股份 公告编号：2024-051 | | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | 浙江新化化工股份有限公司 2024年上半年主要经营数据公告 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。 根据上海证券交易所《上市公司自律监管指引第 3 号行业信息披露：第十三号 ——化工》有关规定和披露要求，现将浙江新化化工股份有限公司（以下简称"公 司"）2024 年上半年度主要经营数据披露如下： 一 、主要产品的产量、销量及收入实现情况 | 产品大类 | 产量(吨) | 销售数量（吨） | 销售金额（万元） | | --- | --- | --- | --- | | 脂肪胺 | 60,810.49 | 62,162.42 | 73,432.55 | | 有机溶剂 | 28,482.59 | 28,593.11 | 24,054.10 | | 合成香料 | 11,321.40 | 10,780.65 | 37,379.35 | 注 1： 上述产量、销 ...

| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2024-048 | | --- | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | | 浙江新化化工股份有限公司 第六届董事会第十一次会议决议公告 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 浙江新化化工股份有限公司（以下简称"公司"）第六届董事会第十一次会 议（以下简称"本次会议"）于 2024 年 08 月 13 日以现场结合通讯会议方式召开。 本次会议应参会董事 9 名，实际参会董事 9 名，会议由董事长应思斌先生主持， 本次会议的召开符合《公司法》和《章程》的规定。 具体内容详见公司同日在上海证券交易所网站（http://www.sse.com.cn） 披露的相关公告。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 2、审议通过《新化股份关于公司 2024 年半年度报告及其摘要的议案》 根据中国证监会和上海证券交易所对上市公司信息披露的有关规定，公司编 制了 2024 年半年度报 ...

| 证券代码：603867 | 证券简称：新化股份 公告编号：2024-047 | | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | 浙江新化化工股份有限公司 关于公司董事可转债短线交易情况说明的公告 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法律责任。 浙江新化化工股份有限公司（以下简称"公司"或"本公司"）于 2024 年 7 月 15 日收到公司董事胡健先生的《关于本人买卖公司可转债构成短线交易的 说明及致歉声明》，胡健先生在 2023 年 11 月 20 日至 2024 年 5 月 17 日卖出可 转换公司债券"新化转债"（以下简称"可转债"）期间因误操作买入 200 张 可转债，根据《中华人民共和国证券法》（以下简称"《证券法》"）《可转换 公司债券管理办法》《关于可转换公司债券适用短线交易相关规定的通知》《上 海证券交易所上市公司自律监管指引第 12 号——可转换公司债券》等相关法律 法规、规范性文件规定，上述行为构成了短线交易，公司知悉后第一时间对该事 项进行了核实，现将有关事项公告如 ...

可转债累计转股情况：浙江新化化工股份有限公司（以下简称"公司" 或"新化股份"）发行的"新化转债"自 2023 年 6 月 2 日起可转换为公司股份。 截至 2024 年 6 月 30 日，累计已有人民币 112,000 元"新化转债"转为公司 A 股普通股，累计转股股数为 3,474 股，占"新化转债"转股前公司已发行普通股 股份总额的 0.0019%。 | 证券代码：603867 | 证券简称：新化股份 公告编号：2024-046 | | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | 浙江新化化工股份有限公司 可转债转股结果暨股份变动公告 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： 二、可转债本次转股情况 新化转债的转股期间为2023年6月2日至2028年11月27日。截至2024年6月30 日，累计已有人民币112,000元"新化转债"转为公司A股普通股，累计转股股数 为3,474股，占"新化转债"转股前公司已发行普通股股份总额的0.0019%。其中， 自2024年4 ...

（上海市黄浦区中山南路 318 号 2 号楼 24 层） 股票简称：新化股份 股票代码：603867 债券简称：新化转债 债券代码：113663 浙江新化化工股份有限公司 公开发行可转换公司债券 受托管理事务报告 （2023 年度） 债券受托管理人 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《浙 江新化化工股份有限公司与东方证券承销保荐有限公司关于向不特定对象发行 可转换公司债券之受托管理协议》（以下简称"《受托管理协议》"）、《浙江新化 化工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》"）、《浙江新化化工股份有限公司 2023 年年度报告》等相关公开信息披露文 件、第三方中介机构出具的专业意见等，由本期可转换公司债券受托管理人东方 证券承销保荐有限公司（以下简称"东方投行"）编制。东方投行对本报告中所包 含的从上述文件中引述内容和信息未进行独立验证，也不就该等引述内容和信息 的真实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作 ...