大家好欢迎参加西部化工深度报告节读新化股份目前所有参会者均处于静状态下面开始播报本次电话会议服务于西部证券研究所客户不构成投资建议相关人员应自主作出投资决策并自行承担投资风险西部证券不应使用本次内容所导致的任何损失承担任何责任 专家发言内容仅代表专家个人观点,不代表本公司观点本次会议内容不涉及国家保密信息、密幕信息、未公开重大信息、商业秘密、个人隐私不得涉及可能引发不当炒作或股价异常波动的敏感信息不得涉及影响社会或资本市场稳定的言论 各位投资者大家好我是西部证券化工组的研究员李妍那么今天由我来为大家解读新化股份的首次覆盖报告 七块股份它是有三块业务首先就是脂肪胺脂肪胺是它的一个过去的主业那么现在处于一个周期底部为公司贡献一个较为稳定的收入有机溶剂与合成香料是公司未来主要发展的两块其中有机溶剂推出了盐糊体理理电回收的新型业务而香精香料是全益产能有望实现十倍的增长 我们是看好这两块带的驱动力预计公司在2425 26年的规模经历在3.65 5.17和6.40亿元当前PE是就截至5月24日的PE是3.2倍我们对各个部分采用了分布的估值法给予24年的目标价是32.60元目前还有20%多的上涨空间那么给予了买入的评级 具 ...

新化股份（603867.SH） | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------|------------------------------|----------------------------------------------------------|-------------------------|--------------------------------|----------------------|------------------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 2,683 | 2,597 | 3,116 | 3,676 | 4,207 | | | | 增长率 yoy （ % ） | ...

浙江新化化工股份有限公司 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 | 证券代码：603867 | 证券简称：新化股份 | 公告编号：2024-031 | | --- | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | | 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | | 14 | | --- | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 58,180,108 | | | 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 | | | | 份总数的比例（%） | 31.7648 | | (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。 本次股东大会由公司董事会召集，董事长兼总经理应思斌先生主持，会议的召集 (一) 股东大会召开的时间：2024 年 5 月 16 日 (二) 股东大会召开的地点：公司会议室 (三) 出席会议的普通股股 ...

北京大成(上海)律师事务所 关于浙江新化化工股份有限公司 2023 年年度股东大会的法律意见书 致:浙江新化化工股份有限公司 根据《中华人民共和国证券法》(以下简称"《证券法》")、《中华人民 共和国公司法》(以下简称"《公司法》")和中国证券监督管理委员会《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、 法规和其他有关规范性文件的要求,北京大成(上海)律师事务所(以下简称"本 所")接受浙江新化化工股份有限公司(以下简称"公司")的委托,指派律师 参加公司 2023年年度股东大会(以下简称"本次股东大会")。 本所声明:本所律师仅对本次股东大会的召集程序、召开程序、出席会议人员 资格、召集人资格、表决程序及表决结果发表法律意见,并不对本次股东大会所审 议的议案、议案所涉及的数字及内容发表意见。本所律师同意将本法律意见书随 本次股东大会其他信息披露资料一并公告。 本法律意见书仅供见证公司本次股东大会相关事项的合法性之目的使用,不 得用作任何其他目的。 本所及经办律师依据《证券法》、《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则(试行)》等规定及 ...

分析师及联系人 ⚫ 投资评级说明 本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收 入可升可跌，过往表现不应作为日后的表现依据；在不同时期，本公司可以发出其他与本报告所载信息不一致及有不同结论的报告； 本报告所反映研究人员的不同观点、见解及分析方法，并不代表本公司或其他附属机构的立场；本公司不保证本报告所含信息保持 在最新状态。同时，本公司对本报告所含信息可在不发出通知的情形下做出修改，投资者应当自行关注相应的更新或修改。本公司 及作者在自身所知情范围内，与本报告中所评价或推荐的证券不存在法律法规要求披露或采取限制、静默措施的利益冲突。 公司 2023 年实现收入 26.0 亿元（同比-3.2%），实现归属净利润 2.5 亿元（同比-23.3%），实 现归属扣非净利润 2.4 亿元（同比-21.6%）。其中 Q4 单季度实现收入 6.9 亿元（同比+4.4%， 环比+7.3%），实现归属净利润 0.48 亿元（同比-40.4%，环比-27.2%），实现归属扣非净利润 0.45 亿元（同比-40.5%，环比-27.0%）。2024Q1，公司实现收入 ...

浙江新化化工股份有限公司 浙江新化化工股份有限公司 2023 年年度股东大会会议资料 浙江 建德 二〇二四年五月 浙江新化化工股份有限公司 目录 | 2023 | 年年度股东大会会议须知 2 | | | --- | --- | --- | | 2023 | 年年度股东大会会议议程 3 | | | 议案一： | 关于 年年度报告及年度报告摘要的议案 4 | 2023 | | 议案二： | 关于 年度董事会工作报告的议案 5 | 2023 | | 议案三： | 关于 年度监事会工作报告的议案 6 | 2023 | | 议案四： | 关于 年度的独立董事履职情况报告的议案 7 | 2023 | | 议案五： | 关于 年度财务决算及 2024 年度财务预算报告的议案 8 | 2023 | | 议案六： | 关于 年度利润分配预案的议案 13 | 2023 | | 议案七： | 关于续聘公司 2024 年度审计机构的议案 14 | | | 议案八： | 关于使用闲置自有资金进行现金管理的议案 15 | | | 议案九： | 关于预计 2024 年度日常关联交易的议案 16 | | | 议案十： | 关于公司 2024 ...

上 市 公 司 基础化工 ——Q1 符合预期，宁夏香料及电池回收贡献中长期增量 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 26 日 | | 收盘价（元） | 26.59 | | 一年内最高/ 最低（元） | 42.56/19.06 | | 市净率 | 2.2 | | 息率（分红 / 股价） | - | | 流通 A 股市值（百万元） | 4935 | | 上证指数/深证成指 | 3088.64/9463.91 | | 注："息率"以最近一年已公布分红计算 | | 一年内股价与大盘对比走势： 相关研究 证券分析师 报告原因：有业绩公布需要点评 买入（维持）投资要点： 公司公告 2023 年报及 2024 年一季报：1）2023 年实现收入 25.97 亿元（YoY-3.23%），实现归母净利润 2.53 亿元（YoY-23.3%），实现扣非归母净利润 2.4 亿元（YoY-21.6%），其中 23Q4 约 6.93 亿元（YoY+4.4%， ...

东方证券承销保荐有限公司 关于浙江新化化工股份有限公司 公开发行可转换公司债券之 保荐工作总结报告书 东方证券承销保荐有限公司（以下简称 "保荐机构"）作为浙江新化化工股份有限 公司（以下简称"新化股份"、"上市公司"或"发行人"）2022年公开发行可转换公司债券 的保荐机构，持续督导期限至 2023 年 12 月 31 日。现根据《证券发行上市保荐业务 管理办法》的相关规定，出具持续督导保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐工作总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法律责 任。 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监会"）对 保荐工作总结报告书相关事项进行的任何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办法》 及上海证券交易所按照《上海证券交易所上市公司自律监管指引第11号——持续督导》 等有关规定采取的监管措施。 二、保荐机构基本情况 1、保荐机构名称：东方证券承销保荐有限公司 2、注册地址：上海市黄浦区中山南路 318 号 24 层 ...

目 录 | 一、审计报告……………………………………………………… 第 1—6 | | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—14 | | 页 | | （一）合并资产负债表…………………………………………… | 第 | 7 页 | | （二）母公司资产负债表………………………………………… | 第 | 8 页 | | （三）合并利润表………………………………………………… | 第 | 9 页 | | （四）母公司利润表………………………………………………第 | | 10 页 | | （五）合并现金流量表……………………………………………第 | | 11 页 | | （六）母公司现金流量表…………………………………………第 | | 12 页 | | （七）合并所有者权益变动表……………………………………第 | | 13 页 | | （八）母公司所有者权益变动表…………………………………第 | | 14 页 | | | | 审 计 报 告 天健审〔2024〕3717 号 浙江新化化工股份有限公司全体股东： 一、审计意见 我们审计了浙江新 ...

Financial Performance - The company's operating revenue for 2023 was RMB 2,596,603,559.77, a decrease of 3.23% compared to RMB 2,683,361,677.66 in 2022[20] - The net profit attributable to shareholders for 2023 was RMB 252,619,759.41, down 23.27% from RMB 329,227,288.36 in the previous year[20] - The net profit after deducting non-recurring gains and losses was RMB 240,207,274.93, a decrease of 21.59% compared to RMB 306,348,555.89 in 2022[20] - Cash flow from operating activities for 2023 was RMB 281,423,571.68, down 12.85% from RMB 322,931,647.41 in 2022[20] - Basic earnings per share decreased by 24.02% to 1.36 RMB, while diluted earnings per share fell by 25.28% to 1.33 RMB[22] - The weighted average return on equity was 11.93%, a decrease of 6.41 percentage points from the previous year[22] - The company achieved operating revenue of 2.597 billion RMB in 2023, a decrease of 3.23% year-on-year[29] - The company achieved operating revenue of CNY 2,596.60 million, a decrease of 3.23% compared to the previous year[42] - The net profit attributable to shareholders was CNY 252.62 million, down 23.27% year-on-year[42] - The net profit after deducting non-recurring gains and losses was CNY 240.21 million, a decline of 21.59% compared to the previous year[42] Assets and Liabilities - The total assets at the end of 2023 were RMB 3,970,557,843.13, an increase of 6.37% from RMB 3,732,732,847.69 at the end of 2022[21] - The net assets attributable to shareholders at the end of 2023 were RMB 2,204,974,219.69, an increase of 8.26% from RMB 2,036,825,610.86 at the end of 2022[21] - The company’s total assets reached 3.971 billion RMB, with net assets of 2.402 billion RMB and a debt-to-asset ratio of 39.51%[29] - The company reported accounts receivable of RMB 279.38 million, accounting for 15.73% of current assets, indicating potential liquidity risks[100] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 4.5 per 10 shares, subject to shareholder approval[4] - The company plans to distribute a cash dividend of RMB 5.5 per 10 shares for the 2022 fiscal year, which was approved by the shareholders' meeting[131] - For the 2023 fiscal year, the proposed cash dividend is RMB 4.5 per 10 shares, pending approval from the shareholders' meeting[135] - The total cash dividend amount for 2022 is RMB 82,438,593.30, representing 32.63% of the net profit attributable to ordinary shareholders in the consolidated financial statements[135] Research and Development - The company's R&D expenses increased by 3.59% to CNY 90.97 million, reflecting a commitment to innovation[45] - The company conducted 140 research projects during the reporting period, completing 91, and filed for 31 patents, with 21 granted[79] - The company plans to enhance R&D capabilities by collaborating with renowned research institutions and investing in scientific hardware[96] - The company is actively involved in research and development of new technologies and products to support its growth strategy in the fine chemical industry[72] Market Position and Strategy - The company maintained a strong competitive position in the domestic market, with the largest production capacity of isopropylamine in China[35] - The company has established long-term stable partnerships with major agricultural chemical and pharmaceutical companies, enhancing customer loyalty[40] - The company plans to continue expanding its market presence in both domestic and international markets, focusing on new product development[50] - The company is positioned in a growing market for fine chemicals, with increasing demand in agriculture, pharmaceuticals, and other sectors[73] Environmental and Safety Measures - The company has implemented enhanced safety and environmental protection measures, ensuring stable production operations[32] - The company is focused on enhancing safety and environmental standards in response to national policies aimed at reducing major safety risks in the chemical industry[72] - The company has established environmental protection mechanisms as a key pollutant discharge unit[142] - The company adheres to various pollution discharge standards, including those for wastewater and air emissions[142][143] Governance and Compliance - The company has established a governance structure that includes a general meeting of shareholders, a board of directors, a supervisory board, and a management team, ensuring clear responsibilities and checks and balances[102] - The company has not reported any significant differences in governance practices compared to regulatory requirements[102] - The company is committed to strict compliance with regulatory rules and internal governance during its operations[121] - The company has not faced any major changes in competition or business operations from its controlling shareholders[103] Future Outlook and Industry Trends - The company emphasizes that future performance outlooks are based on current macroeconomic policies and market conditions, and do not constitute performance commitments[5] - The chemical industry is experiencing structural changes, with a focus on innovation and high-quality development during the "14th Five-Year Plan" period[66] - The industry is shifting from a scale-speed model to a quality-efficiency model, emphasizing innovation-driven growth and improving overall factor efficiency[67] - By 2025, the chemical industry is expected to form a high-quality development pattern characterized by strong independent innovation capabilities and a reasonable structural layout[69] Employee and Human Resources - The company has a total of 1,095 employees, with 639 in the parent company and 456 in major subsidiaries[127] - The employee composition includes 629 production personnel, 49 sales personnel, 192 technical personnel, 31 financial personnel, 93 administrative personnel, and 92 management personnel[127] - The company has established a comprehensive human resources management system, including salary management and performance management policies[129] - The company emphasizes employee training and development through a structured training system aimed at enhancing workforce quality[130] Financial Management and Investments - The company plans to establish an industrial investment fund with a total scale of CNY 300 million, contributing CNY 297 million[89] - The company has entrusted a total of 139 million RMB in bank wealth management products using raised funds, with no overdue amounts[196] - The cumulative investment amount reached 222 million yuan, indicating a significant increase in capital deployment[200] - The company has adjusted its fundraising usage plan, reflecting changes in investment strategies[200]