%% %% 丨证券研究报告丨 公司研究丨点评报告丨永和股份（605020.SH） [Table_Title] Q3 业绩短期承压，后续制冷剂望景气持续上行 | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summ ...

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2024-105 | | --- | --- | --- | | 债券代码：111007 | 债券简称：永和转债 | | 浙江永和制冷股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本次回购股份符合法律法规的规定及公司回购股份方案的要求。 三、其他事项 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。 | 回购方案首次披露日 | 2024/8/28 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 5,000 万元～10,000 万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 万股 228.6780 | | 累计已回购股数占总股本比例 | 0.6013% | | 累计已回购金额 | 3,462.97 万元 | | 实际回购价格区间 | 14.74 元/股～16.48 元/股 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company reported a slight miss in earnings expectations for Q3 2024, with revenue of 3.379 billion yuan (up 5% year-on-year) and a net profit of 146 million yuan (down 10% year-on-year) [2] - The average price of fluorocarbon chemicals continues to rise, with expectations for further price increases in Q4 2024 [2] - The company is focusing on extending its industrial chain towards high-value-added products, which is expected to drive future growth [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 3.379 billion yuan, a year-on-year increase of 5% [3] - The net profit for the same period was 146 million yuan, reflecting a year-on-year decrease of 10% [3] - The gross margin for Q3 2024 was 16.79%, an increase of 1.06 percentage points year-on-year [2] - The company expects to see a net profit of 203 million yuan in 2024, with projected earnings per share (EPS) of 0.53 yuan [3] Market Data - As of October 29, 2024, the company's closing price was 16.98 yuan, with a market capitalization of 6.42 billion yuan [4] - The company has a price-to-earnings (PE) ratio of 32x for 2024, which is expected to decrease to 10x by 2026 [3][4] Future Outlook - The company is expected to benefit from the optimization of the refrigerant industry and increased downstream demand, which may lead to a price rebound for refrigerants [2] - The company is also advancing its projects in fluoropolymer materials, with a total production capacity of 69,800 tons per year [2]

| 证券代码：605020 | 证券简称：永和股份 公告编号：2024-098 | | --- | --- | | 债券代码：111007 | 债券简称：永和转债 | 浙江永和制冷股份有限公司 第四届董事会第十四次会议决议公告 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法律责任。 一、董事会会议召开情况 浙江永和制冷股份有限公司（以下简称"公司"）第四届董事会第十四次会议 于 2024 年 10 月 29 日（星期二）以现场结合通讯的方式召开。会议通知已于 2024 年 10 月 25 日以电子邮件方式送达各位董事、监事和高级管理人员。本次会议应 出席董事 9 人，实际出席董事 9 人。 会议由董事长童建国先生主持，公司监事及高级管理人员列席会议。本次会 议召集、召开符合有关法律法规、规章和《公司章程》的规定，会议合法有效。 二、董事会会议审议情况 （一）审议通过《关于公司 2024 年第三季度报告的议案》 根据《上市公司信息披露管理办法（2021 年修订）》《上海证券交易所股票 上市规则》《上海证券交易所上市公司自律监管指南第六号 ...

证券代码：605020 证券简称：永和股份 上海荣正企业咨询服务（集团）股份有限公司 关于 浙江永和制冷股份有限公司 2021 年股票期权与限制性股票激励计划 预留授予部分限制性股票第二个解除限售期 解除限售相关事项 之 二、声明 本独立财务顾问对本报告特作如下声明： （一）本独立财务顾问报告所依据的文件、材料由永和股份提供，本激励 计划所涉及的各方已向独立财务顾问保证；所提供的出具本报告所依据的所有 文件和材料合法、真实、准确、完整、及时，不存在任何遗漏、虚假或误导性 陈述，并对其合法性、真实性、准确性、完整性、及时性负责。本独立财务顾 问不承担由此引起的任何风险责任。 （二）本独立财务顾问仅就本激励计划相关事项对永和股份股东是否公平、 合理，对股东的权益和上市公司持续经营的影响发表意见，不构成对永和股份 的任何投资建议，对投资者依据本独立财务顾问报告所做出的任何投资决策而 可能产生的风险，本独立财务顾问均不承担责任。 独立财务顾问报告 2024 年 10 月 | | | | | | 一、释义 3 本独立财务顾问报告中，除非文义载明，下列简称具有如下含义： 永和股份、本公司、公司 指 浙江永和制冷股份有限公 ...

| 证券代码：605020 | 证券简称：永和股份 公告编号：2024-100 | | --- | --- | | 债券代码：111007 | 债券简称：永和转债 | 浙江永和制冷股份有限公司 关于全资子公司租赁房产暨关联交易的公告 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。 重要内容提示： 浙江永和制冷股份有限公司（以下简称"公司"）全资子公司内蒙古永和氟化 工有限公司（以下简称"内蒙永和"）拟向关联方童嘉成先生续租位于内蒙古自治区四 子王旗乌兰花镇晟泰新村相关房产作为员工公寓，租赁房屋面积共计 4,342.98 平方 米，租赁期限为 3 年，租金共计 1,548,000 元。 本次交易构成关联交易，但不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。 本次关联交易已经公司第四届董事会独立董事专门会议第一次会议、第 四届董事会第十四次会议、第四届监事会第十一次会议审议通过，无需提交公司 股东大会审议。 截至本公告日，过去 12 个月内公司及子公司与上述同一关联人的交易次 数为 1 次，累计交易金额为 516,0 ...

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2024-099 | | --- | --- | --- | | 债券代码：111007 | 债券简称：永和转债 | | 浙江永和制冷股份有限公司 第四届监事会第十一次会议决议公告 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法律责任。 一、监事会会议召开情况 浙江永和制冷股份有限公司（以下简称"公司"）第四届监事会第十一次会议于 2024 年 10 月 29 日（星期二）以现场结合通讯方式召开。本次会议通知于 2024 年 10 月 25 日以电子邮件方式送达各位监事，本次会议应出席监事 3 人，实际出席监 事 3 人。 会议由监事会主席黄国栋先生主持，本次会议的召集、召开符合《公司法》等 有关法律法规及《公司章程》的规定，会议合法有效。 二、 监事会会议审议情况 （一）审议通过《关于公司 2024 年第三季度报告的议案》 2．公司 2024 年第三季度报告的内容与格式符合中国证监会和上海证券交易 所的各项规定，所包含的信息真实、准确、完整反映出本公司报告期内的经营管 ...

北京市环球律师事务所上海分所 预留授予限制性股票第二个解除限售期解除限售条件 成就的 法律意见书 释义 在本法律意见书，除非另有说明，以下简称或用语具有如下含义： | 本所、本所律师 | 指 | 北京市环球律师事务所上海分所及其经办律师 | | --- | --- | --- | | | | 北京市环球律师事务所上海分所关于浙江永和制冷股份有 | | 本法律意见书 | 指 | 限公司 2021 年股票期权与限制性股票激励计划预留授予限 | | | | 制性股票第二个解除限售期解除限售条件成就的法律意见 | | | | 书 | | 公司、上市公司、 | 指 | 浙江永和制冷股份有限公司 | | 永和股份 | | | | 本激励计划 | 指 | 浙江永和制冷股份有限公司 2021 年股票期权与限制性股票 | | | | 激励计划 | | 《激励计划（草 | | 《浙江永和制冷股份有限公司 2021 年股票期权与限制性股 | | 案）》 | 指 | 票激励计划（草案）》 | | 股票期权 | 指 | 公司授予激励对象在未来一定期限内以预先确定的价格和 | | | | 条件购买本公司一定数量股票的权利 | | | | ...

浙江永和制冷股份有限公司 特此公告。 浙江永和制冷股份有限公司董事会 2024 年 10 月 30 日 关于优化调整公司组织架构的公告 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。 浙江永和制冷股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召 开第四届董事会第十四次会议，审议通过了《关于优化调整公司组织架构的议案》。 根据公司业务发展和内部管理的实际需要，为更好地整合资源配置，明确权责体 系，进一步提高公司运营效率和优化业务管理流程，构建适应公司战略发展要求 的组织体系，公司对原有组织架构进行了优化和调整，并授权公司管理层负责公 司组织架构调整后的具体实施及进一步优化等相关事宜。 本次组织架构调整是公司对内部管理机构的调整优化，符合公司长远发展的 需要，有利于保障公司战略规划有效落地和战略目标顺利实现，不会对公司生产 经营活动产生重大影响，调整后的公司组织架构图见附件。 | 证券代码：605020 | 证券简称：永和股份 公告编号：2024-104 | | --- | --- | | 债券代码：1110 ...

Revenue and Profit Performance - Revenue for the third quarter of 2024 was 1,202,754,664.22 RMB, an increase of 4.66% year-over-year[2] - Total operating revenue for the first three quarters of 2024 reached 3,378,729,174.79 RMB, a 4.6% increase compared to the same period in 2023[13] - Net profit attributable to shareholders of the listed company for the third quarter was 33,781,178.92 RMB, a decrease of 35.07% year-over-year[2] - Net profit attributable to parent company shareholders for the first three quarters of 2024 was 146,462,270.14 RMB, a 9.6% decrease compared to the same period in 2023[14] - The decrease in net profit was mainly attributed to increased financial expenses and depreciation and amortization costs[5] Earnings Per Share and Return on Equity - Basic earnings per share for the third quarter were 0.09 RMB, a decrease of 35.71% year-over-year[2] - Basic earnings per share for the first three quarters of 2024 were 0.39 RMB, down from 0.43 RMB in the same period of 2023[14] - Weighted average return on equity (ROE) for the third quarter was 1.23%, a decrease of 0.78 percentage points year-over-year[3] Assets and Liabilities - Total assets as of the end of the reporting period were 7,230,501,660.07 RMB, an increase of 7.22% compared to the end of the previous year[3] - Total assets increased to 7,230,501,660.07 yuan as of September 30, 2024, compared to 6,743,889,350.61 yuan at the end of 2023[10][12] - Current assets totaled 1,761,379,649.01 yuan, with a notable increase in monetary funds to 257,880,874.13 yuan from 218,883,778.99 yuan at the end of 2023[10] - Non-current assets grew to 5,469,122,011.06 yuan, driven by an increase in fixed assets to 2,836,092,339.31 yuan and construction in progress to 1,765,585,877.98 yuan[11] - Total liabilities rose to 4,492,668,347.51 yuan, with short-term borrowings increasing to 1,218,997,474.08 yuan from 944,487,649.91 yuan at the end of 2023[11][12] - Long-term borrowings increased to 952,572,141.63 yuan, up from 633,201,177.61 yuan at the end of 2023[12] Shareholders' Equity and Shareholding Structure - Equity attributable to shareholders of the listed company was 2,736,099,801.24 RMB, an increase of 3.61% compared to the end of the previous year[3] - Shareholders' equity reached 2,737,833,312.56 yuan, with retained earnings growing to 1,339,168,463.54 yuan from 1,250,035,989.38 yuan at the end of 2023[12] - The company's controlling shareholder, Tong Jianguo, holds 46.91% of the shares[7] - The top 10 shareholders collectively hold a significant portion of the company's shares, with no major changes in shareholding structure reported[7][8] Operating Costs and Expenses - Operating costs for the first three quarters of 2024 were 3,206,018,040.57 RMB, up 5.0% year-over-year[13] - R&D expenses for the first three quarters of 2024 were 75,457,821.99 RMB, a 19.1% increase compared to the same period in 2023[13] - Financial expenses for the first three quarters of 2024 were 57,689,085.27 RMB, a 110.5% increase compared to the same period in 2023[13] - Management expenses for the first three quarters of 2024 were 191,813,529.70 RMB, a 10.3% increase compared to the same period in 2023[13] - Taxes and surcharges for the first three quarters of 2024 were 17,368,545.69 RMB, a 16.6% increase compared to the same period in 2023[13] Cash Flow and Financial Activities - Cash flow from operating activities for the first three quarters of 2024 was 268,922,619.88 RMB, a 6.7% increase compared to the same period in 2023[16] - Cash received from sales of goods and services for the first three quarters of 2024 was 2,540,498,845.98 RMB, a 3.3% decrease compared to the same period in 2023[16] - Investment activities resulted in a net cash outflow of -697.37 million yuan, compared to -1,098.47 million yuan in the previous period[17] - Financing activities generated a net cash inflow of 481.10 million yuan, down from 794.00 million yuan in the previous period[17] - The company's cash and cash equivalents increased by 63.00 million yuan, reaching 209.07 million yuan at the end of the period[17] - Cash received from investments was 478,990.75 yuan, a decrease from 853,600.49 yuan in the previous period[17] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets amounted to 693.75 million yuan, down from 1,087.38 million yuan in the previous period[17] - Cash received from financing activities totaled 1,769.10 million yuan, an increase from 1,136.94 million yuan in the previous period[17] - Cash paid for debt repayment was 708.57 million yuan, significantly higher than the 235.83 million yuan in the previous period[17] - Cash paid for dividends, profits, or interest payments was 106.22 million yuan, slightly up from 102.68 million yuan in the previous period[17] - The impact of exchange rate changes on cash and cash equivalents was 10.35 million yuan, down from 11.97 million yuan in the previous period[17] - The company's initial cash and cash equivalents balance was 146.07 million yuan, decreasing from 172.78 million yuan in the previous period[17] Non-Recurring Items and Other Financial Metrics - Non-recurring gains and losses for the third quarter amounted to -1,241,780.39 RMB, primarily due to non-current asset disposal losses and government subsidies[4] - Accounts receivable decreased slightly to 352,773,154.22 yuan from 366,980,744.09 yuan at the end of 2023[10] - Inventory increased to 699,325,509.27 yuan, up from 677,768,155.48 yuan at the end of 2023[10] - Contract liabilities rose significantly to 124,139,832.19 yuan from 54,416,376.97 yuan at the end of 2023[11] - Intangible assets increased to 556,361,294.42 yuan, up from 364,655,274.90 yuan at the end of 2023[11]