[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 聚合顺（605166）公司年报点评 2024 年 04 月 01 日 请务必阅读正文之后的信息披露和法律声明 | --- | --- | |-----------------------------------------------------------|----------------| | 股票数据 | | | 04 [ Table_StockInfo 月 01 日收盘价（元） ] | 10.64 | | 52 周股价波动（元） | 6.42-11.76 | | 总股本 / 流通 A 股（百万股） | 316/316 | | 总市值 / 流通市值（百万元） | 3358/3358 | | 相关研究 | | | [Table_ReportInfo] 《 23 年 H1 实现归母扣非净利润 | 0.98 亿元， | | 同比下降 26.02% 。》 2023.08.28 | | | 《 21 年实现归母净利润 2.39 | 亿元，同比增长 | | 106.19% 》 2022.03.30 | | | 市场表现 | | | - ...

Financial Performance - Revenue for 2023 was 6.018 billion RMB, a slight decrease of 0.31% compared to 2022[26] - Net profit attributable to shareholders decreased by 18.78% to 196.72 million RMB in 2023[26] - Operating cash flow increased significantly by 46.13% to 519.72 million RMB in 2023[26] - Total assets grew by 17.34% to 4.685 billion RMB at the end of 2023[26] - Basic earnings per share decreased by 19.48% to 0.62 RMB in 2023[27] - Weighted average return on equity dropped by 4.61 percentage points to 11.99% in 2023[27] - Q4 2023 revenue was the highest at 1.641 billion RMB, compared to other quarters[29] - Company's operating revenue for the reporting period was 6,018.37 million yuan, a decrease of 0.31% year-on-year[36] - Net profit attributable to shareholders of the listed company was 196.72 million yuan, a decrease of 18.78% year-on-year[36] - Total profit for the reporting period was 238.87 million yuan, a decrease of 14.07% year-on-year[36] - Revenue for the reporting period was 6,018.37 million yuan, a decrease of 0.31% year-on-year[50] - Net profit attributable to shareholders was 196.72 million yuan, a decrease of 18.78% year-on-year[50] - Net profit attributable to parent company owners in 2023 was RMB 196,716,755.34, with parent company net profit at RMB 174,743,039.97[144] Dividend Distribution - The company plans to distribute a cash dividend of 2.85 yuan per 10 shares, totaling 89,936,038.40 yuan (including tax) based on the total share capital of 315,565,047 shares as of December 31, 2023[6] - Cash dividend proposal for 2023: RMB 2.85 per 10 shares, totaling RMB 89,936,038.40, representing 45.72% of net profit attributable to shareholders[144][147] - Parent company's distributable profit as of December 31, 2023, was RMB 697,707,690.93, with total distributable profit at RMB 763,860,149.76[144] - Statutory surplus reserve of RMB 17,474,304.00 was extracted from parent company's net profit, accounting for 10%[144] - The company maintains a cash dividend policy, ensuring at least 15% of distributable profit is allocated as cash dividends, with a minimum of 20% in combined cash and stock dividend scenarios[143] Production and Sales - Domestic production and apparent consumption of PA6 chips in 2023 were approximately 4.975 million tons and 4.718 million tons, respectively, representing year-on-year growth of 10.95% and 9.93%[40] - Domestic production of caprolactam in 2023 was 5.05 million tons, with an import volume of 154,000 tons and an apparent consumption of 5.11 million tons[40] - Annual production of nylon 6 chips reached 470,000 tons[44] - Nylon slice production increased by 4.03% to 471,916.45 tons, while sales increased by 6.04% to 477,811.70 tons, with inventory decreasing by 44.44% to 7,369.54 tons[56] - The demand for nylon 6 products is steadily increasing due to the expansion of downstream application markets[101] - The domestic nylon 6 industry is reducing its reliance on imports, with a decreasing trend in import dependency[101] - The nylon 6 fiber market is seeing rapid growth in high-end demand for functional and differentiated products[102] - Nylon 66 is primarily used in industrial applications, with 90% of its usage in industrial fields and 60% in engineering plastics[103] R&D and Innovation - R&D expenses increased by 41.89% to 158.40 million yuan[51] - The company holds 61 patents, including 11 invention patents[45] - The company's R&D center project is progressing smoothly, with nylon 66 and nylon 66/6 copolymer products already launched in the market[37] - The company's R&D investment in 2023 was 158.40 million yuan, an increase of 46.77 million yuan compared to the previous year[80] - The company and its subsidiaries hold a total of 61 patents, including 11 invention patents and 50 utility model patents, with 4 new invention patents and 10 new utility model patents added during the reporting period[80] - The company has 136 R&D personnel, making up 23.73% of the total workforce[63] Subsidiaries and Investments - The company's subsidiary, Juheshun Luhua, obtained national high-tech enterprise certification[37] - The company plans to establish a subsidiary in Hainan with an investment of 50 million RMB, but the subsidiary has not yet been established as of the report date[91] - The company established a wholly-owned subsidiary in Hong Kong with an investment of 1 million HKD, which obtained a business registration certificate in April 2023[91] - The company plans to establish a subsidiary in Germany with an investment of 200,000 EUR, but the subsidiary has not yet been established as of the report date[92] - The company established a subsidiary in Shandong with an investment of 50 million RMB, which was established in April 2023[92] - The company increased its investment in Changde subsidiary by 150 million RMB[93] - The company increased its investment in Shandong subsidiary by 320 million RMB and introduced a new investor, China Tianchen Engineering Corporation[93] - The total investment in major equity investments amounted to 520 million RMB, with a net loss impact of 106.23 million RMB[94] - The company terminated its leasing business with Shanxi Lubao Xinghai New Materials Co., Ltd. and decided to submit materials for the cancellation of Shanxi JHS[98] - Total assets of Juheshun Special reached 123,922.72 million yuan, with a net profit of 326.65 million yuan in 2023[100] - Changde Juheshun reported total assets of 27,354.05 million yuan and a net profit of 263.40 million yuan in 2023[100] - Shanxi Juheshun recorded a net loss of 10.79 million yuan in 2023, with total assets of 4,898.23 million yuan[100] - Shandong Juheshun experienced a net loss of 309.48 million yuan in 2023, with total assets of 8,838.94 million yuan[100] - Juheshun Luhua achieved a net profit of 3,993.70 million yuan in 2023, with total assets of 128,183.65 million yuan[100] Environmental and Social Responsibility - Environmental protection investment in 2023 amounted to RMB 3,482,600[153] - The company was listed as a key environmental supervision unit by the Hangzhou Ecological Environment Bureau[154] - The company's subsidiary, Juhua Shun Luhua, was listed as a key pollutant discharge unit by the Zaozhuang Ecological Environment Bureau, with no over-discharge incidents reported[155] - Hangzhou Juhua Shun's wastewater treatment capacity is 250T/d, achieving tertiary discharge standards as per GB8978-1996[157] - Changde Juhua Shun's wastewater treatment capacity is 200T/d, also meeting tertiary discharge standards under GB8978-1996[158] - Shandong Juhua Shun Luhua operates a 600t/d wastewater treatment station using UASB+anaerobic+two-stage AO process, meeting GB31962-2015 standards[158] - Hangzhou Juhua Shun's COD emission concentration is 50mg/l, with a total emission of 4.7T and a permitted discharge of 103.2t/a[155] - Changde Juhua Shun's COD emission concentration is 400mg/l, with a total emission of 1.55T and a permitted discharge of 4t/a[155] - Shandong Juhua Shun Luhua's COD emission concentration is 400mg/l, with a total emission of 52.1T and a permitted discharge of 102t/a[156] - Hangzhou Juhua Shun's ammonia nitrogen emission concentration is 35mg/l, with a total emission of 0.07T and a permitted discharge of 7.28t/a[155] - Changde Juhua Shun's ammonia nitrogen emission concentration is 25mg/l, with a total emission of 0.07T and a permitted discharge of 1.3t/a[155] - Shandong Juhua Shun Luhua's total nitrogen emission concentration is 70mg/l, with a total emission of 3.64T and a permitted discharge of 77t/a[156] - The company has implemented measures to reduce carbon emissions, achieving a reduction of 1,146 tons of CO2 equivalent through the use of clean energy generation[163] - The company has installed online monitoring equipment at pollutant discharge points and conducts regular third-party testing to ensure compliance with environmental regulations[162] - The company has developed emergency response plans for environmental incidents and submitted them to local environmental authorities for record[161] - The company holds valid "Pollutant Discharge Permits" for all its facilities, ensuring compliance with environmental impact assessments and regulations[160] - The company has implemented advanced waste gas treatment systems, including water ring vacuum adsorption and spray tower treatments, to ensure emissions meet standards[159] Corporate Governance and Shareholder Rights - The company has established a clear and mutually restrictive corporate governance structure and effective internal control system, ensuring the protection of the company and shareholders' rights and interests[112] - The company strictly complies with the "Articles of Association" and "Shareholders' Meeting Rules" to ensure the equal rights of all shareholders, especially minority shareholders[112] - The company's controlling shareholder exercises rights through the shareholders' meeting and does not interfere with the company's decision-making and business activities[113] - The company has established an "Information Disclosure Management System" to ensure timely and accurate disclosure of information, and has implemented a registration and filing management system for insiders to prevent insider trading[114] - The company held the 2022 Annual Shareholders' Meeting and the 2023 First Extraordinary Shareholders' Meeting, with all procedures and resolutions being legal and valid[115] - The company's directors, supervisors, and senior management personnel have clear responsibilities and actively participate in relevant business training and legal studies[113] - The company respects the legal rights of customers, employees, suppliers, partners, and the public, and strives to cooperate with stakeholders to promote sustainable development[113] - The total actual remuneration obtained by all directors, supervisors, and senior management at the end of the reporting period was 2.5951 million yuan[123] - Independent directors receive an annual allowance of 70,000 yuan (pre-tax), paid monthly[123] - Directors and senior management who hold specific positions receive a basic salary and performance-based salary, with the basic salary paid monthly and performance-based salary paid in a lump sum after annual assessment[123] - The company's remuneration scheme is formulated based on the salary levels of the industry and region, combined with the company's actual operating conditions, and does not harm the interests of the company or shareholders[123] - The company's third board of directors and third board of supervisors approved the 2022 remuneration execution and 2023 remuneration assessment plan for directors, supervisors, and senior management[123] - Fu Changbao has been serving as the executive director and general manager of Wenzhou Yongchang Holding Co., Ltd. since August 1995[119] - Mao Xinsheng has been serving as the director, general manager, and head of the R&D center since March 2016[119] - Yao Shuangfei has been serving as the director, board secretary, and deputy general manager since March 2016, and as the financial director since April 2022[119] - Fu Yongbin has been serving as the assistant general manager since January 2019 and as a director since April 2022[119] - Chen Yong has been serving as an independent director since June 2018 and holds multiple independent director positions in other companies[119] - The company's former supervisor, Wang Ziyi, was fined for short-term trading of convertible bonds, with a total of 34,380 bonds sold, resulting in a profit of 6,255,211.97 yuan, which was fully surrendered to the company[125] Stock and Shareholder Commitments - The company has committed to a 36-month lock-up period for shares held by the controlling shareholder and major shareholders post-IPO, with additional conditions for extension[170] - The company has pledged to limit the sale of shares by controlling shareholders and major stakeholders to no more than 10% of the total shares within two years after the lock-up period ends[171] - Major shareholders Yongchang Holdings and Yongchang Trade commit to not transferring or entrusting management of their pre-IPO shares for 36 months after listing[172] - If the stock price falls below the IPO price for 20 consecutive trading days within 6 months of listing, the lock-up period for major shareholders' shares will be automatically extended by 6 months[172] - After the lock-up period, major shareholders plan to reduce their holdings through various methods, with a total reduction not exceeding 10% of the company's total shares within two years[172] - The company and its major shareholders, actual controllers, directors, and senior management have committed to a stock price stabilization plan effective for three years after listing[174] - The stock price stabilization plan will be triggered if the stock price falls below the latest audited net asset value per share for 20 consecutive trading days[174] - The company will implement stock price stabilization measures within 5 trading days after triggering conditions are met, including stock repurchases and share purchases by major shareholders and management[174] - The company's stock repurchase plan requires approval by two-thirds of the voting rights at the shareholders' meeting[177] - Major shareholders and actual controllers must increase their holdings by at least 0.5% of the total share capital when implementing the stock price stabilization plan[178] - Directors and senior management must use at least one-third of their previous year's cash compensation to increase their holdings when implementing the stock price stabilization plan[179] - The company will disclose detailed information on the implementation of the stock price stabilization plan, including the number of shares, price range, total amount, and completion time[177] - The company will require newly appointed directors and senior executives to sign commitments to stabilize stock prices within 3 years of listing[180] - If the company's stock price remains above the latest audited net asset value per share for 10 consecutive trading days, the stock price stabilization measures will be deemed completed[180] - The company will publicly apologize and compensate investors if it fails to implement stock price stabilization measures due to non-force majeure reasons[180] - The company will initiate a share buyback plan if the prospectus contains false statements or omissions that affect the judgment of its listing qualifications[182] - The company will compensate investors for direct economic losses if the prospectus contains false statements or omissions[183] - The company's controlling shareholder and major shareholders will compensate investors for losses caused by false statements or omissions in the prospectus[184] - Directors and senior executives will compensate investors for losses caused by false statements or omissions in the prospectus[184] - The company will publicly explain and apologize if it fails to fulfill commitments disclosed in the prospectus[185] - The controlling shareholder and major shareholders will transfer any gains obtained from failing to fulfill commitments to the company within 5 trading days[186] - The controlling shareholder and major shareholders' pre-IPO shares cannot be transferred until they fulfill their compensation obligations[186] - The actual controller and major shareholders, including Yongchang Holdings and Yongchang Trade, commit to not transferring or entrusting others to manage their shares before the IPO lock-up period expires[188][190] - After the lock-up period, the total number of shares sold by the actual controller and major shareholders through centralized bidding and block trading on the Shanghai Stock Exchange shall not exceed 10% of the company's total shares within two years[188][190] - In any continuous 90-day period, the number of shares sold through centralized bidding shall not exceed 1% of the company's total shares, and through block trading shall not exceed 2%[188][190] - For shares sold through agreement transfer, the proportion of a single transferee shall not be less than 5% of the company's total shares[188][190] - Directors and senior management commit to not selling company shares during the statutory and promised lock-up period after the company's stock is listed[191] - Directors and senior management must announce their share reduction plan at least 15 trading days in advance if they sell shares through centralized bidding[191] - Directors and senior management who leave before the end of their term can transfer no more than 25% of their shares each year during their term and within six months after the term ends[192] - The company's actual controller, major shareholders, directors, and senior management promise not to harm the company's interests through unfair transactions or misuse of company assets[192] - The company's compensation system will be linked to the implementation of measures to fill returns[192] - The company's actual controller and controlling shareholders promise not to interfere with the company's management activities beyond their authority[192] - The company's actual controller, Fu Changbao, has committed to avoiding any business activities that could compete with the company's current or future operations, ensuring no direct or indirect involvement in competing businesses[193] - Major shareholders, Yongchang Holding and Yongchang Trade, have also pledged to avoid any direct or indirect involvement in businesses that compete with the company's operations[193] - The company has committed to not engaging in any business activities that compete with those of its actual controller, Fu Changbao, or his closely related family members and their controlled enterprises[194] - The company and its subsidiaries will not engage in the production of nylon filament if Fu Changhuan, the brother of the actual controller, continues to operate in that business[195] - The company's actual controller and major shareholders have pledged to disclose all related party transactions and avoid any preferential treatment in business dealings[195] - The company's directors, supervisors, and senior management have committed to avoiding any related party transactions that could harm the company's interests and ensuring fair market pricing[197] - The company's directors and senior management have pledged to avoid any actions that could harm the company's interests, including unauthorized use of company assets or unfair benefits to others[199] - Major shareholders and the actual controller have committed to not interfering with the company's management and to fulfill any additional regulatory requirements related to the company's A

2023年第三季度报告 证券代码：605166 证券简称：聚合顺 转债简称：111003 转债简称：聚合转债 杭州聚合顺新材料股份有限公司 2023 年第三季度报告 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法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 ...

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