确成股份(605183) 公司研究/公司深度 证 券 研 究 报 告 公 司 研 究 公 司 深 度 白炭黑龙头承势而上，高端转型成长可期 ——确成股份首次覆盖报告 ◼ 核心观点 白炭黑赛道领跑者，高端转型增长可期。公司是国内白炭黑行业的领 军企业，拥有从原材料硫酸、硅酸钠到最终产品沉淀法二氧化硅的完 整产业链，也是全球最大绿色轮胎专用高分散二氧化硅和动物营养品 载体用二氧化硅生产商之一。2024 年前三个季度，公司实现归母净利 润约 3.79 亿元，同比增加约 24.34%。随着新产能以及高附加值产品 加速落地，未来业绩提升空间较大。 绿色轮胎承势而上，白炭黑行业景气延续。作为绿色轮胎配套专用材 料，高分散二氧化硅比炭黑降低滚动阻力约 30%，能更多地替代炭黑。 得益于汽车行业的快速发展以及轮胎生产绿色化发展趋势，轮胎用二 氧化硅需求有望持续提升。除了轮胎用二氧化硅领域外，硅橡胶、牙 膏等其他领域需求同样向好。全球来看，沉淀法二氧化硅的高端应用 领域主要由大型跨国化工企业所主导，这也为国内替代提供了空间。 全球布局规模凸显，技术领先助力高端转型。作为国内最大的沉淀法 二氧化硅生产商，产能高达 33 万吨/年 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨确成股份（605183.SH） [Table_Title] 下游需求旺盛，Q3 营收创历史新高 | --- | --- | |--------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 公司发布 2024 年三季报，前三季度实现收入 16.3 亿元（同比 +23.6% ），实现归属净利润 3.8 | | | 亿元（同比 +24.3% ），实现归属扣非净利润 3.7 亿元（同比 +28.7% ）。其中 Q3 单季度实现收入 | | | 5.6 亿元（同比 +19.1% ，环比 +2.7% ），实现归属净利润 1.2 亿元（同比 +3.7% ，环比 -15.8% ）， | | | 实现归属扣非净利润 1.2 亿元（同比 +9.7% ，环比 -9.7% ）。公司是亚洲最大、全球第三的沉淀 | | | 法二氧化硅供应商。随 ...

确成硅化学股份有限公司 投资者关系活动记录表 | --- | --- | --- | |------------|--------------------------------|------------------------------------------------------------| | | √ | 特定对象调研 √分析师会议 □媒体采访 | | 投资者关系 | √ | 业绩说明会 □新闻发布会 □路演活动 | | 活动类别 | □ 现场参观 □一对一沟通 □其他 | | | 接待时间 | 2024 年 10 月 | | | 接待地点 | 电话会议、分析师会议 | | | 接待人员 | 董事会秘书兼财务总监王今 | | | | | 建信养老、中信证券、中信建投、银万斯特、森锦投资、大成基 | | | | 金、朱雀投资、长江证券、聚鸣投资、信复创值投资、淳厚基金、 | | | | 景顺长城、博时基金、浦银安盛、尚诚资产、纳轩私募、懿德财 | | 接待对象 | | 富、信达证券、度势投资、峰境基金、建信基金、东方基金、华泰 | | | | 保险、领秀投资、泊通投资、朋元资产、中兴威投资、方物私募 ...

2024 年 10 月 31 日 公司研究 评级：买入(维持) [Table_Title] 二氧化硅产销量环比增长，三季度净利润同比略 增 ——确成股份（605183）公司动态研究 | --- | --- | --- | |--------------|--------|-----------------------------------| | | | | | 研究所： | | | | 证券分析师： | 李永磊 | S0350521080004 | | | | liyl03@ghzq.com.cn | | 证券分析师： | 董伯骏 | S0350521080009 dongbj@ghzq.com.cn | | 证券分析师： | 贾冰 | S0350524030003 jiab@ghzq.com.cn | 最近一年走势 | --- | --- | --- | --- | |---------------------|-----------|-------|------------------| | 相对沪深 300 \n表现 | 表现 \n1M | 3M | 2024/10/31 \n12M | | 确成股份 ...

证券研究报告 | 公司动态点评 2024 年 10 月 28 日 确成股份（605183.SH） 公司业绩同比向好，看好公司产业链延伸 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|-------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 1,746 | 1,810 | 2,186 | 2,474 | 2,779 | 股票信息 | | | 增长率 yoy （ % ） | 16.2 | 3.7 | 20.8 | 13.2 | 12.3 | | | | 归母净利润（百万元） | 380 | 413 | 526 | 616 | 719 | 行业 | 基础化工 | | 增长率 yoy （ % ） | 26.8 | 8.4 | 27.6 | 17.1 ...

电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为申望洪源研究保留追究泄露转发者法律责任的权利 好的各位领导大家下午好欢迎参加确诊股份三级报的电话交流公司也是在昨天公告了整个三级度的经营情况整体前三级度的话整个收入和盈利都是实现了同比24%左右的增长 然后整个单三季度的话包括像二氧化硅整体的一个采交量也仍然是连续几个季度的一个创新高的一个状态包括单季度的一个收入和盈利也是呈现一个同比的一个提升所以今天我们也是非常有幸邀请到公司的董秘王总然后来为大家就整个三季度包括后面的一些展望吧就给各位领导做一个这个沟通和交流然后后面的话如果各位领导有任何的问题可以再做后续的这个提问 那王总要不就先麻烦您好的感谢文奇感谢声万红颜化工各位领导下午好今天非常有幸能够借此机会给大家做一个关于确诊股份三季报的一个业绩说明下面我大概介绍一下三季度的一些情况以及一到九月份的一些情况大家可以看到首先我着重讲的几个方面 大部分的内容反正都已经公告了我着重讲两个方面第一个方面是量的问题其实大家可以看到我们的营收各种方面同比都是增长的包括我们的量从我们去年从2023年的一季 ...

上 市 公 司 基础化工 公 司 研 究/ 公 司 点 评 2024 年 10 月 25 日 确成股份 (605183) ——Q3 二氧化硅销量再创新高，盈利略受汇兑影响，福 建项目逐步贡献 证 券 研 究 报 告 | --- | --- | --- | |--------|-----------------------|------------------------------------| | | 市场数据： | 2024 年 10 月 24 日 | | | 收盘价（元） | 17.99 | | | 一年内最高/最低（元） | 20.09/9.81 | | 市净率 | | 2.5 | | | 息率（分红 / 股价） | 1.95 | | 流通 | A 股市值（百万元） | 7,482 | | | 上证指数 / 深证成指 | 3,280.26/10,441.75 | | | | 注："息率"以最近一年已公布分红计算 | | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 2024 ...

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Revenue and Profit Growth - Revenue for the third quarter reached 563.23 million yuan, a year-on-year increase of 19.15%[2] - Net profit attributable to shareholders of the listed company was 117.47 million yuan, up 3.65% year-on-year[2] - Total revenue for the first three quarters of 2024 reached 1,634,403,758.72 RMB, a 23.6% increase compared to 1,322,704,667.90 RMB in the same period of 2023[13] - Net profit attributable to the parent company's shareholders increased to 1,797,013,235.83 RMB, up from 1,561,313,082.67 RMB in the previous year[12] - Net profit attributable to parent company shareholders reached 379.35 million yuan, up 24.3% year-over-year[15] - Sales revenue from goods and services reached 1.3 billion yuan, up 18.7% year-over-year[17] - Comprehensive income attributable to parent company shareholders reached 393.39 million yuan, up 29.7% year-over-year[16] Cash Flow and Liquidity - Operating cash flow for the first three quarters of 2024 was 409.69 million yuan, a significant increase of 57.50% compared to the same period last year[2] - Cash and cash equivalents stood at 542,482,590.05 RMB, a 14.2% increase compared to 474,965,575.77 RMB at the end of 2023[9] - Operating cash flow increased by 57.5% year-over-year to 409.69 million yuan[17] - Net increase in cash and cash equivalents was 64,863,350.28 thousand[18] - Ending balance of cash and cash equivalents was 539,494,526.05 thousand[18] Asset and Liability Management - Total assets as of the end of the reporting period were 3.63 billion yuan, an increase of 6.11% compared to the end of the previous year[3] - Equity attributable to shareholders of the listed company was 3.18 billion yuan, up 6.70% from the end of the previous year[3] - Total assets as of September 30, 2024, amounted to 3,626,443,903.76 RMB, a 6.1% increase from 3,417,657,241.20 RMB at the end of 2023[10] - Accounts receivable increased to 512,294,434.19 RMB, up 12% from 457,519,906.83 RMB in the previous year[10] - Inventory levels rose to 195,693,440.08 RMB, a 7.4% increase from 182,291,229.20 RMB at the end of 2023[10] - Fixed assets grew to 915,809,893.88 RMB, a 21.4% increase from 754,563,683.26 RMB in the previous year[10] - Total liabilities amounted to 447,816,420.93 RMB, a 2.1% increase from 438,424,078.39 RMB at the end of 2023[11] Earnings and Shareholder Metrics - Basic earnings per share for the third quarter were 0.28 yuan, a year-on-year increase of 3.70%[3] - Weighted average return on equity (ROE) for the first three quarters was 12.29%, an increase of 1.30 percentage points year-on-year[3] - Basic earnings per share increased to 0.91 yuan, up 24.7% year-over-year[16] - The number of ordinary shareholders at the end of the reporting period was 13,297[6] - The largest shareholder, Huawai International Development Co., Ltd., holds 59.59% of the company's shares[6] - The company's share repurchase program held 5,453,700 shares, representing 1.31% of total shares[8] Non-Recurring Items and Other Income - Non-recurring gains and losses for the first three quarters amounted to 10.38 million yuan, primarily due to government subsidies and investment income[4] - Interest income increased to 30.63 million yuan, up 1.3% year-over-year[15] - Investment income decreased to 7.27 million yuan, down 38.8% year-over-year[15] - Tax refunds received decreased to 22.79 million yuan, down 14.1% year-over-year[17] Operating Costs and Expenses - Operating costs for the first three quarters of 2024 were 1,207,389,916.87 RMB, a 19.8% increase compared to 1,008,220,981.36 RMB in the same period of 2023[13] - R&D expenses increased to 53.39 million yuan, up 24.7% year-over-year[15] - Cash paid for employee compensation increased to 100.78 million yuan, up 24.5% year-over-year[17] Investment and Financing Activities - Disposal of fixed assets, intangible assets, and other long-term assets generated a net cash inflow of 41,398.21 thousand[18] - Total cash inflow from investment activities was 1,200,216,200.69 thousand[18] - Cash outflow for the purchase and construction of fixed assets, intangible assets, and other long-term assets was 216,856,507.84 thousand[18] - Cash outflow for investments was 1,111,304,500.00 thousand[18] - Total cash outflow from investment activities was 1,328,874,671.84 thousand[18] - Net cash flow from financing activities was -209,091,881.77 thousand[18]

证券研究报告|公司动态点评 2024 年 09 月 18 日 确成股份（605183.SH） 产销量提升带动业绩增长，看好公司高端化产品布局 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（首次评级） | | | 营业收入（百万元） | 1,746 | 1,810 | 2,118 | 2,474 | 2,779 | 股票信息 | | | 增长率 yoy （ % ） | 16.2 | 3.7 | 17.0 | 16.8 | 12.3 | | | | 归母净利润（百万元） | 380 | 413 | 517 | 618 | 719 | 行业 | 基 ...