Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [3][149]. Core Insights - The company is recognized as a champion in synthetic resin manufacturing, with promising growth in electronic specialty resins and biomass [3][4]. - The company aims to leverage its integrated supply chain in synthetic resins and biomass chemical industries to become a leading global provider of biomass and chemical new material solutions [3][149]. - The projected net profits for 2024, 2025, and 2026 are estimated at 8.91 billion, 11.89 billion, and 13.86 billion yuan respectively, with corresponding EPS of 1.05, 1.40, and 1.64 yuan per share [3][143]. Summary by Sections Company Overview - The company, Jinan Shengquan Group Co., Ltd., has a history dating back to 1979 and has developed a comprehensive industrial chain that includes biomass chemical raw materials and synthetic resins [3][15]. - It has been recognized as a national manufacturing single champion in various resin categories, including foundry auxiliary materials and phenolic resins [3][4]. Synthetic Resins - The company has a production capacity of 120,000 tons/year for furan resin and 20,000 tons/year for cold box resin, leading the global market in foundry resin production [4][22]. - The phenolic resin production capacity stands at 648,600 tons/year, with a wide range of applications and a strong market position [4][61]. - The demand for high-frequency and high-speed resins is expected to grow due to advancements in AI and electronic applications, with the company actively developing products in this area [4][79]. Biomass Industry - The company has developed the "Shengquan Method" for biomass refining, which efficiently separates cellulose, hemicellulose, and lignin from straw, enabling high-value utilization [5][117]. - The Daqing biomass project, with a capacity of 1 million tons/year, is expected to produce a variety of green biomass products, including biochar and hard carbon materials for sodium-ion batteries [5][129]. Financial Performance and Projections - The company reported revenues of 9.12 billion yuan in 2023, with a projected increase to 11.52 billion yuan in 2025 and 12.98 billion yuan in 2026 [7][143]. - The gross profit margin is expected to improve from 23.0% in 2023 to 24.9% by 2026, reflecting operational efficiency and market demand [7][143]. - The company’s net profit margin is projected to rise from 8.7% in 2023 to 10.7% in 2026, indicating strong profitability growth [7][143]. Market Position and Competitive Advantage - The company is positioned as a key supplier in the electronic specialty resin market, with a diverse product range that meets the evolving needs of the electronics industry [4][79]. - The integrated approach to biomass and chemical materials is expected to enhance the company's competitive edge in the market [3][149].

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company is a leading player in the synthetic resin industry, with rapid growth expected in the biomass and electronic chemical sectors [2][4] - The company has developed a unique biomass refining technology, enhancing the utilization of agricultural waste [2][4] - The electronic chemical sector is expected to grow significantly due to advancements in AI and high-frequency materials [2][4] Summary by Sections Company Overview - The company has been established since 1979 and has developed a comprehensive industrial chain from corn core to furan resin, becoming a leader in the biomass and synthetic resin sectors [44][46] - The company has a total market capitalization of 203 billion yuan and a circulating market capitalization of 187 billion yuan [2] Financial Performance - The company reported a revenue of 91.20 billion yuan in 2023, with a projected revenue of 99.34 billion yuan in 2024, reflecting a growth rate of 8.9% [5][171] - The net profit attributable to the parent company is expected to reach 8.78 billion yuan in 2024, with a year-on-year growth of 11.2% [5][171] - The company maintains a stable gross margin, projected to be around 23.2% in 2024 [5][171] Product Segments - The company has a production capacity of 65,000 tons for phenolic resin, which is expected to grow steadily despite current market pressures [169] - The company also has a production capacity of 12,000 tons for furan resin, with stable demand anticipated [169] - The electronic chemical segment, particularly the newly launched 1,000-ton PPO project, is expected to drive significant revenue growth in the coming years [170] Biomass Project - The Daqing biomass project is a key growth driver, with an annual processing capacity of 500,000 tons of straw, producing various green biomass products [56][139] - The project utilizes a unique technology that maximizes the utilization of straw, producing high-value products such as sugars and biofuels [56][140] Market Trends - The synthetic resin industry is relatively stable, with ongoing product structure optimization enhancing competitive advantages [2][4] - The demand for electronic materials is expected to rise significantly due to the growth of AI servers and high-frequency applications [2][4]

一、 回购股份的基本情况 济南圣泉集团股份有限公司（以下简称"公司"）于 2024 年 12 月 1 日召开第九届董事会第三十三次会议，审议通过了《关于以集中竞价 交易方式回购公司股份方案的议案》，同意公司使用自有资金和自筹资 金以集中竞价交易方式回购公司股票用于员工持股计划或股权激励， 回购金额不低于人民币 25,000 万元（含）且不超过人民币 50,000 万 元（含），回购价格不超过人民币 32.00 元/股，回购股份的实施期限为 自公司董事会审议通过之日起 12 个月内。具体内容详见公司于 2024 年 12 月 2 日在上海证券交易所网站（www.sse.com.cn）披露的《圣泉 集团关于以集中竞价交易方式回购公司股份的方案》。 证券代码：605589 证券简称：圣泉集团 公告编号：2024-079 济南圣泉集团股份有限公司 关于以集中竞价交易方式回购公司股份比例达到 1%暨 回购进展公告 | 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： | 回购方案首次披露日 | ...

Investment Rating - The report maintains a "Buy" rating for Shengquan Group (605589 SH) [2] Core Views - High value added projects are progressing steadily highlighting high growth potential [4] - Special electronic resin business is performing well with 300 tons PPO production line at full capacity and new 1000 tons PPO project operational since June 2024 [4] - Silicon carbon anode porous carbon material developed by the company has gained recognition from top battery manufacturers with 300 tons capacity already built and 1000 tons project expected to reach full production by end of 2024 [4] - Biomass refining integration project in Daqing has achieved over 70% capacity utilization by Q3 2024 and is expected to reach full production in Q4 2024 aiming for monthly breakeven by Q1 2025 [4] - The company conducted two share repurchases in 2024 demonstrating confidence in long term development [7] - First repurchase completed on November 27 2024 with 2 5 billion yuan repurchasing 12 84 million shares (1 52% of total shares) [7] - Second repurchase announced on December 2 2024 with planned amount between 2 5 billion yuan and 5 0 billion yuan [7] Financial Performance - Revenue and profit growth expected from 2024 to 2026 [19] - Forecasted net profit attributable to parent company: 9 12 billion yuan in 2024 (+15 6% YoY) 12 25 billion yuan in 2025 (+34 3% YoY) and 14 71 billion yuan in 2026 (+20 1% YoY) [19] - EPS forecast: 1 08 yuan in 2024 1 45 yuan in 2025 and 1 74 yuan in 2026 [19] - Main business operations remain stable with effective cost control [27] - Phenolic resin casting resin and electronic chemicals sales volumes in 2024Q1 Q3: 377 700 tons (+3 6% YoY) 130 900 tons (+13 1% YoY) and 49 600 tons (-2 0% YoY) respectively [27] - Revenue from these products: 2 742 billion yuan (+7 6% YoY) 1 131 billion yuan (-3 1% YoY) and 881 million yuan (+1 8% YoY) respectively [27] - Q3 2024 gross margin: 23 1% (+0 5pct YoY) net margin: 10 1% (+2 8pct YoY) [27] Industry and Market - The company operates in the basic chemicals plastics industry [2] - AI and optical module market boom is expected to drive demand for PCB and CCL related industries potentially increasing company profits [4]

| | 原条款 | 修订后条款 | | | --- | --- | --- | --- | | 第六条 | 公 司 注 册 资 本 为 人 民 币 | 第六条 | 公 司 注 册 资 本 为 人 民 币 | | 846,508,998 | 元。 | 846,455,998 | 元。 | 证券代码：605589 证券简称：圣泉集团 公告编号：2024-078 济南圣泉集团股份有限公司 关于变更注册资本并修订《公司章程》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。 济南圣泉集团股份有限公司（以下简称"公司"）于 2024 年 12 月 17 日召开第九届董事会第三十四次会议，审议通过了《关于变更 注册资本并修订<公司章程>的议案》，具体情况如下: 根据《济南圣泉集团股份有限公司 2022 年限制性股票激励计划》 （以下简称"本次激励计划"）的规定，由于本次激励计划的 7 名激 励对象已离职，不再具备激励对象资格，公司对其持有的已获授但尚 未解除限售的 5.30 万股限制性股票进行回购注销，本次回购注销已 于 2024 年 ...

证券代码：605589 证券简称：圣泉集团 公告编号：2024-077 济南圣泉集团股份有限公司 第九届董事会第三十四次会议决议公告 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 根据《首次公开发行股票注册管理办法》《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》《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》等法律、部门规章、 业务规则及公司《募集资金管理制度》等相关规定，为规范公司首次 公开发行股票募集资金的管理使用，提高募集资金的使用效率，切实 保护投资者的权益, 公司拟批准在中国工商银行股份有限公司章丘 支行增加公司首次公开发行股票募集资金专户供本次股票公开发行 募集资金存放使用，公司与中国工商银行股份有限公司章丘支行、中 信证券股份有限公司签署《募集资金专户存储三方监管协议》。该专 项账户仅作为募集资金存放账户，不得存放非募集资金或用作其他用 途。 表决结果：7 票同意，0 票反对，0 票弃权。 （二）审议通过《关于变更注册资本并修订<公司章程>的议案》 ...

济南圣泉集团股份有限公司 Jinan Shengquan Group Share -holding Co.,Ltd. 章 程 中国·济南 （2024 年 12 月） 1 | • | A | 1 | . | 1 | | --- | --- | --- | --- | --- | | . | | | | | | 第一章 | 总则 3 | | --- | --- | | 第二章 | 经营宗旨和范围 4 | | 第三章 | 股份 5 | | 第一节 | 股份发行 5 | | 第二节 | 股份增减和回购 6 | | 第三节 | 股份转让 7 | | 第四章 | 股东和股东大会 8 | | 第一节 股东 | 8 | | 第二节 股东大会的一般规定 | 11 | | 第三节 股东大会的召集 | 16 | | 第四节 股东大会的提案与通知 | 18 | | 第五节 股东大会的召开 | 19 | | 第六节 股东大会的表决和决议 | 23 | | 第五章 | 董事会 28 | | 第一节 董事 | 28 | | 第二节 董事会 | 32 | | 第六章 | 总裁及其他高级管理人员 38 | | 第七章 | 监事会 40 | | ...

证券代码：605589 证券简称：圣泉集团 公告编号：2024-076 济南圣泉集团股份有限公司（以下简称"公司"）于 2024 年 12 月 1 日召开第九届董事会第三十三次会议，审议通过了《关于以集中竞价 交易方式回购公司股份方案的议案》，同意公司使用自有资金和自筹资 金以集中竞价交易方式回购公司股票用于员工持股计划或股权激励， 回购金额不低于人民币 25,000 万元（含）且不超过人民币 50,000 万 元（含），回购价格不超过人民币 32.00 元/股，回购股份的实施期限为 自公司董事会审议通过之日起 12 个月内。具体内容详见公司于 2024 年 12 月 2 日在上海证券交易所网站（www.sse.com.cn）披露的《圣泉 集团关于以集中竞价交易方式回购公司股份的方案》。 济南圣泉集团股份有限公司 关于以集中竞价交易方式首次回购公司股份的公告 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： | 回购方案首次披露日 | 2024/12/2 | | | --- | --- | --- | | 回购方 ...

证券代码：605589 证券简称：圣泉集团 公告编号：2024-075 济南圣泉集团股份有限公司 关于以集中竞价交易方式回购公司股份的回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 相关股东是否存在减持计划：经公司问询，截至本次回购方案董事 会决议日，公司控股股东、实际控制人、持股 5%以上的股东及董监高 在未来 3 个月、6 个月暂不存在减持计划。若未来拟实施减持计划，公 司将按照相关规定及时履行信息披露义务。 ● 相关风险提示： 1、若本次回购期限内，公司股票价格持续超出回购方案披露的价 格区间，将导致本次回购方案无法实施的风险； ● 回购股份金额：不低于人民币 25,000 万元（含）且不超过人民币 50,000 万元（含） ● 回购股份资金来源：济南圣泉集团股份有限公司（以下简称"公司" 或"本公司"）自有资金和股票回购专项贷款 ● 回购股份用途：员工持股计划或股权激励 ● 回购股份价格：不超过人民币 32.00 元/股（含） ● 回购股份方式：集中竞价交易方式 ● 回购股份期限：自 ...

证券代码：605589 证券简称：圣泉集团 公告编号：2024-074 济南圣泉集团股份有限公司 关于回购股份事项前十大股东及前十大无限售条件 股东持股情况的公告 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。 | 序号 | 股东名称 | 持股数量（股） 持股比例（%） | | | --- | --- | --- | --- | | 1 | 唐一林 | 140,482,995 | 16.60 | | 2 | 唐地源 | 74,180,000 | 8.76 | | 3 | 济南汇山投资合伙企业（有限合伙） | 15,197,118 | 1.80 | 一、2024 年 11 月 29 日公司前十大股东持股情况 | 4 | 香港中央结算有限公司 | 14,757,355 | 1.74 | | --- | --- | --- | --- | | 5 | 王福银 | 14,583,294 | 1.72 | | 6 | 全国社保基金一一一组合 | 13,047,764 | 1.54 | | 7 | 济南圣泉集团股份有限公司回购专用证 券账 ...