中信证券股份有限公司 关于济南圣泉集团股份有限公司 2023年度持续督导报告书 | 上市公司：济南圣泉集团股份有限公司（以下简称"圣泉集团"、"公司"或"发行人"） | | | --- | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"或"保荐机构"） | | | 保荐代表人姓名：黄野 | 联系电话：18653195250 | | 保荐代表人姓名：田凯 | 联系电话：18769700363 | 经中国证券监督管理委员会《关于核准济南圣泉集团股份有限公司首次公开 发行股票的批复》（证监许可［2021］2349 号）核准，并经上海证券交易所同 意，公司于 2021 年 8 月 10 日在上海证券交易所上市。中信证券作为圣泉集团向 特定对象发行 A 股股票的保荐机构，于 2023 年 1 月 9 日与公司签订保荐协议， 自签署保荐协议之日起，承接原保荐人长城证券股份有限公司（以下简称"长城 证券"）尚未完成的持续督导工作。 根据《证券发行上市保荐业务管理办法》、《上海证券交易所上市公司自律 监管指引第 11 号——持续督导》等相关法规和规范性文件的要求，中信证券履 行持续督导职责，自中信证券 ...

Financial Performance - Net profit attributable to shareholders increased by 7.30% to CNY 137,384,664.57 year-on-year[15] - Net profit attributable to shareholders after deducting non-recurring gains and losses rose by 23.40% to CNY 126,186,313.33[15] - Operating revenue for the first quarter was CNY 2,135,458,772.50, reflecting a growth of 5.11% compared to the same period last year[15] - Net profit for Q1 2024 was RMB 140,636,926.12, compared to RMB 131,073,637.45 in Q1 2023, reflecting a growth of approximately 7.0%[30] - Total profit for Q1 2024 was RMB 172,087,626.21, compared to RMB 163,679,505.54 in Q1 2023, an increase of about 5.0%[30] - The company reported a comprehensive income of CNY 141.01 million, compared to CNY 129.36 million in the previous year, indicating an increase of 9.0%[46] Assets and Liabilities - Total assets increased by 9.63% to CNY 14,752,640,532.20 compared to the end of the previous year[7] - The company’s equity attributable to shareholders increased by 11.13% to CNY 10,144,299,385.23 compared to the end of the previous year[7] - Current assets totaled CNY 7.38 billion, an increase of 20% from CNY 6.16 billion in the previous year[41] - Total liabilities reached CNY 4.15 billion, a rise of 6.9% from CNY 3.88 billion[42] - Current liabilities totaled CNY 3.54 billion, increasing by 16.7% from CNY 3.04 billion[41] - Long-term borrowings decreased to CNY 208.71 million from CNY 428.56 million, a decline of 51.3%[42] - Shareholders' equity rose to CNY 10.61 billion, up 10.7% from CNY 9.58 billion[42] Cash Flow - The company reported a net cash flow from operating activities of -CNY 158,234,181.30, indicating a negative cash flow situation[15] - Cash inflow from operating activities totaled RMB 2,706,418,858.48 in Q1 2024, compared to RMB 1,681,889,574.00 in Q1 2023, showing a significant increase of approximately 61.0%[33] - The net cash flow from operating activities was negative at RMB -158,234,181.30 in Q1 2024, worsening from RMB -50,047,422.45 in Q1 2023[33] - The company’s cash outflow for operating activities increased to RMB 2,864,653,039.78 in Q1 2024, compared to RMB 1,731,936,996.45 in Q1 2023, reflecting an increase of about 65.4%[33] - Net cash generated from subsidiaries and other operating units amounted to $20,464,464.92[49] - Total cash outflow from investing activities was $231,873,019.66, compared to $108,605,248.85 in the previous period[49] - Net cash flow from investing activities was -$152,631,366.10, a decrease from $15,111,951.15 in the prior period[49] - Cash inflow from financing activities totaled $1,384,593,218.14, up from $208,586,666.65 previously[49] - Net cash flow from financing activities was $1,066,241,438.96, compared to -$122,194,909.35 in the last period[49] - Cash and cash equivalents increased by $754,316,901.32, contrasting with a decrease of $153,337,113.27 in the previous period[49] - The ending balance of cash and cash equivalents reached $1,595,974,631.65, up from $648,095,087.16[49] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 31,697[9] - Basic and diluted earnings per share remained stable at CNY 0.17[46] Expenses - Total operating costs increased to RMB 1,969,106,471.33 in Q1 2024 from RMB 1,861,426,276.20 in Q1 2023, marking an increase of about 5.8%[28] - Research and development expenses rose to RMB 109,989,147.44 in Q1 2024, up from RMB 100,430,259.88 in Q1 2023, indicating an increase of about 9.5%[30] - The company reported a decrease in financial expenses, with interest expenses dropping to RMB 6,998,936.86 in Q1 2024 from RMB 10,782,772.06 in Q1 2023, a reduction of approximately 35.0%[30] - Cash paid for debt repayment was $170,051,446.47, down from $277,770,301.93[49] - Cash paid for dividends, profits, or interest was $67,972,281.22, compared to $11,001,385.46 previously[49] Investment Performance - The company’s investment income showed a loss of RMB -14,344,656.92 in Q1 2024, compared to a loss of RMB -1,928,840.23 in Q1 2023, indicating a significant decline in investment performance[30] - Non-recurring gains and losses totaled CNY 11,198,351.24 for the quarter[18] Other Financial Metrics - The weighted average return on net assets decreased by 0.05 percentage points to 1.45%[15] - Basic earnings per share for the quarter was CNY 0.17, unchanged from the previous year[15] - Inventory increased to CNY 1.47 billion, reflecting a growth of 3.7% compared to CNY 1.41 billion[40] - Accounts receivable rose to CNY 2.16 billion, up 19.9% from CNY 1.80 billion[40] - The impact of exchange rate changes on cash and cash equivalents was -$1,058,990.23, compared to $3,793,267.38 in the prior period[49]

证券代码：605589 证券简称：圣泉集团 公告编号：2024-037 济南圣泉集团股份有限公司 关于公司 2024 年第一季度主要经营数据的公告 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"）根据上海证券 交易所《上海证券交易所上市公司自律监管指引第 3 号行业信息披 露：第十三号——化工》的要求，现将公司 2024 年第一季度主要经 营数据披露如下： 主要产品 产量（吨） 销量（吨） 营业收入（万元） 酚醛树脂 113,852.87 115,419.82 81,597.59 铸造用树脂 36,427.89 35,468.00 31,045.64 电子化学品 15,653.92 15,345.39 27,085.05 一、 主要产品的产量、销量及收入实现情况 （一）2024 年第一季度公司主要产品价格变动情况 | 主要产品 | 2024 年第一季度 | 2023 年第一季度 | 变动比例（%） | | --- | --- | --- | --- | | | 平均售价（元/吨） | ...

关于公司 2022 年限制性股票激励计划首次授予部分 第一个解除限售期解除限售暨上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 证券代码：605589 证券简称：圣泉集团 公告编号：2024-036 济南圣泉集团股份有限公司 本次股票上市类型为股权激励股份；股票认购方式为网下，上市 股数为 3,154,000 股。 本次股票上市流通总数为 3,154,000 股。 本次股票上市流通日期为 2024 年 5 月 7 日。 2024 年 4 月 18 日，济南圣泉集团股份有限公司（以下简称"公 司"）召开第九届董事会第二十六次会议及第九届监事会第二十二次会 议，审议通过了《关于公司 2022 年限制性股票激励计划首次授予部分 第一期解除限售条件成就的议案》，经审议，公司 2022 年限制性股票 激励计划（以下简称"本激励计划"、"本次激励计划"或"《激励计划》"） 首次授予部分第一期解除限售条件已经成就，公司同意为符合解除限 售条件的 612 名激励对象办理相关限制性股票解除限售事宜。本次解 除限售的 ...

北京国枫律师事务所 关于济南圣泉集团股份有限公司 2022 年限制性股票激励计划第一次解除限售及 回购注销部分限制性股票相关事项的 法律意见书 国枫律证字|2022|AN199-5 号 北京市东城区建国门内大街 26 号新闻大厦 7 层 邮编: 100005 电话(Tel):010-88004488/66090088 - 传真(Fax): 010-66090016 北京国枫律师事务所 关于济南圣泉集团股份有限公司 2022 年限制性股票激励计划第一次解除限售及 回购注销部分限制性股票相关事项的 法律意见书 国枫律证字[2022]AN199-5 号 GRANDWAY 北京国枫律师事务所 Grandway Law Offices 致:济南圣泉集团股份有限公司 根据本所与圣泉集团签署的《律师服务合同》,本所作为圣泉集团本次激励 计划的专项法律顾问,已根据相关法律、法规、规章和规范性文件的规定,并按 照律师行业公认的业务标准、道德规范和勤勉尽责精神出具了《北京国枫律师事 务所关于济南圣泉集团股份有限公司2022年限制性股票激励计划(草案)的法律 意见书》《北京国枫律师事务所关于济南圣泉集团股份有限公司2022年限制性 ...

Investment Rating - The report assigns an "Outperform" rating to Jinan Shengquan Group with a target price of RMB 29.64 [1][10]. Core Insights - In 2023, the company reported a revenue of RMB 9.12 billion, a decrease of 4.98% year-on-year, while the net profit attributable to shareholders increased by 12.23% to RMB 0.79 billion [9][15]. - The decline in revenue was attributed to lower sales prices across various product lines, including phenolic resin, casting resin, and electronic chemicals [9][15]. - The company's gross profit margin (GPM) and net profit margin (NPM) were 23.02% and 8.80%, reflecting changes of 1.96 and 1.39 percentage points year-on-year [9][15]. Financial Performance - The earnings per share (EPS) for 2024-2026 are projected to be RMB 1.14, 1.47, and 1.68 respectively [3][10]. - The company anticipates a revenue increase to RMB 10.49 billion in 2024, with a year-on-year growth rate of 15.1% [17]. - The gross profit margin is expected to be 22.6% in 2024, improving to 24.5% by 2026 [21]. Product Development and Capacity Expansion - The company is diversifying into new materials and continuously developing new products, including a 1,000-ton functionalized polyphenylene ether project set to launch in Q2 2024 [2]. - The Zhuhai Phase II project will significantly enhance the production capacity of specialty epoxy resins, contributing to growth in various high-end applications [2]. - The Daqing production base has successfully launched a 1 million tons/year biomass refining integrated project, marking a significant upgrade in production capabilities [2]. Cost Management and Efficiency - The company emphasizes green production, achieving cost reduction and efficiency enhancement through self-developed wastewater treatment technology [16][23]. - The use of alternative materials in resin production has improved product quality while reducing environmental impact [16][23]. Dividend Policy - Cash dividends for 2023 amounted to RMB 0.34 billion, representing 42.90% of the net profit attributable to shareholders [9][15].

Investment Rating - The report maintains an "Outperform" rating for the company [11][2]. Core Views - In 2023, the company achieved operating revenue of 9.12 billion yuan, a year-on-year decrease of 4.98%, while net profit attributable to shareholders increased by 12.23% to 789 million yuan [1][22]. - The company is expected to see EPS growth from 0.93 yuan in 2023 to 1.14 yuan in 2024, with a projected reasonable valuation range of 27.36 to 29.64 yuan based on a PE ratio of 24-26 times for 2024 [2][14]. - The company is diversifying into new materials and continuously developing new products, with significant projects set to launch in 2024 [13][31]. Financial Performance Summary - The company's total revenue is projected to increase from 9.12 billion yuan in 2023 to 12.93 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 9.8% [14][26]. - The gross profit margin is expected to improve from 23.0% in 2023 to 24.5% in 2026, indicating enhanced operational efficiency [14][26]. - The net profit is forecasted to grow from 789 million yuan in 2023 to 1.43 billion yuan in 2026, reflecting a strong growth trajectory [14][26]. Business Segment Analysis - The chemical raw materials and products segment is expected to generate revenue of 7.96 billion yuan in 2024, with a gross margin of 22.89% [4]. - The biomass chemical products segment is projected to see revenue growth from 855.76 million yuan in 2024 to 1.88 billion yuan in 2026, with a significant increase in gross margin from 5.59% to 18.00% [4]. - Other business segments are also expected to contribute positively, with revenue from other industries projected to reach 281.47 million yuan by 2026 [4]. Market Position and Competitive Landscape - The company is positioned favorably within the industry, with a focus on high-end electronic chemicals and specialty resins, which are gaining traction in various applications [13][31]. - The report highlights the company's commitment to green production and cost reduction, which enhances its competitive edge in the market [31].

2024 年 04 月 23 日 圣泉集团(605589.SH) 国内树脂龙头企业，高端产品不断突破 事件： 4 月 19 日公司发布 2023 年年报，公司实现营业收入 91.20 亿元，同 比下降 4.98%；实现归属于上市公司股东的净利润 7.89 亿元，同比 增长 12.23%。 国内树脂龙头企业，"科技创新+产业重塑"两轮驱动： 公司是国内树脂行业龙头企业，铸造造型材料产业是圣泉集团传统支 柱产业，铸造用呋喃树脂产销规模位居世界第一。酚醛树脂领域，年 报披露，2023 年公司在各个领域的销量均取得较大提升，碳素用树 脂、复合材料树脂、油田树脂、涂料树脂均取得较大进展，使其成为 公司酚醛树脂产业新的增长点。生物质领域，公司自 1979 年建厂就 开始涉足，研发的"圣泉法"生物质精炼一体化技术入选国家 发改委《绿色技术推广目录》（ 2020 年）。电子化学品领域，公司不 断研发高端产品，特种电子树脂、苯酚联苯环氧、结晶型环氧、 DCPD 环氧、马来酰亚胺树脂、碳氢树脂、 KrF 光刻胶配套用 PHS 树脂等 多款高端电子化学品研发成功并实现量产。 M6/M7/M8 级别 5G 特 种电子树脂（聚苯醚 P ...

⚫ 技术实力雄厚，电子材料多点开花，PPO 产能扩增在即。公司自 2005 年开始进入电子 化学品领域，经过多年的精耕细作，实现了电子级酚醛树脂、特种环氧树脂的国产化替代， 市场份额逐年增加。2023 年公司实现高频高速树脂 PPO 的量产，产品供不应求，新的 千吨级扩产产线预计在 2024Q2 建成投产，公司不仅着眼于发展 M6、M7 水平的高频高 速树脂，同时还逐步推进 M8、M9 等超低损耗材料的开发及推广。公司特种环氧树脂、 电子级酚醛树脂、光刻胶及其树脂项目均取得突破，实现国产化替代或高端应用领域的商 业化销售；此外，公司启动 1000 吨/年马来酰亚胺树脂项目以及 2000 吨/年碳氢树脂项 目。电子材料业务为公司未来高速可持续性发展奠定了基础。 请阅读最后评级说明和重要声明 4 / 6 在遵守适用的法律法规情况下，本报告亦可能由长江证券经纪（香港）有限公司在香港地区发行。长江证券经纪（香港）有限 公司具有香港证券及期货事务监察委员会核准的"就证券提供意见"业务资格（第四类牌照的受监管活动），中央编号为：AXY608。 本报告作者所持香港证监会牌照的中央编号已披露在报告首页的作者姓名旁。 风险提示 ...

本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并登记为注册分析师，基于认真审慎的工作态度、专业严谨的研 究方法与分析逻辑得出研究结论，独立、客观地出具本报告，并对本报告的内容和观点负责。本报告清晰准确地反映了研究人员的研 究观点，结论不受任何第三方的授意、影响，研究人员不曾因、不因、也将不会因本报告中的具体推荐意见或观点而直接或间接收到任 何形式的补偿。 评级说明 | --- | --- | --- | --- | |---------------------------------------------------------------------------------|----------|---------------|------------------------------------| | 投资建议评级标准 | | 评级 \n推荐 | 说明 \n相对基准指数涨幅 15% 以上 | | 以报告发布日后的 12 个月内公司股价（或行业 | | 谨慎推荐 | 相对基准指数涨幅 5%～15% 之间 | | 指数）相对同期基准指数的涨跌幅为基准。其 | 公司评级 | 中性 | 相对基准 ...