Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [12]. Core Views - The company has shown significant revenue growth in the first half of 2024, with a 40.16% year-on-year increase in revenue, reaching 1.444 billion yuan [1][2]. - The net profit for the same period was 247 million yuan, reflecting a slight increase of 2.31% year-on-year, while the net profit excluding non-recurring items was 240 million yuan, up 11.34% year-on-year [1][2]. - The company is expanding its biomanufacturing capacity, which is expected to enhance its market share and profitability [5]. Financial Performance Summary - Revenue for 2024 is projected to be 3.087 billion yuan, with a year-on-year growth rate of 46.0% [1]. - The net profit for 2024 is estimated at 549 million yuan, representing a 49.8% increase compared to 2023 [1]. - The company's gross margin for the first half of 2024 was 31.22%, an increase of 1.49 percentage points from the same period in 2023 [2]. - The company’s operating cash flow for the first half of 2024 increased by 34.33% year-on-year, amounting to 435 million yuan [2]. Production Capacity and Market Position - The company has a total production capacity of 115,000 tons for its biomanufactured products, including long-chain dicarboxylic acids and bio-based polyamides [1][5]. - In the first half of 2024, revenue from long-chain dicarboxylic acids reached 1.314 billion yuan, accounting for 91.01% of total revenue, with a year-on-year increase of 39.94% [5]. - The company is recognized as a global leader in the supply of biomanufactured long-chain dicarboxylic acids, leveraging its technological advantages to expand its market presence [5].

Investment Rating - The report maintains an "Accumulate-B" rating for the company [1] Core Views - The company is expected to benefit from the increasing production of dodecanedioic acid, which is driving revenue growth. The collaboration in bio-based nylon is progressing smoothly [1][3] - The company has achieved significant sales in bio-based polyamide, with a current capacity of 100,000 tons and an additional 900,000 tons under construction [1] - The company reported a revenue of 14.44 billion yuan for the first half of 2024, a year-on-year increase of 40.16%, and a net profit of 2.47 billion yuan, up 2.31% year-on-year [2] Financial Performance Summary - The company forecasts revenues of 29.96 billion yuan, 48.25 billion yuan, and 76.49 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 41.73%, 61.01%, and 58.54% [1] - The projected net profit for the same years is 5.14 billion yuan, 7.08 billion yuan, and 8.59 billion yuan, with corresponding year-on-year growth rates of 40.27%, 37.67%, and 21.33% [1] - The earnings per share (EPS) are expected to be 0.88 yuan, 1.21 yuan, and 1.47 yuan for 2024, 2025, and 2026, with price-to-earnings (PE) ratios of 40.84, 29.66, and 24.45 respectively [1] Market and Product Insights - The bio-based polyamide has applications in textiles, clothing, and engineering plastics, with a focus on energy-saving and emission-reduction advantages [1][3] - The company has established strategic partnerships to promote the use of bio-based materials in photovoltaic applications, aiming to replace aluminum frames with new materials [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance has significantly improved quarter-on-quarter, with the demand for dicarboxylic acid continuing to recover [1] - In Q2 2024, the company reported operating revenue of 760 million yuan, a year-on-year increase of 44.72% and a quarter-on-quarter increase of 10.99% [1] - The net profit attributable to the parent company was 142 million yuan, a year-on-year decrease of 22.90% but a quarter-on-quarter increase of 35.08% [1] - The gross profit margin has rebounded, reaching 33.51% in Q2 2024, up 4.83 percentage points from the previous quarter [1] - The company is actively developing bio-based polyamide composite materials for applications in new energy equipment, modern logistics, and green construction [1] Financial Performance Summary - The company expects net profits attributable to the parent company for 2024, 2025, and 2026 to be 527 million, 712 million, and 925 million yuan respectively, with year-on-year growth rates of 43.8%, 35.1%, and 29.9% [2] - The projected P/E ratios for the same years are 40, 30, and 23 times [2] - The operating revenue for 2024 is estimated at 4.34 billion yuan, with a year-on-year growth of 105.2% [4] - The gross profit margin is expected to be 26.1% in 2024, with a gradual increase in subsequent years [4][6] - The company has increased its R&D expenditure by 16.12% year-on-year in the first half of 2024, focusing on the development of green bio-based long-chain dicarboxylic acid products [5]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company has shown a significant recovery in Q2 performance, with a quarter-on-quarter revenue increase of 11% and a year-on-year increase of 45%, reaching 760 million yuan [7] - The demand for long-chain dicarboxylic acids has rebounded, and the company is actively expanding its market share in the dodecanedioic acid segment [8] - The company is strategically collaborating with industry partners to build a bio-based materials ecosystem, enhancing its long-term growth prospects [8] Summary by Sections Market Data - Closing price: 35.99 yuan - Year-to-date high/low: 63.98/35.61 yuan - Price-to-book ratio: 1.9 - Dividend yield: 0.53% - Circulating A-share market value: 20,996 million yuan [2] Financial Performance - For the first half of 2024, the company achieved revenue of 1.444 billion yuan, a year-on-year increase of 40%, and a net profit of 247 million yuan, a year-on-year increase of 2% [9] - The company’s gross margin for Q2 was 33.51%, with a year-on-year increase of 7.91 percentage points [7] Revenue Breakdown - Revenue from long-chain dicarboxylic acids (including dodecanedioic acid) was 1.314 billion yuan, with a gross margin of 39.32% [8] - Domestic revenue reached 960 million yuan, a year-on-year increase of 43%, while overseas revenue was 481 million yuan, a year-on-year increase of 35% [8] Future Projections - The company forecasts net profits of 525 million yuan, 709 million yuan, and 973 million yuan for 2024, 2025, and 2026, respectively [9] - The current market capitalization corresponds to price-to-earnings ratios of 40, 30, and 22 for the years 2024, 2025, and 2026 [8]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 46.50 CNY, compared to the current price of 35.99 CNY [2][3]. Core Insights - The company reported a revenue of 1.444 billion CNY for the first half of 2024, representing a year-on-year increase of 40.16%. The net profit attributable to shareholders was 247 million CNY, up 2.31% year-on-year [2]. - In Q2 2024, the company achieved a revenue of 760 million CNY, with year-on-year and quarter-on-quarter growth of 44.72% and 10.99%, respectively [2]. - The company is progressing steadily in its collaboration with China Merchants Group, focusing on the application of bio-based polyamide composite materials in various industries [2]. Financial Performance Summary - For H1 2024, the company's long-chain dicarboxylic acid series and bio-based polyamide series generated revenues of 1.314 billion CNY and 78.55 million CNY, respectively, with year-on-year growth rates of 39.9% and 12.6% [2]. - The gross margin for the long-chain dicarboxylic acid segment was 39.3%, while the bio-based polyamide segment had a negative gross margin of 18.8% [2]. - The company’s domestic and international revenues for H1 2024 were 960 million CNY and 481 million CNY, respectively, with gross margins of 25.5% and 42.4% [2]. Capacity and R&D - The company has a current production capacity of 115,000 tons for bio-based long-chain dicarboxylic acids, with a significant increase in the utilization rate of its bio-based caprylic acid production [2]. - R&D expenses for H1 2024 were 100 million CNY, reflecting a year-on-year increase of 16.12%, with an R&D expense ratio of 6.9% [2]. - The company employs 308 R&D personnel, accounting for 17.8% of its total workforce, with approximately 49% holding master's degrees or higher [2]. Strategic Partnerships - The collaboration with China Merchants Group is advancing, with plans for capital and business cooperation, including the development of bio-based polyamide applications in various sectors [2]. - A strategic cooperation agreement was signed with the Hefei municipal government and China Merchants Group to establish a long-term partnership for synthetic biology research and product development [2]. Investment Recommendations - Based on the latest performance, the profit forecasts for 2024-2026 have been adjusted to 543 million CNY, 722 million CNY, and 971 million CNY, respectively [2]. - The report anticipates a broad market space for the company's bio-based polyamide industry chain and recommends a target PE of 50x for 2024, corresponding to the target price of 46.50 CNY [2].

目 录 一、最近三年及一期非经常性损益的鉴证报告……………………第 1—2 页 二、最近三年及一期非经常性损益明细表…………………………第 3—4 页 三、最近三年及一期非经常性损益明细表附注………………… 第 5—16 页 四、附件………………………………………………………… 第 17—20 页 （一）本所执业证书复印件………………………………………第 17 页 （二）本所营业执照复印件………………………………………第 18 页 （三）本所注册会计师执业证书复印件 ………………… 第 19—20 页 关于上海凯赛生物技术股份有限公司 天健审〔2024〕3-118 号 上海凯赛生物技术股份有限公司全体股东： 我们审核了后附的上海凯赛生物技术股份有限公司（以下简称凯赛生物公司 或公司）管理层编制的最近三年及一期非经常性损益明细表（2021－2023 年度 以及 2024 年 1－6 月）及其附注（以下简称非经常性损益明细表）。 一、对报告使用者和使用目的的限定 本鉴证报告仅供凯赛生物公司向特定对象发行股票时使用，不得用作任何其 他目的。我们同意本鉴证报告作为凯赛生物公司向特定对象发行股票的必备文件， 随同其他申 ...

| 一、前次募集资金使用情况鉴证报告………………………………第 | 1—2 | 页 | | --- | --- | --- | | 二、前次募集资金使用情况报告………………………………… 第 | 3—12 | 页 | | 三、附件………………………………………………………… 第 | 13—16 | 页 | | （一）本所执业证书复印件………………………………………第 | 13 | 页 | | （二）本所营业执照复印件………………………………………第 | 14 | 页 | | （三）本所注册会计师执业证书复印件 ……………………第 | 15-16 | 页 | 前次募集资金使用情况鉴证报告 天健审〔2024〕3-117 号 上海凯赛生物技术股份有限公司全体股东： 我们鉴证了后附的上海凯赛生物技术股份有限公司（以下简称凯赛生物公司） 管理层编制的截至 2024 年 6 月 30 日的《前次募集资金使用情况报告》。 一、对报告使用者和使用目的的限定 目 录 本鉴证报告仅供凯赛生物公司向特定对象发行股票时使用，不得用作任何其 他目的。我们同意本鉴证报告作为凯赛生物公司向特定对象发行股票的必备文件， 随同其他申报材料一起 ...

证券代码：688065 证券简称：凯赛生物 公告编号：2024-051 上海凯赛生物技术股份有限公司 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.c n）的 《上海凯赛生物技术股份有限公司 2024 年半年度报告摘要》《上海凯赛生物技 术股份有限公司 2024 年半年度报告》。 （二）审议通过《关于 2024 年半年度募集资金存放与使用情况的专项报告 1 上海凯赛生物技术股份有限公司（以下简称"公司"）于 2024 年 8 月 12 日 向全体监事以邮件方式发出会议通知，并于 2024 年 8 月 15 日以通讯会议的方 式召开第二届监事会第二十次会议。本次会议由监事会主席张国华主持，会议 应到 3 人，实到 3 人。本次会议的召集、召开符合《中华人民共和国公司法》 （以下简称"《公司法》"）等法律法规、规章、规范性文件和《公司章程》 的有关规定，表决形成的决议合法、有效。 二、监事会会议审议情况 （一）审议通过《关于 2024 年半年度报告全文及其摘要的议案》 第二届监事会第二十次会议决议公告 经审议，监事会认为：公司 2024 年半年度报告及摘要的编制和审议程序符 合相关法律法规 ...

一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会证监许可〔2020〕1439号文核准，并经上海证券 交易所同意，本公司由主承销商中信证券股份有限公司采用询价方式，向社会公 众公开发行人民币普通股（A股）股票41,668,198股，发行价每股人民币133.45 元，共计募集资金5,560,621,023.10元，坐扣承销和保荐费用278,031,051.16元 (其中，不含税承销费为人民币262,293,444.49元，该部分属于发行费用，税款 为人民币 15,737,606.67 元 ， 该 部 分 不 属 于 发 行 费 用 ) 后 的 募 集 资 金 为 5,282,589,971.94元，已由主承销商中信证券股份有限公司于2020年8月7日汇入 本公司募集资金监管账户。另减除上网发行费、招股说明书印刷费、申报会计师 费、律师费、评估费等与发行权益性证券直接相关的新增外部费用18,333,763.01 元后，公司本次募集资金净额为5,279,993,815.60元。上述募集资金到位情况业 经天健会计师事务所（特殊普通合伙）验证，并由其出具《验资报告》（天健验 〔2020 ...

证券代码：688065 证券简称：凯赛生物 公告编号：2024-048 上海凯赛生物技术股份有限公司 关于调整 2022 年限制性股票激励计划授予价格及 作废部分已授予尚未归属的限制性股票的公告 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、准确性和完整性依法承担法律责任。 上海凯赛生物技术股份有限公司（以下简称"凯赛生物"或"公司"）于2024 年8月15日召开了第二届董事会第二十二次会议、第二届监事会第二十次会议，审议 通过了《关于调整公司2022年限制性股票激励计划授予价格的议案》及《关于作废 2022年限制性股票激励计划部分已授予尚未归属的限制性股票的议案》，现将有关 事项说明如下： 一、2022 年限制性股票激励计划已履行的决策程序和信息披露情况 1、2022 年 7 月 18 日，公司召开第一届董事会第三十五次会议，会议审议通过 了《关于公司<2022 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司 <2022 年限制性股票激励计划实施考核管理办法>的议案》以及《关于提请股东大会 授权董事会办理公司 2022 年限制性股票激励计划有 ...