证券代码：688639 证券简称：华恒生物 公告编号：2024-057 安徽华恒生物科技股份有限公司 关于副总经理辞职的公告 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。 1 截至本公告披露日，唐思青先生直接持有公司股份 689,603 股。唐思青先生 将继续严格遵守《上海证券交易所科创板股票上市规则》《上市公司董事、监事 和高级管理人员所持本公司股份及其变动管理规则》等规定及其所作的相关承诺。 唐思青先生在担任公司副总经理期间，恪尽职守、勤勉尽责，公司董事会对 唐思青先生自任职以来对公司做出的贡献致以诚挚的感谢！ 特此公告。 安徽华恒生物科技股份有限公司董事会 2024年11月11日 安徽华恒生物科技股份有限公司（以下简称"公司"）于近日收到公司副总 经理唐思青先生提交的书面辞职报告，唐思青先生因身体原因，申请辞去公司副 总经理职务。辞职后，唐思青先生仍为公司核心技术人员并在公司担任技术专家。 根据相关法律法规和《公司章程》的有关规定，唐思青先生的辞职报告自送达公 司董事会之日起生效，其辞职不会影响公司相关工作的正常开展。 ...

证券代码：688639 证券简称：华恒生物 公告编号：2024-056 安徽华恒生物科技股份有限公司 关于使用募集资金向全资子公司增资以实施 募投项目的公告 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。 安徽华恒生物科技股份有限公司（以下简称"公司"或"华恒生物"）2024年11 月8日召开公司第四届董事会第十七次会议、第四届监事会第十四次会议，审议通 过了《关于使用募集资金向全资子公司增资实施募投项目的议案》，同意公司使用 募集资金向全资子公司赤峰华恒合成生物科技有限公司（以下简称"赤峰华恒"） 及秦皇岛华恒生物工程有限公司（以下简称"秦皇岛华恒"）分别增资40,000.00万 元及28,380.91万元以实施募投项目。兴业证券股份有限公司（以下简称"保荐机 构"）对本事项出具了明确的核查意见，本事项无需提交股东大会审议。现将具体 情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于同意安徽华恒生物科技股份有限公司 向特定对象发行股票注册的批复》（证监许可〔2024〕988 号），公司获准向特定对 ...

兴业证券股份有限公司 使用募集资金向全资子公司增资以实施募投项目的核查意见 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为安徽华恒 生物科技股份有限公司（以下简称"华恒生物"或"公司"）向特定对象发行 A 股 股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创 板股票上市规则》《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》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》 等有关法律法规和规范性文件的要求，对华恒生物使用募集资金向全资子公司增资 以实施募投项目事项进行了审慎核查，并出具本核查意见，具体核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于同意安徽华恒生物科技股份有限公司 向特定对象发行股票注册的批复》（证监许可〔2024〕988 号），公司获准向特定对 象发行股票。公司本次向特定对象发行人民币普通股（A 股）21,122,510 股，每股 发行价格为人民币 33.14 元，募集资金人民币 699,999,981.40 元，扣除各项发行费 用人民币 16,190,921.91 元 （ 不 含 增 ...

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。 安徽华恒生物科技股份有限公司（以下简称"公司"）2024年11月8日召开公 司第四届董事会第十七次会议、第四届监事会第十四次会议，审议通过了《关于 调整募集资金投资项目拟投入募集资金金额的议案》《关于使用募集资金置换预 先投入的自筹资金的议案》。同意公司根据实际募集资金净额并结合各募集资金 投资项目的情况，对募投项目拟投入募集资金金额进行调整，并同意公司使用募 集资金置换已预先投入的自筹资金。兴业证券股份有限公司（以下简称"保荐机 构"）对本事项出具了明确的核查意见，本事项无需提交股东大会审议。现将具 体情况公告如下： 安徽华恒生物科技股份有限公司 关于使用募集资金置换已预先投入自筹资金以及调 整募集资金投资项目拟投入募集资金金额的公告 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于同意安徽华恒生物科技股份有限公 司向特定对象发行股票注册的批复》（证监许可〔2024〕988 号），公司获准向特 定对象发行股票。公司本次向特定对象发行人民币普通股（A 股）21,12 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% compared to the CSI 300 Index within the next 6 months [2][5][13] Core Views - The company's Q3 2024 performance was impacted by a significant decline in amino acid prices, particularly valine and inositol, leading to a 46.90% YoY drop in net profit [1] - Despite price declines, the company's revenue grew by 12.82% YoY, supported by increased sales volume of amino acid products and the launch of new products such as 1,3-propanediol, succinic acid, and malic acid [1][2] - The company's new projects, including a 50,000-ton bio-based succinic acid project and a 50,000-ton bio-based 1,3-propanediol project, are progressing well, with completion rates of 90% and 75% respectively [2] - The company has signed technology licensing agreements to expand its product portfolio, including agreements for arginine and tryptophan production technologies [2] Financial Performance - Q3 2024 revenue reached RMB 5.23 billion, a 1.66% YoY increase, while net profit attributable to shareholders dropped 84.32% YoY to RMB 0.20 billion [1] - Gross margin in Q3 2024 declined by 19 percentage points YoY and 8.3 percentage points QoQ to 21.4% [1] - Valine prices fell 34% YoY and 8% QoQ to RMB 13,700/ton, while inositol prices dropped 67.2% YoY and 21% QoQ to RMB 46,900/ton [1] - The company's 2024-2026 net profit forecasts were revised downward to RMB 2.4 billion, RMB 4.8 billion, and RMB 5.5 billion, respectively [2] Project Progress - The 50,000-ton bio-based succinic acid project is 90% complete, the 50,000-ton bio-based 1,3-propanediol project is 75% complete, and the 50,000-ton bio-based malic acid project is 80% complete [2] - The alternating production project for 60,000 tons of branched-chain amino acids, tryptophan, and 10,000 tons of refined amino acids is 5% complete [2] Valuation Metrics - The company's 2024E P/E ratio is 36.49x, with a P/B ratio of 4.17x and a P/S ratio of 4.33x [4] - The EV/EBITDA ratio for 2024E is 20.93x, expected to decline to 10.81x by 2026E [4] - EPS for 2024E is forecasted at RMB 0.98, increasing to RMB 2.21 by 2026E [4] Industry and Market Position - The company operates in the basic chemicals/chemical products industry, with a focus on expanding its synthetic biology platform [5] - The company's market capitalization is RMB 8.89 billion, with a circulating market value of RMB 8.13 billion [5] - The company's product portfolio diversification and technology licensing agreements are expected to enhance its industry position [2]

Investment Rating - The investment rating for the company is "Buy-B" [1] Core Views - The price of valine is expected to stabilize, and attention should be paid to the volume of new product releases [1] - The company reported a revenue of 1.539 billion yuan for the first three quarters of 2024, a year-on-year increase of 12.82%, but a net profit of 170 million yuan, a year-on-year decrease of 46.9% [1] - The average price of valine and myo-inositol in Q3 2024 was 13.66 yuan/kg and 46.86 yuan/kg, respectively, showing declines of 8.25% and 20.83% from Q2 2024 [1] - The demand for valine remains strong, with an expected production volume of 180,000 to 190,000 tons in 2024 [1] Financial Performance Summary - Revenue is projected to reach 2.281 billion yuan in 2024, with a year-on-year growth of 17.7% [2] - Net profit is expected to decline to 234 million yuan in 2024, a decrease of 48.0% [2] - The gross margin is forecasted to be 29.5% in 2024, down from 40.5% in 2023 [2] - The diluted EPS for 2024 is estimated at 0.94 yuan, with a P/E ratio of 37.1 [2] Financial Ratios and Projections - The company’s ROE is projected to be 10.8% in 2024, with a gradual increase to 15.5% by 2026 [2] - The net profit margin is expected to be 10.2% in 2024, decreasing from 23.2% in 2023 [2] - The company’s total assets are projected to grow from 2.027 billion yuan in 2024 to 6.286 billion yuan by 2026 [3]

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 [18]. Core Views - The company's revenue for the first three quarters of 2024 was CNY 1.539 billion, a year-on-year increase of 12.82%, while the net profit attributable to shareholders decreased by 46.90% to CNY 170 million [1][2]. - The decline in net profit is primarily attributed to the drop in the price of valine products and increased operational costs due to the company's expanding scale [2]. - The company is diversifying its product matrix, with new products such as 1,3-propanediol, succinic acid, and others set to launch, which is expected to mitigate the impact of declining prices of core products [4][10]. Financial Summary - For 2024, the company is projected to achieve revenues of CNY 2.46 billion, with a net profit of CNY 259 million, reflecting a significant decrease in profitability compared to previous years [1][10]. - The gross profit margin for the first three quarters of 2024 was 28.13%, down 13.16 percentage points year-on-year, indicating pressure on profitability [2]. - The company's cash flow from operating activities decreased by 71.73% year-on-year to CNY 105 million, primarily due to increased cash payments for goods and services [3]. Market Position and Product Development - The average market prices for valine and myo-inositol in Q3 2024 were CNY 13.66 and CNY 46.86 per kilogram, respectively, showing significant year-on-year declines of 34.07% and 67.24% [4]. - The company has established a leading position in the industry with its large-scale production of fermentation-based L-valine, which is expected to maintain market share and sales growth despite price pressures [4]. - The establishment of the "Biobased Polyester Textile Industry Alliance" aims to enhance collaboration across the PDO-PTT supply chain, promoting domestic production and innovation [8]. Future Outlook - The company is expected to recover its performance as new products are launched and production capacity is expanded, with projected revenues of CNY 3.477 billion and CNY 4.613 billion for 2025 and 2026, respectively [10]. - The ongoing trends in the amino acid market, driven by the demand for alternatives to soybean meal, are anticipated to further boost the demand for the company's products [7].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market performance [7]. Core Insights - The company reported Q3 2024 results showing revenue of 1.539 billion yuan, a year-on-year increase of 13%, but a significant decline in net profit by 47% to 170 million yuan, indicating ongoing pressure on performance [7]. - The decline in the price of valine, a key product, has negatively impacted profitability, with the average price dropping 34% year-on-year in Q3 2024 [7]. - New projects are under construction and expected to contribute to future growth, with a focus on expanding product lines into bio-based materials [7]. Financial Summary - Total revenue for 2023 was 1.938 billion yuan, with projections of 2.101 billion yuan for 2024, 3.231 billion yuan for 2025, and 4.431 billion yuan for 2026, reflecting a growth trajectory [9]. - The net profit for 2023 was 449 million yuan, with expectations of 203 million yuan for 2024, 363 million yuan for 2025, and 565 million yuan for 2026, indicating a recovery in profitability in the later years [9]. - The company's gross margin for Q3 2024 was reported at 21.4%, a significant decrease from previous periods, highlighting challenges in maintaining profitability [7]. Market Position and Competitive Landscape - The company faces increased competition in the amino acid market, particularly in valine, which has seen price declines due to market saturation and competition from domestic and international players [7]. - Despite challenges in core products, stable contributions from other products like L-alanine and inositol are noted, providing some buffer against the downturn in valine prices [7]. Future Growth Potential - The company has successfully raised 700 million yuan through a private placement to fund new projects, which are expected to enhance production capabilities and diversify product offerings [7]. - The establishment of new production lines for bio-based products, including L-methionine, is anticipated to open significant market opportunities, with a potential market size in the millions of tons [7].

股票简称：华恒生物 股票代码：688639 安徽华恒生物科技股份有限公司 Anhui Huaheng Biotechnology Co., Ltd. （发行人住所：安徽省合肥市双凤工业区） 2022 年度向特定对象发行 A 股股票 上市公告书 保荐人（主承销商） 联席主承销商 二〇二四年十月 特别提示 一、发行股票数量及价格 1、发行数量：21,122,510 股 2、发行价格：33.14 元/股 3、募集资金总额：人民币 699,999,981.40 元 4、募集资金净额：人民币 683,809,059.49 元 二、本次发行股票预计上市时间 本次发行新增股份在其限售期满的次一交易日在上海证券交易所科创板上 市流通（预计流通时间如遇法定节假日或休息日，则顺延至其后的第一个交易日）。 三、新增股份的限售安排 本次发行对象共有 9 家，均以现金参与认购，全部发行对象认购的股票自本 次发行结束之日起六个月内不得转让。本次发行取得的股份因公司送红股或公积 金转增股本等形式所衍生取得的股份亦应遵守上述股份锁定安排。法律法规或监 管部门对限售期另有规定的，依其规定。限售期届满后按中国证监会及上交所的 有关规定执行。 1 ...

兴业证券股份有限公司 关于 安徽华恒生物科技股份有限公司 2022 年度向特定对象发行 A 股股票 之 上市保荐书 保荐人（主承销商） 9米业证券股份有限公司 (福州市湖东路 268 号) 兴业证券股份有限公司（以下简称"兴业证券"、"保荐人"或"保荐机构"） 及其保荐代表人已根据《中华人民共和国公司法》（以下简称"公司法"）、《中 华人民共和国证券法》（以下简称"证券法"）等法律法规和中国证监会及上海证 券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和行业 自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 1 上市保荐书 一、发行人基本情况 （一）发行人概况 | 公司名称： | 安徽华恒生物科技股份有限公司 | | --- | --- | | 英文名称： | Anhui Huaheng Biotechnology Co., Ltd. | | 有限公司成立日期 | 2005 年 4 月 13 日 | | 股份公司成立日期 | 2013 年 11 月 5 日 | | 注册资本： | 万元 22,860.1487 | | 股票上市地： | 上海证券交易所 | | A 股股票简称 | ...