证券研究报告 | 公司动态点评 2024 年 11 月 05 日 华恒生物（688639.SH） 3Q24 公司盈利有待改善，产品多元布局打开增长空间 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 1,419 | 1,938 | 2,460 | 3,477 | 4,613 | 股票信息 | | | 增长率 yoy （ % ） | 48.7 | 36.6 | 26.9 | 41.4 | 32.6 | | | | 归母净利润（百万元） | 320 | 449 | ...

上 市 公 司 证 券 研 究 报 告 基础化工 2024 年 11 月 04 日 华恒生物 (688639) —— Q3 业绩持续承压，等待新产品放量保障成长 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 11 月 04 日 | | 收盘价（元） | 33.84 | | 一年内最高/最低（元） | 130.50/26.52 | | 市净率 | 4.5 | | 息率（分红/股价） | 2.66 | | 流通 A 股市值（百万元） | 7,727 | | 上证指数/深证成指 | 3,310.21/10,663.10 | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | | 8.13 | | 每股净资产（元） | | | 资产负债率 % | 60.56 | | 总股本/流通 A ...

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 | ...

比例被动稀释超过 1%的提示性公告 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：688639 证券简称：华恒生物 公告编号：2024-053 安徽华恒生物科技股份有限公司 关于公司控股股东、实际控制人及其一致行动人持股 | 股东名称 | 本次权益变动前持有股份 | | 本次权益变动后持有股份 | | | --- | --- | --- | --- | --- | | | 持股数量 | 持股比例 | 持股数量 | 持股比例 | | | （股） | | （股） | | | 郭恒华 | 21,411,194 | 19.83% | 45,227,285 | 18.11% | | 合肥市三和股权投资合 伙企业（有限合伙） | 10,834,951 | 10.03% | 22,780,485 | 9.12% | | 安徽恒润华业投资有限 公司 | 3,457,038 | 3.20% | 7,268,422 | 2.91% | | 郭恒平 | 2,401,566 | 2.22% | 5,049,293 | ...

华恒生物（ [Table_StockNameRptType] 688639） 公司点评 | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------|----------|-------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - The company's revenue for Q3 2024 was ¥522,813,388.64, representing a year-over-year increase of 1.66%[2] - The net profit attributable to shareholders for Q3 2024 was ¥20,185,971.99, a decrease of 84.32% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥18,128,594.15, down 85.56% year-over-year[2] - The basic earnings per share for Q3 2024 was ¥0.09, a decline of 84.28% compared to the same period last year[3] - Total operating revenue for the first three quarters of 2024 reached ¥1,539,034,126.35, an increase of 12.85% compared to ¥1,364,161,262.06 in the same period of 2023[13] - Net profit for the first three quarters of 2024 was ¥167,996,718.70, a decrease of 47.56% from ¥319,399,135.43 in the same period of 2023[15] - The total comprehensive income for the third quarter of 2024 was CNY 167,800,467.05, compared to CNY 319,399,135.43 in the same period of 2023, indicating a significant decrease[17] - Basic and diluted earnings per share for the third quarter were CNY 0.74, down from CNY 1.40 in the previous year[17] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥4,704,240,077.16, reflecting an increase of 18.49% from the end of the previous year[3] - The total current assets increased to CNY 1,239,970,610.67 from CNY 1,050,046,406.02, representing an increase of approximately 18.1% year-over-year[10] - Total liabilities increased to ¥2,848,853,312.27 in Q3 2024, compared to ¥2,144,577,318.12 in Q3 2023, marking a rise of 32.83%[12] - The company's total non-current assets reached ¥3,464,269,466.49, an increase of 18.63% from ¥2,920,191,687.28 in the previous year[12] - The company's short-term borrowings rose to ¥1,346,423,032.90, up 47.10% from ¥915,121,195.63 in the same period last year[12] - The equity attributable to shareholders of the parent company was ¥1,858,594,150.65, slightly up from ¥1,826,971,175.81 in the previous year[12] Cash Flow - The net cash flow from operating activities for the year-to-date period decreased by 71.73% to ¥104,606,628.36[3] - Cash inflow from operating activities totaled CNY 1,661,699,060.61, an increase from CNY 1,395,423,545.57 year-over-year[18] - Cash outflow from operating activities was CNY 1,557,092,432.25, compared to CNY 1,025,434,972.19 in the same period last year[18] - Net cash flow from operating activities was CNY 104,606,628.36, a decrease from CNY 369,988,573.38 in the previous year[18] - Net cash flow from investing activities was -CNY 631,406,092.91, compared to -CNY 774,817,204.53 in the same period of 2023[19] - Net cash flow from financing activities was CNY 609,956,719.40, up from CNY 432,985,012.36 year-over-year[19] - The cash and cash equivalents at the end of the period amounted to CNY 445,305,816.80, compared to CNY 181,118,810.44 at the end of the same period last year[19] Research and Development - Research and development expenses for Q3 2024 totaled ¥27,162,038.22, which is 5.20% of the revenue, an increase of 0.74 percentage points year-over-year[3] - Research and development expenses increased to ¥90,514,239.06 in 2024, compared to ¥77,313,400.23 in 2023, reflecting a growth of 16.56%[15] - The company aims to leverage new technologies in its research and development efforts to improve operational efficiency and product offerings[9] Strategic Initiatives - The company plans to expand its market presence and invest in new product development to drive future growth[9] - The company is exploring potential mergers and acquisitions to enhance its competitive position in the biotechnology sector[9] - The management expressed optimism about future revenue growth driven by increased demand for its products and services[9] - The company experienced a significant decline in net profit primarily due to a decrease in the price of valine products compared to last year[6] Shareholder Information - The company reported a total of 7,426 common shareholders at the end of the reporting period[7] - The company's financial expenses increased significantly to ¥19,426,386.99 in 2024, compared to a negative expense of -¥3,448,594.55 in 2023[15]

Investment Rating - The report maintains a "Buy" rating for Huaxing Biology (688639 CH) with a target price of RMB 51.22 [1][4] Core Views - The private placement of Huaxing Biology has been successfully completed, raising a total of RMB 700 million (net amount of RMB 684 million), which is expected to facilitate the smooth implementation of new projects [1] - The issuance price for the private placement was RMB 33.14 per share, with the majority of investors being state-owned enterprises and private equity funds [2] - The new projects, including the 50,000 tons/year succinic acid and 50,000 tons/year malic acid projects, are expected to gradually enter production and contribute to future growth [2][3] Financial Projections - The report forecasts net profit attributable to the parent company for 2024-2026 to be RMB 350 million, RMB 490 million, and RMB 620 million, respectively, with year-on-year growth rates of -22%, +40%, and +25% [4] - The EPS for 2024-2026 is projected to be RMB 1.41, RMB 1.97, and RMB 2.47, respectively [4] - The company's revenue is expected to grow significantly, with 2024E revenue projected at RMB 3.263 billion, a 68.37% increase year-on-year [8] Industry and Market Conditions - The amino acid market remains weak, with prices of valine, tryptophan, and arginine down by 25%, 29%, and 19% respectively compared to the beginning of the year [3] - The new projects are expected to compensate for the weak market conditions by increasing production volume [3] Valuation - The report values the company at 26x PE for 2025, based on the average PE of comparable companies [4] - The target price of RMB 51.22 is derived from the 2025 EPS of RMB 1.97 multiplied by the 26x PE [4] Key Financial Metrics - The company's ROE is expected to be 12.78%, 16.34%, and 18.14% for 2024-2026, respectively [8] - The PE ratio is projected to be 26.14x, 18.63x, and 14.85x for 2024-2026, respectively [8] - The PB ratio is expected to decrease from 3.35x in 2024 to 2.70x in 2026 [8]

RSM 容诚 验资报告 安徽华恒生物科技股份有限公司 容诚验字[2024]230Z0102 号 容诚会计师事务所 (特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进 报告编码:京24372 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | | 验资报告 | 1-3 | | 2 | 新增注册资本实收情况明细表 | 4 | | 3 | 注册资本及股本变更前后对照表 | ર | | 4 | 验资事项说明 | 6-7 | s//WWW.rsm.global/china/ 经我们审验,截至 2024年 10月 21 日 12 时止,贵公司本次向 9 名特定对象 发行人民币普通股募集资金总额为人民币 699.999.981.40 元,扣除各项发行费用 (不含增值税)人民币 16,190,921.91 元后,贵公司向特定对象发行股票实际募集 资金净额为人民币 683,809,059.49 元,其中新增注册资本及实收股本为人民币 21,122,510.00 元，增加资本公积为人民币 662,686, ...

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 发行情况报告书 保荐人（主承销商） 联席主承销商 二〇二四年十月 发行人全体董事、监事、高级管理人员声明 本公司全体董事、监事及高级管理人员承诺本发行情况报告书不存在虚假 记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法 律责任。 全体董事签名： 郭恒华 郭恒平 张学礼 （毛建文） 张冬竹 樊 义 MAO JIANWEN 张奇峰 吴 林 WANG FUCAI 安徽华恒生物科技股份有限公司 年 月 日 1 （王富才） 发行人全体董事、监事、高级管理人员声明 本公司全体董事、监事及高级管理人员承诺本发行情况报告书不存在虚假 记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法 郭恒华 郭恒平 张学礼 张冬竹 樊 义 MAO JIANWEN （毛建文） 张奇峰 吴 林 WANG FUCAI （王富才） 安徽华恒生物科技股份有限公司 2 律责任。 全体董 ...