上 市 公 司 石油石化 2024 年04月 30 日 东方盛虹 (000301) 公 司 研 究 ——24Q1 业绩承压，大炼化价差有所回暖 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  公司公告：2024年一季度公司实现营业收入367.39亿，同比提升24.34%；归母净利润 约2.47亿元，同比下降66.53%；扣非归母净利润约0.86亿元，同比下滑87.63%。24Q1 证 市场数据： 2024年04月29日 公司毛利率达到10.89%，同比下滑0.98pct，推测原因可能是公司EVA产品盈利下滑较 券 收盘价（元） 10.36 大导致。费用方面，24Q1 公司期间费用率达到 4.63%，同比提升 1.16pct，主要由于利 研 一年内最高/最低（元） 13.01/8.52 息费用增长导致财务费用同比提升83.28%。 究 市净率 1.9 报 息率（分红/股价） - 告 流通A股市值（百万元） 56949  需求回暖叠加库存收益，24Q1大炼化价差有所提升。根据万得数据，我们计算24Q1盛 上证指数/深证成指 3113.04/9673.76 虹炼化价差平均为 12 ...

证券研究报告 [存Ta货ble减_Ti值tl带e] 来短期盈利承压，大炼化业绩潜力有望释放 公司研究 [Table_ReportDate] 2024年4月30日 [Table_Summary] [公Ta司ble点_Re评po报rtT告ype] 事件：2024年 4月 25日，东方盛虹发布 2023年年度报告，2023年公司 实现营业收入1404.40 亿元，同比上涨119.87%；实现归母净利润7.17 亿 [东Ta方bl盛e_虹Sto(c0k0A0n3dR0a1n)k ] 元，同比增长 17.35%；扣非后净利润 2.17 亿元，同比增长 155.20%；经 营活动现金流量净额 83.43 亿元，同比增长 379.00%；基本每股收益 0.11 投资评级 买入 元/股，同比增长22.22%。 上次评级 买入 2024年4月29日，2024年第一季度，公司单季度营业收入367.39亿元， 同比增长24.34 %，环比下降0.16 %；单季度归母净利润2.47亿元，同比 左前[T明ab l e能_A源u行th业or首] 席分析师 下降66.53 %，环比增长114.01 %；单季度扣非后净利润0.86亿元，同比 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥36,738,885,261.85, representing a 24.34% increase compared to ¥29,534,484,781.56 in the same period last year[4] - Net profit attributable to shareholders decreased by 66.53% to ¥246,888,251.61 from ¥717,218,243.78 in the previous year[4] - The net profit after deducting non-recurring gains and losses fell by 87.63% to ¥86,270,488.25 compared to ¥697,445,483.31 in the same period last year[4] - The total profit for the first quarter was CNY 86,422,916.02, a significant decrease of 90.8% compared to CNY 937,884,190.48 in the previous period[17] - Net profit attributable to the parent company was CNY 246,888,251.61, down 66.5% from CNY 737,641,929.25 year-over-year[17] - Operating profit for the quarter was CNY 60,788,287.89, a decline of 93.4% from CNY 921,458,939.48 in the same period last year[17] - The basic earnings per share for the quarter was CNY 0.04, down from CNY 0.11 in the same period last year[17] Cash Flow - The net cash flow from operating activities decreased by 60.15% to ¥981,011,987.36 from ¥2,336,592,840.06 in the previous year[4] - Cash flow from operating activities generated a net inflow of CNY 981,011,987.36, down 60.2% from CNY 2,461,604,116.83 in the previous year[18] - Cash flow from investing activities resulted in a net outflow of CNY 3,683,956,888.11, an improvement from a net outflow of CNY 7,905,670,582.15 in the prior period[18] - Cash flow from financing activities yielded a net inflow of CNY 5,020,909,189.49, an increase of 17.3% compared to CNY 4,277,676,751.56 last year[19] Assets and Liabilities - Total assets at the end of Q1 2024 were ¥201,659,598,247.12, a 6.02% increase from ¥190,214,802,161.82 at the end of the previous year[5] - Total assets as of the end of Q1 2024 amounted to ¥201.66 billion, an increase of 6.8% from ¥190.21 billion at the beginning of the year[15] - Total liabilities reached ¥165.83 billion, up 7.2% from ¥154.72 billion at the start of the year[15] - The company's cash and cash equivalents at the end of the period amount to ¥11,988,206,278.74, an increase from ¥10,009,739,723.82 at the beginning of the period, representing a growth of 19.8%[13] - The company reported a total cash and cash equivalents balance of CNY 8,673,884,547.36 at the end of the quarter, compared to CNY 8,948,226,092.93 at the end of the previous year[19] Shareholder Information - Total number of common shareholders at the end of the reporting period is 103,295, with the top 10 shareholders holding 65.39% of shares[9] - Jiangsu Shenghong Technology Co., Ltd. holds 41.87% of shares, totaling 2,768,225,540 shares[9] - The top 10 shareholders are primarily controlled by the same actual controller, indicating a unified action among them[11] Research and Development - R&D expenses increased by 88.42% to ¥225,891,622.08 from ¥119,886,103.61 in the same period last year[8] - Research and development expenses for Q1 2024 were ¥225.89 million, a significant increase of 88.2% compared to ¥119.89 million in Q1 2023[16] Other Financial Metrics - The weighted average return on net assets decreased by 1.32 percentage points to 0.69% from 1.99% in the previous year[4] - The company experienced a 100% decrease in notes payable, dropping to ¥0.00 from ¥390,550,672.86 in the previous year[8] - The company reported a decrease in tax and additional charges to ¥1.98 billion, down from ¥2.02 billion in the previous year, reflecting a decline of 2.2%[16] - The company's deferred tax assets rose to ¥1.24 billion, up from ¥1.01 billion at the beginning of the year, indicating a growth of 22.6%[14]

证券研究报告·公司点评报告·炼化及贸易 东方盛虹（000301） 2023 年年报点评：盛虹炼化投产贡献业绩， 2024 年 04月 29日 新材料转型未来可期 证券分析师 陈淑娴 买入（维持） 执业证书：S0600523020004 chensx@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 曾朵红 营业总收入（百万元） 63,873 140,440 148,346 157,952 167,533 执业证书：S0600516080001 021-60199793 同比（%） 21.22 119.87 5.63 6.48 6.07 zengdh@dwzq.com.cn 归母净利润（百万元） 611.00 717.03 4,625.95 5,995.89 7,530.80 研究助理 何亦桢 同比（%） (86.64) 17.35 545.15 29.61 25.60 执业证书：S0600123050015 EPS-最新摊薄（元/股） 0.09 0.11 0.70 0.91 1.14 heyzh@dwzq.com. ...

2024 年 04 月 26 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 炼化一体化项目全面释放，“ ”战略行稳致 1+N 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 远 dongbj@ghzq.com.cn 联系人 ： 仲逸涵 S0350123070022 ——东方盛虹（ ） 年年报点评报告 zhongyh@ghzq.com.cn 000301 2023 最近一年走势 事件 : 2024年4月25日，东方盛虹发布2023年年度报告：2023年实现 营业收入1404.40亿元，同比+119.87%；实现归母净利润7.17亿元， 同比+17.35%；实现扣非归母净利润2.17亿元，同比+155.20%；销售 毛利率11.27%，同比+3.60个pct，销售净利率0.51%，同比-0.34个pct； 经营活动现金流净额为83.43亿元。 2023Q4单季度，公司实现营业收入367.97亿元，同比+114.37%， 环比-2.51%；实现归母净利润为-17.62亿元，2022Q4为-10 ...

上 市 公 司 石油石化 2024 年04月 26 日 东方盛虹 (000301) 公 司 研 究 ——业绩触底反弹，大炼化业绩存在改善预期 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  公司公告：2023年公司实现营业收入1404.4亿，同比提升119.9%；归母净利润7.2亿， 同比提升17.4%；扣非归母净利润2.2亿，同比提升155.2%。其中Q4实现营业收入368 证 市场数据： 2024年04月25日 亿，环比下滑2.5%；归母净利润-17.6亿，环比下滑320.7%；扣非归母净利润-18.36亿 券 收盘价（元） 10.1 元，环比下滑 472.2%。公司在 23Q4 业绩大幅下滑的原因主要是针对存货计提了资产减 研 一年内最高/最低（元） 13.01/8.52 值，公司2023年计提资产减值22.1亿，其中Q4计提12.4亿。由于大炼化装置的投产， 究 市净率 1.9 报 息率（分红/股价） - 2023年公司期间费用率达到3.82%，同比下行1.39pct，各项费率均有不同程度的下降。 告 流通A股市值（百万元） 55520 上证指数/深证成指 3052.90 ...

江 苏 东 ⽅ 盛 虹 股 份 有 限 公 司 Jiangsu Eastern Shenghong Co.,Ltd. 践 ⾏ 卓 越 引 领 未 来 2023年度 环境、社会及治理报告 S U STA I N A B I L I T YR E P O RT 股票代码000301 绿⾊发展构筑美好未来 公司积极响应国家绿⾊发展⽬标，重视可持续发展，从低碳、零碳、负碳全⽅位深耕绿⾊技术，创新打造绿⾊ 产业链，积极规划低碳绿⾊环保项⽬。领先的⾏业地位，使我们不断的深化对专注于重要议题的理解提 供可靠且更清洁的能化产品，为⼈类的进步需求提供助⼒。利⽤我们的优势，更加安全的提供绿⾊低碳产品， 以满⾜不断变化的全球需求，同时构建⾯向明天的能化产业链条。我们正在以正确的⽅式不断取得成果，为 未来做出贡献。 2023ESG亮点 884.38万⽅ ⼆氧化碳制 甲醇固碳数据 炼化⼀体化项⽬ 安全环保总投⼊资⾦ + + + 绿⾊可再⽣能源新材料 万吨/年 光伏级EVA产能 + + ⼈员及治理赋能 绿⾊⻋间、绿⾊园 区、国家级绿⾊⼯⼚ 全覆盖 + + 环境友好发展道路 再⽣聚酯纤维 产能（新增\合计） 节⽔4356万⽴⽅⽶/ 提升设 ...

Dividend Distribution - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares (including tax) to all shareholders[5]. - The company has a total share capital base for the dividend distribution plan, which will be based on the share registration date[5]. Governance and Oversight - The company has undergone a comprehensive review by the board of directors, ensuring the accuracy and completeness of the annual report[4]. - All board members attended the meeting to discuss the annual report, indicating strong governance and oversight[4]. - The company is committed to maintaining transparency and accountability in its financial reporting[4]. - The company has established a robust governance structure to support its strategic objectives and operational efficiency[4]. - The company has implemented a "Quality Return Dual Improvement" action plan to enhance investor confidence and improve corporate governance, focusing on strategic development and shareholder returns[177][178]. - The company has established a robust corporate governance structure, ensuring effective checks and balances among shareholders, the board, and management[181]. - The company maintains complete independence from its controlling shareholders in terms of business, personnel, assets, institutions, and finance[183]. - The company has established an independent financial department with its own accounting system and management methods[184]. - The company has a clear ownership and control over its assets, with no violations by controlling shareholders[184]. Financial Performance - The company's operating revenue for 2023 reached ¥140.44 billion, a 119.87% increase compared to ¥63.82 billion in 2022[25]. - Net profit attributable to shareholders for 2023 was ¥717.03 million, representing a 17.35% increase from ¥548.16 million in 2022[25]. - The net profit excluding non-recurring gains and losses was ¥217.09 million in 2023, a significant increase of 155.20% from ¥85.07 million in 2022[25]. - Cash flow from operating activities for 2023 was ¥8.34 billion, a remarkable increase of 379.00% compared to ¥1.39 billion in 2022[25]. - Total assets at the end of 2023 amounted to ¥190.21 billion, reflecting an 11.38% increase from ¥166.51 billion at the end of 2022[25]. - The company's net assets attributable to shareholders decreased by 2.35% to ¥35.45 billion at the end of 2023 from ¥35.70 billion at the end of 2022[25]. - The basic earnings per share for 2023 was ¥0.11, a 10.00% increase from ¥0.09 in 2022[25]. - The diluted earnings per share for 2023 was ¥0.11, a 22.22% increase from ¥0.08 in 2022[25]. - The company achieved operating revenue of CNY 140.44 billion, an increase of 11.9% compared to the same period last year[84]. - The net profit attributable to shareholders was CNY 717 million, representing a year-on-year increase of 17.35%[84]. - Total assets reached CNY 190.22 billion, with net assets attributable to shareholders amounting to CNY 35.45 billion[84]. Business Transformation and Strategy - The company reported a significant business transformation, shifting its core operations to the research, production, and sales of civil polyester filament, with supplementary businesses in thermal power and PTA production[23]. - In 2019, the company acquired 100% equity of Honggang Petrochemical and Shenghong Refining, establishing a "PTA-Polyester-Fiber" business structure[23]. - The company completed a major asset restructuring in 2021, acquiring 100% equity of Selbon Petrochemical, further expanding its operations in petrochemical and chemical new materials[23]. - The company’s main business now includes the production and sales of PTA and civil polyester filament, alongside thermal power generation[23]. - The company is committed to expanding into new energy, new materials, and green low-carbon industries, maintaining a stable development trajectory[84]. - The company aims to build a world-class energy and chemical enterprise by focusing on the "1+N" strategy in the new energy and new materials sector in 2024[165]. - The company plans to enhance its innovation capabilities by establishing world-class research and development platforms and integrating new technologies such as 5G and artificial intelligence into its operations[166]. Market and Industry Analysis - The company reported a significant increase in crude oil consumption in China, with a year-on-year growth of 8.5% in 2023, reaching 770 million tons[37]. - The global GDP growth rate for 2023 was approximately 3.1%, down from 3.5% in 2022, indicating a slowdown in the global economy[36]. - In 2023, China's petrochemical industry achieved operating revenue of 15.95 trillion yuan, a year-on-year decrease of 1.1%, and total profit of 873.36 billion yuan, down 20.7%[38]. - The oil and gas extraction sector generated operating revenue of 1.44 trillion yuan, a decline of 3.9%, with profits of 301.03 billion yuan, down 15.5%[38]. - The refining sector reported operating revenue of 4.96 trillion yuan, an increase of 2.1%, and profits of 6.56 billion yuan, a significant rise of 192.3%[38]. - The chemical sector's operating revenue was 9.27 trillion yuan, a decrease of 2.7%, with profits of 486.26 billion yuan, down 31.2%[38]. - By the end of 2023, China's refining capacity reached 936 million tons per year, maintaining the world's largest capacity, with 36 refineries exceeding 10 million tons[41]. - China's ethylene capacity reached 51.95 million tons per year in 2023, ranking first globally[41]. Research and Development - Research and development expenses increased by 33.46% to ¥671.30 million, reflecting the company's commitment to innovation[124]. - R&D personnel increased to 4,179 in 2023, a 64.85% rise from 2,535 in 2022, with the proportion of R&D personnel in total workforce rising from 9.24% to 13.52%[125]. - R&D expenditure reached ¥5,713,596,924.22 in 2023, up 256.69% from ¥1,601,836,268.52 in 2022, with R&D spending as a percentage of revenue increasing from 2.51% to 4.07%[126]. Risk Management - The company emphasizes safety and environmental protection as fundamental principles for high-quality development, focusing on energy conservation and emission reduction initiatives[168]. - The company faces significant risks from macroeconomic fluctuations, which could impact its performance if the global economy experiences substantial volatility[169]. - Industry policy risks are increasing due to stricter regulations on safety, environmental protection, and energy conservation, which could affect the company's operational environment[170]. - Exchange rate fluctuations pose a risk to the company's foreign currency transactions, potentially impacting profitability if the RMB experiences significant volatility against other currencies[172]. - The company is exposed to price volatility of key raw materials like crude oil and methanol, which can affect its operational stability and performance due to the cyclical nature of the chemical industry[173]. - Environmental and safety production risks are present due to the nature of the company's operations, which involve hazardous materials and waste emissions[174]. - The company has established a comprehensive risk control system for derivative investments, addressing market, liquidity, operational, credit, and legal risks[149]. Investments and Acquisitions - The company completed significant equity investments totaling CNY 2,243,205,910.32 during the reporting period[140]. - The company acquired 100% ownership of Shenghong Petrochemical (Lianyungang) Port Storage Co., Ltd. for CNY 1,648,431,312.59[140]. - The company also acquired 100% of Lianyungang Guanghong Real Estate Co., Ltd. for CNY 594,774,597.73[140]. - The company has ongoing non-equity investments, with a total actual investment of CNY 6,006,725,566.47 reported[144]. - The cumulative investment in the Shengze Combined Heat and Power Project reached CNY 766,386,003.54, with CNY 65,685,560.74 invested in the current reporting period[143]. - The company invested CNY 1,328,829,458.09 in the Sierbang Petrochemical Propylene Industry Chain Project, with a cumulative investment of CNY 1,975,749,888.93[143]. - The company reported a cumulative investment of CNY 3,616,392,683.80 in the Guowang (Suqian) 500,000 tons of ultra-simulation functional fiber project[143]. - The company has invested CNY 597,191,008.30 in the Shenghong Refining and Chemical 2 Ethylene Glycol and Phenol/Acetone Project, with a cumulative investment of CNY 4,636,193,470.97[143]. - The company is in the engineering construction phase for the Rainbow Chemical POSM and Polyol Project, with an actual investment of CNY 1,533,463,845.33[143]. Shareholder Engagement - The first temporary shareholders' meeting in 2023 had an investor participation rate of 72.36%[185]. - The second temporary shareholders' meeting in 2023 had an investor participation rate of 72.78%[185]. - The annual shareholders' meeting for 2022 had an investor participation rate of 67.49%[185]. - The third temporary shareholders' meeting in 2023 had an investor participation rate of 4.75%[185]. - The fourth temporary shareholders' meeting in 2023 had an investor participation rate of 4.47%[185]. Management and Leadership - The company has maintained a consistent leadership structure with the election of new members to the board and supervisory committee[188]. - The company’s management team includes professionals with extensive backgrounds in finance, engineering, and management, enhancing its operational capabilities[190][191][192]. - The company has a strong focus on governance, with independent directors and a diverse management team contributing to strategic decision-making[192][194]. - The company has experienced no significant turnover in its senior management team, which supports continuity in its strategic direction[188]. - The company’s board composition reflects a balance of experience and expertise, which is crucial for navigating market challenges[192]. - The company has appointed Miao Hangen as Chairman and General Manager since September 2018[197]. - The company has seen a consistent leadership structure with key executives like Ji Gaoxiong serving as Vice Chairman and Executive Vice General Manager since September 2018[198]. - The company has expanded its board with new appointments, including Qiu Hairong as Financial Responsible Person and Vice General Manager since February 2023[198]. Environmental and Social Responsibility - The company is focused on ESG initiatives, launching a carbon-neutral methanol production facility and developing a green carbon-negative industrial chain[87]. - The company is committed to building a world-class green production system, implementing numerous energy-saving and emission-reduction projects[87].

我们接受委托,对后附的江苏东方盛虹股份有限公司(以下简称 "东方盛虹""公司"） 2023年度募集资金存放与使用情况专项报告 (以下简称"募集资金专项报告")执行了合理保证的鉴证业务。 关于江苏东方盛虹股份有限公司2023年度 募集资金存放与使用情况专项报告的鉴证报告 信会师报字[2024]第ZA11987号 江苏东方盛虹股份有限公司全体股东: 江苏东方盛虹股份有限公司 鉴证报告 2023 年度 您可使用手机"扫一扣"或进入"注 17 4 一、董事会的责任 江苏东方盛虹股份有限公司董事会的责任是按照中国证券监督 管理委员会《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(2022年修订)》(证监会公告(2022)15号)、《深 圳证券交易所上市公司自律监管指引第1号 -- 主板上市公司规范运 作》以及《深圳证券交易所上市公司自律监管指南第2号 -- 公告格 式》的相关规定编制募集资金专项报告。这种责任包括设计、执行和 维护与募集资金专项报告编制相关的内部控制,确保募集资金专项报 告真实、准确、完整,不存在虚假记载、误导性陈述或重大遗漏。 二、注册会计师的责任 我们的责任是在执行鉴证工作的 ...

江苏东方盛虹股份有限公司 2023 年度监事会工作报告 2023 年，江苏东方盛虹股份有限公司（以下简称"公司"）监事会根据《中 华人民共和国公司法》《中华人民共和国证券法》等法律法规、规范性文件以及 《公司章程》《公司监事会议事规则》等有关规定，本着对全体股东负责的精神， 恪尽职守，认真履行各项职权和义务。现将监事会在 2023 年度的主要工作报告 如下： 一、监事会的日常工作情况 1、报告期内监事会的会议情况及决议内容 | 会议 | 召开 | 召开 | 会议议案名称 | 决议 | 披露 | 披露索引 | | --- | --- | --- | --- | --- | --- | --- | | 届次 | 日期 | 方式 | | 情况 | 日期 | | | | | 现场 | | | | | | 八届三十 | 2023 年 | 加通 | 1、《关于选举第九届监事会监事的议案》； | 议案获 | 2023 年 | 巨潮资讯网，《第八届监事会 | | 六次监事 | 1 月 18 日 | 讯表 | 2、《关于预计 2023 年度日常关联交易的 | 得通过 | 1 月 19 日 | 第三十六次会议决议公告》（公 | ...