Investment Rating - The investment rating for the company is "Outperform the Market" [4][16]. Core Views - The company has shown stable performance with significant growth in net profit and revenue, driven by the advantages of the Alashan natural soda project [1][6]. - The natural soda industry is expected to stabilize in pricing due to macroeconomic policies stimulating downstream demand, despite a current oversupply situation [2][12]. - The company is positioned as a leader in the natural soda sector, with production costs significantly lower than traditional methods, indicating a strong profit margin [2][12]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 10.372 billion yuan, a year-on-year increase of 29.04%, and a net profit of 1.805 billion yuan, up 19.84% [1][6]. - In Q3 2024, revenue reached 3.303 billion yuan, reflecting a 23.13% year-on-year growth, while net profit was 596 million yuan, marking a 31.3% increase [1][6]. - The company's projected net profits for 2024-2026 are estimated at 2.486 billion, 2.821 billion, and 3.208 billion yuan, representing growth rates of 76.3%, 13.5%, and 13.7% respectively [16][19]. Industry Outlook - The natural soda market is currently characterized by an oversupply, but with recent macroeconomic policy support, prices are expected to stabilize [2][12]. - The company is set to benefit from the upcoming second phase of the Alashan project, which is expected to be completed by the end of 2025, further enhancing production capacity [15][16]. - The urea market is experiencing price fluctuations, but strong support is anticipated in Q4 due to high inventory and operational rates [15][16].

Investment Rating - The report maintains an "Overweight" rating for the company, with a target price of 8.90 yuan, up from the previous target of 7.40 yuan [4] Core Views - The company's Q3 2024 performance slightly exceeded expectations, driven by the Alashan project, which supports its ongoing growth [3] - The company achieved revenue of 10.372 billion yuan in the first three quarters of 2024, a year-on-year increase of 29.04%, and net profit attributable to shareholders of 1.805 billion yuan, up 19.84% year-on-year [9] - Q3 2024 revenue was 3.303 billion yuan, a year-on-year increase of 23.13%, and net profit attributable to shareholders was 596 million yuan, up 31.30% year-on-year [9] - The outperformance in Q3 was partly due to the profit contribution from the coal sector, while the core business performance was in line with expectations [9] Market and Industry Analysis - The soda ash market faced oversupply in Q3 2024, with prices declining due to reduced demand from the glass industry, particularly in photovoltaic and float glass production [9] - Domestic soda ash apparent consumption in the first nine months of 2024 was 26.06 million tons, up 23.56% year-on-year, but September saw a slight decline of 0.15% year-on-year and 11.85% month-on-month [9] - Photovoltaic glass and lithium carbonate production grew significantly year-on-year, with photovoltaic glass production reaching 21.3 million tons (up 47.38%) and lithium carbonate production at 500,000 tons (up 64.56%) in the first nine months of 2024 [9] - Export volume of soda ash in September 2024 increased by 128.86% year-on-year to 128,500 tons [9] Company Growth and Projects - The Alashan natural soda ash project's first phase has reached production capacity, with an annual output of 5 million tons of soda ash and 400,000 tons of baking soda [9] - The second phase of the Alashan project has been initiated, planning to add 2.8 million tons of soda ash and 400,000 tons of baking soda annually [9] - The company's low-cost expansion strategy, leveraging its natural soda ash production method, ensures long-term growth [9] Financial Performance - The company's revenue for 2024E is projected to be 16.206 billion yuan, up 34.6% year-on-year, with net profit attributable to shareholders expected to reach 2.509 billion yuan, a 78.0% increase year-on-year [10] - EPS for 2024E, 2025E, and 2026E is forecasted at 0.67 yuan, 0.79 yuan, and 0.93 yuan, respectively [10] - The company's ROE is expected to improve from 10.5% in 2023A to 16.0% in 2024E, 16.3% in 2025E, and 16.5% in 2026E [10] Valuation and Comparables - The report values the company at 11.31x PE for 2025E, based on comparable companies [9] - Comparable companies include Sanyou Chemical, Zhongyan Chemical, and Yuntu Holdings, with average PE ratios of 22.52x for 2023A, 14.20x for 2024E, and 11.31x for 2025E [12]

证券代码：000683 证券简称：远兴能源 公告编号：2024-075 内蒙古远兴能源股份有限公司 九届十七次监事会决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 1.内蒙古远兴能源股份有限公司（以下简称公司）于 2024 年 10 月 24 日以 书面、传真或电子邮件方式向公司 3 名监事发出了关于以通讯方式召开九届十七 次监事会会议的通知。 2.会议于 2024 年 10 月 28 日召开。 3.本次监事会应参加表决监事 3 名，实际参加表决监事 3 名。 表决结果：3 票同意，0 票反对，0 票弃权。 详细内容请参见公司同日在巨潮资讯网披露的《2024 年第三季度报告》。 三、备查文件 1.经与会监事签字并加盖监事会印章的监事会决议。 2.深交所要求的其他文件。 4.本次监事会会议的召开符合有关法律、行政法规、部门规章、规范性文件 和《公司章程》的规定。 二、监事会会议审议情况 经监事认真审议并表决，通过以下决议： 1.审议通过《2024 年第三季度报告》 经审核，监事会认为，董事会编制和审核公司《2024 年第三季度报 ...

证券代码：000683 证券简称：远兴能源 公告编号：2024-074 内蒙古远兴能源股份有限公司 九届十八次董事会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 3.本次董事会应参加表决董事 9 名，实际参加表决董事 9 名。 4.本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性文件 和《公司章程》的规定。 二、董事会会议审议情况 经董事认真审议并表决，通过以下决议： 1.审议通过《2024 年第三季度报告》 本议案已经公司董事会审计委员会审议通过。 表决结果：9 票同意，0 票反对，0 票弃权。 详细内容请参见公司同日在巨潮资讯网披露的《2024 年第三季度报告》。 一、董事会会议召开情况 1.内蒙古远兴能源股份有限公司（以下简称公司）于 2024 年 10 月 24 日以 书面、传真或电子邮件方式向公司 9 名董事发出了关于以通讯方式召开九届十八 次董事会会议的通知。 2.会议于 2024 年 10 月 28 日召开。 三、备查文件 1.经与会董事签字的表决票及加盖董事会印章的董事会决议。 2.深交所要求的其他文件。 内蒙古远兴能源 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥3,302,740,086.38, representing a 23.13% increase compared to the same period last year[1]. - Net profit attributable to shareholders for Q3 2024 was ¥595,537,870.81, up 31.30% year-on-year[1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥583,514,967.10, an increase of 28.90% compared to the previous year[1]. - The company reported a 29.04% increase in total operating revenue for the year-to-date, reaching ¥10,372,288,708.04, primarily due to increased sales of alkali chemical products[5]. - Total operating revenue for Q3 2024 reached ¥10,372,288,708.04, an increase of 29.1% compared to ¥8,037,919,708.25 in the same period last year[17]. - The net profit for Q3 2024 was CNY 2,695,868,272.46, a 43.9% increase from CNY 1,872,584,194.10 in the same period last year[18]. - Total revenue for the period reached CNY 3,133,606,425.66, compared to CNY 2,198,593,277.91 in Q3 2023, reflecting a significant growth[18]. - The company reported a diluted earnings per share of CNY 0.49, compared to CNY 0.42 in Q3 2023, marking a 16.7% increase[18]. - The total comprehensive income for the period was CNY 2,707,180,806.03, compared to CNY 1,874,024,924.46 in the same quarter last year[18]. Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥34,627,187,011.58, reflecting a 1.56% increase from the end of the previous year[1]. - The equity attributable to shareholders increased to ¥14,435,394,106.29, a rise of 7.04% compared to the end of last year[1]. - The company's total assets increased to ¥34,627,187,011.58 from ¥34,093,963,601.75 at the beginning of the period, reflecting a growth of 1.6%[16]. - Non-current assets totaled ¥28,090,817,254.07, up from ¥26,773,010,315.14, indicating a growth of 4.9%[16]. - The total liabilities decreased to ¥15,240,381,923.56 from ¥16,162,978,965.07, a reduction of 5.7%[16]. Cash Flow - Cash flow from operating activities for the year-to-date reached ¥2,995,679,368.62, showing a significant increase of 49.94% year-on-year[1]. - The company's cash received from sales of goods and services increased by 38.68% to CNY 9,760,371,979.58 compared to the same period last year, primarily due to increased sales of alkali chemical products[6]. - Operating cash flow for Q3 2024 was CNY 2,995,679,368.62, up from CNY 1,997,946,033.45 in the previous year, indicating improved operational efficiency[19]. - The company's cash and cash equivalents decreased from CNY 3.568 billion to CNY 2.957 billion, a decline of approximately 17.1%[14]. - Cash and cash equivalents at the end of Q3 2024 were CNY 2,849,287,545.09, an increase from CNY 1,749,761,130.62 at the end of Q3 2023[20]. Expenses and Costs - Total operating costs amounted to ¥7,535,150,842.93, up 21.8% from ¥6,189,370,806.31 year-on-year[17]. - The company's total tax expenses rose by 34.27% to CNY 437,738,153.20, reflecting an increase in total profit[6]. - The company incurred a total operating expense of CNY 6,902,122,316.34, which is higher than CNY 5,211,158,650.99 in Q3 2023[19]. - Research and development expenses for the quarter were ¥131,376,392.09, representing an increase of 11.0% from ¥118,050,096.16 in the previous year[17]. Investments and Financing - The company's investment cash outflow increased by 50.00% to CNY 60,000,000.00, reflecting cash used for purchasing financial products[6]. - The company’s cash flow from financing activities decreased by 49.94% to CNY 1,760,270,000.00, primarily due to a reduction in cash received from financing[6]. - The company’s investment activities resulted in a net cash outflow of CNY 1,005,616,489.97, compared to a larger outflow of CNY 3,163,608,633.26 in the previous year[19]. Other Key Developments - The company's long-term receivables decreased by 41.42% to ¥20,705,395.55 due to the recovery of part of the sale-leaseback deposits[4]. - The company's contract liabilities increased by 166.87% to ¥1,181,329,343.30, driven by increased sales of alkali chemical products[5]. - The company reported a significant increase in credit impairment losses, which rose by 583.40% to CNY -11,404,020.46, mainly due to provisions for bad debts on other receivables[6]. - The company is involved in an arbitration case with China Coal Energy, claiming a total of CNY 2.331 billion for exploration rights and other fees[11]. - The court has approved the freezing of the company's assets valued at CNY 990 million as part of the arbitration proceedings[12]. - The company has acquired new water rights amounting to 5 million cubic meters per year, bringing the total to 10 million cubic meters per year for its project[13]. - The company has not reported any significant impact on its daily operations due to the asset freezing measures[13]. - The arbitration case's outcome remains uncertain, potentially affecting future profits[13].

截至本公告披露日，阿拉善塔木素天然碱开发利用项目一期第三、第四条生 产线蒸发环节部分共用设备故障对生产线运行负荷的影响已消除，第三、第四条 生产线已正常稳定运行。 证券代码：000683 证券简称：远兴能源 公告编号：2024- 073 内蒙古远兴能源股份有限公司 关于控股子公司阿拉善塔木素天然碱开发利用项目生产线 恢复正常运行的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 内蒙古远兴能源股份有限公司（以下简称公司）于 2024 年 9 月 6 日披露了 《关于控股子公司阿拉善塔木素天然碱开发利用项目生产线因设备故障降负荷 运行的公告》（公告编号：2024-064）。阿拉善塔木素天然碱开发利用项目一期 第三、第四条生产线蒸发环节部分共用设备在运行过程中发生故障，导致该两条 生产线降负荷运行，银根矿业启动抢修工作。 特此公告。 内蒙古远兴能源股份有限公司董事会 二〇二四年十月二十六日 1 ...

内蒙古远兴能源股份有限公司 章 程 【经公司 2024 年 10 月 14 日召开的 2024 年第四次临时股东大会审议通过。】 二○二四年十月十四日 | | | | 第一章 | 总则 1 | | --- | --- | | 第二章 | 经营宗旨和范围 2 | | 第三章 | 股份 2 | | 第一节 | 股份发行 2 | | 第二节 | 股份增减和回购 3 | | 第三节 | 股份转让 4 | | 第四章 | 股东和股东大会 5 | | 第一节 | 股东 5 | | 第二节 | 股东大会的一般规定 7 | | 第三节 | 股东大会的召集 8 | | 第四节 | 股东大会的提案与通知 10 | | 第五节 | 股东大会的召开 11 | | 第六节 | 股东大会的表决和决议 14 | | 第五章 | 董事会 17 | | 第一节 | 董事 17 | | 第二节 | 董事会 20 | | 第六章 | 经理及其他高级管理人员 23 | | 第七章 | 监事会 24 | | 第一节 | 监事 24 | | 第二节 | 监事会 25 | | 第八章 | 财务会计制度、利润分配和审计 26 | | 第一节 | 财务会计制 ...

北京市鼎业律师事务所 BEIJING DINGYE LAW FIRM 中国北京市海淀区人大北路33号大行基业大厦16层 电 话：86-010-82685026 传 真：86-010-82684574 邮 编：100080 北京市鼎业律师事务所 关于内蒙古远兴能源股份有限公司 2024 年第四次临时股东大会的 法律意见 鼎业证字[2024]YX005 号 内蒙古远兴能源股份有限公司： 北京市鼎业律师事务所（以下简称"本所"）接受内蒙古远兴能源股份有限 公司（以下简称"公司"或"贵公司"）的委托，指派本所律师出席贵公司 2024 年第四次临时股东大会（以下简称"本次股东大会"），就本次股东大会会议的 召集与召开程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等 事宜，出具法律意见。 为出具本法律意见书之目的，贵公司向本所律师提供了与本次股东大会召开 事宜有关的文件、资料。贵公司承诺向本所律师提供的文件及所作的陈述和说明 是完整的、真实的和有效的，有关原件及其上面的签字和印章是真实的，且一切 足以影响本法律意见书的事实和文件均已向本所披露，无任何隐瞒、疏漏之处。 本所律师根据《中华人民共和国公司法》（以下 ...

证券代码：000683 证券简称：远兴能源 公告编号：2024-072 内蒙古远兴能源股份有限公司 2024年第四次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1.本次股东大会没有出现否决议案的情形。 2.本次股东大会不涉及变更以往股东大会已通过的决议。 2.现场会议召开地点：鄂尔多斯市东胜区鄂托克西街博源大厦 19 层会议室 3.召开方式：现场投票和网络投票相结合的方式 4.召集人：公司董事会 5.现场会议主持人：董事长宋为兔先生 6.会议的召开符合《公司法》《股票上市规则》及有关法律法规、部门规 章和《公司章程》的规定。 7.股东出席的总体情况： 通过现场和网络投票参加本次股东大会的股东及股东代理人共 626 人，代 表股份 1,446,348,769 股，占公司有表决权股份总数 3,739,176,560 股的 38.6809%。 一、会议召开和出席情况 1.召开时间： 现场会议召开时间：2024 年 10 月 14 日（星期一）下午 14:50。 网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 202 ...

证券代码：000683 证券简称：远兴能源 公告编号：2024-071 内蒙古远兴能源股份有限公司 2.本次增持前，戴连荣先生持有公司股份 31,941 股，占公司总股本的 0.0009%，戴连荣先生持有公司控股股东博源集团 26.8928%股权，博源集团及其 一致行动人北京中稷弘立资产管理有限公司（以下简称中稷弘立）合计持有公司 股份 1,154,792,990 股，占公司总股本的 30.8836%。 3.本次增持主体戴连荣先生在本公告披露之前 12 个月内未披露过增持计划， 亦不存在在本次公告前 6 个月内减持公司股份的情况。 二、本次增持的情况 1.增持目的：基于对公司未来发展前景的信心与长期投资价值的认可。 2.增持方式：集中竞价。 关于实际控制人增持公司股份的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 内蒙古远兴能源股份有限公司（以下简称公司）于 2024 年 10 月 10 日收到 公司实际控制人戴连荣先生通知，基于对公司未来发展前景的信心与长期投资价 值的认可，戴连荣先生于 2024 年 10 月 9 日、10 日以自有资金通过集中竞价 ...