2025 年 05 月 13 日 天然碱产能释放驱动增长，高股息提升投资性价 比 买入(维持) 事件 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：高铭谦 S1050124080006 gaomq@cfsc.com.cn | 基本数据 | 2025-05-12 | | --- | --- | | 当前股价（元） | 5.18 | | 总市值（亿元） | 194 | | 总股本（百万股） | 3739 | | 流通股本（百万股） | 3318 | | 52 周价格范围（元） | 4.97-8.14 | | 日均成交额（百万元） | 272.29 | —远兴能源（000683.SZ）公司事件点评报告 远兴能源发布 2024 年年报及 2025 年一季度报：2024 全年公 司实现营业总收入 132.64 亿元，同比增长 10.13%；实现归 母净利润 18.11 亿元，同比增长 28.46%。2025Q1 单季度实现 营业收入 28.69 亿元，同比下降-7.33%、环比下降 0.8%；实 现归母净利润 3.39 亿元，同比下降 40%。 投资要点 ▌产能释放对冲价 ...

扣非后净利润同比下降 14.17%，子公司获得探矿权 远兴能源(000683) ——远兴能源 2024 年年报点评 基础化工 [Table_Industry] /原材料 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 12,044 | 13,264 | 11,779 | 14,287 | 16,243 | | (+/-)% | 9.6% | 10.1% | -11.2% | 21.3% | 13.7% | | 净利润（归母） | 1,410 | 1,811 | 1,432 | 1,879 | 2,345 | | (+/-)% | -47.0% | 28.5% | -20.9% | 31.2% | 24.8% | | 每股净收益（元） | 0.38 | 0.48 | 0.38 | 0.50 | 0.63 | | 净资产收益率(%) | 10.5% | 12.5% | 9.4% | 11.6% | 13.4% | | ...

扣非后净利润同比下降 14.17%，子公司获得探矿权 远兴能源(000683) ——远兴能源 2024 年年报点评 基础化工 [Table_Industry] /原材料 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 7.60 [Table_CurPrice] 当前价格： 5.13 [Table_Market] 交易数据 52 周内股价区间（元） 4.97-8.14 本报告导读： 2024 年，公司实现扣非后净利润 20.72 亿元，同比下降 14.17%，公司全年碱业销量 同比增长 91.50%至 721.30 万吨。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 12,044 | 13,264 | 11,779 | 14,287 | 16,243 | | (+/-)% | 9.6% | 10.1% | -11.2% | 21.3% | 13.7% | | 净利润（归母） ...

关于举行2024年度业绩说明会的公告 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。 证券代码：000683 证券简称：远兴能源 公告编号：2025-037 内蒙古远兴能源股份有限公司 内蒙古远兴能源股份有限公司（以下简称公司）已于 2025 年 4 月 25 日在巨 潮资讯网披露了《2024 年年度报告》。 1 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可提前登录"互 动易"网站（http://irm.cninfo.com.cn），提交所关注的问题。公司将在业绩 说明会上对投资者普遍关注的问题进行回答。此次活动交流期间，投资者仍可登 录活动界面进行互动提问。欢迎广大投资者积极参与！ 特此公告。 内蒙古远兴能源股份有限公司董事会 二〇二五年五月九日 为便于广大投资者全面深入了解公司 2024 年度经营成果及财务状况等信息， 公司将于 2025 年 5 月 16 日（星期五）15:00-17:00 举行 2024 年度业绩说明会。 本次业绩说明会通过深圳证券交易所提供的"互 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][17] Core Views - The report highlights the cost advantages of natural soda ash becoming apparent, and it is optimistic about the growth potential of the company's new projects [6][8] - In 2024, the company achieved operating revenue of 13.26 billion yuan, a year-on-year increase of 10.13%, but the net profit attributable to the parent company decreased by 14.17% year-on-year to 2.07 billion yuan [6][10] - The report anticipates that with the completion of the Alashan Phase II project and the 1.2 million tons of sodium bicarbonate project, the company is expected to further expand its growth space [6][8] Financial Performance Summary - In 2024, the company sold 5.75 million tons of soda ash, a year-on-year increase of 123.88% [7] - The average cost of soda ash for the company in 2024 was 741 yuan per ton, a decrease of 12.31% year-on-year [7] - The projected net profits for 2025, 2026, and 2027 are 1.70 billion yuan, 2.08 billion yuan, and 2.14 billion yuan respectively, with corresponding EPS of 0.45 yuan, 0.56 yuan, and 0.57 yuan [6][10] Project Development - As of the end of 2024, the Alashan natural soda project Phase II had an accumulated investment of 1.406 billion yuan, with a project progress of 25%, expected to be completed by December 2025 [8] - The company plans to build a 1.2 million tons sodium bicarbonate project, with a total investment of 3.56 billion yuan, projected to have a pre-tax internal rate of return of 22.15% [8]

事件描述 公司发布2024 年报，全年实现收入132.6 亿元（同比+10.1%），实现归属净利润18.1 亿元（同比 +28.5%），实现归属扣非净利润20.7 亿元（同比-14.2%）。2025Q1 实现收入28.7 亿元（同比-7.3%，环 比-0.8%），实现归属净利润3.4 亿元（同比-40.4%，环比+5027.5%），实现归属扣非净利润3.3 亿元 （同比-41.1%，环比+19.6%）。公司拟向全体股东每10 股派发现金红利3.0 元（含税），现金分红总额 11.2 亿元，以4 月24 日收盘价计，股息率约为5.9%。 事件评论 2024 年主要产品价格延续下行，量增对冲部分影响。价格方面，受供需格局恶化及尿素出口限制影 响，2024 年公司主要产品价格呈现下行态势，根据百川盈孚，2024 年国内重质纯碱、轻质纯碱、尿 素、小苏打、动力煤（秦皇岛5500 大卡）均价分别为1967 元/吨、1832 元/吨、2158 元/吨、1675 元/ 吨、902 元/吨，分别同比-28.2%、-27.2%、-12.8%、-18.3%、-8.2%；产销量方面，银根矿业阿拉善塔 木素天然碱项目一期已实现达产达 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 13.26 billion yuan for 2024, representing a year-on-year increase of 10.1%. The net profit attributable to shareholders was 1.81 billion yuan, up 28.5% year-on-year, while the net profit excluding non-recurring items was 2.07 billion yuan, down 14.2% year-on-year [2][4]. - In Q1 2025, the company achieved a revenue of 2.87 billion yuan, a decrease of 7.3% year-on-year and 0.8% quarter-on-quarter. The net profit attributable to shareholders was 340 million yuan, down 40.4% year-on-year but up 5027.5% quarter-on-quarter [2][4]. - The company plans to distribute a cash dividend of 3.0 yuan per 10 shares (tax included), totaling 1.12 billion yuan, resulting in a dividend yield of approximately 5.9% based on the closing price on April 24 [2][4]. Summary by Sections Financial Performance - For 2024, the company achieved total revenue of 13.26 billion yuan, with a gross profit of 5.43 billion yuan, representing a gross margin of 41% [15]. - The company’s operating profit for 2024 was 3.60 billion yuan, accounting for 27% of total revenue [15]. - The projected net profits for 2025, 2026, and 2027 are 1.49 billion yuan, 1.91 billion yuan, and 2.33 billion yuan, respectively [10]. Market Conditions - The prices of major products are expected to continue declining in 2024, with domestic prices for key products such as heavy soda and light soda decreasing by 28.2% and 27.2% year-on-year, respectively [10]. - Despite the price decline, the company’s sales volume for soda ash and baking soda increased significantly, with year-on-year growth of 123.9% and 22.2%, respectively [10]. Future Outlook - The second phase of the Alashan natural soda project is expected to be completed by December 2025, which will add an annual production capacity of 2.8 million tons of soda ash and 400,000 tons of baking soda, contributing to incremental profits [10]. - The company maintains a strong profit margin due to its low-cost natural soda production process, which is expected to sustain profitability even in a challenging pricing environment [10].

Core Viewpoint - The company has disclosed its financial performance and significant events, including arbitration cases and a proposed profit distribution plan for 2024, which reflects its operational status and shareholder returns. Financial Data - The company reported a net profit of 739,543,659.19 yuan for 2024, with an unallocated profit at the beginning of the year of 6,588,345,686.05 yuan, leading to an ending unallocated profit of 6,127,247,581.32 yuan after accounting for statutory surplus reserves [14][15]. - The proposed cash dividend is 3 yuan per 10 shares, totaling an estimated cash distribution of 1,115,621,718.00 yuan, which represents 66.74% of the distributable profit for the year [15][17]. Shareholder Information - The company has a total of 3,739,176,560 shares, with 20,437,500 shares being repurchased and canceled, resulting in a total of 3,718,739,060 shares for the dividend calculation [15][16]. Arbitration and Legal Matters - The company is involved in an arbitration case initiated by China Coal Energy Co., Ltd., claiming a total of 2.331 billion yuan for exploration rights and related costs [5][6]. - The company has recognized a provision for expected liabilities amounting to 185,035,600 yuan related to the arbitration, accumulating a total provision of 1,149,035,600 yuan [7]. Daily Related Transactions - The company has estimated its daily related transactions for 2025 to be 1,674.70 million yuan, based on the previous year's actual transactions of 1,788.42 million yuan [28][29]. - The company has established relationships with several related parties, including Inner Mongolia Boyuan Engineering Co., Ltd., which provides various services and products [31][32][33]. Loan Guarantees - The company has approved a loan guarantee of 200 million yuan for its subsidiary, Inner Mongolia Boyuan Silver Root Mining Co., Ltd., to support its operational funding needs [49][50]. - The total amount of guarantees provided by the company and its subsidiaries exceeds 50% of the latest audited net assets, amounting to 1,002,084.24 million yuan, which raises considerations for investor awareness [50][54].

内蒙古远兴能源股份有限公司 2024年度独立董事述职报告 一、本人基本情况 （一）个人履历 本人董敏，中国国籍，1967 年 5 月出生，中共党员，研究生学历。历任鄂 尔多斯集团房地产公司副总裁，鄂尔多斯仲裁委员会副秘书长、副主任，现任 内蒙古三恒律师事务所合伙人会议主席，公司独立董事。 （二）独立性说明 本人未在公司担任除独立董事以外的其他职务，也未在公司主要股东公司 担任任何职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍其进 行独立客观判断的关系，不存在影响独立董事独立性的情况，符合《上市公司 独立董事管理办法》《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》中对独立董事独立性的相关要求。 二、年度履职概况 （一）出席董事会和股东大会情况 述职人：董敏 内蒙古远兴能源股份有限公司全体股东： 作为内蒙古远兴能源股份有限公司（以下简称公司）的独立董事，本人2024 年严格按照《公司法》《证券法》《上市公司独立董事管理办法》等法律法规 及《公司章程》等公司制度的相关规定，忠实、勤勉地履行有关职责，积极出 席股东大会、董事会和各专门委员会会议，认真审议各项议案并就相关事项发 表 ...

内蒙古远兴能源股份有限公司 2024年度独立董事述职报告 述职人：张世潮 内蒙古远兴能源股份有限公司全体股东： 本人作为内蒙古远兴能源股份有限公司（以下简称公司）的独立董事，在任职 期间严格按照《公司法》《证券法》《上市公司独立董事管理办法》《上市公司治 理准则》等相关法律法规和《公司章程》《独立董事制度》等公司制度履行职责。 2024 年度，本人在工作中忠实、勤勉、尽责，积极参与公司重大事项的决策，充分 发挥独立董事的作用，切实维护公司利益和全体股东尤其是中小股东的合法权益。 现将本人 2024 年度的履职情况报告如下： 一、本人基本情况 （一）个人履历 本人 1964 年 6 月出生，本科学历，高级会计师。历任包头糖厂、包头草原糖 业集团有限责任公司财务科副科长、财务处处长职务，包头华资实业股份有限公司 财务负责人、副董事长、财务总监、党委书记，现任内蒙古兴业银锡矿业股份有限 公司独立董事，内蒙古鄂尔多斯资源股份有限公司独立董事，公司独立董事。 （二）独立性情况 本人未在公司担任除独立董事以外的其他职务，也未在公司主要股东企业担任 任何职务，与公司及控股股东、实际控制人不存在直接或者间接利害关系，或者其 ...