Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 6.75 yuan [2] Core Views - The company's Q3 2024 performance showed significant year-on-year growth, driven by increased sales of soda ash [5] - The Alashan natural soda ash project is progressing steadily, with the first phase already operational and the second phase under construction, expected to be completed by December 2025 [5] - The company benefits from a cost advantage due to its superior location and low-energy consumption production process, which enhances profitability [5] Financial Performance - In Q3 2024, the company achieved revenue of 3.3 billion yuan, a 23% year-on-year increase, and a net profit of 600 million yuan, up 31% year-on-year [3] - For the first three quarters of 2024, the company's revenue reached 10.4 billion yuan, a 29% year-on-year increase, with a net profit of 1.8 billion yuan, up 20% year-on-year [3] - The company's EPS for 2024-2026 is forecasted to be 0.68, 0.78, and 0.90 yuan, respectively, with net profits of 2.555, 2.907, and 3.368 billion yuan [5] Industry and Market Dynamics - The soda ash industry in 2024 experienced both supply and demand growth, with increased domestic production and imports, but the market remains oversupplied, leading to declining prices [5] - Heavy soda ash prices in Q3 2024 were 1,868 yuan/ton, down 28% year-on-year and 16% quarter-on-quarter, while urea prices were 2,084 yuan/ton, down 18% year-on-year and 8% quarter-on-quarter [5] - The company's soda ash sales were supported by the "Golden September and Silver October" expectations in the real estate sector and the demand from new photovoltaic glass production lines [5] Project Development - The Alashan natural soda ash project's first phase has four production lines with a combined annual capacity of 5 million tons of soda ash and 400,000 tons of baking soda, all of which are operating normally [5] - The second phase of the Alashan project, with an investment of 5.5 billion yuan, is expected to add 2.8 million tons of soda ash and 400,000 tons of baking soda annually by December 2025 [5] Cost Advantage - The company's subsidiary, Yingen Mining, benefits from its proximity to coal resources, which reduces the cost of raw materials for soda ash production [5] - The natural soda ash production method used by the company is more energy-efficient and environmentally friendly compared to traditional methods, further enhancing its cost advantage [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has achieved significant revenue growth, with a 29% year-on-year increase in operating income to 10.37 billion yuan for the first three quarters of 2024, and a 20% increase in net profit attributable to shareholders, reaching 1.80 billion yuan [2][3] - The first phase of the Alashan project is generating benefits, and the second phase is progressing smoothly, which is expected to enhance the company's long-term growth potential [6][2] Summary by Sections Financial Performance - For Q3 2024, the company reported an operating income of 3.30 billion yuan, a year-on-year increase of 23% but a quarter-on-quarter decrease of 13% [3] - The net profit attributable to shareholders for Q3 2024 was 600 million yuan, reflecting a 31% year-on-year increase but a 7% decrease from the previous quarter [3] - The company’s gross profit margin was 38.94%, showing a slight year-on-year decrease of 0.01 percentage points and a quarter-on-quarter decrease of 5.3 percentage points [3] Market Position and Outlook - The company is expected to benefit from the completion of the Alashan project, which has a planned production capacity of 7.8 million tons/year for soda ash and 800,000 tons/year for sodium bicarbonate [5] - The second phase of the Alashan project is set to begin construction in December 2023, with an estimated investment of 5.5 billion yuan and a completion target of December 2025 [5][6] - Revenue forecasts for 2024, 2025, and 2026 are projected at 13.6 billion, 15.1 billion, and 17.0 billion yuan respectively, with net profits expected to be 2.39 billion, 2.80 billion, and 3.25 billion yuan [6][7]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [7]. Core Views - The company's Q3 performance exceeded expectations, with a revenue of 10.372 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 29.04%. The net profit attributable to shareholders reached 1.805 billion yuan, up 19.84% year-on-year [4][5]. - The first phase of the Alashan natural soda project has reached full production capacity, and the second phase is set to begin construction, expected to be completed by the end of 2025, indicating significant growth potential for the future [6]. Summary by Sections Market Data - Closing price as of October 30, 2024: 6.66 yuan - Market capitalization: 21,864 million yuan - Price-to-book ratio: 1.7 - Dividend yield: 4.50% [2]. Financial Performance - For Q3 2024, the company reported a revenue of 3.303 billion yuan, a year-on-year increase of 23.13%, and a net profit of 596 million yuan, up 31.30% year-on-year [4][5]. - The gross profit margin for Q3 was 38.94%, and the net profit margin was 25.66% [5]. Future Projections - The company expects a revenue of 15.33 billion yuan in 2024, with a year-on-year growth rate of 27.3%. The projected net profit for 2024 is 2.157 billion yuan, reflecting a growth rate of 53.0% [8]. - The company has adjusted its profit forecasts for 2024-2026, with net profits expected to be 2.157 billion yuan in 2024, 2.634 billion yuan in 2025, and 3.557 billion yuan in 2026 [7][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has reported a significant increase in Q3 investment income, with performance exceeding expectations. For the first three quarters of 2024, the company achieved operating revenue of 10.372 billion yuan, a year-on-year increase of 29.04%, and a net profit attributable to shareholders of 1.805 billion yuan, a year-on-year increase of 19.84% [4] - In Q3 alone, the company recorded operating revenue of 3.303 billion yuan, a quarter-on-quarter decrease of 12.84%, and a net profit of 596 million yuan, a slight quarter-on-quarter decline of 6.94%. The performance was supported by steady growth in the production and sales of the Alashan natural soda project and a significant increase in investment income [4][5] - Despite a decline in soda ash prices, the company maintains its profit forecasts for 2024-2026, expecting net profits of 2.721 billion, 2.733 billion, and 3.079 billion yuan, respectively, with corresponding EPS of 0.73, 0.73, and 0.83 yuan. The current stock price corresponds to P/E ratios of 9.1, 9.1, and 8.1 times [4] Summary by Sections Financial Performance - For Q3 2024, the average price of soda ash decreased, with heavy and light soda ash prices at 1,837 yuan/ton and 1,617 yuan/ton, respectively, down 13.54% and 18.48% quarter-on-quarter. Despite a seasonal decline in industry operating rates, the company’s production and sales have steadily increased due to the Alashan project [5] - The company’s inventory increased from 865,400 tons at the end of Q2 to 1,455,600 tons by the end of September, marking a 68.2% increase [5] Project Development - The first phase of the Alashan natural soda project has reached production capacity, and the second phase has commenced construction, expected to be completed by December 2025. This development is anticipated to further enhance the company's growth potential [6] Financial Projections - The company’s projected operating revenues for 2024, 2025, and 2026 are 15.32 billion, 16.701 billion, and 17.482 billion yuan, respectively, with corresponding net profits of 2.721 billion, 2.733 billion, and 3.079 billion yuan. The gross margin is expected to be around 38.9% in 2024, with net margins improving to 21.7% [7][8]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 8.55 CNY [1]. Core Views - The company's Q3 performance exceeded market expectations, with revenue of 3.303 billion CNY, a year-on-year increase of 23.13%, and a net profit attributable to shareholders of 596 million CNY, up 31.30% year-on-year [1]. - The increase in profits is attributed to the natural soda ash segment, despite a weakening price trend in the pure soda market [1]. - The company has made significant progress in its projects, with the first phase of the natural soda project achieving stable operations and the second phase under construction [1]. Financial Summary - For 2023, total revenue is projected at 12.044 billion CNY, with a year-on-year growth rate of 9.6%. The net profit attributable to shareholders is expected to be 1.41 billion CNY, reflecting a decline of 47% [2]. - The company forecasts a net profit of 2.071 billion CNY for 2024, representing a growth of 46.9% year-on-year [2]. - The earnings per share (EPS) for 2024 is estimated at 0.55 CNY, with a price-to-earnings (P/E) ratio of 12 [2]. Operational Insights - The company’s sales gross margin for Q3 was 38.95%, with a net profit margin of 25.66% [1]. - Investment income from joint ventures increased significantly, primarily due to the performance of the subsidiary Mengda Mining [1]. - The company has a total asset balance of 34.094 billion CNY, with a debt-to-asset ratio of 44.01% [3]. Project Developments - The first phase of the 5 million tons per year soda ash project has achieved stable operations, and the second phase is under construction [1]. - The company has secured water rights of 10 million cubic meters per year to support its production needs [1]. Market Position - The company is positioned as a leader in the industry, with expectations of continued growth driven by capacity expansion and cost advantages [1].

Investment Rating - The report maintains an "Outperform" rating for Inner Mongolia Yuan Xing Energy [1][8]. Core Views - The recurring net profit for the first three quarters of 2024 increased by 16.48% year-on-year, with operating revenue reaching 10.372 billion yuan, a 29.04% increase year-on-year [4][5]. - The first phase of the Alashan project has been fully commissioned, with all production lines operating normally and no immediate plans for maintenance shutdowns [6][7]. - The company has secured water rights of 5 million cubic meters per year, ensuring sufficient water supply for its production needs [7]. Financial Summary - For 2024, the company is projected to achieve a net profit of 2.670 billion yuan, with further increases expected in subsequent years, reaching 3.041 billion yuan in 2025 and 3.624 billion yuan in 2026 [8]. - The gross profit margin for the first three quarters of 2024 was 42.63%, an increase of 5.23 percentage points year-on-year, while the net profit margin was 25.99%, up by 2.69 percentage points year-on-year [5][6]. - The company's accounts receivable and prepayments increased significantly, by 106.58% and 116.48% year-on-year, respectively, attributed to higher sales volumes and increased credit sales [5].

编号：2024-007 证券代码：000683 证券简称：远兴能源 内蒙古远兴能源股份有限公司投资者关系活动记录表 | --- | --- | --- | |----------------|---------------------------|----------------------------------------------------------------| | | □特定对象调研 □分析师会议 | | | | □媒体采访 | □业绩说明会 | | 投资者关系活动 | □新闻发布会 □路演活动 | | | 类别 | □现场参观 | | | | ☑ 其他（电话会议） | | | | | 全天候私募证券基金:胡聪玲；上海重阳投资 : 钱新华；上海微积分 | | | 私募基金 : | 侯继雄；汇丰前海证券：茹艺；财通基金：张玉龙；江 | | | | 苏第五公理投资管理有限公司：郭雷雨；中银国际证券：赵泰；浙 | | | | 江银万私募基金：余涛；国都证券：翁振杰；上海度势投资：顾宝 | | | | 成；国泰君安证券：沈唯；西藏合众易晟投资：虞利洪；居里投资 | | | | 基金管理：张学成；英大保 ...

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 ...