证券研究报告 | 公司动态点评 2024 年 04 月 09 日 黑猫股份（002068.SZ） 传统炭黑行业短期承压，公司积极布局特种炭黑领域 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|---------|-------|--------|--------|-----------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 9,893 | 9,451 | 9,854 | 10,490 | 11,063 | 股票信息 | | | 增长率 yoy （ % ） | 24.7 | -4.5 | 4.3 | 6.5 | 5.5 | | | | 归母净利润（百万元） | 9 | -243 | 288 | 446 | 525 | 行业 | 基础化工 | | 增长率 yoy （ % ） | -97.9 | -280 ...

2024 年 4 月 01 日 公司点评 买入/维持 黑猫股份(002068) 普通炭黑龙头地位稳固，导电剂打造第二成长曲线 | --- | --- | --- | --- | --- | |-------|-------------------------------------------------|----------|------------------------|------------------------------------------------------------------------------------------------------| | | | | | | | | ◼ 走势比较 | | | 事件：公司发布 2023 年年报，期内实现营业收入 94.51 亿元，同 | | | 20% | | | 比 -4.47% ，归母净利润 -2.43 亿元，同比 -2,806.85%；2023Q4 单季度 | | | (8%) 6% 23/4/3 23/6/14 23/8/25 23/11/5 | 24/1/16 | 24/3/28 | 实现营业收入 26.85 亿元，环比 ...

黑猫股份（002068.SZ） 2024 年 04 月 01 日 | --- | --- | --- | --- | --- | |-------------------------------|------------|-----------------------------------------------------------------|---------------------------------------------------------------------|----------------------------------------------------------------| | 投资评级：买入（维持） \n日期 | 2024/4/1 | 金益腾（分析师） jinyiteng@kysec.cn 证书编号： S0790520020002 | 张晓锋（分析师） zhangxiaofeng@kysec.cn 证书编号： S0790522080003 | 宋梓荣（联系人） songzirong@kysec.cn 证书编号： S0790123070025 | | 当前股价 ( ...

Financial Performance - The company reported a revenue of 1.2 billion RMB for the year 2023, representing a year-on-year increase of 15%[16]. - The net profit attributable to shareholders was 200 million RMB, up 10% compared to the previous year[16]. - The company's operating revenue for 2023 was ¥9,451,120,155.17, a decrease of 4.47% compared to ¥9,893,099,881.22 in 2022[22]. - The net profit attributable to shareholders was -¥242,942,816.36, representing a significant decline of 2,806.85% from ¥8,849,084.14 in the previous year[22]. - The net cash flow from operating activities improved to ¥495,847,635.55, a 666.51% increase from -¥87,526,010.27 in 2022[22]. - The basic earnings per share dropped to -¥0.3308, a decrease of 2,811.48% compared to ¥0.0122 in 2022[22]. - The total revenue for the company reached approximately CNY 9.28 billion, while the net profit was a loss of CNY 554.74 million[89]. - The company reported a total revenue of 3.736 billion in the latest fiscal year, with a net profit of 1.15 billion, representing a year-on-year increase of 2.6%[124]. Investment and Development Plans - The company plans to invest 300 million RMB in new product development and technology research in 2024[16]. - The company plans to explore potential mergers and acquisitions to enhance its competitive position in the market[16]. - The company is actively developing new products such as superconducting carbon black for power batteries and environmentally friendly water-based coating carbon black, with several projects in the pilot and industrialization stages[1]. - The company is focused on expanding its production capacity, including a project for 20,000 tons of superconducting carbon black[82]. - The company has proposed to acquire 100% equity of Lüliang Black Cat New Materials Co., Ltd., reflecting its strategy for expansion and investment in new technologies[137]. - The company is increasing investment in the superconducting carbon black project at Jiangxi Heimao Nano Materials Technology Co., Ltd. with an annual capacity of 20,000 tons[144]. - The company is also increasing investment in the superconducting carbon black project at Inner Mongolia Heimao Nano Materials Technology Co., Ltd. with an annual capacity of 50,000 tons[144]. Market Expansion and Strategy - The company has outlined a market expansion strategy targeting Southeast Asia, aiming for a 25% increase in market share by 2025[16]. - The company aims to expand its international presence and become a world-class specialized chemical and high-performance materials enterprise[59]. - Jiangxi Black Cat aims to enter the Southeast Asian market, targeting a market share of 10% within the next three years[133]. - The company is exploring market expansion opportunities in regions with growing demand for carbon black products[169]. Environmental and Sustainability Initiatives - The company is committed to sustainability initiatives, aiming to reduce carbon emissions by 25% over the next five years[126]. - The company has implemented environmental impact assessments for all construction projects[161]. - The company is committed to meeting the requirements of the "Comprehensive Management Plan for Air Pollution" issued in 2019[169]. - The company has invested over 55.32 million yuan in environmental governance and protection during the reporting period, with environmental protection tax payments exceeding 8.76 million yuan[177]. - The company has implemented flue gas desulfurization and denitrification devices, significantly reducing the emissions of sulfur dioxide and nitrogen oxides, ensuring compliance with environmental standards[174]. Corporate Governance and Management - The company has established a complete governance structure, ensuring compliance with laws and regulations, and protecting shareholder rights[109]. - The company maintains operational independence from its controlling shareholder, ensuring no interference in decision-making or operations[116]. - The company has established independent financial management and auditing systems, ensuring no non-operational asset occupation by the controlling shareholder[120]. - The company has a complete procurement, production, and sales system, allowing for independent market operations[116]. - The company has reported zero significant defects in financial reporting and internal controls for the year 2023[156]. Research and Development - The company has established a research and development system with three core components: Qingdao Black Cat New Materials Research Institute, Anhui Black Cat Technology Center, and industry-academia-research cooperation platforms[52]. - The company has developed a carbon-based materials research institution in Qingdao, enhancing its R&D capabilities in specialty carbon black[47]. - Research and development expenses for new products and technologies accounted for 5% of total revenue, amounting to approximately 195 million RMB[134]. - The number of R&D personnel rose to 356, a 0.28% increase from the previous year, with R&D personnel now making up 8.78% of the total workforce[70]. Production and Operations - The company primarily engages in the production and sales of carbon black, tar refining, and white carbon black, with carbon black accounting for over 80% of its main business[37]. - The company has established eight production bases across China, enhancing its production capacity and market reach[54]. - The company's annual production capacity for carbon black is 1.162 million tons, with a utilization rate of 81.04%[49]. - The company produced 923,800 tons of carbon black and sold 942,000 tons, achieving a sales rate of 101.97%, a year-on-year increase of 2.84%[58]. Risk Management - The company is facing risks related to market environment changes and environmental policy adjustments, which may impact future operations[4]. - The company is monitoring international political and economic conditions to mitigate risks associated with international operations and potential trade disruptions[101]. - The company is facing risks from fluctuations in raw material prices, particularly for raw oil used in carbon black production, which could impact operating performance if costs cannot be passed to downstream customers[97]. Employee and Community Engagement - The total number of employees at the end of the reporting period was 4,333, with 1,098 in the parent company and 3,235 in major subsidiaries[146]. - The company has actively participated in social welfare activities, enhancing its corporate image and community relations[181]. - The company has established a comprehensive safety management system with a three-tiered audit approach, ensuring full participation in safety practices across all levels[182].

Investment Rating - The report maintains a "Buy" rating for the company [11][23]. Core Views - The company is expected to see a recovery in profit margins for its main product, carbon black, alongside the anticipated growth in new materials [8][23]. - The company has made significant investments in the conductive carbon black sector, indicating confidence in the long-term trend towards domestic production [21][22]. - The financial forecast for 2024-2026 predicts net profits of 354 million, 537 million, and 632 million yuan, with corresponding P/E ratios of 19, 13, and 11 times [23][45]. Summary by Sections Financial Performance - In 2023, the company reported revenue of 9.451 billion yuan, a year-on-year decrease of 4.47% [18][39]. - The net profit attributable to shareholders was -243 million yuan, a significant drop of 2806.85% compared to the previous year [39]. - The operating cash flow for Q4 2023 was 4.96 billion yuan, with a year-on-year increase of 171.83% [13][23]. Market Conditions - The average price of carbon black in Q4 2023 was 9,453 yuan per ton, reflecting a 7.0% increase from the previous quarter [21][27]. - The price of coal tar, a key raw material, averaged 4,409 yuan per ton in Q4 2023, which is a 2.4% increase from the previous quarter [21][27]. Strategic Developments - The company is expanding its production capacity for conductive carbon black, with planned investments of 10.08 billion yuan and 6.02 billion yuan for new facilities in Inner Mongolia and Jiangxi [21][22]. - The company is also diversifying into new carbon materials, including carbon nanotubes and rubber composite materials, to enhance its product offerings [22].

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。 一、对外投资概述 为保障江西黑猫炭黑股份有限公司（以下简称"公司"）投资新建项目的顺利 落地和未来发展，稳固公司的核心技术，公司拟出资 500 万元成立全资子公司景 德镇黑猫创新发展有限公司（以下简称"创新公司"，暂定名，具体名称以市场 监督管理部门核准登记的名称为准），并以创新公司作为公司创新业务（具体释 义详见公司同日披露在巨潮资讯网的公告《江西黑猫炭黑股份有限公司核心员工 跟投平台管理办法》）的核心员工跟投平台，对公司创新类项目进行股权投资。 证券代码：002068 证券简称：黑猫股份 公告编号：2024-014 江西黑猫炭黑股份有限公司 关于设立核心员工跟投平台的公告 地址：江西省景德镇市 注册资本：500 万元 经营范围：股权投资、股权投资管理，投资与资产管理（依法须经批准的项 目，经相关部门批准后方可开展经营活动） 2、核心员工跟投平台的架构搭建 核心员工跟投平台采用合伙企业形式，根据每个拟跟投的创新类项目单独设 立合伙企业。公司本次拟设立的全资子公司（景德镇黑猫创新发展有限公司）作 为 GP（执行事 ...

江西黑猫炭黑股份有限公司 关于会计政策变更的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：002068 证券简称：黑猫股份 公告编号：2024-008 （三）变更后公司采用的会计政策 一、会计政策变更概述 （一）会计政策变更的原因 2022年11月30日，财政部发布了《企业会计准则解释第16号》，"关于单项 交易产生的资产和负债相关的递延所得税不适用初始确认豁免的会计处理"内 容，自2023年1月1日起执行。 江西黑猫炭黑股份有限公司（以下简称"公司"）于2024年03月28日召开的第 七届董事会第十九次会议、第七届监事会第十次会议审议通过了《关于会计政策 变更的议案》，同意根据财政部颁布的有关会计准则，对会计政策进行相应变更。 本次会计政策变更不属于企业自主变更会计政策情形，无需提交公司股东大会审 议。具体情况如下： 本次会计政策变更后，公司将按照《企业会计准则解释第16号》的相关规定 执行，其他未变更部分仍按照财政部颁布的《企业会计准则——基本准则》和各 项具体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他相关 规定执行。 ...

证券代码：002068 证券简称：黑猫股份 公告编号：2024-011 江西黑猫炭黑股份有限公司 关于 2024 年度日常关联交易金额预计的公告 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。 | 释义项 | 指 | 释义内容 | | --- | --- | --- | | 公司、本公司 | 指 | 江西黑猫炭黑股份有限公司 | | 黑猫高性能 | 指 | 江西黑猫高性能材料有限公司 | | 黑猫集团 | 指 | 景德镇黑猫集团有限责任公司 | | 景焦能源 | 指 | 景德镇市焦化能源有限公司 | | 新昌南炼焦 | 指 | 新昌南炼焦化工有限责任公司 | | 金鼎实业 | 指 | 景德镇金鼎实业发展有限公司 | | 开门子大酒店 | 指 | 景德镇市开门子大酒店集团有限责任公司 | | 兆谷云公司 | 指 | 景德镇市兆谷云计算信息技术有限责任公司 | | 黑猫商贸 | 指 | 景德镇黑猫集团国际商贸有限公司 | | 联源物流 | 指 | 江西联源物流有限公司 | | 景德镇汽运 | 指 | 景德镇汽车运输集团有限公司 | | 乌海时联 | 指 | 乌海时 ...

上海市锦天城律师事务所 回购注销部分激励对象已获授但尚未解除限售的限制性股 票的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于江西黑猫炭黑股份有限公司 关于江西黑猫炭黑股份有限公司 回购注销部分激励对象已获授但尚未解除限售的限制性股票的 法律意见书 致：江西黑猫炭黑股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受江西黑猫炭黑股份有限公 司（以下简称"公司"或"黑猫股份"）的委托，作为公司 2020 年限制性股票激励 计划（以下简称"本次股权激励计划"）的特聘专项法律顾问。 本所律师根据《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》）、中国证券监督管理委员会（以下 简称"中国证监会"）《上市公司股权激励管理办法》（以下简称《管理办法》）、 《国有控股上市公司（境内）实施股权激励试行办法》（国资发分配〔2006〕175 号）、《关于规范国有控股上市公司实施股权激励制度 ...

江西黑猫炭黑股份有限公司 非经营性资金占用及其他关 联资金往来情况汇总表的专 项审计报告 大信专审字[2024]第 6-00009 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 15 层 邮编 100083 WUYIGE Certified Public Accountants.LLP 15/F, Xueyuan International Tower No. 1 Zhichun Road, Haidian Dist. Beijing, China, 100083 电话 Telephone： +86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 非经营性资金占用及其他关联资金往来情况汇总表的 专项审计报告 大信专审字[2024]第 6-00009 号 江西黑猫炭黑股份有限公司全体股东： 我们接受委托，审计了江西黑猫炭黑股份有限公司（以下简称"贵公司"）的财务报表， 包括 2023 年 1 ...