公 司 研 究 Q1 业绩同比扭亏为盈，同时开展项目跟投股权投资 ——公司信息更新报告 | --- | --- | |-------------------------|------------| | 日期 | 2024/4/30 | | 当前股价 ( 元 ) | 9.36 | | 一年最高最低 ( 元 ) | 14.29/5.88 | | 总市值 ( 亿元 ) | 69.40 | | 流通市值 ( 亿元 ) | 68.77 | | 总股本 ( 亿股 ) | 7.41 | | 流通股本 ( 亿股 ) | 7.35 | | 近 3 个月换手率 (%) | 116.93 | -48% -24% 0% 24% 48% 2023-05 2023-09 2024-01 黑猫股份 沪深300 相关研究报告 《Q2 原料下跌拖累主业，公司丰富导 电炭黑产品序列—公司信息更新报 告》-2023.8.28 2024 年 Q1 煤焦油波动同比减小，公司业绩同比扭亏，维持"买入"评级 Q1 为传统淡季，炭黑价差环比缩窄，公司 Q1 业绩环比下跌、同比扭亏 根据央广网报道，2024 年 4 月 25 日，宁德时代发布全球首款兼顾 1 ...

Financial Performance - The company's revenue for Q1 2024 was CNY 2,384,891,152.51, representing an increase of 8.10% compared to CNY 2,206,223,604.40 in the same period last year[4] - Net profit attributable to shareholders was CNY 3,753,861.20, a significant turnaround from a net loss of CNY 103,955,433.57 in Q1 2023, marking an increase of 103.61%[4] - The total profit for the quarter was CNY 8,095,667.50, a significant improvement from a loss of CNY 104,686,546.46 in the same period last year, reflecting a 107.73% increase[8] - Net profit for Q1 2024 was CNY 2,749,984.87, a significant recovery from a net loss of CNY 110,174,210.88 in Q1 2023[21] - The company reported a gross profit margin of approximately 0.67% for Q1 2024, compared to a negative margin in the previous year[19] Cash Flow - The net cash flow from operating activities improved to CNY 75,976,735.77, compared to a negative cash flow of CNY 462,326,126.93 in the previous year, reflecting a 116.43% increase[4] - The total cash inflow from operating activities for Q1 2024 was CNY 1,843,431,478.28, an increase of 15.8% compared to CNY 1,591,273,747.33 in Q1 2023[22] - The net increase in cash and cash equivalents for the quarter was CNY 299,151,862.61, compared to a decrease of CNY 225,031,791.17 in Q1 2023[23] - The ending balance of cash and cash equivalents was CNY 608,189,564.30, up from CNY 240,993,243.40 at the end of Q1 2023[23] - The company received CNY 56,659,306.92 in cash related to operating activities, a decrease from CNY 179,434,253.80 in the previous year[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 8,565,625,283.91, up 7.87% from CNY 7,940,740,028.55 at the end of the previous year[4] - Total liabilities increased to CNY 5,391,935,965.56 from CNY 4,770,518,344.46, representing a rise of 13.03%[17] - The total current assets at the end of the reporting period amounted to ¥4,687,671,621.16, up from ¥4,088,272,798.73, indicating an increase of about 14.7%[15] Shareholder Information - The total number of common shareholders at the end of the reporting period is 38,938[10] - The largest shareholder, Jingdezhen Black Cat Group Co., Ltd., holds 34.36% of the shares, totaling 254,743,820 shares[10] - The company has not disclosed any related party relationships among the top 10 shareholders[11] - There were no changes in the participation of the top 10 shareholders in margin trading and securities lending activities[11] Research and Development - Research and development expenses surged to CNY 11,625,887.58, a dramatic increase of 1211.58% compared to CNY 886,402.43 in Q1 2023, indicating a strong focus on innovation[8] - Research and development expenses increased to CNY 11,625,887.58, compared to CNY 886,402.43 in the same quarter last year, indicating a focus on innovation[19] - The company plans to establish a core employee investment platform with an investment of ¥5,000,000 to support innovation projects[12] Stock and Share Repurchase - The company repurchased and canceled 6,067,200 restricted stocks, reducing total shares from 741,412,396 to 735,345,196[12] Operational Efficiency - The company's cash flow from operating activities showed a positive trend, indicating improved operational efficiency and financial health[22] - Cash outflow from investing activities totaled CNY 184,299,357.12, up from CNY 102,456,335.91 in Q1 2023, resulting in a net cash outflow of CNY 184,274,697.65[23] - Cash inflow from financing activities was CNY 894,308,000.00, down from CNY 1,382,000,000.00 in Q1 2023, while net cash flow from financing activities increased to CNY 401,702,456.76 from CNY 342,652,302.06[23] Inventory and Receivables - Accounts receivable rose to ¥1,916,177,501.12 from ¥1,825,154,731.70, an increase of about 5%[15] - Inventory increased to ¥1,131,236,741.92 from ¥904,391,987.17, reflecting a growth of approximately 25.1%[15] - The company experienced a 72.49% increase in prepayments, reaching CNY 168,315,424.68, primarily due to rising raw material prices[8]

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 9.37 yuan based on a 22x PE for 2024 [6][18]. Core Viewpoints - The company has transformed from a single product focus on carbon black to a platform for carbon-based new materials, including conductive carbon black and carbon nanotubes, to escape low-end competition [2][5]. - The carbon black industry in China is characterized by low concentration and intense competition, with the company positioned as a leader due to its extensive production capacity and strategic location of its production bases [4][45]. - The company is actively pursuing high-end and differentiated product development to enhance its competitive edge in the carbon black market [15][57]. Summary by Sections Company Overview - Founded in 2001, the company has become the largest carbon black producer in China and ranks among the top four globally, with a production capacity of 1.14 million tons per year [3][23]. - The company is transitioning towards high-end conductive carbon black and carbon-based materials, with ongoing projects to expand its production capacity [5][15]. Industry Analysis - The carbon black industry in China has a concentration ratio of about 40%, significantly lower than that of the US and Japan, indicating room for consolidation [4][61]. - The industry faces challenges from overcapacity and intense competition, necessitating a shift towards high-end products to maintain profitability [39][64]. Financial Projections - Revenue projections for 2024-2026 are 10 billion, 10.3 billion, and 11.4 billion yuan, with corresponding growth rates of 6%, 3%, and 11% [6][13]. - The net profit for the same period is expected to be 320 million, 440 million, and 570 million yuan, with growth rates of 230%, 38%, and 30% respectively [6][13]. Product Development - The company is focusing on developing lithium battery-grade conductive carbon black, with a current capacity of 10,000 tons and plans for further expansion [5][18]. - Projects for 50,000 tons of superconductive carbon black and 8,000 tons of coal-based needle coke are underway, aimed at establishing a comprehensive carbon-based materials platform [5][15].

编号：2024-001 | | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | 投资者关系活动类别 | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 线上参与黑猫股份2023年度网上业绩说明会全体投资者 | | 时间 | 2024年04月22日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司接待人员姓名 | 总经理李毅先生、董事兼财务总监段明焰先生、独立董事方彬福先 | | | 生、董事会秘书张志景先生。 | | | 1.导电炭黑项目投资大幅增加的原因是什么？投资增加后对项 | | | 目的收益率、投资回收期等指标是否造成影响？ | | | 答：您好，公司为满足下游客户产品品质需求，提升工厂智能 | | | 化程度，优化升级生产装置从而增加项目投资。公司在导电炭黑领 | | | 域会通过持续的研发投入，不断开发新产品，以提升产品的综合盈 | | | 利水平。谢谢！ | | | 2.想了解 ...

证券代码：002068 证券简称：黑猫股份 公告编号：2024-019 江西黑猫炭黑股份有限公司 关于举办2023年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 江西黑猫炭黑股份有限公司（以下简称"公司"）已于 2024 年 03 月 29 日在巨潮资讯 网披露了《2023 年年度报告》。为便于广大投资者更加全面深入地了解公司经营业绩、发 展战略等情况，公司定于 2024 年 04 月 22 日（星期一）15:00-17:00 在"价值在线" （http://www.ir-online.cn）举办 2023 年度网上业绩说明会，与投资者进行沟通和交流，广泛 听取投资者的意见和建议。公司现向投资者提前征集 2023 年度业绩说明会相关问题，提问 通道自发出公告之日起开放。 本次网上业绩说明会将采用网络远程的方式举行，出席说明会的人员为公司总经理李毅 先生、董事兼财务总监段明焰先生、独立董事方彬福先生、董事会秘书张志景先生。 投资者可通过以下两种方式，依据相关提示进行提问。 参与方式一：登录网址 https://eseb.cn/1dnkm ...

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].