证券代码：002221 证券简称：东华能源 公告编号：2024-036 2024 年 5 月 21 日，"东华能源万吨级碳纤维项目"正式开工。该项目由东 华能源股份有限公司（以下简称"东华能源"或"公司"）全资子公司东华能源 （茂名）碳纤维有限公司投资建设。 一、项目概况 "东华能源万吨级碳纤维项目"（以下简称"项目"）总体设计为年产能万 吨级高性能碳纤维（T800/T1000）产业化建设项目，具体分两期建设完成。项目 一期新建 2 条纺丝线、2 条碳化线，配套 1 套两步法工艺用万吨级聚合生产线， 并配套建设溶解、回收、制水、制氮、动力等相关生产装置，建设完成后可实现 年产能 4,800 吨高性能碳纤维。项目二期新建 2 条纺丝线、2 条碳化线，1 条两 步法工艺用 3 万吨级聚合线，两期建设完成后可实现年产能 8,000 吨高性能碳纤 维，23,840 吨聚丙烯腈粉料。 "东华能源万吨级碳纤维项目"所采用的是水相沉淀聚合、DMSO 溶解、干 喷湿纺、两步法制备工艺，可实现产业化生产 T800/T1000 碳纤维，该技术先进 可靠、装置运行稳定、生产成本低、产品满足市场需求，在国际和国内市场具有 很强竞争力 ...

公司研究丨点评报告丨东华能源（002221.SZ） | --- | --- | --- | --- | --- | |----------|-------|-------|-------|-------| | | | | | | | 报告要点 | | | | | [Table_Author] 魏凯 侯彦飞 请阅读最后评级说明和重要声明 相关研究 [Table_Title2] 业绩有所改善，未来氢能发展空间广阔公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 丨证券研究报告丨 [Table_Title] 业绩有所改善，未来氢能发展空间广阔 分析师及联系人 SAC：S0490520080009 SAC：S0490521050002 SFC：BUT964 东华能源（002221.SZ） cjzqdt11111 10-29 2023-08-28 [Table_Summary2] 事件描述 公司公布 2024 年一季度报告，2024 年一季度累计营业收入 71.13 亿元，同比下降 0.66%；归 母净利润 0.56 亿元，同比增长 7.53%；经营活动产生的现金流量净额-2.18 亿元，同比增长 33 ...

特别提示： 证券代码：002221 证券简称：东华能源 公告编号：2024-035 东华能源股份有限公司 2023年年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 3、为尊重中小投资者利益，提高中小投资者对公司股东大会决议重大事项 的参与度，本次股东大会审议的议案对中小投资者单独计票。中小投资者指以 下股东以外的其他股东：（1）上市公司的董事、监事、高级管理人员；（2） 单独或者合计持有上市公司5%以上股份的股东。 一、会议召开和出席情况 1、2023 年年度股东大会的会议通知已以公告形式刊登于《证券时报》与巨 潮资讯网，会议采取现场与网络相结合的方式举行，现场会议于 2024 年 5 月 10 日在公司南京管理总部会议室召开。网络会议通过深圳证券交易所的交易系统与 深圳证券交易所互联网投票系统分别于2024年5月10日9:15-9:25、9:30-11:30、 13:00-15:00 以及 2024 年 5 月 10 日 9:15-15:00 ...

本所及经办律师同意将本法律意见书随贵公司本次年度股东大会决议一并 公告，并依法对本法律意见书承担相应的责任。 一、本次年度股东大会的召集、召开程序 江苏金禾律师事务所 关于东华能源股份有限公司 2023年年度股东大会的法律意见书 致：东华能源股份有限公司 根据《公司法》、《证券法》和中国证券监督管理委员会发布的《上市公司 股东大会规则》等法律、法规和规范性文件以及贵公司《章程》的规定，本所受 贵公司董事会的委托，指派本律师出席贵公司2023年年度股东大会，并就本次年 度股东大会的召集、召开程序、出席会议人员资格、召集人资格、表决程序以及 表决结果的合法有效性等事项出具法律意见。 本所及经办律师依据《证券法》、《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务规则》等规定及本法律意见书出具日以前已经发生 或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行 了充分的核查验证，保证本法律意见书所认定的事实真实、准确、完整，所发表 的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承担 相应法律责任。 （2）本次年度股东大会的现场会议于2024年5月10日下午2：0 ...

证券代码：002221 证券简称：东华能源 公告编号：2024-034 东华能源股份有限公司（以下简称"公司"），于 2024 年 4 月 18 日在《证 券时报》及巨潮资讯网上发布了《关于召开 2023 年年度股东大会的通知》（公 告编号：2024-026）。其中《附件二：授权委托书》提案表决意见表（该列打勾 的栏目可以投票）未打勾（√），现补充打勾（√）并披露如下： 附件二： 授 权 委 托 书 致：东华能源股份有限公司： 兹委托 先生（女士）代表本公司（本人）出席东华能源股份有限公司 2023 年年度股东大会，对以下议案以投票方式代为行使表决权： 东华能源股份有限公司 关于 2023 年年度股东大会的补充公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 1 / 2 | | 议案 | | | --- | --- | --- | | 5.00 | 关于2023年年度利润分配预案的 | √ | | | 议案 | | | 6.00 | 关于2024年度经营性关联交易预 | √ | | | 计的议案 | | | 7.00 | 关于续聘2024年度审计机构的议 ...

本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 东华能源股份有限公司（以下简称"公司"或"本公司"）近日收到公司独 立董事林辉先生告知，其收到中国证券监督管理委员会下发的《行政处罚决定书》 （〔2024〕36 号）。其在担任江苏宏图高科股份有限公司（以下简称"宏图高 科"）独立董事期间，宏图高科存在信息披露违法违规行为。依据 2005 年《证 券法》第一百九十三条第一款，中国证券监督管理委员会对林辉给予警告，并处 以十万元的罚款。 上述行政处罚事项与本公司无关，不会对公司的日常经营活动产生影响。 特此公告。 东华能源股份有限公司 证券代码：002221 证券简称：东华能源 公告编号：2024-033 东华能源股份有限公司 关于独立董事因非本公司事项收到《行政处罚决定书》的公告 董事会 2024 年 5 月 7 日 1/1 ...

Financial Performance - Total operating revenue for Q1 2024 was approximately CNY 7.11 billion, a slight decrease of 0.66% compared to CNY 7.16 billion in Q1 2023[11] - Total operating costs for Q1 2024 were approximately CNY 7.08 billion, down 0.47% from CNY 7.12 billion in the same period last year[11] - Net profit for Q1 2024 reached approximately CNY 61.81 million, an increase of 4.93% from CNY 58.99 million in Q1 2023[12] - Earnings per share for Q1 2024 were CNY 0.0354, compared to CNY 0.0329 in Q1 2023, reflecting a growth of 7.58%[13] - The company reported an investment income of approximately CNY 10.37 million, up 27.06% from CNY 8.16 million in the previous year[12] - The company recorded a total comprehensive income of approximately CNY 36.33 million for Q1 2024, compared to CNY 22.51 million in the same period last year, indicating a significant increase[13] Cost Management - Research and development expenses for Q1 2024 were approximately CNY 6.35 million, a decrease of 3.50% from CNY 6.58 million in Q1 2023[11] - The company reported a significant decrease in sales expenses by 30.95%, amounting to a reduction of ¥7.21 million[10] - The company continues to strengthen cost management and leverage its own shipping and long-term leasing advantages to reduce raw material procurement costs[10] Cash Flow and Liquidity - The net cash flow from operating activities improved by 33.53%, reaching approximately -¥218.42 million, compared to -¥328.60 million in the previous year[26] - Operating cash flow for the current period was -218,424,009.45 CNY, an improvement from -328,596,533.55 CNY in the previous period, indicating a reduction in cash outflow[37] - The ending cash and cash equivalents balance was 3,845,550,560.35 CNY, down from 4,547,236,309.36 CNY in the previous period, reflecting a decrease in liquidity[38] - Cash and cash equivalents at the beginning of the period were 4,858,180,957.68 CNY, compared to 5,663,032,688.30 CNY in the previous period, showing a decline in available cash[38] Asset and Equity Changes - The company's total assets at the end of the reporting period were not disclosed, but the total number of common shareholders was 27,338[6] - Total assets at the end of the reporting period were approximately ¥42.27 billion, an increase of 0.64% from the end of the previous year[26] - The company's equity attributable to shareholders increased by 0.30% to approximately ¥10.69 billion[26] - Total assets increased from $42,000.0 million to $42,268.7 million, a growth of about 0.6%[49] - Total equity attributable to shareholders increased from $10,656.2 million to $10,687.7 million, a growth of about 0.3%[49] Investment Activities - Total cash inflow from investment activities decreased significantly to 97,045,932.78 CNY from 1,652,224,777.63 CNY in the previous period, reflecting a decline in investment recovery[38] - Cash outflow from investment activities was 1,061,919,338.95 CNY, down from 2,693,137,457.02 CNY, resulting in a net cash flow of -964,873,406.17 CNY for investment activities[38] - The company received 10,368,204.25 CNY in investment income, an increase from 8,124,777.63 CNY, indicating improved returns on investments[38] - The company reported a significant increase in cash received from the disposal of subsidiaries, totaling 50,800,000.00 CNY, up from 38,100,000.00 CNY in the previous period, reflecting successful divestitures[38] Future Outlook - The company plans to continue focusing on market expansion and new product development in the upcoming quarters[16] - The financial report for Q1 2024 has not been audited, indicating that the figures are preliminary and subject to change[15] - Cash flow statement for Q1 2024 indicates ongoing financial stability and operational efficiency[52]

Investment Rating - The report maintains a "Buy" rating for Donghua Energy (002221.SZ) with a current price of 9.02 CNY [4][9]. Core Insights - The company's performance in 2023 significantly improved due to the decline in propane prices, with a notable increase in net profit by 255% year-on-year [4][9]. - The Maoming project is progressing steadily, which is expected to enhance the company's leading position in the PDH (Propane Dehydrogenation) sector [6][7]. Financial Performance - In 2023, Donghua Energy achieved a revenue of 27.12 billion CNY, a decrease of 7% year-on-year, while the net profit attributable to shareholders was 151 million CNY, an increase of 255% [4][10]. - The average prices for propane, propylene, and oil-based polypropylene in 2023 were 5,261 CNY/ton, 7,027 CNY/ton, and 8,650 CNY/ton, reflecting year-on-year declines of 14%, 10%, and 1% respectively [4][6]. - The company’s projected net profits for 2024, 2025, and 2026 are 291 million CNY, 540 million CNY, and 1.01 billion CNY respectively, with significant growth rates anticipated [9][10]. Strategic Developments - Donghua Energy is actively expanding its hydrogen energy industry chain, enhancing its capabilities in hydrogen gas consumption and production [6][7]. - The company has invested in a high-temperature gas-cooled reactor nuclear power station in Maoming, aiming to develop green hydrogen production technologies [6][7]. Production Capacity - As of Q1 2024, Donghua Energy operates three major production bases in Zhangjiagang, Ningbo, and Maoming, with a total capacity of 2.4 million tons for PDH and 200,000 tons for polypropylene [7][9]. - The Maoming project, which includes a 600,000-ton PDH and a 400,000-ton polypropylene facility, is expected to contribute significantly to the company's future earnings [7][9].

Investment Rating - The investment rating for Donghua Energy is "Outperform the Market" and is maintained [2]. Core Views - The company reported a revenue of 27.123 billion yuan in 2023, a year-on-year decrease of 7.11%, while the net profit attributable to shareholders was 151 million yuan, a significant increase of 255.22% [5]. - The Maoming project is set to contribute to performance, with the PDH and PP units expected to start trial production in September 2023, and the 200,000 tons/year ammonia synthesis unit is also preparing for trial production [5]. - The company is actively promoting carbon fiber research and plans to start the first phase of the carbon fiber project in 2024 [6]. - A high-temperature gas-cooled reactor nuclear power station is being constructed in Maoming to achieve green and low-carbon development [6]. Financial Summary - Revenue and profit forecasts for Donghua Energy from 2024 to 2026 are as follows: - 2024: Net profit of 281 million yuan, EPS of 0.18 yuan - 2025: Net profit of 511 million yuan, EPS of 0.32 yuan - 2026: Net profit of 1.075 billion yuan, EPS of 0.68 yuan [7]. - The projected revenue for 2024 is 29.186 billion yuan, with a year-on-year growth of 7.6% [8]. - The gross profit margin is expected to improve from 5.6% in 2023 to 8.8% in 2026 [11]. Business Segmentation - The company’s revenue from polypropylene is projected to increase from 4.88 billion yuan in 2023 to 10.75 billion yuan in 2024, with a gross margin improvement from 4% to 8% [9]. - The revenue from propylene is expected to recover from a loss of 0.09 billion yuan in 2023 to a profit of 0.58 billion yuan in 2024 [9]. Valuation - The estimated reasonable value range for Donghua Energy is between 12.49 and 13.19 yuan, based on a PB ratio of 1.8-1.9 times for 2023 [7].

东华能源 (男) 东华能源2023年度 可持续发展报告 二零二四年四月 东华能源 (米) C | 扁制说明 | 01 | | --- | --- | | 童事长致培 | 03 | | 三、可持续发展重要议题 | 05 | | 四、东华能源基本情况 | 07 일부 및 공급 공급 공급 업체 및 공급 공급 업무 공급 업체 및 공급 업체 및 공급 업체 및 공급 공급 업체 및 공급 업체 및 공급 업체 및 공 | | 一）公司简介 | 08 | | 主营业务 | 08 | | 三）荣誉与认可 | . 09 | | (四) | 10 | | 五、环境信息披露 | | | (一) 应对气候变化 | 12 | | (二) 污染防治与生态系统保护 | 14 | | (三) 资源利用与循环经济 | 17 | | 六、社会信息披露 | 21 | | (一) 乡村振兴与社会贡献 | 22 | | (二) 创新驱动与科技伦理 | 24 | | (三) 供应商与客户 | 27 | | (四) 员工 | C 20 | | (五) 安全生产管理 | 35 | | 七、可持续发展相关治理信息披露 | 41 | | (一) 可持 ...