证券代码：002221 证券简称：东华能源 东华能源股份有限公司投资者关系活动记录表 编号：2024-002 | --- | --- | --- | |-----------------------------|--------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 投资者关系活动 | □特定对象调研 | □分析师会议 | | 类别 | □媒体采访 □业绩说明会 | | | | □新闻发布会 □路演活动 | | | ...

Investment Rating - The report maintains a "Buy" rating for Donghua Energy (002221.SZ) with a current price of 9.22 CNY [2] Core Views - The company's Q3 performance is under pressure due to the downturn in PDH (Propane Dehydrogenation) market conditions, but it is positioned to benefit from future industry recovery [3][4] - The company achieved a revenue of 23.7 billion CNY in the first three quarters of 2024, a year-on-year increase of 16.6%, with a net profit of 1.31 billion CNY, up 12.7% year-on-year [3] - Q3 alone saw a revenue of 9.36 billion CNY, a significant increase of 52.5% year-on-year, although net profit dropped by 30.7% year-on-year [3] - The company is actively expanding its hydrogen energy business, which is expected to alleviate pressure from narrowing PDH-PP price spreads [5] Summary by Sections Revenue Performance - In Q3 2024, the company reported a revenue of 9.36 billion CNY, a 52.5% increase year-on-year and a 28.9% increase quarter-on-quarter [3] - For the first three quarters of 2024, total revenue reached 23.7 billion CNY, reflecting a 16.6% year-on-year growth [3] Production Capacity and Projects - As of H1 2024, the company has three major production bases in Zhangjiagang, Ningbo, and Maoming, with a total capacity of 2.4 million tons of PDH and 200,000 tons of polypropylene [4] - The Maoming project is progressing steadily, which is expected to strengthen the company's leading position in the PDH market [4] Hydrogen Energy Strategy - The company is focusing on the hydrogen energy sector, enhancing its capabilities through internal hydrogen gas transportation and establishing hydrogen refueling stations [5] - In H1 2024, the company sold approximately 16,300 tons of hydrogen, marking a 30% year-on-year increase, which helps mitigate the impact of reduced PDH-PP price spreads on profitability [5] Profit Forecast and Valuation - Due to the downturn in PDH market conditions, the company has adjusted its profit forecasts for 2024-2026, expecting net profits of 1.59 billion CNY (down 45%), 2.95 billion CNY (down 45%), and 7.56 billion CNY (down 25%) respectively [5] - The report anticipates that as the PDH and polypropylene industries recover, the company's performance will significantly improve [5]

Investment Rating - The report maintains a "Buy" rating for Donghua Energy [7][10]. Core Views - The PDH (Propane Dehydrogenation) market remains sluggish, leading to pressure on the company's performance in the third quarter. The company reported a revenue of 23.733 billion yuan for the first nine months of 2024, a year-on-year increase of 16.63%, while the net profit attributable to shareholders was 131 million yuan, up 12.65% year-on-year. However, in Q3 2024, revenue reached 9.359 billion yuan, a year-on-year increase of 52.52% and a quarter-on-quarter increase of 28.89%, but net profit dropped to 21 million yuan, down 30.73% year-on-year and 61.46% quarter-on-quarter [3][4]. Summary by Sections Company Performance - In Q3 2024, the company experienced a decline in PDH market conditions, with the propylene-propane price spread at 657 USD/ton, down 23.2% quarter-on-quarter. The company has significant PDH and PP (Polypropylene) production capacity, and the completion of the Maoming project will position it as the largest PP producer globally [4][5]. Future Prospects - The company is focusing on hydrogen resource development, collaborating with China National Nuclear Corporation to build a high-temperature gas-cooled reactor nuclear power station in Maoming, which will significantly reduce production costs and promote sustainable development through green energy [5][6]. Strategic Initiatives - Donghua Energy is developing a composite materials and hydrogen energy industry chain centered around carbon fiber, collaborating with Shandong University for research and development. The company aims to create high-quality, low-cost carbon fiber products for various industries, including aerospace, automotive, and construction [6]. Financial Forecast - The company expects net profits attributable to shareholders to be 190 million yuan, 340 million yuan, and 470 million yuan for 2024, 2025, and 2026, respectively, corresponding to PE ratios of 76.9X, 42.7X, and 30.6X based on the closing price on October 25, 2024 [7][11].

证券代码：002221 证券简称：东华能源 公告编号：2024-058 东华能源股份有限公司 第六届董事会第四十七次会议决议公告 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。 东华能源股份有限公司（简称"公司"或"东华能源"）第六届董事会第四 十七次会议通知已于 2024 年 10 月 13 日以通讯方式或者直接送达的方式送达了 全体董事。本次董事会于 2024 年 10 月 24 日在公司会议室以现场结合通讯的方 式召开，应到董事 7 人，实际到会 7 人。会议由董事长周一峰女士主持，达到法 定人数，公司监事与高管人员列席会议，会议符合相关法规，经审议表决通过以 下议案： 一、《关于 2024 年第三季度报告的议案》 经审议，董事会表决通过《2024 年第三季度报告》。报告内容详见 2024 年 10 月 25 日的《证券时报》与巨潮资讯网 www.cninfo.com.cn。 表决结果：同意：7 票；反对：0 票；弃权：0 票。议案通过。 二、《关于子公司东华能源(张家港)新材料有限公司拟开展融资租赁业务 的议案》 为盘活子公司存量资产，提高资产的流动性 ...

Financial Performance - Revenue for Q3 2024 reached ¥9,358,806,408.11, an increase of 52.52% year-over-year[2] - Net profit attributable to shareholders was ¥21,005,967.29, a decrease of 30.73% compared to the same period last year[2] - Net profit excluding non-recurring items was ¥33,946,761.29, up 52.27% year-over-year[2] - Total operating revenue for the third quarter reached ¥23.73 billion, an increase of 16.5% compared to ¥20.35 billion in the same period last year[12] - The net profit for Q3 2024 was CNY 154,838,012.30, an increase from CNY 130,602,332.15 in Q3 2023, representing a growth of approximately 18.5%[13] - The total profit for the period reached CNY 190,882,678.99, compared to CNY 151,056,564.01 in the same period last year, marking an increase of about 26.4%[13] - The operating profit was CNY 187,524,821.74, up from CNY 119,179,138.72, reflecting a significant increase of approximately 57.3%[13] Assets and Liabilities - Total assets at the end of the reporting period were ¥41,518,315,266.51, a decrease of 1.15% from the end of the previous year[2] - Total current assets increased to CNY 18,351,024,032.38 from CNY 18,346,438,405.42, showing a slight growth[9] - Long-term receivables decreased to ¥927.73 million from ¥1.29 billion, a decline of 28%[10] - Non-current assets totaled ¥23.17 billion, down from ¥23.65 billion, representing a decrease of 2.1%[10] - Total liabilities decreased to ¥28.86 billion from ¥29.31 billion, a reduction of 1.5%[11] - The company's total equity attributable to shareholders was ¥10,733,287,356.51, an increase of 0.72% from the end of the previous year[2] - The total equity attributable to shareholders increased to ¥10.73 billion from ¥10.66 billion, reflecting a growth of 0.6%[11] Cash Flow - Cash flow from operating activities for the year-to-date was ¥1,526,040,927.79, down 8.35% year-over-year[2] - The cash flow from operating activities generated a net amount of CNY 1,526,040,927.79, compared to CNY 1,665,065,178.18 in the previous year, indicating a decrease of about 8.4%[15] - The company recorded a cash outflow from investing activities of CNY 495,067,114.51, an improvement from a cash outflow of CNY 1,764,994,400.41 in the previous year[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 25,505[7] - The company's weighted average return on equity was 0.20%, a decrease of 0.09% compared to the previous year[2] - The basic and diluted earnings per share for Q3 2024 were both CNY 0.0833, compared to CNY 0.0739 in Q3 2023, representing an increase of about 5.7%[14] Investment and Expenses - The company reported a significant increase in investment income of ¥43,484,400, representing a growth of 420.50% year-over-year[6] - The company experienced a 71.95% increase in net cash flow from investing activities, totaling ¥126,992,730.00[6] - Research and development expenses for the period were ¥16.12 million, down 15.7% from ¥19.13 million in the previous year[12] - The company reported a significant increase in financial expenses, which rose to ¥776.03 million from ¥615.04 million, an increase of 26%[12] Market and Future Outlook - The company has not disclosed any new product or technology developments in this report[8] - There are no updates on market expansion or mergers and acquisitions mentioned in the report[8] - The company did not provide specific future outlook or performance guidance in this quarter's report[8] Other Financial Metrics - The company's net profit margin improved to 0.15% from 0.03% year-over-year, indicating better cost management[12] - Cash and cash equivalents rose to CNY 7,543,756,611.41 compared to CNY 7,198,861,167.63 in the previous period, indicating an increase of approximately 4.8%[9] - Accounts receivable increased to CNY 4,774,691,189.24 from CNY 4,214,421,684.29, reflecting a growth of about 13.3%[9] - Inventory decreased to CNY 2,757,788,987.92 from CNY 3,676,260,921.71, representing a decline of approximately 25%[9] - The derivative financial assets decreased to CNY 2,741,402.75 from CNY 3,160,002.28, indicating a reduction of about 13.2%[9] - Other receivables significantly decreased to CNY 12,265,387.30 from CNY 378,285,788.72, a drop of approximately 96.8%[9] - The company reported a total of CNY 2,323,098,706.50 in notes receivable, up from CNY 1,949,696,958.70, marking an increase of about 19.2%[9] - Cash and cash equivalents at the end of the period totaled CNY 5,484,886,989.49, slightly down from CNY 5,525,109,840.86 at the end of Q3 2023[16] - The company experienced a foreign exchange loss of CNY 21,839,216.41, compared to a gain of CNY 83,690,228.52 in the same period last year[14]

经审核，监事会认为：董事会编制和审核东华能源股份有限公司 2024 年第 三季度报告的程序符合法律、行政法规及中国证监会规定，报告内容真实、准确、 完整地反映了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大 遗漏。 表决结果：同意：3 票；反对：0 票；弃权：0 票。议案通过。 特此公告。 东华能源股份有限公司 监事会 证券代码：002221 证券简称：东华能源 公告编号：2024-059 东华能源股份有限公司 第六届监事会第十四次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或者重大遗漏。 东华能源股份有限公司（简称"公司"或"东华能源"）第六届监事会第十 四次会议通知已于 2024 年 10 月 13 日以通讯或者直接送达方式送达了全体监事。 本次监事会于 2024 年 10 月 24 日在公司会议室以现场结合通讯方式召开，应到 监事 3 人，实到监事 3 人，会议由监事会主席卢根旺先生主持，达到法定人数， 公司部分高级管理人员列席会议。会议符合《中华人民共和国公司法》及《东华 能源股份有限公司章程》等有关规定。经与会的监事审议，表决通过如下议 ...

证券代码：002221 证券简称：东华能源 公告编号：2024-062 东华能源股份有限公司 关于给予子公司银行授信担保的公告 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。 特别风险提示： 1/7 公司及控股子公司对外担保总额超过最近一期经审计净资产 100%，敬请投 资者充分关注担保风险。 一、担保情况概述 为满足子公司业务发展的需要，东华能源股份有限公司（简称"公司"或者 "东华能源"）第六届董事会第四十七次会议审议同意：公司为子公司东华能源 （宁波）新材料有限公司（简称"宁波新材料"）、东华能源（张家港）新材料 有限公司（简称"张家港新材料"）、广西天盛港务有限公司（以下简称"广西 天盛"）向相关合作银行申请的共计 16.5 亿元人民币综合授信额度提供担保， 担保期限以实际签订的担保合同为准。 第六届董事会第三十九次会议与 2023 年年度股东大会已审议通过《关于给 予子公司银行综合授信担保额度及授权董事会批准的议案》，授权董事会在本年 度担保额度（外币按同期汇率折算）及有效期内，按银行授信审批情况，批准对 子公司提供担保。其中对宁波新材料的担保额度为 ...

证券代码：002221 证券简称：东华能源 公告编号：2024-061 一、担保概述 东华能源股份有限公司（简称"公司"或"东华能源"）第六届董事会第四 十七次会议审议通过《关于子公司东华能源（张家港）新材料有限公司拟开展融 资租赁业务的议案》以及《关于为子公司东华能源（张家港）新材料有限公司提 供融资租赁担保的议案》。公司控股子公司东华能源（张家港）新材料有限公司 （简称"张家港新材料"）拟与相关租赁公司开展售后回租融资租赁业务（简称 "本次交易"），融资金额不超过 6 亿元人民币，用于补充流动资金。为保证张 家港新材料拟签署的《融资租赁合同》及其他交易文件（如有）有效实施，公司 拟对张家港新材料《融资租赁合同》以及其他交易文件（如有）项下义务的履行 提供连带责任保证担保。 第六届董事会第十八次会议与 2023 年第一次临时股东大会已经审议通过《关 于为子公司东华能源（张家港）新材料有限公司提供融资租赁担保的议案》（详见 公告编号：2023-034），已授权公司董事会、东华能源或张家港新材料的法定代表 人在上述决议范围内全权办理本事项的具体事宜并签署相关文件。本次审议提供担 保的额度在授权额度内，经董事会审 ...

证券代码：002221 证券简称：东华能源 公告编号：2024-057 东华能源股份有限公司 2024年第三次临时股东大会决议公告 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。 特别提示： 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、2024年第三次临时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 9 月 30 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 9 月 30 日 9:15-9:25、 9:30-11:30、13:00-15:00 以及 2024 年 9 月 30 日 ...

江苏金禾律师事务所 关于东华能源股份有限公司 2024年第三次临时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2024年第三次临时股东大会，并就 本次临时股东大会的召集、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。 本所及经办律师同意将本法律意见书随贵公司本次临时股东大会决议一并 公告，并依法对本法律意见书承担相应的责任。 一、本次临时股东大会的召集、召开程序 2024 年 9 月 14 日，贵公司在《证券时报》 ...