报告规范 报告说明 安徽江南化工股份有限公司证券投资部 电 话：0551-65862589 传 真：0551-65862577 E-mail：zhangdongsheng@ahjnhg.com 本报告为安徽江南化工股份有限公司（简称"江南化工"或"公司"）发布的第三份 中国社会科学院《中国企业社会责任报告指南之军工行业（CASS-ESG5.0）》 全球报告倡议组织《可持续发展报告标准》（GRI Standards） ESG 年度报告。 披露范围 本报告披露范围涵盖江南化工及所属分、子公司。报告时间跨度为 2023 年 1 月 1 日至 2023 年 12 月 31 日。为了遵循信息披露完整性、连续性的原则，部分内容适当超出。 编制准则 国资委《提高央企控股上市公司质量工作方案》 《深圳证券交易所上市公司社会责任指引》 《深圳证券交易所股票上市规则》 国际标准化组织《社会责任指南：26000》 联合国可持续发展目标（SDGs） 内容说明 述或误导。 联系我们 本报告使用数据均来自公司统计报告、正式文件。本报告经公司第六届董事会第三十次 会议审议通过，郑重承诺本报告中所披露的信息、数据真实可靠，不存在任何虚假性陈 ...

证券代码：002226 证券简称：江南化工 公告编号:2024-028 安徽江南化工股份有限公司关于全资子公司 为下属公司开具银行保函并由公司提供反担保的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示：本次被担保方一北方矿业科技服务（纳米比亚）有限公司资产负 债率超过 70%，敬请广大投资者充分关注担保风险。 安徽江南化工股份有限公司（以下简称"公司"或"本公司"）于 2024 年 6 月 4 日召开第六届董事会第三十次会议，审议通过了《关于全资子公司为下属 公司开具银行保函并由公司提供反担保的议案》。现将相关事宜公告如下： 一、本次担保情况概述 2023 年 3 月 1 日，公司全资子公司北方爆破科技有限公司（以下简称"北 爆科技"）下属单位北方矿业科技服务（纳米比亚）有限公司（以下简称"纳米 公司"）与 ROSSING URANIUM LIMITED（以下简称"罗辛铀业有限公司"） 签订了《罗辛铀矿采矿一体化项目服务合同》，具体内容详见公司于 2023 年 3 月 4 日披露的《关于签订重大合同的公告》（公告编号：2023-012）。 1、根据纳 ...

证券代码：002226 证券简称：江南化工 公告编号:2024-027 安徽江南化工股份有限公司 关于下属公司进行固定资产投资暨关联交易的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 安徽江南化工股份有限公司（以下简称"公司"或"本公司"）于 2024 年 6 月 4 日召开第六届董事会第三十次会议，审议通过了《关于下属公司进行固定资 产投资暨关联交易的议案》，具体情况如下： 一、交易概述 1、公司全资子公司北方爆破科技有限公司（以下简称"北爆科技"）下属 海外公司北方矿业科技服务（纳米比亚）有限公司（下称"纳米比亚公司"，公 司间接持有纳米比亚公司 100%股权）于 2023 年 3 月 1 日与 ROSSING URANIUM LIMITED（中文名称"罗辛铀业有限公司"）在纳米比亚签订了《罗辛铀矿采矿 一体化项目服务合同》，合同期限十三年，具体内容详见公司于 2023 年 3 月 4 日披露的《关于签订重大合同的公告》（公告编号：2023-012）。 1 际控制下的企业，按照《深圳证券交易所股票上市规则》的规定，安徽易泰属于 本公司关联法人，本次交易构 ...

证券代码：002226 证券简称：江南化工 公告编号:2024-029 安徽江南化工股份有限公司 关于召开2024年第二次临时股东大会的通知 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、 误导性陈述或重大遗漏。 安徽江南化工股份有限公司（以下简称"公司"或"本公司"）第六届董 事会第三十次会议于2024年6月4日召开，会议决定于2024年6月20日召开公司 2024年第二次临时股东大会，现将本次股东大会的有关事项通知如下： 一、召开会议基本情况 1、会议届次：2024年第二次临时股东大会 2、会议召集人：公司董事会 3、会议召开的合法性及合规性：公司第六届董事会第三十次会议审议通过 了《关于召开2024年第二次临时股东大会的议案》，本次股东大会会议的召开符 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。 4、会议召开时间： （1）现场会议召开时间：2024年6月20日（周四）下午14:50。 （2）网络投票时间：2024年6月20日；其中，通过深圳证券交易所交易系 统进行网络投票的具体时间为：2024年6月20日上午9:15—9:25,9:30—11:30和 下午13:0 ...

证券代码：002226 证券简称：江南化工 公告编号:2024-026 表决结果：同意 4 票，反对 0 票，弃权 0 票。 关联董事杨世泽、代五四、李宏伟、郭小康、孙飞回避表决。 该议案已经独立董事专门会议 2024 年第三次会议审议通过，全体独立董事过半 数同意。 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 安徽江南化工股份有限公司(以下简称"公司"或"本公司")第六届董事会第 三十次会议于 2024 年 5 月 29 日以电子邮件等方式通知了各位董事，并于 2024 年 6 月 4 日采用现场结合通讯方式召开。会议应出席董事 9 名，实际出席董事 9 名，公 司监事及高级管理人员列席了会议。会议召开程序符合《公司法》《公司章程》等 有关规定。本次会议由董事长杨世泽先生主持，审议通过了如下议案： 一、审议通过了《安徽江南化工股份有限公司 2023 年 ESG 报告》； 表决结果：同意 9 票，反对 0 票，弃权 0 票。 安徽江南化工股份有限公司 关于第六届董事会第三十次会议决议的公告 具体内容详见 2024 年 6 月 5 日登载于巨潮资讯网上的《安徽江南 ...

证券代码：002226 证券简称：江南化工 公告编号:2024-025 安徽江南化工股份有限公司 2023 年年度权益分派实施公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 安徽江南化工股份有限公司（以下简称"公司"或"本公司"）2023 年年 度权益分派方案已获 2024 年 4 月 12 日召开的 2023 年度股东大会审议通过。2023 年年度权益分派方案为：以公司 2023 年 12 月 31 日的总股本 2,648,922,855 股 为基数，向全体股东每 10 股派发现金红利 0.60 元人民币（含税），不送红股， 不以公积金转增股本。 本次实施的分配方案与 2023 年度股东大会审议通过的分配方案一致，本次 分配方案自披露之日起至实施期间公司股本总额未发生变化，本次实施的分配方 案按照分配总额不变的原则实施，本次实施分配方案距离股东大会审议通过的时 间未超过两个月。现将权益分派事宜公告如下： 一、权益分派方案 本公司 2023 年年度权益分派方案为：以公司现有总股本 2,648,922,855 股 为基数，向全体股东每 10 股派 0.60000 ...

[Table_MainInfo] 公司研究/化工原料/爆破工程 证券研究报告 江南化工（002226）公司年报点评 [ Table_InvestInfo] 2024 年一季度公司扣非净利润同比增长 30.07%，集 团民爆业务资产有望整合 [Table_Summary] 投资要点：  2023年公司扣非后归母净利润实现正增长。2023年公司实现营业收入 88.95 亿元，同比增长 13.75%，归母净利润 7.73 亿元，同比增长 61.48%，扣非净 利润7.92亿元，同比增长10.33%。民爆板块实现营业收入80.12亿元，同比 增长 10.30%，利润总额 10.28 亿元。其中北方爆破市场开发成效显著，业绩 超额完成年度目标；南理工科化、安徽向科积极调整产品结构和市场销售策 略，经营业绩稳步提升；庆华汽车、北方爆破、金建华全面完成三年业绩承 诺目标。新能源板块实现营业收入8.83亿元，利润总额2.03亿元。  2024年一季度扣非净利润大幅增长。2024年一季度实现营业收入19.82亿元， 同比增长18.44%，归属净利润1.45亿元，同比增长29.63%，扣非净利润1.26 亿元，同比增长30. ...

Investment Rating - The report assigns a rating of "Outperform" for the company, indicating an expected relative performance above the market benchmark over the next 12-18 months [7][9]. Core Insights - The integration of civil explosives production and engineering services has demonstrated significant advantages, with over 50% of the industry's revenue derived from engineering blasting services. The company's service revenue reached RMB 4.70 billion, reflecting an 18.37% year-on-year growth [22]. - The company has successfully obtained a top-level mining construction qualification, enhancing its capabilities in mining project acquisition [22]. - The civil explosives sector generated RMB 8.01 billion in revenue, marking a 10.30% year-on-year increase, with a pre-tax profit of RMB 1.03 billion [5]. - The new energy sector contributed RMB 0.88 billion in revenue and RMB 0.20 billion in pre-tax profit, indicating stable growth [5]. - The company is leveraging military trade advantages to accelerate international expansion, focusing on large mines owned by Chinese enterprises and infrastructure projects along the Belt and Road initiative [6][18]. Revenue and Profit Forecast - Revenue is projected to grow from RMB 8.90 billion in 2023 to RMB 12.52 billion by 2026, with a compound annual growth rate (CAGR) of approximately 11.0% [21]. - The company anticipates a growth rate of 18%, 16%, and 14% for blasting engineering revenue from 2024 to 2026, while civil explosives revenue is expected to grow at 10%, 8%, and 8% during the same period [3][21]. - The gross profit margin is expected to remain stable, with slight fluctuations projected from 29.5% in 2023 to 29.4% in 2026 [21].

Investment Rating - The investment rating for Jiangnan Chemical is "Outperform the Market" and is maintained [2] Core Views - The report highlights that Jiangnan Chemical achieved a significant increase in net profit and revenue in 2023, with a 13.75% year-on-year growth in revenue to 8.895 billion yuan and a 61.48% increase in net profit to 773 million yuan [6][9] - The integration of the group's civil explosive business assets is expected to enhance production capacity significantly, with domestic industrial explosive licensed capacity exceeding 600,000 tons and foreign design capacity nearing 300,000 tons [7] - The company is leveraging its military trade advantages to accelerate its overseas expansion strategy, targeting infrastructure projects along the "Belt and Road" initiative [7] Summary by Sections Financial Performance - In Q1 2024, Jiangnan Chemical reported a revenue of 1.982 billion yuan, a year-on-year increase of 18.44%, and a net profit of 145 million yuan, up 29.63% [8] - The company’s gross profit margin for Q1 2024 was 26.34%, an increase of 1.6 percentage points year-on-year, while the net profit margin was 9.73%, up 0.8 percentage points [8] Business Segments - The civil explosive segment generated revenue of 8.012 billion yuan in 2023, a 10.30% increase, while the new energy segment achieved revenue of 883 million yuan [6] - The engineering blasting service accounted for over 50% of the civil explosive industry revenue, with engineering service revenue reaching 4.7 billion yuan in 2023, a growth of 18.37% [8] Profit Forecast - The forecast for net profit from 2024 to 2026 is 925 million yuan, 1.055 billion yuan, and 1.176 billion yuan respectively, with a projected price-to-earnings ratio of 18-20 times for 2024, indicating a reasonable value range of 6.3 to 7 yuan [9][11]

Revenue and Sales Performance - Sales revenue from goods and services received in cash was 1,302,183,422.10 yuan, a decrease from the previous period's 1,349,726,296.17 yuan[1] - Revenue for the reporting period increased by 18.44% to 1,981,722,498.77 yuan compared to the same period last year[43] - Operating revenue rose to 1,981,722,498.77 yuan, compared to 1,673,120,718.03 yuan in the previous period[56] Cash Flow Analysis - Total cash inflows from operating activities were 1,353,476,595.99 yuan, down from 1,473,865,267.87 yuan in the previous period[1] - Net cash flow from operating activities was -45,775,817.67 yuan, a decrease of 1255.77%, mainly due to reduced sales collections and market factors[21] - Net cash flow from financing activities was -80,051,707.13 yuan, a decrease of 126.23%, due to reduced external financing and dividend payments[21] - Net cash flow from operating activities was -45.78 million, a significant decrease from 3.96 million in the previous period[30] - Net cash flow from investing activities was -178.95 million, compared to -205.51 million in the previous period[30] - Net cash flow from financing activities was -80.05 million, a sharp decline from 305.19 million in the previous period[30] - Total cash and cash equivalents decreased by 304.53 million, compared to an increase of 98.62 million in the previous period[30] - Net cash flow from operating activities decreased significantly by 1,255.77% to -45,775,817.67 yuan[43] - Cash and cash equivalents decreased to 1,627,561,209.63 yuan from 1,940,601,594.59 yuan[53] Profit and Earnings - Total profit increased by 42.27% to 243,441,071.47 yuan, primarily due to higher operating income[21] - Operating profit increased to 244.17 million, up from 172.46 million in the previous period[37] - Net profit rose to 192.73 million, compared to 136.77 million in the previous period[37] - Net profit attributable to shareholders of the listed company rose by 29.63% to 144,517,249.30 yuan[43] - Basic earnings per share increased to 0.0546, up from 0.0421 in the previous period[39] - Basic earnings per share increased by 29.69% to 0.0546 yuan per share[43] Expenses and Costs - R&D expenses increased to 40.07 million, up from 31.37 million in the previous period[37] - Sales expenses rose to 30.86 million, compared to 27.88 million in the previous period[37] - Management expenses increased to 177.65 million, up from 151.96 million in the previous period[37] - Operating costs increased to 1,756,066,414.15 yuan, up from 1,525,703,266.99 yuan[56] Assets and Liabilities - Total liabilities decreased to 6,809,075,267.48 yuan from 6,883,155,532.27 yuan in the previous period[27] - Total equity increased to 10,116,806,551.81 yuan from 9,866,146,381.62 yuan, reflecting growth in retained earnings and minority interests[27] - Total assets grew by 1.05% to 16,925,881,819.29 yuan compared to the end of the previous year[43] - Total assets increased to 16,925,881,819.29 yuan, up from 16,749,301,913.89 yuan at the beginning of the period[54] - Accounts receivable grew to 3,810,521,847.32 yuan, up from 3,383,261,757.23 yuan[53] - Inventory increased to 617,854,885.53 yuan, compared to 586,869,157.36 yuan[54] - Fixed assets rose to 6,641,336,908.32 yuan, up from 6,591,471,511.15 yuan[54] - Short-term borrowings increased to 565,181,750.51 yuan, compared to 506,700,468.58 yuan[54] - Accounts payable grew to 1,216,691,852.42 yuan, up from 1,182,368,191.35 yuan[54] - Contract liabilities decreased to 131,852,188.50 yuan from 147,201,965.30 yuan[54] Investment and Other Income - Other income increased by 33.17% to 15,798,809.62 yuan due to increased VAT refunds in the new energy industry[21] - Investment income surged by 480.59% to 5,970,179.50 yuan, driven by increased investment income from partnerships and disposal of equity investments[21] - Non-current asset disposal gains amounted to 2,522,399.74 yuan, mainly from long-term equity investments and other non-current assets[47] - Government subsidies, excluding VAT refunds, totaled 10,007,304.30 yuan[47] - Fair value changes and disposal gains from financial assets and liabilities amounted to 12,426,000.00 yuan, mainly due to stock price changes of Xuefeng Technology[47] Credit and Impairment - Credit impairment losses decreased by 1173.42% to -15,888,922.70 yuan due to reduced receivables and financial asset impairment provisions[21] Shareholder Information - The top 10 shareholders hold a significant portion of the company's shares, with Northern Special Energy Group Co., Ltd. holding the largest stake at 19.70%[51] - The company's major shareholders include state-owned entities and investment partnerships, with some shareholders being considered as acting in concert under the "Administrative Measures for the Acquisition of Listed Companies"[52]