Somore 山东松茂律师事务所 法律意见书 法律意见书 致:泰和新材集团股份有限公司 山东松茂律师事务所（以下简称"本所"）是具有中华人民共和 国（以下简称"中国"）法律执业资格的律师事务所。根据泰和新材 集团股份有限公司（以下简称"泰和新材"或"公司"）与本所签订 的法律服务协议，本所就泰和新材 2022 年限制性股票激励计划项目 （以下简称"本激励计划"）提供专项法律服务，现就本次公司回购、 注销部分限制性股票（以下简称"本次回购注销")的相关事项出具 本法律意见书。 本所依据《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》)、深圳证券交易所(以下简称"深交所")《深 圳证券交易所股票上市规则》(以下简称《上市规则》)、《深圳证券 交易所上市公司自律监管指南第 1 号——业务办理》（以下简称《自 律监管指南》）及适用的其他中国法律、行政法规、部门规章、规范 性文件(以下合称"中国法律")的规定，出具本法律意见书。 为出具本法律意见书，本所声明如下： 1、 ...

临时公告：2024-069 证券代码：002254 股票简称：泰和新材 公告编号：2024-069 泰和新材集团股份有限公司 关于变更公司注册资本并修改《公司章程》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、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 泰和新材集团股份有限公司（以下简称"公司"）于 2024 年 11 月 25 日召 开第十一届董事会第十一次会议，审议通过了《关于变更公司注册资本并修改< 公司章程>的议案》，该议案尚需提交公司股东大会审议。现将有关情况公告如下： 一、公司注册资本变更情况 | 序号 | 修订前 | | 修订后 | | | --- | --- | --- | --- | --- | | 1 | 第六条 | 公司注册资本为人民币 | 第六条 | 公司注册资本为人民币 | | | 86,329.4983 | 万元。 | 86,294.5783 | 万元。 | | 2 | 第二十条 | 公司股份总数为 | 第二十条 | 公 司 股 份 总 数 为 | | | 86,329.4983 | 万股，全部为普通 | 86,294.5783 | 万股，全部为普通股。 | 1 ） ...

决议公告：2024-065 证券代码：002254 股票简称：泰和新材 公告编号：2024-065 泰和新材集团股份有限公司 第十一届董事会第十一次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 泰和新材集团股份有限公司第十一届董事会第十一次会议（临时会议）于 2024 年 11 月 25 日以通讯方式召开。本次会议由董事长宋西全先生召集，会议 通知于 2024 年 11 月 18 日以专人送达和电子邮件等方式发出。会议应到董事 11 名，实到董事 11 名，符合有关法律、行政法规、部门规章和《公司章程》的规 定。公司监事和高级管理人员列席本次会议。会议通过以下决议： 1、以 7 票同意、0 票弃权、0 票反对，通过《关于公司 2022 年限制性股票 激励计划首次授予的限制性股票第一个限售期符合解除限售条件的议案》。 《关于 2022 年限制性股票激励计划首次授予部分第一个限售期解除限售条 件成就的公告》详见 2024 年 11 月 26 日的《中国证券报》《上海证券报》《证券 时报》《证券日报》和巨潮资讯网。 上海荣正企业咨询服务（集团）股份有 ...

临时公告：2024-070 证券代码：002254 股票简称：泰和新材 公告编号：2024-070 泰和新材集团股份有限公司 关于召开 2024 年第四次临时股东大会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 经第十一届董事会第十一次会议决议，泰和新材集团股份有限公司（以下 简称"公司"）决定召开 2024 年第四次临时股东大会，现将有关情况公告如下： 一、召开会议基本情况 2、会议召集人：泰和新材集团股份有限公司董事会 3、会议召开的合法、合规性： 公司第十一届董事会第十一次会议审议通过了《关于召开 2024 年第四次临 时股东大会的议案》，相关召集程序符合有关法律、法规、部门规章、规范性文 件及《公司章程》的规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2024 年 12 月 13 日（星期五）下午 14:30 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间：2024 年 12 月 13 日 9:15—9:25,9:30—11:30 和 13:00—15:00； 通过互联网投票系统（http://wltp. ...

投资者关系活动记录表 编号：2024-047-048 证券代码：002254 证券简称：泰和新材 泰和新材集团股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-------------------|------------------------------------|---------------------------------------------------------------------------------------------------| | | | | | 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 | | | | □现场参观 | | | | □其他 | | | 参与单位名称及 | 浙商证券 | 沈国琼、汤永俊 | | 人员姓名 | | | | 时间 | 2024 年 11 月 13 日 | | | 地点 | 公司会议室 | | | 上市公司接待人 员 | 董事会秘书董旭海、董事会办公室人员 | | | | | 投资者：前三季度氨纶销量、收入、毛利的情况 ...

Q3 业绩承压，关注行业需求复苏 股票研究 / 2024.11.07 泰和新材(002254) 基础化工/原材料 —泰和新材 2024 年三季报业绩点评 | --- | --- | --- | --- | |-------|-------------------------|----------------|-------------------------------------------------------| | | | | | | | 孙義里(分析师) | 杨思远(分析师) | 陈浩越(研究助理) | | | 021-38677369 | 021-38032022 | 021-38031035 | | | sunxiyu@gtjas.com | | yangsiyuan026856@gtjas.com chenhaoyue028692@gtjas.com | | | 赛记编号 S0880517090003 | $0880522080005 | S0880123070130 | 本报告导读: 公司 Q3 业绩略低于预期,复轮、芳纶行业价差承压运行,静待需求复苏。远期新应 用驱动芳纶需求高增,公司转向 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a recommendation to increase holdings [5]. Core Views - The company's Q3 2024 performance met expectations, with a revenue of 2.923 billion yuan, a year-on-year increase of 0.43%, and a net profit attributable to shareholders of 151 million yuan, a year-on-year decrease of 46% [5]. - The company is focusing on the integration and high-end development of aramid materials, with ongoing projects in aramid-coated separators showing progress [5]. - The report anticipates a potential recovery in the spandex market, as production capacity is expected to slow down due to industry losses [5]. Summary by Sections Market Data - Closing price: 9.90 yuan - One-year high/low: 16.83/7.72 yuan - Market capitalization: 8,038 million yuan [2]. Financial Data - As of September 30, 2024, the company reported a net asset value per share of 8.18 yuan and a debt-to-asset ratio of 46.44% [3]. - Total shares: 863 million, with 812 million circulating A-shares [3]. Performance Comparison - The company's stock price has shown a decline compared to the CSI 300 index over the past year [4]. Earnings Forecast - Projected total revenue for 2024 is 4.842 billion yuan, with a year-on-year growth rate of 23.4% [6]. - Expected net profit for 2024 is 238 million yuan, reflecting a year-on-year decrease of 28.7% [6]. - Earnings per share (EPS) forecasted at 0.27 yuan for 2024, increasing to 0.52 yuan in 2025 and 0.70 yuan in 2026 [6]. Profitability Metrics - The gross margin for Q3 2024 was reported at 17.02%, down 7.83 percentage points year-on-year [5]. - The return on equity (ROE) is projected to improve from 2.1% in 2024 to 7.2% by 2026 [6]. Investment Analysis - The company is expected to expand its aramid new material capacity, with ongoing projects in aramid-coated separators and a clear strategy for six incremental business areas [5]. - The report adjusts the 2024 profit forecast to 238 million yuan, down from a previous estimate of 291 million yuan, while maintaining profit forecasts for 2025 and 2026 [5].

Investment Rating - The report maintains a "Buy" rating for Taihe New Materials (002254.SZ) [1][4]. Core Views - The report highlights that the spandex industry is awaiting recovery, and it is optimistic about the progress of the company's aramid-coated diaphragm project in downstream validation [1][3][4]. - The company has reported a decline in revenue and net profit for the third quarter of 2024, attributed to falling spandex prices and impairment losses [1][3]. - The aramid-coated diaphragm business is progressing well, with small-scale commercial orders already received, and the company expects to achieve profitability next year as new production capacity comes online [3][4]. Financial Summary - Revenue for 2022 was 3,750 million yuan, with a projected increase to 4,132 million yuan in 2024, reflecting a year-on-year growth rate of 5.3% [1][4]. - The net profit attributable to the parent company is expected to decline from 333 million yuan in 2023 to 242 million yuan in 2024, representing a year-on-year decrease of 27.5% [1][4]. - The report projects earnings per share (EPS) to be 0.28 yuan in 2024, with a corresponding price-to-earnings (P/E) ratio of 35.7 times [1][4]. Industry Insights - The spandex market is currently experiencing a downward price trend, but there are expectations for stabilization in the fourth quarter due to supply adjustments and cost support [2][3]. - The company is focusing on expanding its aramid-coated diaphragm business, which is seeing rapid validation progress in the energy storage sector [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.923 billion yuan for Q3 2024, a year-on-year increase of 0.43%, but the net profit attributable to shareholders decreased by 45.75% to 151 million yuan [1] - The company is facing pressure in the spandex market, with the average market price for spandex in Q3 2024 at 25,591 yuan per ton, down 6.25% quarter-on-quarter [1] - The company is actively expanding its aramid production capacity and has initiated research and production of aramid-coated lithium battery separators, which is expected to open a second growth curve [1] Financial Performance Summary - For 2024, the company is expected to achieve revenues of 4.547 billion yuan, with a year-on-year growth of 15.8% [3] - The net profit attributable to shareholders is projected to be 201 million yuan in 2024, reflecting a decrease of 39.7% [3] - The gross margin is expected to decline to 14.0% in 2024, down from 24.2% in 2023 [6] - The return on equity (ROE) is forecasted to be 2.8% in 2024, down from 4.6% in 2023 [6] Industry Insights - The spandex industry is currently under pressure, with limited room for further decline in prices due to ongoing supply pressures and industry losses [1] - The aramid industry is experiencing increased production capacity, but demand recovery is anticipated to be slow [1] - The company is leveraging its first-mover advantage in the aramid-coated separator market, targeting the power battery and energy storage sectors [1]