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]

临时公告：2024-064 证券代码：002254 股票简称：泰和新材 公告编号：2024-064 泰和新材集团股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 一、基本情况 泰和新材集团股份有限公司（以下简称"公司"或"泰和新材"）分别于 2024 年 8 月 16 日、2024 年 9 月 2 日召开公司第十一届董事会第九次会议、2024 年第三次临时股东大会，审议通过了《关于回购注销部分限制性股票的议案》《关 于变更公司注册资本并修改<公司章程>的议案》，同意公司回购注销 2022 年限 制性股票激励计划已授予的 500,000 股限制性股票。具体内容详见公司于 2024 年 8 月 17 日、2024 年 9 月 3 日在《中国证券报》《上海证券报》《证券时报》 《证券日报》和巨潮资讯网（www.cninfo.com.cn）披露的相关公告。 公司已在中国证券登记结算有限责任公司深圳分公司办理完成上述股份的 注销手续。本次回购股份注销完成后，公司股份总数由 863,794,983 股减少至 863,2 ...

投资者关系活动记录表 编号：2024-046 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 人员姓名 | 国金证券 | 胡媛媛 | | | | | | 时间 | 2024 年 10 月 30 日 | | | 地点 上市公司接待人 | 公司会议室 | 董事会秘书董旭海、证券事务代表刘建宁、董事会办公室人 | | 员 | 员 | | | | 投资者：氨纶的价格环比降幅有多少？ | | | | | 答：我们环比是下降的，今年大概一共降了五千左右。 | | | ...

投资者关系活动记录表 编号：2024-044-045 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 | 中泰证券 | 孙颖 | | 人员姓名 | 星石投资 | 向仕杰 | | 时间 | 2024 年 10 月 29 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：芳纶现在间位和对位，各自的产能都是 1.6 万吨？ | | | | | | | 答：对，产能都是 1.6 ...

Investment Rating - The investment rating for Taihe New Materials is "Buy" (maintained) [1][2]. Core Views - The company reported a revenue of 2.923 billion yuan for the first three quarters, a year-on-year increase of 0.43%, while the net profit attributable to shareholders decreased by 45.75% to 151 million yuan [1]. - The company is facing significant pressure in the spandex and aramid fiber sectors, with supply pressures leading to a decline in product prices [1]. - The company has established four major business groups to seek long-term development, focusing on advanced textiles, new energy materials, safety protection, information technology, and chemicals [1]. Summary by Sections Performance Review - In Q3, the company achieved a revenue of 971 million yuan, a year-on-year increase of 0.2%, while the net profit attributable to shareholders was 34 million yuan, down 47.01% year-on-year [1]. - The average selling price of spandex 40D in Q3 was approximately 25,580 yuan/ton, a decrease of 6.3% from Q2 and down 16.8% year-on-year [1]. Business Analysis - The spandex industry continues to face pressure, with many companies operating at a loss due to insufficient demand [1]. - The aramid fiber sector is experiencing intense competition, particularly in the para-aramid segment, while the meta-aramid segment remains relatively stable [1]. - The company's gross margin in Q3 was 14.68%, down approximately 4 percentage points from Q2, indicating increased pressure [1]. Investment Recommendations - Due to the pressure in the spandex and aramid fiber industries, the company has slowed down its new capacity expansion plans, leading to a downward revision of earnings expectations for 2024 by 72% [2]. - The projected revenues for 2024-2026 are 3.947 billion, 4.990 billion, and 6.290 billion yuan, with net profits of 226 million, 319 million, and 380 million yuan respectively [2]. - The current stock price corresponds to a PE valuation of 39, 28, and 23 times for the years 2024, 2025, and 2026 [2].

关于 2024 年前三季度计提信用减值损失及资产减值损失的 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。 临时公告：2024-062 证券代码：002254 股票简称：泰和新材 公告编号：2024-062 泰和新材集团股份有限公司 一、本次计提信用减值损失和资产减值损失的基本情况 根据《企业会计准则》《深圳证券交易所股票上市规则》等有关规定，为了 更加真实、准确、客观地反映公司的财务状况、资产价值及经营成果，基于谨性 原则，泰和新材集团股份有限公司（以下简称"公司"或"泰和新材")及合并 范围内子公司根据相关政策要求，对应收账款、应收票据、其他应收款、应收款 项融资、存货、固定资产、长期股权投资、商誉等资产进行了全面检查和减值测 试，并对截至 2024 年 9 月 30 日财务报表范围内可能发生减值损失的有关资产计 提相应的减值损失，具体明细如下： | 项目 | 金额 | 计提金额占 2024 年 1-9 月合并报表 归属于上市公司股东的净利润比例 | | --- | --- | --- | | 应收票据信用减值损失 | 614,527.67 | - ...

临时公告：2024-063 证券代码：002254 股票简称：泰和新材 公告编号：2024-063 泰和新材集团股份有限公司 关于为全资子公司泰和销售公司担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、担保情况概述 泰和新材集团股份有限公司（以下简称"公司"）分别于 2024 年 4 月 26 日 及 2024 年 5 月 21 日召开了第十一届董事会第八次会议和 2023 年度股东大会， 会议审议通过了《关于核定公司及子公司 2024 年度担保额度的议案》，同意公 司为全资子公司烟台泰和新材销售有限公司（以下简称"泰和销售公司"）提供 不超过 10 亿元的累计最高担保限额，为所有控股子公司的累计最高担保额度不 超过人民币 38.21 亿元。自股东大会通过本议案起 12 个月内，公司对控股子公 司担保的累计有效余额总额（即任一时点的担保余额）不得超过上述最高担保限 额总额。持有上述公司股权的其他控股子公司，可以根据各自的持股比例为上述 公司提供担保，并履行各自的内部决策程序。 具体内容详见公司于 2024 年 4 月 29 日刊登于《中国证 ...

Financial Performance - Total revenue for Q3 2024 was CNY 970,817,826.07, representing a slight increase of 0.20% year-over-year[35]. - Net profit attributable to shareholders decreased by 47.01% year-over-year to CNY 33,608,245.13[35]. - The net profit after deducting non-recurring gains and losses fell by 66.77% year-over-year to CNY 14,812,927.82[35]. - The company experienced a 68.38% decline in operating profit year-over-year, attributed to a decrease in product prices[22]. - The net profit for the third quarter of 2024 was CNY 96,478,546.63, a decrease of 70.4% compared to CNY 325,169,915.30 in the same period last year[67]. - The total revenue from operating activities was CNY 2,520,607,105.15, down from CNY 2,901,920,677.37, reflecting a decline of 13.1% year-over-year[70]. - The basic and diluted earnings per share were both CNY 0.17, down from CNY 0.34 in the previous year[68]. Cash Flow and Investments - Cash flow from operating activities decreased by 87.13% year-to-date, totaling CNY 32,552,614.93[35]. - Cash recovered from investments increased by 47.78% year-on-year, mainly due to an increase in maturing structured deposits[48]. - Cash received from the disposal of fixed assets, intangible assets, and other long-term assets increased by 857.27% year-on-year, primarily due to government relocation payments received[49]. - Cash paid for financing activities increased by 409.11% year-on-year, mainly due to increased stock repurchase payments and the acquisition of minority shareholder equity in Ningxia Taihe Aromatic Fiber Co., Ltd.[50]. - The company reported a net cash outflow from investing activities of ¥861,660,028.28, an improvement from a net outflow of ¥1,528,834,163.80 in the previous year[93]. - The net cash inflow from financing activities was ¥291,374,431.31, a decrease from ¥2,957,607,243.06 year-over-year[93]. Assets and Liabilities - Total assets increased by 7.91% compared to the end of the previous year, reaching CNY 14,697,855,316.55[35]. - Total liabilities increased to approximately 6.82 billion yuan, up from approximately 5.55 billion yuan in the previous year, indicating a rise in financial obligations[63]. - The total liabilities and equity rose to CNY 14,697,855,316.55, compared to CNY 13,620,516,414.53, indicating an increase of 7.9%[66]. - The company’s non-current assets totaled ¥9,073,385,933.05, up from ¥8,035,123,868.78, indicating an increase of about 12.9%[83]. - Deferred tax assets increased to ¥70,606,148.36 from ¥28,120,194.41, representing a growth of approximately 150%[83]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 39,441, with the largest shareholder holding 18.42% of the shares[51]. - The company plans to repurchase shares with a total amount not less than CNY 50 million and not exceeding CNY 100 million to enhance shareholder value[78]. - The total equity attributable to shareholders of the parent company decreased to CNY 7,064,771,289.32 from CNY 7,251,653,182.30, a decline of 2.6%[66]. Expenses and Impairments - The company’s financial expenses increased by 76.25% year-over-year, mainly due to rising interest expenses and reduced interest income[42]. - Research and development expenses increased to CNY 161,675,453.06, up 6.9% from CNY 151,211,482.15 in the previous year[67]. - The company recognized a total impairment loss of 40.68 million yuan, including credit impairment losses of 17.62 million yuan and asset impairment losses of 23.06 million yuan[57]. - Income tax expenses decreased by 56.30% year-on-year, primarily due to a reduction in total profit for the year[45]. - Tax refunds received decreased by 75.65% compared to the same period last year, mainly due to a reduction in VAT refunds and export tax rebates[46]. Inventory and Receivables - Accounts receivable rose by 94.43% compared to the beginning of the year, mainly due to an increase in receivables not yet settled[13]. - Inventory at the end of the reporting period was approximately 1.57 billion yuan, compared to approximately 1.21 billion yuan in the previous year, reflecting an increase in inventory levels[60]. - Accounts receivable rose to ¥704,337,674.77 from ¥362,249,372.86, reflecting an increase of approximately 94.5%[83].

决议公告：2024-060 证券代码：002254 股票简称：泰和新材 公告编号：2024-060 《2024 年第三季度报告》详见 2024 年 10 月 29 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。 《2024 年第三季度内部审计报告》已于董事会召开前经公司董事会审计委 员会审议通过。 监事会对 2024 年第三季度报告进行了审核，并出具了审核意见：经认真审 核，监事会认为董事会编制和审议泰和新材集团股份有限公司 2024 年第三季度 报告的程序符合法律、行政法规和中国证监会的规定，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。 2、以 11 票同意、0 票弃权、0 票反对，通过《关于确认民士达合理持股比 例的议案》。 1 泰和新材集团股份有限公司 第十一届董事会第十次会议决议公告 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次会议（例行会议）于 2024 年 10 月 28 日在公司会议室以现场加通讯方式召开。本次会议由董 ...

临时公告：2024-059 证券代码：002254 股票简称：泰和新材 公告编号：2024-059 泰和新材集团股份有限公司 关于部分股权激励限制性股票回购注销完成的公告 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。 （以下简称"烟台市国资委"）《关于烟台泰和新材料股份有限公司实施 2022 年限制性股票激励计划的批复》（烟国资〔2022〕65 号），烟台市国资委原则同 意公司实施 2022 年限制性股票激励计划。 特别提示： 1、本次回购注销的限制性股票为公司 2022 年限制性股票激励计划已授予 的部分限制性股票，涉及 12 名激励对象，限制性股票共计 500,000 股，占本次 注销前公司总股本 863,794,983 股的 0.06%。 2、本次回购注销完成后，公司总股本由 863,794,983 股变更为 863,294,983 股。 泰和新材集团股份有限公司（以下简称"公司"或"泰和新材"）于 2024 年 8 月 16 日召开第十一届董事会第九次会议和第十一届监事会第七次会议，审议通过 了《关于调整限制性股票回购价格并回购注销部分限制性股票的议 ...