Investment Rating - The report maintains a "Buy" rating for Taihe New Materials [1][4][10] Core Views - The performance of Taihe New Materials is under pressure due to losses in the spandex segment, but there is optimism regarding the industrialization process of aramid coating films [1][4] - The company reported a slight increase in revenue for the first half of 2024, but a significant decline in net profit, primarily due to the oversupply in the spandex industry [2][4] - Long-term growth is expected in the aramid sector, driven by demand from the new energy and automotive industries, with the company positioned well due to its early investments in aramid production [4][5] Financial Summary - Revenue for 2024 is projected to be 43.14 billion, with a year-on-year growth of 9.9% [4] - The net profit for 2024 is expected to be 3.11 billion, reflecting a decline of 6.6% year-on-year [4] - The company’s aramid production capacity is approximately 32,000 tons, ranking third globally, and it is the only domestic company with an annual output exceeding 10,000 tons [4][5] - The report highlights a significant drop in the gross margin for spandex products, which was -8.99% in the first half of 2024, while aramid products maintained a gross margin of 38.48% [2][4] Cash Flow and Expenses - Operating cash flow for the first half of 2024 decreased by 56.68% to 0.66 billion [2][4] - Sales expenses increased by 5.74%, while financial expenses rose by 60.30% [2][4] - The company’s cash and cash equivalents at the end of the first half of 2024 were 1.783 billion, down 34.19% year-on-year [2][4]

投资者关系活动记录表 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 编号：2024-033、034 | --- | --- | --- | |----------------|---------------|-------------| | 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 华创证券 侯星宇 参与单位名称及 国泰君安资管 杨楠 人员姓名 时间 2024 年 8 月 21 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：氨纶今年上半年价格压力比较大，下半年或未来的 价格趋势？ 答：现在还看不清，总体来看现在新形势还不是太好，主要 是供需关系影响。 投资者：今年 9 月份没有明显的下游旺季？ 答：是的。 投资者关系活动 投资者：现在有效产能大约多少？ 主要内容介绍 答：建成产能大约 10 万吨，目前开工不满。 投资者：现在跟国内同行相比，氨纶的成本差距？ 答：跟行业大部分企业差不多，跟个别规模大的企 ...

Summary of Conference Call Records Company and Industry Involved - The conference call discusses a company involved in the production of spandex (氨纶) and aramid fiber (芳纶), focusing on their sales performance, production capacity, and market dynamics. Key Points and Arguments Sales Performance - Spandex sales increased by over 30%, while aramid fiber sales grew by approximately 10% [1] - The company experienced a loss of over 70 million in the first half of the year, primarily due to losses in the spandex segment [1] Production Capacity and Strategy - The total spandex production capacity is around 100,000 tons, with 15,000 tons in Yantai and 75,000 tons in Ningxia [2] - The company is currently operating at half capacity in Ningxia due to poor sales, which has led to a cautious approach to production [1][2] - Future expansion plans for spandex production are on hold due to market conditions and the challenge of achieving competitive differentiation [1] Market Conditions - The spandex industry is experiencing a two-digit growth rate in production capacity, with an increase of approximately 200,000 tons over the past two years [2] - The company’s gross margin for spandex has declined due to market conditions and the optimization process of new factories, which has resulted in handling some defective products [2] Product Development and Innovation - The company is working on a new type of diamine monomer to resolve bottleneck issues and has plans for further product launches [2] - The aramid fiber coating membrane is currently in small-scale production, with ongoing customer testing and development [3] Cost Management and Competitive Positioning - The company aims to reduce costs through increased production capacity, improved operational efficiency, and collaboration with base film suppliers to lower procurement costs [4][5] - The pricing strategy for aramid fiber coatings is competitive, with the goal of being slightly higher than ceramic coatings while offering better performance [4][5] Collaboration and Market Strategy - The company has partnered with Xingyuan Materials to leverage their distribution channels, particularly for overseas sales, while focusing on domestic promotion [4] - The competitive landscape in the new energy vehicle sector is intense, prompting the company to adapt its strategies to maintain market share [4] Raw Material Procurement - The company sources raw materials from various regions, with current procurement costs being comparable to leading domestic enterprises [5] - Plans for in-house production of PTMG have been halted due to increasing competition and price reductions in the market [5] Other Important but Overlooked Content - The company is exploring new paths for spandex production and is open to future adjustments based on market demand [1] - The testing cycle for automotive battery applications is lengthy, which impacts the timeline for product validation and market entry [3]

公司点评报告:化工行业 氨纶景气承压,芳纶涂覆隔膜驱动成长 核心观点 ● 事件 公司发布半年度报告,2024年上半年实现营业收入 19.52 亿元,同比增 长 0.55%;实现归母净利润 1.17亿元,同比下降 45.37%。其中,24Q2 单季 度实现营业收入 9.85亿元,同比增长 6.11%、环比增长 1.97%;实现归母净 利润 0.92 亿元,同比增长 16.15%、环比增长 266.55%。 ● 芳纶盈利能力稍有减弱,氨纶亏损拖累 24H1业绩 24H1公司不断优化产 品结构,强化市场布局,主营产品销量增长、售价回落,营业总收入窄幅增长 0.55%。其中,氨纶、芳纶销售毛利率分别为-8.99%、38.48%,同比分别下降 12.64、2.41个百分点。分业务来看,上半年氨纶行业供需失衡明显,加之主 要原料 PTMEG 价格连创新低,氨纶销售价格持续走低,利润空间被进一步压 缩,公司氨纶业务出现较大亏损。芳纶业务方面,上半年公司芳纶及其制品销 量同比实现增长,原料酰氯价格波动不大、二胺价格呈下滑趋势,但终端需求 不足叠加行业竞争加剧致使芳纶售价回落,销量提升和成本下降不足以弥补价 格下降产生的损失, ...

Investment Rating - The report assigns an "Outperform" rating to the company, indicating a positive outlook for its stock performance relative to the market [1]. Core Insights - The company reported H1 2024 revenue of 1.952 billion yuan, a year-on-year increase of 1%, while net profit attributable to shareholders decreased by 45% to 117 million yuan [3]. - The decline in profitability is attributed to weak demand for spandex and insufficient terminal demand for aramid, leading to price reductions despite increased sales volume [3]. - The company is focusing on integrating and upgrading its aramid production, with significant progress in its SAFEBM® battery aramid coating separator project, which has begun trial production [3]. - The spandex business is at a cyclical low, but there is potential for recovery in the second half of the year due to seasonal demand increases [3]. Financial Summary - For H1 2024, the company achieved a gross margin of 18.69%, with a quarter-on-quarter increase of 1.02 percentage points [3]. - The projected revenue for 2024 is estimated at 5.028 billion yuan, with a year-on-year growth rate of 28.1% [4]. - The forecasted net profit for 2024 is 291 million yuan, reflecting a decrease of 12.7% compared to the previous year [4]. - The earnings per share (EPS) for 2024 is projected to be 0.34 yuan, with a price-to-earnings (PE) ratio of 24 times [4].

一般都是盈利会有压力今年呢我们这边也是也存在这个问题吧就是我们的几个 几个增量的优版块今年的或多或少都如果从另一个角度来看或多或少都是对业绩有一些脱力但是对于我们来说这是一个战略性的问题就是我们为了要寻找新的发展空间短期的亏损是可以接受的这个跟Allen这个优版块不一样 我们呢反正也能看到里面的一些石头吧都是在往好的方向的发展这个呢估计明年陆陆续续我们这几块当然有陆陆续续会有盈利这个可能再给个两三年的时间也有可能都会比 这个我们是相对来说有一些信心的这个大体这个样子吧后面大家对哪个话题比较感兴趣提出了大家再单独交流好吧好的 非常感谢董总的解答呀那么接下来看各位听到什么问题欢迎在手机上或者网络上向董总提问 谢谢 大家好如需提问电话端的参会者请先按话机上的信号键再按数字音大家好如需网络端的参会者您可以在直播间互动区域内文字提问 董总我这边想先抛声引玉问您一个问题今年大家还是比较关注化工行业里面一些低价的品种问题然后我们这边阿伦这一块想请教您一下目前的咱们一个产能的布局的一个情况 其实Allen这个业务如果单纯从价格的角度来看现在是历史性的最低点 不管是从开工来说从库存来说基本上都是比较差的时候但是有一点说这个会不 ...

泰和新材集团股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | | 宁夏泰极纸业 | | 应收账 联营企业 | 87.93 | 172.33 | | 180.5 | 79.76 | 销售材料、提 供租赁、餐费 | 经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 有限责任公司 | | 款 | | | | | | | | | | | | | | | | | | 等服务收入 | | | 小计 | | | | 87.95 | 754.03 | | 509.51 | 332.47 | | | | 总计 | | - | - - | 70,093.30 | 43,605.38 | 1,555.19 | 11,105.95 | 104,147.92 | - | - | 法定代表人：宋西全 主管会计工作负责人：顾裕梅 会计机构负责人：卢国启 单位：万元 非经营性资金 占用 资金占用方名 称 占用方与上市 公司的关联关 系 上市公 司核算 的会计 科目 2024 年期初占 用资金余额 20 ...

临时公告：2024-053 证券代码：002254 股票简称：泰和新材 公告编号： 2024-053 泰和新材集团股份有限公司 关于会计政策变更的公告 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。 特别提示： 公司本次会计政策变更是根据中华人民共和国财政部（以下简称"财政部"） 相关规定进行相应变更，变更后的会计政策符合财政部的相关规定。本次会计政 策变更不会对公司的财务状况、经营成果和现金流量产生重大影响，也不存在损 害公司及股东利益的情况。 一、会计政策变更概述 1 临时公告：2024-053 各项具体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他相 关规定执行。 （四）变更日期 （一）会计政策变更原因 2023 年 10 月 25 日，财政部发布了《企业会计准则解释第 17 号》（以下简 称 17 号解释），规范了"关于流动负债与非流动负债的划分""关于供应商融 资安排的披露""关于售后租回交易的会计处理"等内容，该解释自 2024 年 1 月 1 日起施行。 （二）变更前公司采用的会计政策 本次会计政策变更前，公司执行财政部发布的《企业 ...

临时公告：2024-051 证券代码：002254 股票简称：泰和新材 公告编号：2024-051 泰和新材集团股份有限公司关于调整 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：2024-051 及其摘要的议案》等相关议案，公司独立董事对相关事项发表同意的独立意见， 公司监事会对本次股权激励计划的相关事项进行了审核并出具了审核意见。 2、2022 年 11 月 15 日，公司收到烟台市人民政府国有资产监督管理委员会 （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、因公司已完成 2023 年度权益分派，公司 2022 年限制性股票激励计划授 予的限制性股票的回购价格由 8.95 元/股调整为 8.65 元/股。 2、本次回购注销 2022 年限制性股票激励计划的限制性股票数量为 500,000 股，回购注销完成后，公司总股本由 86 ...

临时公告：2024-054 证券代码：002254 股票简称：泰和新材 公告编号：2024-054 泰和新材集团股份有限公司 关于召开 2024 年第三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九次会议决议，泰和新材集团股份有限公司（以下简 称"公司"）决定召开 2024 年第三次临时股东大会，现将有关情况公告如下： 一、召开会议基本情况 1、股东大会届次：2024 年第三次临时股东大会 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： 1 ） 公司第十一届董事会第九次会议审议通过了《关于召开 2024 年第三次临时 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 9 月 2 日（星期一）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 9 月 2 日 9:15—9:25,9:30—11:30 和 13:00—15:00； ...