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 ...

Investment Rating - The report maintains a "Buy" rating for Taihe New Materials with a target price of 11.74 CNY, down from the previous forecast of 19.58 CNY [5][8]. Core Insights - The company's Q3 performance was slightly below expectations, with the aramid and spandex industries facing pressure on margins, awaiting a recovery in demand. The company is transitioning towards becoming a platform enterprise in new materials to support growth [3][8]. - For the first three quarters of 2024, the company reported revenue of 2.923 billion CNY, a year-on-year increase of 0.43%, while net profit attributable to shareholders was 151 million CNY, down 45.75% year-on-year [8][9]. - The spandex industry is currently experiencing a downward trend in margins, with the average price in East China for 40D spandex at 25,977 CNY per ton, a decrease of 9.8% from the previous quarter [8][9]. - The aramid industry is expected to see significant growth in demand driven by new applications, with a projected global market size of 5.3 billion USD by 2025, growing at a CAGR of 9.7% [8][9]. Financial Summary - For Q3 2024, the company achieved revenue of 971 million CNY, a year-on-year increase of 0.2%, but a quarter-on-quarter decrease of 1.5%. The net profit attributable to shareholders was 34 million CNY, down 47.0% year-on-year and 63.6% quarter-on-quarter [8][9]. - The company has adjusted its EPS forecasts for 2024-2025 to 0.25 CNY and 0.39 CNY, respectively, with a new 2026 EPS forecast of 0.57 CNY [8][9]. - The company’s total market capitalization is 8.391 billion CNY, with a current price of 9.72 CNY per share [6][8].

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]

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].