Investment Rating - The report maintains a "Buy" rating for the company [8][6]. Core Viewpoints - The company reported a revenue of 2.76 billion yuan for the first three quarters of 2024, a decrease of 13.0% year-on-year, and a net profit attributable to shareholders of 300 million yuan, down 48.6% year-on-year [3][4]. - The third quarter alone saw a revenue of 810 million yuan, representing a year-on-year decline of 26.8% and a quarter-on-quarter decline of 20.8% [3][4]. - The company has a well-established product lineup in new materials, with molecular sieves expected to contribute to growth in the coming years, alongside OLED materials, PI materials, photoresist materials, and lithium battery electrolyte additives [4][6]. Financial Performance Summary - The gross profit margin for the first three quarters was 40.1%, a decrease of 2.2 percentage points year-on-year [4]. - The company’s operating expenses ratio increased to 24.5%, up 5.2 percentage points year-on-year, primarily due to rising management and R&D expenses [4]. - The company’s theoretical production capacity for zeolite series environmental materials is nearly 10,000 tons per year, with non-automotive products already achieving pilot sales [5]. Future Outlook - The company has terminated plans for a separate listing of its subsidiary, Jiumu Chemical, and intends to apply for its listing on the New Third Board, which is expected to enhance asset value and align with long-term strategic goals [5][6]. - The electronic information materials segment is anticipated to perform well, with various high-end products already in supply to downstream manufacturers [6]. - The company projects net profits of 390 million yuan, 560 million yuan, and 680 million yuan for the years 2024, 2025, and 2026, respectively [6][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the company has faced performance pressure in the third quarter, primarily due to weak demand in the zeolite molecular sieve and pharmaceutical sectors, alongside increased financial costs and R&D investments [1] - Despite the current challenges, the company is expected to gradually alleviate business pressures as the automotive product cycle recovers and new market opportunities are explored in the petrochemical and adsorption sectors [1] - The company emphasizes R&D and collaboration, with significant investments in new materials and semiconductor manufacturing materials, which are projected to contribute to future growth [1] Summary by Relevant Sections Financial Performance - Revenue (in million yuan) for 2022A was 5,080, with a projected decline to 4,305 in 2023A and further to 3,744 in 2024E, before recovering to 4,652 in 2025E and 5,587 in 2026E [1] - Net profit attributable to the parent company (in million yuan) is expected to decrease from 721 in 2022A to 763 in 2023A, then drop significantly to 408 in 2024E, before rebounding to 547 in 2025E and 718 in 2026E [1] - Earnings per share (in yuan) are projected to decline from 0.78 in 2022A to 0.82 in 2023A, then drop to 0.44 in 2024E, with a recovery to 0.59 in 2025E and 0.77 in 2026E [1] Market Position and Strategy - The company is actively enhancing its core competitiveness through structural improvements and expanding its market presence in high-potential sectors [1] - The report highlights the company's commitment to innovation and R&D, with a focus on developing next-generation products to meet evolving market demands [1] Future Outlook - The report has adjusted the profit forecast for the company, projecting net profits of 408 million, 547 million, and 718 million for the years 2024-2026 respectively [1] - The company is expected to maintain a "Buy" rating due to its potential for high growth in various business segments, despite the current market pressures [1]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company's net profit attributable to shareholders decreased by 48.57% year-on-year in the first three quarters of 2024, with operating revenue of 2.763 billion yuan, down 13.01% year-on-year [4] - The decline in revenue is primarily due to a decrease in demand for automotive zeolite series environmental materials in North America [4] - The company is actively investing in new materials, including a joint venture for electronic materials research and sales [5] - Profit forecasts for 2024-2026 are 412 million yuan, 521 million yuan, and 580 million yuan respectively, with an expected EPS of 0.44 yuan, 0.56 yuan, and 0.62 yuan [5] Financial Summary - For 2024, the company is expected to generate operating revenue of 3.681 billion yuan, with a net profit of 412 million yuan, reflecting a year-on-year decrease of 46.1% [6][9] - The gross profit margin is projected to be 40.5% in 2024, with a gradual recovery expected in subsequent years [6][9] - The company's total assets are estimated to reach 10.451 billion yuan by 2024, with a debt ratio of 24.4% [10] Business Segmentation - The functional materials segment is expected to generate sales revenue of approximately 3.366 billion yuan in 2024, with a gross margin of 41% [7] - The pharmaceutical materials segment is projected to have a sales revenue of around 600 million yuan in 2024, with a gross margin of 37% [7] - Other segments are expected to maintain stable performance, contributing to overall revenue [7] Valuation Analysis - The reasonable valuation for the company is estimated at a PE ratio of 20-25 times for 2025, translating to a fair value range of 11.2 to 14.0 yuan per share [5][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on sustainable development through innovation and R&D, with R&D expenses amounting to approximately 309 million yuan in the first three quarters of 2024, representing a year-on-year increase of 17.07% [4][7] - The company is actively advancing several new material projects, including the PEEK product line and a new production base for photolithography resin, which are expected to drive long-term growth [4][5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 2.763 billion yuan, a year-on-year decrease of 13.01%, and a net profit attributable to shareholders of 296 million yuan, down 48.57% year-on-year [4][5] - In Q3 2024, the company reported revenue of 806 million yuan, a decline of 26.84% year-on-year and 20.83% quarter-on-quarter, primarily due to decreased demand for automotive zeolite series environmental materials in North America [5] - The gross profit margin for the first three quarters of 2024 was 40.08%, down 2.17 percentage points year-on-year, while the net profit margin was 14.23%, down 6.18 percentage points year-on-year [4] Earnings Forecast - The company is projected to achieve revenues of 3.666 billion yuan, 4.396 billion yuan, and 5.322 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 422 million yuan, 550 million yuan, and 704 million yuan [7][11] - The expected P/E ratios for 2024, 2025, and 2026 are 23, 18, and 14 times, respectively, reflecting the company's growth potential [7][11]

证券代码：002643 证券简称：万润股份 编号：20241104 中节能万润股份有限公司投资者关系活动记录表 | --- | --- | --- | |----------------------|-----------------------------------------|--------------------------------------------------------------------| | | □√特定对象调研 | □ 分析师会议 | | | □ 媒体采访 | □ 业绩说明会 | | 投资者关系活动类别 | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他 | | | 活动参与人员 | 天风证券：郭建奇 国泰君安：周志鹏 | 恒安标准人寿：王祉蘅 | | 时间 | 2024 年 11 月 04 日 | 14:00~15:30 | | 地点 | 中节能万润股份有限公司本部三楼会议室 | | | 形式 | 现场会议 | | | | | | | | 董事会秘书：于书敏 | | | 上市公司接待人员姓名 | 证券事务代表：肖新玲 证券部其他工作人员 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company reported a decline in revenue and profit due to a decrease in demand, particularly in the automotive zeolite segment in North America, and foreign exchange fluctuations [1][2] - Despite the challenges in the environmental materials sector, the company is actively expanding into the petrochemical catalytic cracking and adsorption fields to seek new growth points [1][2] - The electronic information materials segment continues to show growth, with increased revenue from polyimide (PI) materials and semiconductor manufacturing materials [1][2] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 2.763 billion yuan, a year-on-year decrease of 13.01%, and a net profit attributable to shareholders of 296 million yuan, down 48.57% year-on-year [1] - In Q3 2024, the company reported revenue of 806 million yuan, a year-on-year decline of 26.84%, and a net profit of 81 million yuan, down 56.65% year-on-year [1][3] Future Projections - The projected net profits for 2024-2026 are 412 million yuan, 585 million yuan, and 826 million yuan, with year-on-year growth rates of -46.0%, 42.1%, and 41.1% respectively [3][5] - The company expects to maintain a price-to-earnings (PE) ratio of 24, 15, and 12 for the respective years [3] Strategic Developments - The company has formed a joint venture with leading industry players to enhance its capabilities in electronic materials, which is expected to create new market opportunities [2] - The termination of plans for a separate listing of a subsidiary is aimed at improving financing channels and governance structures [2]

Investment Rating - The investment rating for the company is "Accumulate" [3][4]. Core Views - The report indicates that the company's performance in Q3 2024 met expectations, with a focus on the long-term growth potential in OLED and semiconductor manufacturing materials [4]. - Due to a slowdown in downstream demand for functional materials and pharmaceutical businesses, the EPS forecasts for 2024-2026 have been revised down to 0.45, 0.58, and 0.72 yuan, respectively [4]. - The target price has been adjusted to 14.21 yuan from the previous 14.59 yuan, based on a PE ratio of 32X for 2024 [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 2.763 billion yuan, a year-on-year decrease of 13.01%, and a net profit attributable to shareholders of 296 million yuan, down 48.57% year-on-year [4]. - In Q3 2024, the revenue was 806 million yuan, reflecting a year-on-year decline of 26.84% and a quarter-on-quarter decline of 20.83% [4]. - The gross margin and net margin for Q3 2024 were 39.67% and 13.06%, respectively, showing a year-on-year decrease of 4.41 percentage points and 6.34 percentage points [4]. Market and Industry Outlook - The demand for zeolite and pharmaceutical products is under pressure, but the report remains optimistic about the long-term growth potential of the company [3][4]. - The company is seeing growth in OLED sublimation and finished materials, as well as semiconductor manufacturing materials, with various product developments progressing smoothly [4]. - The establishment of joint ventures and closer cooperation with downstream enterprises is expected to enhance the company's long-term growth prospects [4].

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 证券代码：002643 证券简称：万润股份 公告编号：2024-031 中节能万润股份有限公司 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： 1、因公司已完成 2023 年度权益分派，公司 2021 年限制性股票激励计划授 予的限制性股票的回购价格由 9.23 元/股调整为 8.93 元/股。 2、本次回购注销 2021 年限制性股票激励计划的限制性股票数量为 137,150 股，占公司当前总股本 930,106,155 股的 0.0147%；占公司 2021 年限制性股票激 励计划当前所涉股份总数 20,972,940 股（含第一个解除限售期已解除限售的 6,925,050 股限制性股票）的 0.6539%；占公司 2021 年限制性股票激励计划当前 限售股份总数 14,047,890 股的 0.9763%。 3、本次调整限制性股票回购价格并回购注销部分限制性股票事项尚需提交 公司股东大会审议。 中节能万润股份有限公司（以下简称"公司"或"万润股份"）于 2024 年 10 月 29 日 ...

证券代码：002643 证券简称：万润股份 公告编号：2024-030 中节能万润股份有限公司 关于聘请 2024 年度审计机构的公告 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： 公司前任审计机构为中天运会计师事务所（特殊普通合伙）（以下简称"中 天运"），已连续三年为公司提供审计服务，在上述服务期限内均对公司出具了 标准无保留审计意见。为进一步提升公司审计工作的独立性，根据相关规定，公 司拟聘请中证天通会计师事务所（特殊普通合伙）（以下简称"中证天通"）为 公司 2024 年度审计机构。本次聘请会计师事务所符合财政部、国务院国资委、 证监会印发的《国有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕 4 号）的规定。 中节能万润股份有限公司（以下简称"公司"、"本公司"或"万润股份"） 于 2024 年 10 月 29 日召开第六届董事会第九次会议及第六届监事会第九次会议， 审议通过了《万润股份：关于聘请 2024 年度审计机构的议案》，同意聘请中证 天通为公司 2024 年度的审计机构。相关情况如下： 一、拟聘请会计师事务所的基本 ...

Financial Performance - The company's revenue for Q3 2024 was ¥806,286,944.79, representing a decrease of 26.84% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥80,688,646.03, down 56.65% year-over-year[2]. - The net profit after deducting non-recurring gains and losses was ¥60,431,030.21, a decline of 66.82% compared to the previous year[2]. - Total net profit for the third quarter of 2024 was CNY 393,146,685.50, a decrease of 39.34% compared to CNY 648,110,209.62 in the same period last year[5]. - The company's total profit decreased by 38.99% to CNY 431,415,625.26, primarily due to reduced gross profit and increased R&D expenses[5]. - Net profit attributable to shareholders of the parent company was CNY 392,548,291.51, compared to CNY 695,221,613.91 in the same period last year, reflecting a decline of 43.6%[12]. - The net profit for Q3 2024 was CNY 393.15 million, a decrease of 39.4% compared to CNY 648.11 million in Q3 2023[13]. - The company reported a total comprehensive income of CNY 387.10 million, down from CNY 680.71 million in the previous year, reflecting a decrease of 43.1%[13]. Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥10,686,532,308.41, reflecting a 5.44% increase from the end of the previous year[2]. - Total assets increased to CNY 10,686,532,308.41, up from CNY 10,134,722,624.96 year-on-year, representing a growth of 5.4%[11]. - Total liabilities rose to CNY 2,925,174,198.74, an increase of 18.3% from CNY 2,472,486,469.52 in the previous year[11]. - The company's total equity reached CNY 7,761,358,109.67, up from CNY 7,662,236,155.44, indicating a growth of 1.3%[11]. Cash Flow and Investments - The company's cash flow from operating activities for the year-to-date period was ¥994,097,446.58, an increase of 19.22% year-over-year[2]. - Cash received from other investment activities increased by 241.95% to CNY 1,406,000,000.00, reflecting higher cash inflows from maturing financial products[5]. - The company's investment activities resulted in a net cash outflow of CNY 406.10 million, an improvement from a net outflow of CNY 722.28 million in the same period last year[14]. - The company's cash and cash equivalents increased to CNY 1,464,082,588.93 from CNY 737,954,829.55, representing an increase of approximately 98.5%[9]. - The cash and cash equivalents at the end of the period increased to CNY 1.45 billion, up from CNY 1.37 billion at the end of Q3 2023, marking a growth of 5.7%[15]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 36,602, with no preferred shareholders with restored voting rights[6]. - The number of shares held by the largest shareholder, China Energy Conservation and Environmental Protection Group, is 258,882,259, representing 27.83% of total shares[7]. - The second-largest shareholder, Luyin Investment Group, holds 59,181,537 shares, accounting for 6.36%[7]. Operational Metrics - Basic earnings per share for Q3 2024 were ¥0.09, down 55.00% compared to the same period last year[2]. - Basic earnings per share for Q3 2024 were CNY 0.32, compared to CNY 0.63 in Q3 2023, indicating a decline of 49.2%[13]. - Total operating revenue for the third quarter was CNY 2,762,593,286.27, a decrease of 13.0% compared to CNY 3,175,596,083.16 in the same period last year[12]. - Total operating costs decreased to CNY 2,370,044,994.76, down 4.4% from CNY 2,480,374,307.25 year-on-year[12]. - Research and development expenses increased to CNY 309,086,176.30, up 16.9% from CNY 264,010,160.79 in the previous year[12]. Other Financial Highlights - The company received government subsidies amounting to ¥6,914,986.62 during the quarter, contributing positively to its financial performance[3]. - Other income increased by 144.21% to CNY 28,942,876.35, mainly due to a rise in government subsidies received[5]. - The company reported a 417.59% increase in asset impairment losses, totaling CNY -7,739,129.70, attributed to higher inventory write-downs[5]. - The foreign currency translation difference was CNY -6,048,408.53, a decline of 118.55% influenced by exchange rate fluctuations[5]. - The company has not disclosed any significant new product developments or market expansion strategies in this report[8].