中节能万润股份有限公司 关于开展远期结售汇业务的可行性分析报告 一、公司开展远期结售汇业务的背景 四、公司开展远期结售汇业务的主要条款 1、交易金额：公司及下属子公司累计开展远期结售汇业务预计不超过 4,500 万美元（含等值外币），即任一交易日持有的最高合约价值不超过 4,500 万美元 （含等值外币），在上述额度及决议有效期内可循环使用，期限内任一时点的交 易金额（含前述交易的收益进行再交易的相关金额）不超过 4,500 万美元。公司 1 拟开展的远期结售汇业务全部使用银行授信额度担保。 因公司业务特点，外汇回款占比较高，为有效规避和防范外汇市场的风险， 降低汇率大幅波动对公司造成不良影响，合理降低财务费用，公司拟开展以套期 保值为目的的远期结售汇业务，以加强外汇风险管理。 二、公司拟开展的远期结售汇业务概述 公司拟开展的远期结售汇业务，以套期保值、锁定成本、规避和防范汇率风 险为目的。公司开展的远期结售汇与涉外业务的品种、规模、方向、期限等方面 相匹配，以遵循公司谨慎、稳健的风险管理原则。 三、公司开展远期结售汇业务的必要性和可行性 公司及子公司产品需要出口海外市场，日常经营中涉及外币业务。受国际政 治 ...

证券代码：002643 证券简称：万润股份 公告编号：2024-035 中节能万润股份有限公司 第六届监事会第十次会议决议公告 本公司及监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。 经中节能万润股份有限公司（以下简称"公司"或"万润股份"）全体监事 一致同意，公司第六届监事会第十次会议于 2024 年 11 月 14 日以通讯表决的方 式召开，本次会议由监事会主席张蕾女士召集。会议通知于 2024 年 11 月 8 日以 电子邮件方式发送至全体监事，会议应参加表决监事 5 名，实际参加表决监事 5 名。本次会议符合《中华人民共和国公司法》《中华人民共和国证券法》及其他 有关法律、法规和规范性文件以及《公司章程》的有关规定。经表决，会议通过 了如下决议： 表决情况：5 票同意、0 票反对、0 票弃权。 《万润股份：关于开展以套期保值为目的的远期结售汇业务的公告》（公告 编号：2024-037）详见巨潮资讯网（http://www.cninfo.com.cn），并同时登载于 《中国证券报》《上海证券报》《证券日报》《证券时报》。 一、审议并通过了《万润股份：关于 202 ...

中节能万润股份有限公司 监事会关于公司 2021 年限制性股票激励计划第二个解除限售期 （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处罚或者采取市 场禁入措施； 解除限售相关事项的核查意见 中节能万润股份有限公司（以下简称"公司"或"万润股份"）监事会依据《中华人民共 和国公司法》《中华人民共和国证券法》《上市公司股权激励管理办法》《公司章程》以及《万 润股份：2021 年限制性股票激励计划》（以下简称《激励计划》）、《万润股份：2021 年限制性 股票激励计划实施考核管理办法》（以下简称《考核管理办法》）等相关规定，对公司 2021 年 限制性股票激励计划（以下简称"本次激励计划"）第二个解除限售期解除限售相关事项进行 审核并发表意见如下： 1、公司符合《激励计划》规定的实施股权激励计划的情形，具备实施股权激励计划的主 体资格，符合《激励计划》《考核管理办法》中对第二个解除限售期解除限售条件的要求，未 发生不得解除限售的情形。 2、本次拟解除限售的 602 名 ...

Investment Rating - The report maintains a **Buy** rating for the company, with a target price of RMB 11.59 [1] - The sector rating is **Outperform** [1] Core Views - The company's performance is under pressure due to weak demand for zeolite and pharmaceutical products, but the growth potential from new materials is promising [2] - Revenue for the first three quarters of 2024 decreased by 13.01% YoY to RMB 2.763 billion, with net profit attributable to shareholders dropping by 48.57% YoY to RMB 296 million [2] - In Q3 2024, revenue fell by 26.84% YoY to RMB 806 million, and net profit attributable to shareholders decreased by 56.65% YoY to RMB 80.69 million [2] - The company's gross margin declined to 40.08%, down 2.17 percentage points YoY, while R&D expenses increased due to higher investment in new materials [2] - The company is expanding its presence in new materials, including OLED, semiconductor, and PI materials, with several projects underway [2] Financial Performance - For 2024E, the company's revenue is expected to be RMB 3.679 billion, a decrease of 14.5% YoY, with net profit attributable to shareholders projected at RMB 400 million, down 47.5% YoY [3] - EPS for 2024E is forecasted at RMB 0.43, with a P/E ratio of 26.9x [3] - The company's EBITDA for 2024E is estimated at RMB 997 million, down 25.7% YoY [3] - The net profit margin for 2024E is expected to be 10.9%, a significant drop from 17.7% in 2023 [6] Business Developments - The company established a joint venture with BOE Materials, Debon Technology, and Yeda Economic Development to focus on electronic materials R&D and sales [2] - The company plans to list its subsidiary, Jiumu Chemical, on the New Third Board, which specializes in OLED sublimation materials [2] - The company is investing in multiple new material projects, including OLED materials, PI materials, and fuel cell proton membrane materials, with significant growth potential [2] Valuation and Forecast - The report adjusts the EPS forecast for 2024-2026 to RMB 0.43, RMB 0.58, and RMB 0.71, respectively, with corresponding P/E ratios of 26.9x, 20.0x, and 16.3x [2] - The company's ROE is expected to decline to 5.5% in 2024E but recover to 8.3% by 2026E [6] - The EV/EBITDA ratio for 2024E is projected at 11.9x, improving to 7.7x by 2026E [6]

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]