Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Views - The company reported a revenue of 1.556 billion yuan in 2023, a year-on-year decrease of 9.7%, and a net profit attributable to shareholders of 220 million yuan, down 37.76% year-on-year [6] - In Q1 2024, the company achieved a revenue of 435 million yuan, representing a year-on-year increase of 16.1%, and a net profit of approximately 53.6 million yuan, down 26.4% year-on-year but showing a quarter-on-quarter recovery [6] - The cellulose ether sales volume increased steadily, while prices declined due to domestic demand and raw material costs [6] - The plant capsule sales volume reached a record high in Q1 2024, driven by recovering consumer demand [6] Summary by Sections Financial Performance - In 2023, the company’s cellulose ether production and sales volumes were approximately 46,000 tons (up 26.3% YoY) and 40,400 tons (up 16.6% YoY) respectively, with revenue from cellulose ether declining by 2.6% to 11.275 billion yuan [6] - The gross margin for cellulose ether fell by 5.02 percentage points to 25.52% due to increased depreciation costs from new capacity and lower product prices [6] - The company’s net profit margin decreased by 6.38 percentage points to 14.15% in 2023 [6] Product Insights - The plant capsule sales volume in 2023 was approximately 13.13 billion capsules (down 15.6% YoY) with revenue of about 246 million yuan (down 10.9% YoY) [6] - The gross margin for plant capsules improved by approximately 0.8 percentage points to 55% due to lower costs [6] Future Outlook - The company has adjusted its profit forecasts for 2024-2025, now expecting net profits of approximately 309 million yuan and 385 million yuan respectively, with a new forecast for 2026 at 489 million yuan [6] - The company is expanding its product line with the acquisition of hydroxyethyl cellulose and expects significant growth in plant capsule sales in 2024 [6]

Investment Rating - The report maintains a "Buy" rating for the company [3][12]. Core Views - The company's performance in 2023 was impacted by depreciation and amortization from new facilities, but there are signs of improvement in Q1 2024 [12][34]. - The company is actively adjusting its product and market structure in response to industry supply-demand imbalances and overcapacity [1][34]. - The successful registration of high-end pharmaceutical coating products and the second-generation pure gelatin capsules is expected to enhance the company's market position [1][34]. Financial Performance Summary - In 2023, the company achieved revenue of 1.56 billion yuan, a decrease of 9.7% year-on-year, and a net profit attributable to shareholders of 220 million yuan, down 37.8% year-on-year [3][46]. - The gross profit margin for 2023 was 29.3%, a decline of 4.9 percentage points year-on-year, while the net profit margin was 14.2%, down 6.4 percentage points year-on-year [3][46]. - In Q4 2023, the company reported revenue of 380 million yuan, a year-on-year decrease of 3.5% and a quarter-on-quarter decrease of 11.8% [3][4]. - In Q1 2024, the company recorded revenue of 435 million yuan, an increase of 16.1% year-on-year and 15.3% quarter-on-quarter, with a net profit of 54 million yuan [4][13]. Product Segment Performance - The cellulose ether segment generated revenue of 1.13 billion yuan in 2023, a slight decline of 2.5% year-on-year, with a sales volume of 40,353 tons, up 17% year-on-year [46]. - The plant capsule segment reported revenue of 250 million yuan, down 10.9% year-on-year, with a sales volume of 11 billion capsules, down 8% year-on-year [46]. - The company has a cellulose ether and plant capsule integrated advantage, which is expected to improve capacity utilization as industry demand recovers [1][34]. Capacity and Investment - As of the end of 2023, the company had a cellulose ether production capacity of 69,000 tons, with an additional 5,000 tons under construction and 11,000 tons planned but not yet built [1][34]. - The company has made strategic acquisitions, such as the purchase of Zhongfu Heda, to expand its product matrix, particularly in hydroxyethyl cellulose (HEC) [1][34].

债券代码：127088 债券简称：赫达转债 证券代码：002810 股票简称：山东赫达 公告编号：2024-032 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 5 月 20 日上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00；通 过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2024 年 5 月 20 日 9:15-15:00 的任意时间。 山东赫达集团股份有限公司 关于召开 2023 年度股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 山东赫达集团股份有限公司（以下简称"公司"）第九届董事会 第九次会议决定于 2024 年 5 月 20 日召开公司 2023 年度股东大会。 现将本次股东大会的有关事项通知如下： 一、召开会议基本情况 1、股东大会届次：2023 年度股东大会 2、股东大会召集人：公司第九届董事会 3、会议召开的合法、合规性：本次股东大会会议召开符合有关 法律、行政法规、部门规章、规范性文件和《公司章程》的有关规定。 4、会议召开时间： ①现场会议召开时间：20 ...

Financial Performance - The company's operating revenue for 2023 was ¥1,556,225,490, a decrease of 9.70% compared to ¥1,723,483,310 in 2022[21]. - Net profit attributable to shareholders for 2023 was ¥220,209,397, representing a decline of 37.76% from ¥353,798,901 in 2022[21]. - The net cash flow from operating activities decreased by 40.06% to ¥179,737,827 in 2023 from ¥299,855,198 in 2022[21]. - Basic earnings per share for 2023 were ¥0.64, down 38.46% from ¥1.04 in 2022[21]. - Total assets increased by 13.85% to ¥3,792,527,550 in 2023 from ¥3,331,342,690 in 2022[22]. - Net assets attributable to shareholders rose by 11.33% to ¥2,094,899,070 in 2023 from ¥1,881,733,080 in 2022[22]. - The company reported a quarterly revenue of ¥428,101,052 in Q3 2023, with a net profit of ¥72,621,029[28]. - The company experienced a net loss of ¥9,320,819 in Q4 2023, contrasting with positive net profits in the previous quarters[28]. - The weighted average return on net assets decreased to 11.17% in 2023 from 20.65% in 2022, a decline of 9.48%[21]. - The company reported a total revenue of 32.636 billion in 2023, showing a decrease from 39.270 billion in the previous year, representing a decline of approximately 17.5%[171]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of 2 RMB per 10 shares to all shareholders, based on a total of 341,699,040 shares[3]. - The company has a clear policy for cash dividends, requiring positive distributable profits and a debt-to-asset ratio not exceeding 50%[200]. - The company aims to distribute at least 10% of the annual distributable profit in cash, with a cumulative distribution of at least 30% of the average annual distributable profit over the last three years[200]. Risks and Uncertainties - The company reported no significant risks that could materially affect its operations during the reporting period[3]. - The company emphasizes the importance of understanding the uncertainties associated with future plans and performance forecasts due to market conditions[3]. - The company has not experienced any major safety incidents but acknowledges risks associated with the expansion of production scale and the potential for safety accidents[149]. - The company has maintained a stable ratio of accounts receivable to total assets at around 10%, but faces risks related to the recovery of these receivables due to potential changes in the macroeconomic environment[151]. Market and Industry Insights - The cellulose ether industry is characterized by a wide range of applications, including construction materials, pharmaceuticals, and food additives[34]. - The market for cellulose ether is expected to grow due to its environmentally friendly properties and efficiency in resource utilization[36]. - The domestic pharmaceutical market reached a scale of CNY 181.76 billion in 2021, with a compound annual growth rate of 6.17% from CNY 143.04 billion in 2017, projected to reach CNY 228.73 billion by 2025[47]. - The global market for plant-based capsules was approximately USD 1.184 billion in 2020, projected to reach USD 1.585 billion by 2026, indicating significant growth potential for pharmaceutical-grade HPMC[50]. - The demand for construction-grade cellulose ether is expected to increase due to the growing use of premixed mortar, which offers better quality stability and environmental benefits compared to traditional site-mixed mortar[44]. Research and Development - The company launched 7 R&D projects in 2023, including the globally innovative "hydroxypropyl methylcellulose plant capsule development" which enhances product competitiveness[84]. - Research and development (R&D) investment amounted to ¥66,646,918.86, a decrease of 1.67% compared to ¥67,779,945.44 in 2022, while the R&D investment as a percentage of operating revenue increased to 4.28% from 3.93%[115]. - The number of R&D personnel increased to 246 in 2023, up 7.89% from 228 in 2022, with the proportion of R&D personnel rising to 13.74% from 13.47%[114]. - The company has successfully completed the development of a cellulose ether with high suspension stability, which is expected to significantly improve product performance and reduce customer costs, leading to considerable economic benefits[109]. Environmental and Sustainability Initiatives - The company has invested nearly 200 million RMB in environmental protection projects, significantly reducing fossil energy and water resource consumption[74]. - The company has established a sustainable development committee with carbon peak and neutrality goals set for 2030 and 2050, respectively[89]. - The company is committed to environmental protection and has invested in facilities to minimize its environmental impact, but may face increased costs due to stricter future regulations[147]. Corporate Governance - The company has established a complete and independent business system, ensuring operational independence from the controlling shareholder[161]. - The board of directors consists of 7 members, including 3 independent directors, complying with relevant legal requirements[157]. - The company maintains a strict internal audit system to oversee financial operations and prevent internal control risks[159]. - The company has a robust governance structure, adhering to laws and regulations, ensuring equal rights for all shareholders[156]. Strategic Initiatives and Future Outlook - The company aims to enhance its core competitiveness through technology innovation and cost reduction measures in 2024[145]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its product offerings[171]. - The company plans to enhance internal management and increase technological investment to capture international market opportunities[92]. - The company is focusing on expanding its market presence and developing new products, although specific figures and timelines were not disclosed in the report[171].

山东赫达集团股份有限公司 2023 年度独立董事述职报告 李洪武 各位股东及股东代表： 作为山东赫达集团股份有限公司（以下简称"山东赫达"或"公司"）第八 届董事会的独立董事，因本人担任公司独立董事任期届满，经公司 2023 年 5 月 16 日召开的 2022 年度股东大会选举董事会成员组成第九届董事会，本人正式离 任。2023 年 1-5 月，本人严格按照《公司法》《证券法》《深圳证券交易所上市公 司自律监管指引第 1 号—主板上市公司规范运作》等相关法律法规、规范性文件 及《山东赫达集团股份有限公司章程》（以下简称"《公司章程》"）《独立董事工 作制度》之相关规定及要求，保持独立董事独立性，认真履行职务，参加有关会 议，发表独立意见，维护公司整体利益，尤其关注中小股东的合法权益不受损害。 现就 2023 年度本人履职情况汇报如下： 一、独立董事基本情况 李洪武先生，中国国籍，无境外永久居留权，1962 年 9 月出生，硕士研究生 学历，1984 年 7 月至今任山东大学法学院副教授。现任山东明仁福瑞达制药股 份有限公司、菏泽农村商业银行股份有限公司、山东恒嘉高纯铝业科技股份有限 公司独立董事。2017 ...

招商证券股份有限公司 关于山东赫达集团股份有限公司 2023 年度内部控制自我评价报告的核查意见 招商证券股份有限公司（以下简称"招商证券"、"保荐人"）作为山东赫达 集团股份有限公司（以下简称"山东赫达"、"公司"）向不特定对象发行可转换 公司债券和持续督导的保荐人，根据《证券发行上市保荐业务管理办法》《深圳 证券交易所股票上市规则（2023 年修订）》和《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》等相关法律法规及规范性文件的要 求，对山东赫达《2023 年度内部控制自我评价报告》（以下简称"内部控制报告"） 进行了认真、审慎的核查并发表意见，具体情况如下： 一、公司内部控制评价结论 根据公司出具的内部控制报告，内部控制评价结论如下： 自内部控制评价报告基准日至内部控制评价报告发出日之间未发生影响内 部控制有效性评价结论的因素。 二、公司内部控制评价工作情况 根据公司出具的内部控制报告，内部控制评价工作情况如下： （一）内部控制评价范围 公司按照风险导向原则确定纳入评价范围的主要单位、业务和事项以及高风 险领域。 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基 ...

山东赫达集团股份有限公司 关于对外投资设立全资子公司的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 债券代码：127088 债券简称：赫达转债 证券代码：002810 证券简称：山东赫达 公告编号：2024-031 一、对外投资概述 1、山东赫达集团股份有限公司（以下简称"公司"）拟出资人民 币 5,000 万元，在山东省淄博市周村区注册成立"山东赫达碳能科技 有限公司"（暂定名，最终以工商行政管理部门登记为准。以下简称 "赫达碳能"），出资完成后，赫达碳能将成为公司的全资子公司。 2、公司第九届董事会第九次会议以 7 票赞成、0 票反对、0 票 弃权，审议通过《关于对外投资设立全资子公司的议案》。根据《公 司章程》的相关规定，本次投资在本公司董事会权限之内，无需提交 公司股东大会审议。 3、公司本次投资不构成关联交易，不构成《上市公司重大资产 重组管理办法》规定的重大资产重组，无需经有关部门批准。 二、投资标的基本情况 1、公司名称：山东赫达碳能科技有限公司（暂定名） 2、公司类型：有限责任公司 3、注册地：山东省淄博市周村区 4、注册资本：5,00 ...

招商证券股份有限公司 关于山东赫达集团股份有限公司 2023 年度日常关联交易执行情况及 2024 年度日常关联交易预计的核查意见 招商证券股份有限公司（以下简称"招商证券"、"保荐人"）作为山东赫达 集团股份有限公司（以下简称"山东赫达"、"公司"）向不特定对象发行可转换 公司债券和持续督导的保荐人，根据《证券发行上市保荐业务管理办法》《深圳 证券交易所股票上市规则（2023 年修订）》和《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》等相关法律法规及规范性文件的要 求，对 2023 年度日常关联交易执行情况及 2024 年度日常关联交易预计事项进行 了认真、审慎的核查并发表意见，具体情况如下： 一、日常关联交易基本情况 | 关联交易类 | | | | 合同签订 | 截至披露 | 上年发生 | | --- | --- | --- | --- | --- | --- | --- | | | 关联人 | 关联交易内 | 关联交易 | 金额或预 | 日已发生 | 金额 | | 别 | | 容 | 定价原则 | 计金额 | 金额 | （万元） | | | | | | （万元） | （万元） ...

山东赫达集团股份有限公司 董事会审计委员会对会计师事务所 2023 年度履职情况评估 及履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司治理准则》《国有企业、上市公司选聘会计师事务所管理办 法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公 司规范运作》和《公司章程》等规定和要求，山东赫达集团股份有 限公司董事会审计委员会本着勤勉尽责的原则，恪尽职守，认真履 职。现将董事会审计委员会对会计师事务所 2023 年度履职评估及履 行监督职责的情况汇报如下： 一、2023 年年审会计师事务所基本情况 （一）会计师事务所基本情况 和信会计师事务所（特殊普通合伙）成立于 1987 年 12 月，注 册地为山东济南，原名山东和信会计师事务所（特殊普通合伙），于 2013 年 4 月转制为特殊普通合伙事务所，事务所更名为：和信会计 师事务所（特殊普通合伙）。 公司于 2023 年 4 月 25 日召开的第八届董事会第二十七次会 议、第八届监事会第二十四次会议审议通过了《关于续聘 2023 年度 审计机构的议案》，后该议案于 2023 年 5 月 16 日经 2022 年 ...

证券代码：002810 证券简称：山东赫达 公告编号：2024-026 债券代码：127088 债券简称：赫达转债 山东赫达集团股份有限公司 关于续聘 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的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 山东赫达集团股份有限公司（以下简称"公司"）于 2024 年 4 月 26 日召开了第九届董事会第九次会议、第九届监事会第八次会议，审 议通过了《关于续聘 2024 年度审计机构的议案》，拟续聘和信会计 师事务所（特殊普通合伙）（以下简称"和信会计师事务所"）为公司 2024 年度审计机构。本事项尚需提交公司股东大会审议通过，现将有 关事宜公告如下： 一、拟聘任会计师事务所事项的情况说明 和信会计师事务所为符合《中华人民共和国证券法》规定的从事 上市公司财务会计报告审计等相关业务的会计师事务所，在担任公司 历年财务审计及内控审计机构期间，勤勉尽责，遵循独立、客观、公 正的执业准则，公允合理地发表了独立审计意见和内控审计意见，较 好地履行了双方签订合同所规定的责任和义务，如期出具了公司各年 度财务报告审计意见。由于双方合作良好，为保持审 ...