贵州川恒化工股份有限公司 本次回购注销完成后，公司注册资本将因股权激励回购注销减少7,500.00元 人民币，根据《中华人民共和国公司法》的相关规定，公司特此通知债权人，债 权人自公告之日起45日内，有权要求公司清偿债务或者提供相应担保。债权人未 在规定期限内行使上述权利的，本次回购注销将按法定程序继续实施。 本公司各债权人如要求本公司清偿债务或提供相应担保的，应根据《公司法》 等法律法规的有关规定向本公司提出书面请求，并随附相关证明文件。 因公司公开发行的可转换公司债券"川恒转债"处于转股期，后续公司将结 合川恒转债的转股情况及本次股权激励回购减资情况，同步变更公司注册资本及 修订《公司章程》。 | 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2024-159 | | --- | --- | --- | | 转债代码：127043 | 转债简称：川恒转债 | | 减资公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 因公司《2022 年限制性股票激励计划》预留权益激励对象合计 3 人在限制 性股票解限前离职，经公司第四届董事会第四次会议 ...

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2024-158 | | --- | --- | --- | | 转债代码：127043 | 转债简称：川恒转债 | | 贵州川恒化工股份有限公司 2024 年第六次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 1、会议召开的时间： 现场会议召开的时间为：2024 年 11 月 15 日（星期五）15:30。 网络投票的时间为：2024 年 11 月 15 日。其中，通过深圳证券交易所互联 网投票系统投票的时间为：2024 年 11 月 15 日 09:15-15:00；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 11 月 15 日 9:15-9:25、9:30-11:30 和 13:00-15:00。 2、现场会议召开地点：四川省成都市成华区龙潭总部城华盛路 58 号 55 栋。 3、会议召开的方式：本次会议采用现场投票、网络投票相结合的方式召开。 4、会议召集人：贵州川恒化工股份有限公司董事会。 5、会议主持人：董事长段浩然。 特别提示： 1、 ...

国浩律师（天津）事务所关于 贵州川恒化工股份有限公司 2024 年第六次临时 股东大会的法律意见书 致：贵州川恒化工股份有限公司 根据贵州川恒化工股份有限公司（以下简称"川恒股份"或"公司"）的委托， 国浩律师（天津）事务所（以下简称"本所"）就公司 2024 年第六次临时股东大 会（以下简称"本次股东大会"）所涉及的召集、召开程序、召集人资格和出席会 议人员的资格、本次股东大会的提案、表决程序及表决结果等相关问题发表法律 意见。 本法律意见书系根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》《上市公司股东大会规则》《律师事务所从事证券法 律业务管理办法》及《贵州川恒化工股份有限公司章程》（以下简称"《公司章 程》"）的有关规定出具。 为出具本法律意见书之目的，本所经办律师（以下简称"本所律师"）列席了 本次股东大会，并依照现行有效的中国法律、法规以及中国证券监督管理委员会 （以下简称"中国证监会"）相关规章、规范性文件的要求和规定，对川恒股份提 供的与题述事宜有关的法律文件及其他文件、资料进行了审查、验证。同时，本 所律师还审查、验证了本所律师认为出具本法律意见书所必需审查 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7][16] Core Views - The company has shown significant growth in revenue and net profit in Q3 2024, with revenue reaching 1.489 billion yuan, a year-on-year increase of 24.98% and a quarter-on-quarter increase of 3.39% [3][4] - The company is expected to benefit from high phosphate rock prices and the expansion of its production capacity, which will enhance its resource advantages [4][6][7] - The forecasted revenue for 2024-2026 is 5.5 billion, 6.6 billion, and 7.2 billion yuan respectively, with corresponding net profits of 995 million, 1.204 billion, and 1.520 billion yuan [7][16] Summary by Sections Recent Performance - In Q3 2024, the company achieved a net profit of 318 million yuan, a year-on-year increase of 45.97% and a quarter-on-quarter increase of 45.41% [3][4] - The average price of phosphate rock in Q3 2024 was 1,017 yuan/ton, up 14% year-on-year and 1% quarter-on-quarter [2][3] Financial Metrics - For the first three quarters of 2024, the company reported total revenue of 3.973 billion yuan, a year-on-year increase of 29.36%, and a net profit of 672 million yuan, a year-on-year increase of 36.75% [3][4] - The company's return on equity (ROE) for Q3 2024 was 5.56%, an increase of 0.76 percentage points year-on-year [3][4] Capacity Expansion - The company is in the process of acquiring a 58.5% stake in Qianyuan Geological Exploration Design Co., which will enhance its phosphate mining resources [4][6] - The company has ongoing projects that will gradually increase its phosphate rock production capacity, with expected production from the Laozhaizi phosphate mine starting in 2027 [4][6] Valuation - The company is projected to have a price-to-earnings (P/E) ratio of 12, 10, and 8 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation as its earnings grow [7][16]

Investment Rating - Buy (Maintained Rating) [1] Core Views - The company's 3Q24 performance showed significant year-on-year growth, with revenue increasing by 29.36% YoY to 3.973 billion yuan and net profit attributable to shareholders rising by 36.75% YoY to 672 million yuan [1] - The phosphochemical industry chain continues to experience high prosperity, with the company's main product prices rising, supporting its 3Q24 performance growth [2] - The company is actively expanding its mineral resource layout, including acquiring equity in Qianyuan Geological Exploration and investing in a wholly-owned subsidiary to support its liquid fertilizer business [3][4] - The company has adjusted its fundraising usage to focus on phosphorite capacity expansion, with the technical transformation project expected to increase its phosphorite production capacity from 500,000 tons/year to 800,000 tons/year [5] Financial Performance - The company's 2024E revenue is projected to be 5.323 billion yuan, with a YoY growth rate of 23.2%, and net profit attributable to shareholders is expected to reach 953 million yuan, a 24.3% YoY increase [1] - The company's 2024E ROE is forecasted to be 14.5%, with EPS at 1.76 yuan and P/E ratio at 10.7x [1] - The company's 2024E gross profit margin is expected to be 37.1%, with a net profit margin of 18.4% [9] Industry and Market Analysis - The phosphorite market price remained high in 3Q24, with an average price of 1,017.03 yuan/ton, up 13.85% YoY and 0.75% QoQ [2] - The company's main products, including calcium dihydrogen phosphate, monoammonium phosphate, phosphoric acid, and lithium iron phosphate, saw price increases in 3Q24, supporting its performance growth [2] Strategic Initiatives - The company acquired 58.5% equity in Qianyuan Geological Exploration, which holds the Laozhaizi phosphorite mine with a production capacity of 1.8 million tons/year, expected to be operational by the end of 2027 [3] - The company established a wholly-owned subsidiary, Chengdu Meilin Ecological Technology Co., Ltd., with a capital of 5 million yuan to support its liquid fertilizer business [4] - The company adjusted its fundraising usage to focus on the technical transformation of the Xiaoba phosphorite mine, which is expected to increase production capacity from 500,000 tons/year to 800,000 tons/year [5]

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2024-157 | | --- | --- | --- | | 转债代码：127043 | 转债简称：川恒转债 | | 贵州川恒化工股份有限公司 回购公司股份进展情况的公告（九） 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 贵州川恒化工股份有限公司（以下简称"公司"）于 2024 年 2 月 5 日召开第 三届董事会第三十六次会议，2024 年 2 月 23 日召开 2024 年第二次临时股东大会， 审议通过了《回购公司股份的议案》，同意公司以集中竞价方式回购部分公司股份 用于注销并减少注册资本，回购金额不低于人民币 8,000 万元（含）且不超过人民 币 15,000 万元（含），回购价格不超过 19.71 元/股（未超过董事会通过回购决议 前 30 个交易日均价的 150%；因公司实施 2023 年度权益分配，回购价格自 2024 年 5 月 16 日起调整为不超过人民币 18.72 元/股），回购资金为自有资金，实施期 限为股东大会审议通过回购方案之日起 12 个月内。具体回购数量、 ...

上 市 公 司 基础化工 证 券 研 究 报 告 2024 年 10 月 29 日 川恒股份 (002895) ——24Q3 业绩符合预期，磷矿价格持续高位，一铵及饲 钙盈利向好 报告原因：有业绩公布需要点评 增持（维持）投资要点： ⚫ 公司发布 2024 年三季报，业绩符合预期。24 年前三季度公司实现营业收入 39.73 亿元 （yoy+29%），归母净利润 6.72 亿元（yoy+37%），扣非后归母净利润 6.44 亿元 （yoy+32%），毛利率 35.29%（yoy-1.49 pct），净利率 16.88%（yoy+0.36 pct）， 其他收益同比增加 0.22 亿元至 0.28 亿元，资产减值损失同比增加 0.56 亿元，业绩符合预 期。其中 24Q3 公司实现营业收入为 14.89 亿元（yoy+25%，QoQ+3%），归母净利润 为 3.18 亿元（yoy+46%，QoQ+45%），扣非后归母净利润为 2.94 亿元（yoy+36%， QoQ+36%），毛利率 38.74%（yoy-1.20 pct，QoQ+5.97 pct），净利率 21.86%（yoy+2.48 pct，QoQ+6.5 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in Q3 performance, with a year-on-year revenue growth of 29.36% to 39.73 billion yuan and a net profit increase of 36.75% to 6.72 billion yuan for the first three quarters of 2024 [1] - The increase in net profit is attributed to rising product prices and increased revenue, with the average price of dicalcium phosphate reaching 3,702.52 yuan per ton, a year-on-year increase of 5.71% [1] - The company is expanding its development space by increasing capital in subsidiaries to enhance international trade and optimize resource allocation [1] - The company has adjusted the use of convertible bond funds to gradually release project capacity, which is expected to improve profitability [1] Financial Performance Summary - For 2024, the company expects net profits of 9.43 billion yuan, 11.31 billion yuan in 2025, and 13.69 billion yuan in 2026, with year-on-year growth rates of 23.0%, 20.0%, and 21.0% respectively [2] - The projected P/E ratios for the years 2024, 2025, and 2026 are 13, 11, and 9 times respectively [2] - The company’s revenue is forecasted to reach 4,320 million yuan in 2024, 5,479 million yuan in 2025, and 6,730 million yuan in 2026, with corresponding year-on-year growth rates of 26.9% and 22.8% [4][7] - The gross profit margin is expected to be 31.2% in 2024 and 33.8% in 2026 [4][7] - The company’s total assets are projected to grow from 12,024 million yuan in 2023 to 21,345 million yuan in 2026 [6]

Investment Rating - The report maintains an "Outperform" rating for Guizhou Chanhen Chemical [1][8][4] Core Insights - The recurring net profit for the first three quarters of 2024 increased by 31.63% year-on-year, driven by rising prices of main products [4][5] - The company achieved operating revenue of RMB 3.973 billion in the first three quarters of 2024, representing a year-on-year increase of 29.36% [4][8] - In Q3 2024, the company reported operating revenue of RMB 1.489 billion, a quarter-on-quarter increase of 3.39% and a year-on-year increase of 24.98% [4][8] - The gross profit margin and net profit margin showed significant improvement, with gross profit margins of 33.83%, 32.77%, and 38.74% for Q1 to Q3 2024, and net profit margins of 11.88%, 15.36%, and 21.86% respectively [4][8] Financial Performance Summary - The company expects net profits for 2024, 2025, and 2026 to be RMB 966 million, RMB 1.231 billion, and RMB 1.465 billion respectively, with corresponding EPS of RMB 1.78, RMB 2.27, and RMB 2.70 [8][3] - The target price is set at RMB 24.92, based on a 14x P/E ratio for 2024 [8][3] - The company’s revenue is projected to grow from RMB 4.32 billion in 2023 to RMB 7.47 billion in 2026, with a consistent increase in net profit margins [3][8] Product Pricing and Market Position - As of October 25, 2024, the price of phosphate rock was RMB 1,037.50 per tonne, phosphoric acid at RMB 6,810.00 per tonne, and di-calcium phosphate at RMB 2,750.00 per tonne, reflecting significant price increases [5][6] - The widening spread of dihydrogen phosphate is noted, with an average price spread of RMB 775.00 per tonne, up RMB 217.49 per tonne compared to the previous quarter [5][6] Resource Development and Projects - The company has secured phosphate rock resources with a production capacity of 3 million tonnes/year, achieving self-sufficiency [6][7] - Ongoing projects include a new energy material recycling project and various phosphoric acid concentration projects, with progress reported as of June 30, 2024 [7][6]

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2024-154 | | --- | --- | --- | | 转债代码：127043 | 转债简称：川恒转债 | | 贵州川恒化工股份有限公司 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的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 贵州川恒化工股份有限公司（以下简称"本公司"、"公司"）实施的《2022年 限制性股票激励计划》（以下简称《激励计划》）因部分激励对象在限售期内离职， 根据《激励计划》的相关规定，已离职的激励对象已获授但尚未解除限售的限制 性股票不得解除限售，由公司回购注销，现将相关事项公告如下： 2、限制性股票的回购价格、拟用于回购的资金来源 据《激励计划》关于"回购价格的调整方法"的规定："激励对象获授的限 制性股票完成股份登记后，若公司发生资本公积转增股本、派送股票红利、股份 拆细、配股或缩股、派息等影响公司股本总额或公司股票价格事项的，公司应对 尚未解除限售的限制性股票的回购价格做相应的调整。 …… 一、回购情况概述 1、因在公司《2022年限制性股票激励计划》（以下简称《激励计划 ...