| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2024-063 | | --- | --- | --- | | 转债代码：127043 | 转债简称：川恒转债 | | 本公司出席本次活动的人员有：公司董事长兼总经理吴海斌先生、董事兼财 务负责人何永辉先生、董事会秘书李建先生、独立董事闫康平先生、独立董事陈 振华先生及保荐代表人张恒先生。 为充分尊重投资者、提升交流的针对性，现就公司本次活动提前向投资者公 开征集问题，广泛听取投资者的意见和建议。投资者可提前登录深交所"互动易" 平台，进入"业绩说明会提问预征集"界面（http://irm.cninfo.com.cn/interview/coll ect/questionCollect），输入公司股票代码后进行提问。此次活动交流期间，投资 者仍可登录活动界面进行互动提问。公司将在会上对投资者普遍关注的问题进行 回答。 欢迎广大投资者积极参与本次年度业绩说明会。 特此公告。 贵州川恒化工股份有限公司 董事会 2024 年 4 月 11 日 贵州川恒化工股份有限公司 举办 2023 年度业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真 ...

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2024-062 | | --- | --- | --- | | 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 | | 获得专利证书的公告 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"川恒股份"）及其子公司川恒生态科 技有限公司（以下简称"川恒生态"）、广西鹏越生态科技有限公司（以下简称"广 西鹏越"）、贵州福麟矿业有限公司（以下简称"福麟矿业"）于近日收到中华人 民共和国国家知识产权局颁发的专利证书合计 5 项，具体情况如下： 贵州川恒化工股份有限公司 董事会 2024 年 4 月 8 日 | 专利号 | 专利名称 | 专利权人 | 类型 | | 专利申请日 | | | | 授权公告日 | | | 有效期 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ZL 2 ...

川恒股份（ [Table_StockNameRptType] 002895） 公司研究/公司点评 | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------|-------------------------------|---------------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2024-060 | | --- | --- | --- | | 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（二） 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%），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、回购资金总额以回购期限届满时实 际回购股份使用的资金总额、回购股份数量为准。具体内容详见公司于 2024 年 2 月 6 ...

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2024-061 | | --- | --- | --- | | 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 川恒转债 2024 年第一季度转股情况公告 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。 内容提示： 1、可转债开始转股日：2022 年 2 月 18 日 2、可转债转股价格：19.71 元/股 3、转股起止日期：2022 年 2 月 18 日至 2027 年 8 月 11 日。 根据《深圳证券交易所股票上市规则》《深圳证券交易所可转换公司债券业 务实施细则》等相关规则的有关规定，贵州川恒化工股份有限公司（以下简称"川 恒股份"或"公司"）现将 2024 年第一季度可转换公司债券（以下简称"可转债"） 转股及公司股份变动情况公告如下： 一、可转债发行上市概况 1、可转债核准发行情况 经中国证券监督管理委员会《关于核准贵州川恒化工股份有限公司公开发行 可转换公司债券的批复》（证监许可[2021]2337 号）核准，公司于 2021 年 8 月 12 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][33][76] Core Views - The company achieved a significant revenue growth of 25.30% year-on-year in 2023, reaching 4.32 billion yuan, primarily driven by the commissioning of new production facilities and increased sales of its core products [5][33] - Despite the revenue growth, the net profit only increased by 1.02% to 766 million yuan, indicating that profit growth lagged behind revenue growth due to declining product prices affecting gross margins [5][33] - The company is expected to maintain a strong growth trajectory, with projected net profits of 1.02 billion, 1.24 billion, and 1.59 billion yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 10, 8.0, and 6 times [33][76] Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 1.25 billion yuan, a year-on-year increase of 25.81% and a quarter-on-quarter increase of 4.72% [2][8] - The net profit for Q4 2023 was 275 million yuan, reflecting a year-on-year increase of 62.76% and a quarter-on-quarter increase of 25.98% [2][8] - The gross margin for Q4 2023 was 44.61%, up 0.21 percentage points year-on-year, while the net profit margin was 22.55%, up 4.71 percentage points year-on-year [2][8] Product Performance - The company saw a 41.59% year-on-year increase in sales volume of monoammonium phosphate, reaching 229,900 tons, and a 13.28% increase in phosphate rock sales volume to 754,200 tons [5][33] - The revenue from feed-grade dicalcium phosphate decreased by 23.41% year-on-year to 1.20 billion yuan, with a gross margin of 36.69%, down 12.23 percentage points [5][33] - The company’s phosphate production projects are expected to enter trial production, which will likely boost sales volumes [25][76] Market Outlook - The company holds significant phosphate rock reserves and is expanding its production capacity, which is expected to enhance its competitive advantage in the market [9][76] - The phosphate rock market is anticipated to maintain high prices due to limited supply growth amid increasing demand from the electric vehicle and energy storage sectors [9][76] - The company’s cash dividend payout ratio reached 77.64%, reflecting a commitment to maintaining shareholder value [95]

Investment Rating - The report maintains an "Outperform" rating for the company [3]. Core Views - The company reported its 2023 annual results, which met expectations, with operating revenue of 4.32 billion yuan (yoy +25.3%) and a net profit attributable to shareholders of 766 million yuan (yoy +1.0%) [3]. - The decline in overall sales gross margin by 5.89 percentage points to 39.04% is noted, alongside significant increases in sales, management, and financial expenses [3]. - The company announced a cash dividend of 10.00 yuan per 10 shares, totaling approximately 542 million yuan, which represents 71% of the net profit attributable to shareholders for 2023 [3]. - The increase in revenue and net profit is attributed to new production facilities coming online and increased sales of ammonium phosphate [3]. Summary by Relevant Sections Financial Performance - In Q4 2023, the company achieved revenue of 1.248 billion yuan (yoy +25.81%, QoQ +4.72%) and a net profit of 275 million yuan (yoy +62.76%, QoQ +25.98%) [3]. - The company’s phosphate rock production increased by 19.11% to 2.99 million tons, with external sales rising by 13.28% to 754,000 tons [3]. - The average price of phosphate rock increased by 14% to 752 yuan/ton, with external sales gross margin improving by 16.71 percentage points to 82.50% [3]. Future Growth Prospects - The company is focusing on a "mining integration" model to enhance resource utilization and is developing new phosphate chemical projects [3]. - The completion of various projects, including a 200,000-ton wet-process phosphoric acid project, is expected to provide new profit growth points [3]. - The company forecasts net profits of 1.126 billion yuan, 1.420 billion yuan, and 1.704 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 2.08, 2.62, and 3.14 yuan [3][13].

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2024-059 | | --- | --- | --- | | 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 为广西鹏越提供担保的进展公告（二） 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。 一、为广西鹏越提供担保的情况概述 1、广西鹏越生态科技有限公司（以下简称"广西鹏越"）为本公司控股子 公司，该公司因日常经营需要，拟向银行申请流动资金借款，借款金额不超过 5.00 亿元，合作银行根据实际沟通情况确定，广西鹏越申请由本公司向债权人提 供连带责任保证，该事项已经公司第三届董事会第三十五次会议、公司 2024 年 第一次临时股东大会审议通过，具体内容详见本公司在信息披露媒体披露的相关 公告（公告编号：2024-002、2024-006、2024-019）。 2、2024 年 3 月 29 日，就广西鹏越与银行的借款业务，公司与中国银行股 份有限公司崇左分行签订了《最高额保证合同》，担保最高债权本金为 2.00 亿 元人民币。 二、《最高额保证合同》的主要内 ...

Financial Performance - The company's operating revenue for 2023 reached ¥4,319,508,406.75, representing a 25.30% increase compared to ¥3,447,465,372.18 in 2022[12] - The net profit attributable to shareholders for 2023 was ¥766,403,884.94, a slight increase of 1.02% from ¥757,778,413.01 in 2022[12] - The net cash flow from operating activities was ¥528,373,661.06, showing a decrease of 2.81% from ¥543,668,563.86 in the previous year[12] - The total assets at the end of 2023 amounted to ¥12,024,494,607.70, an 18.46% increase from ¥10,138,442,979.05 at the end of 2022[12] - The net assets attributable to shareholders increased by 31.51% to ¥5,759,376,498.44 from ¥4,378,478,346.68 in 2022[12] - The weighted average return on equity for 2023 was 16.44%, down from 19.14% in 2022, indicating a need for strategic adjustments[12] - The company reported a non-operating loss of 4,198,432.96 yuan from the disposal of non-current assets in 2023[75] - The government subsidies recognized in the current period amounted to 21,216,982.18 yuan, an increase from 14,168,841.23 yuan in 2022[75] - The company’s financial report indicates uncertainty regarding its ability to continue as a going concern, with net profits being negative for the last three accounting years[75] Market and Product Development - The company plans to continue developing its semi-hydrate wet phosphoric acid production technology, which has shown significant cost advantages over traditional methods[20] - The market demand for feed-grade dicalcium phosphate is expected to grow due to increasing environmental regulations and the refinement of aquaculture practices[20] - The company is focusing on expanding its product offerings in the renewable materials market, which is anticipated to provide new growth opportunities[20] - The domestic feed-grade dicalcium phosphate market is expected to grow as it gradually replaces feed-grade monocalcium phosphate, driven by stable growth in total feed production[43] - The company is positioned to benefit from the increasing demand for fire extinguishing agents, as the national standard for dry powder extinguishing agents has raised the minimum content requirement from 50% to 75%[44] - The company is actively involved in the development of new technologies and products, focusing on sustainable practices and resource utilization in the phosphate chemical industry[48] - The company is focusing on the development of wet-process phosphoric acid as a key direction for the phosphoric acid industry in China[95] - The company anticipates that the demand for ammonium phosphate will continue to grow, particularly in the high-end compound fertilizer market[104] - The company is actively involved in the comprehensive utilization of phosphogypsum resources, which has become a key focus for sustainable development in the industry[101] Production and Operations - The shipment volume of lithium iron phosphate cathode materials reached 165,000 tons in 2023, representing a year-on-year growth of 48.3%[46] - The company operates in a market where China's phosphate rock production accounts for over 40% of global output, highlighting its significant role in the industry[51] - The average grade of phosphate rock in China is 16.85%, significantly lower than Morocco (33%) and the USA (30%) [52] - Approximately 90.8% of China's phosphate rock is of medium to low grade, with only 22% of total reserves being economically viable [52] - The scarcity of phosphate rock in China is increasing, leading to an overall upward trend in prices due to continuous mining, environmental factors, and new production capacity [54] - The production of aquatic feed in China has shown a declining trend, with a production volume of 2,600,000 tons in 2023, down from 2,526,000 tons in 2022 [56] Cash Flow and Financial Management - The company reported a decrease in cash flow from operating activities in Q1 2023, with a net outflow of CNY 80,471,733.29, indicating initial challenges in cash management[34] - The net cash flow from operating activities for Q2 2023 was CNY 253,541,322.54, indicating a recovery in cash generation capabilities[34] - As of the end of the reporting period, the company’s cash and cash equivalents totaled CNY 2,249,123,098.04, an increase from CNY 1,520,725,792.25 at the beginning of the period[190] Shareholder and Equity Information - The company has implemented a cash dividend distribution plan, proposing a cash dividend of ¥10.00 per 10 shares[2] - The company has not experienced any changes in its controlling shareholders since its listing [72] - The company issued 40,250,000 shares at a price of CNY 16.40 per share, with the issuance starting in December 2023[161] - The company did not exercise the redemption right for its convertible bonds during the reporting period[161] Accounting and Taxation - The company implemented changes in accounting policies effective January 1, 2023, resulting in a deferred tax asset increase of ¥12,260,168.95 and a deferred tax liability increase of ¥11,278,539.84[171] - The company's total liabilities as of January 1, 2023, adjusted to ¥5,187,998,507.63, reflecting the impact of accounting changes[173] - The company's total equity increased to ¥4,962,704,640.37 after adjustments, with retained earnings rising to ¥1,788,057,329.04[173] - The company continues to benefit from a reduced corporate income tax rate of 15% under the Western Development tax incentive policy, applicable until December 31, 2030[182] - The company is recognized as a high-tech enterprise, allowing it to apply a 15% corporate income tax rate from 2023 to 2025[183] Related Party Transactions and Guarantees - The expected amount of related party transactions for sales to Xinjiang Boshuosi Ecological Technology Co., Ltd. is estimated at CNY 120 million, with actual transactions amounting to CNY 79.06 million[145] - The expected amount of related party transactions for purchasing raw materials from Tianyi Mining is estimated at CNY 80 million, with actual transactions amounting to CNY 0.9316 million[145] - The total approved guarantee amount for subsidiaries during the reporting period was CNY 295,600,000, with actual guarantees amounting to CNY 245,352,240[155] - The total approved guarantee amount for subsidiaries at the end of the reporting period was CNY 522,000,000, with actual guarantee balance of CNY 157,719,390[156] - The total actual guarantee amount accounted for 27.38% of the company's net assets[156] - The company provided guarantees totaling CNY 84,592,190 for entities with a debt-to-asset ratio exceeding 70%[156] - The company did not provide guarantees for shareholders, actual controllers, or their related parties[156]

Investment Rating - The report maintains a "Buy" rating for the company [3][17]. Core Views - The company achieved a revenue of 4.32 billion yuan in 2023, representing a year-on-year growth of 25.30%, and a net profit attributable to shareholders of 766 million yuan, with a slight increase of 1.02% [1]. - In Q4 2023, the company reported a revenue of 1.25 billion yuan, up 25.81% year-on-year and 4.72% quarter-on-quarter, with a net profit of 275 million yuan, reflecting a significant year-on-year growth of 62.76% and a quarter-on-quarter increase of 25.98% [1]. - The company has announced a share buyback plan, intending to repurchase shares worth 80 million to 150 million yuan at a price not exceeding 19.71 yuan per share, alongside a cash dividend distribution plan of 10 yuan per 10 shares, totaling up to 595 million yuan, which is approximately 77.6% of the net profit [2]. - The company is expected to see rapid growth in performance due to the continuous improvement of its integrated mineralization layout and the implementation of new projects, with net profits projected for 2024, 2025, and 2026 to be 934 million, 1.29 billion, and 1.8 billion yuan respectively [3]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 4.32 billion yuan, with a growth rate of 25.30%, and a net profit of 766 million yuan, showing a growth rate of 1.02% [1][14]. - The Q4 2023 results showed a revenue of 1.25 billion yuan, a year-on-year increase of 25.81%, and a net profit of 275 million yuan, which is a 62.76% increase year-on-year [1][11]. Shareholder Returns - The company plans to repurchase shares worth between 80 million and 150 million yuan, with a cash dividend of 10 yuan per 10 shares, amounting to a total cash dividend of up to 595 million yuan, which is about 77.6% of the net profit [2]. Future Outlook - The company is expected to maintain its growth trajectory with net profit forecasts of 934 million yuan for 2024, 1.29 billion yuan for 2025, and 1.8 billion yuan for 2026, driven by new project implementations and an integrated mineralization strategy [3].