证券研究报告 | 2024年04月02日 联泓新科（003022.SZ） 增持 化工品景气度下行拖累业绩，新材料项目前景可期 核心观点 公司研究·财报点评 化工产品景气下降，2023年营收、归母净利润同比下降。公司2023年实现 基础化工·化学制品 营业收入67.8亿元（同比-16.9%），实现归母净利润4.5亿元（同比-48.5%）； 证券分析师：杨林 证券分析师：薛聪 其中单四季度实现营业收入18.4亿元（同比+5.8%，环比+6.5%），归母净 010-88005379 010-88005107 yanglin6@guosen.com.cn xuecong@guosen.com.cn 利润0.4亿元（同比-52.8%，环比-45.7%）。公司2023年毛利率为16.2% S0980520120002 S0980520120001 （同比-4.1pcts），主要由于公司化工产品景气度与盈利能力下滑，公司2023 基础数据 年三费率为7.8%（同比+0.8pcts），研发费用率为4.6%（同比+0.5pcts）， 投资评级 增持(维持) 净利率为6.7%（同比-3.9pcts）。 合理估值 收盘价 17.1 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's earnings are expected to recover, with the new materials platform providing long-term growth potential [2][4] - In 2023, the company reported a revenue of 6.778 billion yuan, a year-on-year decline of 16.91%, and a net profit attributable to shareholders of 446 million yuan, down 48.50% year-on-year [2][3] - The decline in revenue and profit is primarily attributed to the pressure on EVA prices and a decrease in demand from key downstream sectors [2][3] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 6.778 billion yuan, with EVA sales revenue decreasing by 28.62% [2][3] - The gross margin for EVA fell by 10.1 percentage points to 40.95% due to weak market demand and price competition [2][3] Future Outlook - The company anticipates a recovery in earnings for 2024, with projected revenues of 9.326 billion yuan, representing a growth rate of 37.6% [4][6] - The company is set to launch multiple new production facilities, which will enhance EVA cost reduction and increase high-margin product categories [3][4] Production Capacity - The company currently has an EVA production capacity of over 150,000 tons per year, with additional capacity of 200,000 tons planned to be operational by 2025 [3] - The company is also developing a 300,000 tons per year POE project, expected to enhance its competitive edge in the photovoltaic sector [3][4] Earnings Forecast - The forecast for 2024-2026 indicates revenues of 9.326 billion yuan, 11.966 billion yuan, and 14.245 billion yuan respectively, with corresponding EPS of 0.57 yuan, 0.96 yuan, and 1.36 yuan [4][6] - The current stock price corresponds to a PE ratio of 28.8, 17.1, and 12.1 for the years 2024, 2025, and 2026 respectively, reflecting the company's growth potential [4][6]

Financial Performance - In 2023, the company achieved operating revenue of CNY 677,758.54 million, a year-on-year decline[11]. - The net profit attributable to shareholders was CNY 44,612.33 million, also showing a decrease compared to the previous year[11]. - The company's operating revenue for 2023 was ¥6,777,585,442.10, a decrease of 16.91% compared to ¥8,156,990,683.92 in 2022[12]. - The net profit attributable to shareholders for 2023 was ¥446,123,265.09, down 48.50% from ¥866,248,424.51 in 2022[12]. - The net profit after deducting non-recurring gains and losses was ¥180,905,059.64, a decline of 74.40% compared to ¥706,727,291.72 in 2022[12]. - The net cash flow from operating activities was ¥875,422,683.75, which is 33.46% lower than ¥1,315,537,039.02 in 2022[12]. - The company's weighted average return on equity for 2023 was 6.39%, down from 13.14% in 2022, reflecting a decrease of 6.75%[12]. - The company reported a significant drop in basic and diluted earnings per share, both at ¥0.33, down 49.23% from ¥0.65 in 2022[12]. - The total operating revenue for 2023 was approximately ¥6.78 billion, a decrease of 16.91% compared to ¥8.16 billion in 2022[61]. - The total operating costs for 2023 amounted to ¥5,688,162,000.00, a decrease of 16.78% compared to ¥6,826,829,000.00 in 2022[67]. Market Trends and Demand - The price of EVA products increased by approximately 20% since the beginning of 2024, indicating a recovery in downstream demand[11]. - The demand for EVA in the photovoltaic sector is significant, with EVA accounting for 54.6% of its total consumption in China, which is projected to grow at a compound annual growth rate (CAGR) of 9.2% to reach 5.55 million tons by 2028[21]. - In 2023, China's photovoltaic installed capacity reached 216.9 GW, a year-on-year increase of 152.0%, with component exports of 208.1 GW, up 34.5%[20]. - The global photovoltaic installed capacity is expected to reach 444 GW in 2023, a year-on-year growth of 76.2%, and is projected to reach 627 GW by 2025[20]. - The company is positioned in a rapidly growing sector of advanced polymer materials and specialty fine materials, with a market demand growth rate that is among the fastest in the chemical industry[19]. Production and Capacity Expansion - The company plans to launch multiple new production facilities within the year, which will significantly increase the variety of high-margin products[11]. - The company plans to increase its EVA production capacity to over 350,000 tons per year by 2025, with current capacity exceeding 150,000 tons per year[33]. - The company is constructing a 30,000 tons/year POE project, with the first phase of 10,000 tons/year expected to be completed in 2025[33]. - The company is constructing a 100,000 tons/year lactic acid facility and a 40,000 tons/year PLA facility, expected to be operational in the first half of 2024, focusing on biodegradable materials[35]. - The company is developing a 50,000 tons/year PPC facility, expected to be completed by 2025, as part of its focus on biodegradable materials[105]. Research and Development - The company holds 250 authorized patents, including 85 invention patents, reflecting its strong R&D capabilities[31]. - The company established an innovation committee and integrated innovation resources, leading to the development of 13 new products/processes in the laboratory and 17 new products in production processes during the reporting period[42]. - The company aims to enhance its market share in high-end EVA materials and specialty surfactants through the completion of various R&D projects[74]. - The company has committed to investing in research and development to achieve breakthrough technological innovations in the new materials sector[122]. - The company plans to develop over 10 new products and apply for more than 18 national invention patents in the year[109]. Environmental and Social Responsibility - The company has committed to environmental responsibility, actively promoting green and low-carbon production through process improvements and equipment upgrades[188]. - The company achieved a 100% compliance rate for all pollution monitoring and self-monitoring during the reporting period[184]. - The total investment in environmental governance and protection, including environmental protection taxes, amounted to approximately RMB 83.22 million during the reporting period[184]. - The company has conducted multiple emergency drills to enhance its response capabilities to environmental incidents[184]. - The company has published its 2023 ESG report, detailing its social responsibility initiatives[187]. Governance and Compliance - The company emphasizes a transparent governance structure, ensuring independent operation of the board and supervisory committee[128]. - The company has established a comprehensive investor relations management system to enhance communication and maintain investor rights[125]. - The company has received an A-level rating for information disclosure from the Shenzhen Stock Exchange for two consecutive assessment periods since its listing[124]. - The company has established independent bank accounts and tax obligations, further ensuring its financial independence[133]. - The company has committed to avoiding competition with its controlling shareholder and has strictly adhered to this commitment[189]. Future Outlook - The company provided guidance for 2024, projecting a revenue growth of 15% to 1.725 billion RMB, driven by new product launches and market expansion strategies[141]. - The company plans to implement a new marketing strategy aimed at increasing brand awareness, with a budget allocation of 50 million RMB[144]. - The company aims to reduce operational costs by 15% through efficiency improvements and automation[150]. - The company is actively pursuing market expansion, targeting Southeast Asia and Europe, with plans to establish two new distribution centers by mid-2024[141]. - The company has a strategic investment department, market department, and other functional departments to support its independent operations[132].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The supply and demand for EVA are expected to improve, with multiple projects coming online to support continuous growth in performance [2] - The company reported a revenue of 6.78 billion yuan for 2023, a decrease of 17% year-on-year, and a net profit of 446 million yuan, down 49% year-on-year [2] - In Q4 2023, the company achieved a revenue of 1.84 billion yuan, an increase of 6% year-on-year and 7% quarter-on-quarter, with a net profit of 42 million yuan, down 53% year-on-year and 47% quarter-on-quarter [2] Performance Analysis - The company's EVA resin production reached 160,500 tons and sales were 160,200 tons for the year, achieving nearly full production and sales, with a year-on-year sales growth of 13% [2] - The EVA business maintained a high gross margin of 40.95% for the year, although Q4 saw a decline in EVA resin prices due to weak demand in the photovoltaic industry [2] - The company anticipates a significant increase in photovoltaic component production in Q1 2024, which is expected to drive demand for EVA and support a rebound in prices [2] Future Outlook - The company is actively promoting the construction of a new materials platform, with several production facilities expected to come online in 2024, including a 90,000 tons/year VA facility and various other high-margin product lines [3] - The company plans to build a 300,000 tons/year POE project, with the first phase of 100,000 tons expected to be completed by 2025, enhancing its competitiveness in the photovoltaic materials sector [3] - The profit forecast for 2024-2025 has been adjusted to 550 million yuan and 670 million yuan respectively, with a new forecast of 1.01 billion yuan for 2026, reflecting the growth potential from the new materials platform [3]

联 泓 新 材 料 科 技 股 份 有 限 公 司 2023 年度 审计报告 | 索引 | 项码 | | --- | --- | | 审计报告 | 1-4 | | 公司财务报表 | | | 合并资产负债表 | 1-2 | | 母公司资产负债表 | 3-4 | | 合并利润表 | 5 | | 母公司利润表 | 6 | | 合并现金流量表 | 7 | | 母公司现金流量表 | 8 | | 合并股东权益变动表 | 9-10 | | 母公司股东权益变动表 | 11-12 | | 财务报表附注 | 13-103 | 北京市东城区朝阳门北大街 a永日和会计师事务所 8 青草 华大原 A 座 9 智能服信 XYZH/2024BJAA11B0030 联泓新材料科技股份有限公司 联泓新材料科技股份有限公司全体股东: 一、审计意见 我们审计了联泓新材料科技股份有限公司(以下简称联泓新科公司)财务报表,包 括 2023 年 12月 31日的合并及母公司资产负债表,2023年度的合并及母公司利润表、 合并及母公司现金流量表、合并及母公司股东权益变动表,以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规 ...

联泓新材料科技股份有限公司 董事会 2024 年 3 月 26 日 联泓新材料科技股份有限公司 关于独立董事独立性自查情况的专项报告 根据中国证券监督管理委员会《上市公司独立董事管理办法》、《深圳证券交易 所股票上市规则》、《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》等要求，联泓新材料科技股份有限公司（以下简称"公司"）董事会， 就公司在任独立董事刘光超先生、何明阳先生、施丹丹女士的独立性情况进行评估并 出具如下专项意见： 经核查，独立董事刘光超先生、何明阳先生、施丹丹女士未在公司担任除独立董 事以外的任何职务，也未在公司主要股东公司担任任何职务，与公司以及主要股东之 间不存在利害关系或其他可能妨碍其进行独立客观判断的关系，不存在影响独立董事 独立性的情况，符合《上市公司独立董事管理办法》、《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》中对独立董事独立性的相关要求。 ...

证券代码：003022 证券简称：联泓新科 公告编号：2024-010 联泓新材料科技股份有限公司 关于修改公司章程及独立董事工作制度的公告 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。 为进一步规范公司治理，联泓新材料科技股份有限公司（以下简称"公司"） 根据《上市公司独立董事管理办法》、《深圳证券交易所股票上市规则》等法律 法规及规范性文件的规定，于 2024 年 3 月 26 日召开第二届董事会第十九次会议 审议通过《关于修改公司章程及相关制度的议案》，同意对《联泓新材料科技股 份有限公司章程》（以下简称"《公司章程》"）及《独立董事工作制度》中部 分条款进行修订。前述议案尚需提交公司股东大会审议。 | 人员职务的董事以及由职工代表担任的董 | 由职工代表担任的董事，总计不得超过公司 | | --- | --- | | 事，总计不得超过公司董事总数的二分之 | 董事总数的二分之一。 | | 一。 | | | 第九十六条 董事可以在任期届满以前提 | 第九十六条 …… | | 出辞职。董事辞职应向董事会提交书面辞职 | | | 报告。 | 如因董事的辞职 ...

联泓新材料科技股份有限公司 2023年度监事会工作报告 | 会议名称 | | | 会议时间 | | | | 审议议案 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 1.《关于公司 2022 年度向特定对象发行 A | 股 | | | | | | | | | 股票方案论证分析报告的议案》 | | | | | | | | | | 2.《关于公司符合向特定对象发行 A 股股票条 | | | | | | | | | | 件的议案》 | | | | | | | | | | 3.《关于修订公司 2022 年度向特定对象发行 | | | | | | | | | | A 股股票方案的议案》 | | | | | | | | | | 4.《关于公司 2022 年度向特定对象发行 A | 股 | | 第二届监事会 | 2023 | 年 | 2 | 月 | 23 | 日 | 股票预案（修订稿）的议案》 | | | 第十一次会议 | | | | | | | 5.《关于公司 2022 年度向特定对象发行 A | 股 | | | | ...

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。 证券代码：003022 证券简称：联泓新科 公告编号：2024-008 联泓新材料科技股份有限公司 关于 2023 年度利润分配方案的公告 联泓新材料科技股份有限公司（以下简称"公司"）于 2024 年 3 月 26 日召 开第二届董事会第十九次会议、第二届监事会第十七次会议，分别审议通过了《关 于 2023 年度利润分配方案的议案》，本议案尚需提交公司 2023 年年度股东大会 审议。 一、2023 年度利润分配方案的基本情况 经信永中和会计师事务所（特殊普通合伙）审计，公司 2023 年度实现归属 于上市公司股东的净利润为 446,123,265.09 元，母公司实现净利润为 530,963,389.05 元。根据《联泓新材料科技股份有限公司章程》（以下简称"《公 司章程》"）的规定，截至 2023 年 12 月 31 日，公司提取法定盈余公积金后，可 供股东分配的利润为 2,678,636,206.44 元。 为积极回报公司股东，与全体股东分享公司发展的经营成果，依据《中华人 民共和国公司法》（以下简称"《 ...

2023 年度独立董事述职报告 本人作为联泓新材料科技股份有限公司（以下简称"公司"）第二届董事会 独立董事，在 2023 年度能够严格按照《中华人民共和国公司法》、《中华人民 共和国证券法》、《联泓新材料科技股份有限公司章程》（以下简称"《公司章 程》"）、《联泓新材料科技股份有限公司独立董事工作制度》及公司董事会相 关专门委员会议事规则等相关法律、法规、规章的规定和要求，在完善公司治理、 加强规范运作、注重风险防控、促进内控体系建设等方面，积极运用自身专业知 识参与决策，忠实履行独立董事职责，认真行使独立董事权利，充分发挥独立董 事监督制衡、专业咨询作用，切实体现独立董事的价值，维护全体股东尤其是中 小股东的合法权益。 现将 2023 年度本人作为公司独立董事的履职情况述职如下： 一、独立董事基本情况 联泓新材料科技股份有限公司 本人刘光超，1973 年 7 月出生，中国国籍，无境外永久居留权，硕士研究 生，律师。现任北京市道可特律师事务所高级合伙人、主任。2019 年 2 月至今， 担任公司独立董事。 本人在法律等方面具备担任公司独立董事所必需的专业知识和丰富的实践 经验。2023 年，除担任公司独立董 ...