联泓新材料科技股份有限公司 2023 年度 审计报告 | 索引 | 页码 | | --- | --- | | 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 | 6-1-1 北京市东城区朝阳门北大镇 8 号宫华大厦 A 座 9 百计报告 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定编制,公允反 映了联泓新科公司 20 ...

| 9/F, Block A, Fu Hua Mansion, | | | | --- | --- | --- | | No. 8, Chao yangmen Beidajie, | | | | Dongcheng District, Beijing, | 传賞: | +86(010)655 | | ountants | 100027, P.R.China | facsimile: | +86(010)655 | 关于联泓新材料科技股份有限公司 深圳证券交易所： 申请向特定对象发行股票的审核问询函的回复报告 根据贵所于 2023 年 3 月 14 日出具的《关于联泓新材料科技股份有限公司申请向特定对象发 行股票的审核问询函》（审核函〔2023〕120020 号）（以下简称"问询函"）， 联泓新材料科技股 份有限公司（以下简称"联泓新科"、"公司"或"发行人"）与保荐机构中国国际金融股份有 限公司（以下简称"保荐机构"）、金杜律师事务所（以下简称"发行人律师"）、信永中和会计 师事务所（特殊普通合伙）（以下简称"发行人会计师"）对问询函所涉及的问题认真进行了逐 项核查和落实，并就问询函进行逐项回复，具体如下。 ...

中国国际金融股份有限公司 关于联泓新材料科技股份有限公司 向特定对象发行 A 股股票之 发行保荐书 保荐机构 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二四年四月 联泓新材料科技股份有限公司 发行保荐书 关于联泓新材料科技股份有限公司 向特定对象发行 A 股股票之发行保荐书 中国证券监督管理委员会、深圳证券交易所： 联泓新材料科技股份有限公司（以下简称"联泓新科"、"发行人"或"公司"） 拟申请向特定对象发行不超过 267,113,600 股（含本数）的人民币普通股（A 股）股票 （以下简称"本次证券发行"、"本次发行"或"向特定对象发行 A 股股票"），并已 聘请中国国际金融股份有限公司（以下简称"中金公司"）作为本次证券发行的保荐机 构（以下简称"保荐机构"或"本机构"）。 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》（以下简称"《证券法》"）、《证券发行上市保荐业务管理办法》（以下简称"《保 荐办法》"）、《上市公司证券发行注册管理办法》（以下简称"《注册管理办法》"）、 《发行证券的公司信息披露内容与格式准则第 27 号——发 ...

中国国际金融股份有限公司 关于联泓新材料科技股份有限公司 向特定对象发行 A 股股票的 上市保荐书 保荐机构 (北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 ) 3-3-1 联泓新材料科技股份有限公司 上市保荐书 一、发行人基本情况 二〇二四年四月 联泓新材料科技股份有限公司 上市保荐书 深圳证券交易所： 中国国际金融股份有限公司（以下简称"中金公司"、"保荐人"、"保荐机构"或"本 机构"）接受联泓新材料科技股份有限公司（以下简称"联泓新科"、"公司"或"发行 人"）的委托，就发行人向特定对象发行 A 股股票并在深圳证券交易所主板上市事项（以 下简称"本次发行"）出具本上市保荐书。 保荐机构及其保荐代表人根据《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》（以下简称"《证券法》"）、《证券发行上市保荐业务管理办法》 （以下简称"《保荐办法》"）、《上市公司证券发行注册管理办法》（以下简称"《注册管 理办法》"）以及《深圳证券交易所股票上市规则》（以下简称"《上市规则》"）、《深圳证 券交易所股票发行上市审核业务指引第 2 号——上市保荐书内容与格式》等 ...

证券简称：联泓新科 证券代码：003022 联泓新材料科技股份有限公司 （住所：滕州市木石镇驻地（木石工业园区）） 向特定对象发行 A 股股票募集说明书 （申报稿） 保荐机构（主承销商） 中国国际金融股份有限公司 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二四年四月 二、关于本次发行对象 声 明 本公司及全体董事、监事、高级管理人员承诺本募集说明书及其他信息披露资料不 存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整性承担相应 的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务会计资 料真实、完整。 中国证监会、深圳证券交易所对本次发行所作的任何决定或意见，均不表明其对申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对本公司的盈利 能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均属 虚假不实陈述。 根据《证券法》的规定，证券依法发行后，本公司经营与收益的变化，由本公司自 行负责。投资者自主判断本公司的投资价值，自主作出投资决策，自行承担证券依法发 行后因本公司经营与收益变化或者证券 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4][5]. Core Views - The company reported a total revenue of 6.778 billion yuan for 2023, a year-on-year decrease of 16.91%, and a net profit attributable to shareholders of 446 million yuan, down 48.50% year-on-year [4][5]. - The demand for EVA (Ethylene Vinyl Acetate) remains steadily increasing, with significant growth potential in the future. In 2023, China's new photovoltaic installed capacity reached 216.9 GW, a year-on-year increase of 152.0% [4][5]. - The company is set to increase its EVA production capacity to over 350,000 tons per year by 2025, with new projects in POE (Polyolefin Elastomer) and biodegradable materials also underway [4][5]. Summary by Sections Financial Performance - In 2023, the company's operating income was 6.778 billion yuan, with a net profit of 446 million yuan and a net cash flow from operating activities of 875 million yuan, all showing declines compared to the previous year [4][5]. - The fourth quarter of 2023 saw an operating income of 1.842 billion yuan, a year-on-year increase of 5.83%, but the net profit decreased by 52.80% [4][5]. Growth Potential - The company is expanding its EVA production capacity with an additional 200,000 tons per year expected to be operational by 2025, alongside a successful launch of a 90,000 tons per year VA facility [5]. - The company is also planning a 300,000 tons per year POE project, with the first phase of 100,000 tons expected to be completed by 2025 [5]. Market Outlook - The total demand for EVA is projected to grow at a compound annual growth rate (CAGR) of 9.2% over the next five years, reaching 5.55 million tons by 2028 [4][5]. - The global photovoltaic installed capacity is expected to continue increasing, with projections of 627 GW by 2025, which will drive demand for photovoltaic materials [4][5].

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]