Investment Rating - The report maintains a **Buy** rating for Changhai Company (300196 SZ) [4] Core Views - Changhai Company reported Q3 2024 revenue of 6 8 billion yuan flat YoY with net profit attributable to shareholders of 80 million yuan up 4 YoY [1][4] - The company's Q3 gross margin improved slightly to 24 5 up 0 5 percentage points QoQ while net profit margin rose to 11 8 up 0 8 percentage points QoQ [4] - The fiberglass segment showed stronger profit recovery compared to the chemical segment which faced pressure due to weaker unsaturated resin industry performance [4] - Global fiberglass demand is expected to grow by 5 in 2024 with supply-demand balance improving due to limited new capacity additions [5] - By 2025 fiberglass demand is projected to grow by 6 driven by accelerated demand in wind power and steady growth in electronics automotive and home appliances sectors [5] - Changhai is expanding its production capacity with a 600 000-ton high-performance fiberglass manufacturing base and upgrading existing lines to enhance profitability [6] - The company's net profit is forecasted to reach 290 million yuan in 2024 and 450 million yuan in 2025 with corresponding valuations of 18x and 12x P/E [6] Financial Performance Summary - In the first three quarters of 2024 Changhai achieved revenue of 19 0 billion yuan down 4 YoY and net profit attributable to shareholders of 202 million yuan down 30 YoY [1][4] - Q3 2024 revenue was 6 8 billion yuan flat YoY with net profit attributable to shareholders of 80 million yuan up 4 YoY [1][4] - The company's Q3 operating expenses ratio was 13 2 up 0 5 percentage points QoQ mainly due to increased financial expenses from foreign exchange losses [4] - Changhai's capacity is expected to expand from 300 000 tons to 500 000 tons by the end of 2024 with further growth potential from the 600 000-ton base project [6] Industry Outlook - Global fiberglass demand is expected to grow by 5 in 2024 with new capacity additions of 700 000 tons and net production increase of 400 000 tons [5] - In 2025 demand growth is projected at 6 with new capacity additions of 600 000 tons and net production increase of 650 000 tons maintaining a tight supply-demand balance [5] - The wind power sector is a key driver with domestic wind power installations expected to reach 105GW in 2025 up 20 YoY [5] - Supply additions are expected to decrease in 2026 [5]

| 证券代码：300196 | 证券简称：长海股份 | 公告编号：2024-066 | | --- | --- | --- | | 债券代码：123091 | 债券简称：长海转债 | | 江苏长海复合材料股份有限公司 1、备案编码：SAPL72 2、基金名称：常州力笃创业投资合伙企业（有限合伙） 关于与专业投资机构共同投资设立产业基金的进展公告 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。 一、与专业投资机构共同投资概述 为推动江苏长海复合材料股份有限公司（以下简称"公司"）整体战略发展 需要，进一步提升公司的核心竞争力，在不影响公司日常经营和发展、有效控制 投资风险的前提下，公司作为有限合伙人于2024年9月9日与专业投资机构常州力 中投资管理有限公司及其他有限合伙人江苏雷利电机股份有限公司、江苏天元智 能装备股份有限公司、个人投资者梁化冰共同投资设立常州力笃创业投资合伙企 业（有限合伙）（以下简称"合伙企业"），并签署了《常州力笃创业投资合伙企业 （有限合伙）合伙协议》。该合伙企业的认缴出资总额为人民币3,800万元，其中 公司以自有资金认缴出资1,00 ...

| 证券代码：300196 | 证券简称：长海股份 | 公告编号：2024-065 | | --- | --- | --- | | 债券代码：123091 | 债券简称：长海转债 | | 江苏长海复合材料股份有限公司 关于回购公司股份的进展公告 公司于 2024 年 2 月 22 日首次通过回购专用证券账户以集中竞价交易方式实 施回购股份。截至 2024 年 10 月 31 日，公司通过回购专用证券账户以集中竞价 方式累计回购股份 3,283,899 股，占公司目前总股本（公司目前总股本为 408,716,549 股）的 0.8035%，最高成交价为 10.98 元/股，最低成交价为 9.00 元/ 股，成交总金额为 31,910,902.54 元（不含交易费用）。本次回购符合公司回购股 份方案及相关法律法规的要求。 二、其他说明 （一）公司首次回购股份的时间、回购股份的数量、集中竞价交易的委托时 段及交易价格等均符合《上市公司股份回购规则》、《深圳证券交易所上市公司自 律监管指引第 9 号——回购股份》及公司回购股份方案的相关规定，具体如下： 1、公司未在下列期间内回购公司股份： （1）自可能对本公司证券及 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.55 CNY, based on a 20x PE for 2024 [4][6]. Core Insights - The company achieved a net profit of 0.80 million CNY in Q3, reflecting a year-on-year increase of 3.83%. However, the revenue for the first three quarters decreased by 4.30% year-on-year [1]. - The gross margin showed signs of recovery, with Q3 gross margin at 24.45%, up 0.40 percentage points year-on-year [3]. - The company has successfully launched new production capacity, with a 15,000-ton production line in Changzhou starting operations in late August [2]. Financial Performance Summary - For the first three quarters, the company reported revenues of 190.3 million CNY and a net profit of 20.2 million CNY, with a significant decline in net profit of 29.68% year-on-year [1]. - The Q3 revenue was 67.9 million CNY, showing a slight decrease of 0.25% year-on-year, while the net profit increased by 3.83% [1]. - The overall gross margin for the first three quarters was 23.39%, down 2.79 percentage points year-on-year, but improved in Q3 [3]. - The company’s operating cash flow for the first three quarters was 153 million CNY, a decrease of 36.7 million CNY year-on-year [3]. Production Capacity and Market Outlook - The company has a total production capacity of 390,000 tons per year, with ongoing expansion plans [2]. - The demand recovery in the domestic market and overseas restocking needs are expected to provide significant growth potential for the company [2]. - The report anticipates an increase in gross profit margins due to a decrease in raw material costs, particularly oil prices [2].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 11.73 yuan and projected dynamic PE ratios of 17X, 11X, and 8X for the years 2024, 2025, and 2026 respectively [4][6]. Core Views - The company has shown a return to growth in Q3 2024, with a single-quarter revenue of 679 million yuan, a slight year-on-year decrease of 0.25%, and a net profit of 80 million yuan, reflecting a year-on-year increase of 3.83% [1]. - The gross margin for Q3 2024 was 24.45%, which is an increase of 0.40 percentage points year-on-year and 0.52 percentage points quarter-on-quarter, indicating stable profitability [1][2]. - The company is expected to benefit from its full industry chain layout and the upcoming capacity releases, which will enhance its competitive edge [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.903 billion yuan, down 4.30% year-on-year, and a net profit of 202 million yuan, down 29.68% year-on-year [1]. - The Q3 2024 single-quarter gross profit margin was 24.45%, showing resilience in profitability despite market challenges [1][2]. Market Trends - The report highlights that the rough yarn industry is experiencing price resilience, with the average price for 2400tex yarn at 3682 yuan/ton in Q3 2024, reflecting a year-on-year increase of 0.9% [2][3]. - The industry inventory levels increased to 756,000 tons by the end of Q3 2024, indicating a 20.4% rise, but the company’s inventory management is better than the industry average [2][3]. Production Capacity and Strategy - The company is advancing its high-performance glass fiber manufacturing project, with the first line expected to be operational by the end of August 2024, which will support its focus on high-end products like wind power yarn [4]. - The report anticipates that the company will continue to optimize its product structure, particularly in the wind power sector, which is expected to see increased demand [4].

| | | 江苏长海复合材料股份有限公司 关于会计政策变更的公告 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。 特别提示： 江苏长海复合材料股份有限公司（以下简称"公司"）根据中华人民共和国 财政部（以下简称"财政部"）颁布的《关于印发<企业数据资源相关会计处理 暂行规定>的通知》、《企业会计准则解释第17号》及《企业会计准则应用指南 汇编2024》变更相应的会计政策。根据《深圳证券交易所上市公司自律监管指引 第2号——创业板上市公司规范运作》等有关规定，无需提交股东大会审议，本 次会计政策变更不会对公司的财务状况、经营成果和现金流量产生重大影响，不 存在损害公司及股东利益的情形。 一、本次会计政策变更概述 2023年10月25日，财政部发布了《企业会计准则解释第17号》（财会〔2023〕 21号），其中规定"关于流动负债与非流动负债的划分"、"关于供应商融资安 排的披露"、"关于售后租回交易的会计处理"的内容，自2024年1月1日起施行。 2024年3月，财政部发布了《企业会计准则应用指南汇编2024》，规定保证 类质保费用应计入营业成本。 由于上述会计准 ...

Financial Performance - The company's revenue for Q3 2024 was ¥678,973,468.60, a decrease of 0.25% compared to the same period last year[2]. - Net profit attributable to shareholders for the period was ¥80,406,603.85, representing an increase of 3.83% year-on-year, while the year-to-date net profit decreased by 29.68% to ¥202,464,298.66[2]. - Basic earnings per share for the period was ¥0.20, an increase of 11.11%, while the year-to-date figure decreased by 28.57% to ¥0.50[2]. - The diluted earnings per share for the period was ¥0.19, an increase of 5.56%, while the year-to-date figure decreased by 27.94% to ¥0.49[2]. - Total operating revenue for Q3 2024 was CNY 1,902,587,303.35, a decrease of 4.26% compared to CNY 1,987,984,870.25 in the same period last year[16]. - Net profit for Q3 2024 was CNY 202,061,878.48, down 29.7% from CNY 287,520,452.97 in Q3 2023[17]. - Total comprehensive income for the period was CNY 202,061,878.48, a decrease from CNY 287,520,452.97 in the previous period[18]. Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥153,275,696.29, down 70.54% compared to the previous year[2]. - Net cash flow from operating activities dropped by 70.54% to CNY 153,275,696.29, largely due to increased payments for time deposits[8]. - Cash inflow from operating activities totaled CNY 1,917,556,336.25, compared to CNY 2,051,057,547.86 in the previous period[19]. - Cash outflow from operating activities was CNY 1,764,280,639.96, an increase from CNY 1,530,853,407.48 in the previous period[20]. - Net cash flow from investing activities was CNY -319,672,010.48, compared to CNY -531,565,438.47 in the previous period[20]. - Cash inflow from financing activities was CNY 293,837,000.00, down from CNY 661,023,020.95 in the previous period[20]. - Cash and cash equivalents at the end of the period were CNY 962,371,447.37, a decrease from CNY 1,360,869,505.43 at the end of the previous period[20]. Assets and Liabilities - Total assets at the end of the reporting period were ¥6,854,182,124.65, an increase of 8.56% from the end of the previous year[2]. - Total liabilities rose to CNY 2,286,330,548.75, up from CNY 1,854,838,593.59 in the previous year[15]. - The company's equity attributable to shareholders increased to CNY 4,573,850,918.33 from CNY 4,464,544,528.96 year-over-year[15]. - The company's financial assets decreased by 54.48% to CNY 130,364,253.70, primarily due to a reduction in bank wealth management products[7]. - Accounts receivable increased by 44.22% to CNY 601,914,122.53, mainly due to an increase in receivables[7]. - Inventory at the end of the period is ¥248,459,875.36, a decrease from ¥262,088,291.89[13]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 13,432[9]. - The largest shareholder, Yang Pengwei, holds 41.71% of shares, totaling 170,474,412 shares[9]. - The top ten shareholders include state-owned and other institutional investors, with the largest being Yang Pengwei and Yang Guowen, who are identified as acting in concert[10]. - The total number of shares held by the top ten unrestricted shareholders is 100,000,000 shares[10]. - The company has no changes in the status of pledged, marked, or frozen shares for the major shareholders[9]. Operational Insights - Operating profit decreased by 30.30% to CNY 224,587,974.66, primarily due to a decline in product sales prices[7]. - Total profit fell by 30.86% to CNY 222,473,255.44, mainly driven by lower product sales prices[7]. - Research and development expenses for Q3 2024 were CNY 89,340,459.47, compared to CNY 101,390,246.95 in the same period last year[17]. - The company plans to continue focusing on market expansion and new product development in the upcoming quarters[17].

| 证券代码：300196 | 证券简称：长海股份 | 公告编号：2024-064 | | --- | --- | --- | | 债券代码：123091 | 债券简称：长海转债 | | 江苏长海复合材料股份有限公司 第五届监事会第十三次会议决议公告 本公司及监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。 江苏长海复合材料股份有限公司（以下简称"公司"）于 2024 年 10 月 15 日以电子 邮件及通讯方式向公司全体监事发出《江苏长海复合材料股份有限公司第五届监事会第 十三次会议通知》。2024 年 10 月 25 日，公司第五届监事会第十三次会议在公司办公楼 二楼会议室以现场方式召开。会议应到监事 5 人，实到 5 人。会议由监事会主席张中先 生主持。会议的召开符合《公司法》和《公司章程》的规定。 与会监事以举手表决方式，审议通过了以下议案： 一、审议通过《2024年第三季度报告》 监事会认为：董事会编制和审核《2024 年第三季度报告》的程序符合法律、行政法 规和中国证监会的规定，报告内容真实、准确、完整地反映了上市公司的实际情况，不 存在任何虚假记载、误导性 ...

证券代码：300196 证券简称：长海股份 公告编号：2024-063 债券代码：123091 债券简称：长海转债 江苏长海复合材料股份有限公司 第五届董事会第十七次会议决议公告 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。 江苏长海复合材料股份有限公司（以下简称"公司"）于2024年10月15日以电子邮件及 通讯方式向公司全体董事、监事和高级管理人员发出《江苏长海复合材料股份有限公司第 五届董事会第十七次会议通知》。2024年10月25日，公司第五届董事会第十七次会议在公 司办公楼二楼会议室以现场结合通讯方式召开。会议应到董事9人，实到9人。会议由董事 长杨国文先生主持。公司监事、高级管理人员列席会议。会议的召开符合《公司法》及《公 司章程》的规定。 与会董事以投票表决的方式审议通过了以下议案： 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会审议通过。 特此公告。 江苏长海复合材料股份有限公司 一、审议通过《2024年第三季度报告》 《2024年第三季度报告》具体内容详见公司指定信息披露网站"巨潮资讯网" （http: ...

证券代码：300196 证券简称：长海股份 公告编号：2024-058 债券代码：123091 债券简称：长海转债 江苏长海复合材料股份有限公司 关于 2024 年第三季度可转换公司债券转股情况的公告 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。 特别提示 1、长海转债（债券代码：123091）转股期为 2021 年 6 月 29 日至 2026 年 12 月 22 日（如遇节假日，向后顺延）；最新有效的转股价格为 15.64 元/股。 2、2024 年第三季度，"长海转债"未发生转股。 3、截至 2024 年第三季度末，公司剩余可转换公司债券张数为 5,497,389 张，剩余 可转换公司债券票面总金额为人民币 549,738,900 元。 经深交所同意，公司 55,000.00 万元可转换公司债券已于 2021 年 1 月 15 日起在深 交所挂牌交易，债券简称"长海转债"，债券代码"123091"。 （三）可转换公司债券转股期限 根据《深圳证券交易所创业板股票上市规则》等相关规定和《江苏长海复合材料股 份有限公司向不特定对象发行可转换公司债券募集说明书 ...