| 证券代码：300196 | 证券简称：长海股份 公告编号：2024-059 | | --- | --- | | 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 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 2 月 8 日召 开第五届董事会第十一次会议和第五届监事会第九次会议，审议通过了《关于回 购股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回购公司已发 行的人民币普通股（A 股）股票，回购的股份将用于实施员工持股计划或股权激 励。本次用于回购股份的资金总额不低于人民币 5,000 万元且不超过人民币 10,000 万元（均含本数），回购价格不超过人民币 11 元/股（含本数），回购期限 自公司董事会审议通过本次回购股份方案之日起不超过 12 个月。具体回购股份 的数量以回购期限届满或者回购股份实施完毕时实际回购的股份数量为准。具体 内容详见公司于 2024 年 2 月 9 日在指定信息披露网站"巨潮资讯网" （ht ...

| 证券代码：300196 | 证券简称：长海股份 | 公告编号：2024-057 | | --- | --- | --- | | 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 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、个人投资者梁化冰签署了《常州力笃创业投资合伙企业（有限合 伙）合伙协议》，各合伙人共同出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"、"基金"）。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1,000万元人民币，占认缴出资总额的26.32%。 具体内容详见公司于 2024 年 9 月 10 日在指定信息披露网站"巨潮资讯网" （http://www.cninfo.com.cn）披露的《关于与专业投资机构共同投资设立产业基金 的公告》（公告 ...

北京市环球律师事务所 关于 江苏长海复合材料股份有限公司 2024 年第二次临时股东大会 之 法律意见书 北京市环球律师事务所（以下简称"本所"）接受江苏长海复合材料股份有限 公司（以下简称"公司"）的委托，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》"）、中国证券监督管理 委员会发布的《上市公司股东大会规则》等法律、法规、部门规章及《江苏长海复 合材料股份有限公司章程》（以下简称"《公司章程》"）的有关规定，指派本所律师 对公司 2024 年第二次临时股东大会（以下简称"本次股东大会"）进行见证，并出 具法律意见。 本法律意见书的出具已得到公司的如下保证：公司向本所律师提供的所有文 件及复印件均是真实、准确、完整和有效的，且无隐瞒、虚假和重大遗漏之处。 本所律师仅对本次股东大会的召集、召开程序、出席会议人员的资格、召集人 资格、会议表决程序及表决结果的合法性发表法律意见，不对本次股东大会审议事 项或议案的内容及前述事项或内容所表述的事实或数据的真实性及准确性发表意 见。 北京市环球律师事务所 关于 江苏长海复合材料股份有限公司 2024 年第二次临 ...

特别提示： 1、本次股东大会无否决议案的情形。 | 证券代码：300196 | 证券简称：长海股份 | 公告编号：2024-056 | | --- | --- | --- | | 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 2024 年第二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。 公司本次股东大会的召集及召开程序、出席会议人员资格、召集人资格、本 次股东大会的表决程序及表决结果符合《公司法》《上市公司股东大会规则》等 相关法律、行政法规、部门规章、规范性文件及《公司章程》的规定，股东大会 表决结果合法、有效。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 江苏长海复合材料股份有限公司（以下简称"股份公司"或"公司"）2024 年第二次临时股东大会会议通知已于 2024 年 8 月 23 日公告，公司 2024 年第二 次临时股东大会于 2024 年 9 月 10 日下午 14:30 在公司二楼会议室召开，本次会 议采用现场投票和网络投票相结合的方式召开。公司 ...

| 证券代码：300196 | 证券简称：长海股份 公告编号：2024-055 | | --- | --- | | 债券代码：123091 | 债券简称：长海转债 | 2、投资金额：江苏长海复合材料股份有限公司（以下简称"公司")认缴出资人 民币1,000万元。 3、风险提示：本次共同投资的合伙企业现处于筹划设立阶段，已签署合伙协 议，暂未完成工商注册、基金备案等必要手续，具体实施情况和进度尚存在不确 定性；因投资标的具有周期长、流动性较低的特点，本次投资存在回收期较长、 短期内不能为公司贡献利润的风险；合伙企业在运营过程中可能受到宏观经济、 行业周期、监管政策、被投企业自身经营管理等多种因素影响，可能面临投资后 无法实现预期收益、不能及时有效退出、投资失败或基金亏损等风险，本基金无 保本及最低收益承诺。 一、与专业投资机构共同投资概述 为满足公司整体战略发展需要，充分借助专业投资机构的力量及资源优势， 整合各方资源，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，公司拟作为有限合伙人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 ...

| 证券代码：300196 | 证券简称：长海股份 公告编号：2024-054 | | --- | --- | | 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 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 2 月 8 日召 开第五届董事会第十一次会议和第五届监事会第九次会议，审议通过了《关于回 购股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回购公司已发 行的人民币普通股（A 股）股票，回购的股份将用于实施员工持股计划或股权激 励。本次用于回购股份的资金总额不低于人民币 5,000 万元且不超过人民币 10,000 万元（均含本数），回购价格不超过人民币 11 元/股（含本数），回购期限 自公司董事会审议通过本次回购股份方案之日起不超过 12 个月。具体回购股份 的数量以回购期限届满或者回购股份实施完毕时实际回购的股份数量为准。具体 内容详见公司于 2024 年 2 月 9 日在指定信息披露网站"巨潮资讯网" （ht ...

Group 1: Financial Performance - The company achieved a revenue of 1.224 billion yuan in the first half of 2024, a decrease of 6.4% year-on-year [2] - Operating profit was 135 million yuan, down 43.59% year-on-year [2] - Total profit amounted to 133 million yuan, a decline of 44.31% year-on-year [2] - Net profit attributable to shareholders was 122 million yuan, a decrease of 42.01% [2] - Net profit after deducting non-recurring gains and losses was 117 million yuan, down 40.05% year-on-year [2] Group 2: Market and Product Insights - The glass fiber product sales remained stable year-on-year, with a recovery in prices starting from the second quarter [2] - The company’s export market is primarily focused on Europe, with expectations for improved export trends in the second half of the year [3] - The first phase of the 600,000-ton project includes a 150,000-ton capacity primarily based on conventional product structures [3] - The company employs a full industry chain production model to enhance product quality and reduce production costs [3] Group 3: Operational and Strategic Considerations - The company maintains a stable inventory level of around one month [3] - Current natural gas prices are 3.79 yuan per cubic meter (including tax), and electricity prices are 0.72 yuan per kilowatt-hour (including tax) [3] - The company’s asset-liability ratio remains stable, with plans to maintain it within a reasonable range [4] - Future cost reductions are anticipated due to ongoing capacity expansion and increased automation in manufacturing [4] Group 4: Future Outlook and Corporate Actions - The company has a 12-month buyback period for its shares [4] - There are no significant changes in the demand and supply dynamics in the European market [4] - The company has confidence in its long-term stable development and intrinsic value, with no plans to lower the conversion price of convertible bonds at this time [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 11.64 yuan, based on a 16x target PE for 2024 [4][5] Core Views - The company's Q2 profitability is expected to improve sequentially, driven by a recovery in glass fiber prices and increased production efficiency [2] - The company's long-term growth potential is supported by its ongoing capacity expansion, with a 15,000-ton production line expected to start operations in Q3 2024 [2] - Despite a year-on-year decline in H1 2024 net profit, the company's performance is expected to gradually recover in the second half of the year [2][4] Financial Performance - In H1 2024, the company reported revenue of 1.224 billion yuan, down 6.40% year-on-year, and net profit attributable to shareholders of 122 million yuan, down 42.01% year-on-year [1] - Q2 2024 revenue was 643 million yuan, down 8.74% year-on-year, while net profit attributable to shareholders was 71 million yuan, down 44.82% year-on-year [1] - The company's gross margin in H1 2024 was 22.80%, down 4.49 percentage points year-on-year, with Q2 gross margin improving to 23.93% sequentially [3] Business Segments - In H1 2024, the glass fiber and products segment generated revenue of 910 million yuan, down 4.26% year-on-year, with a gross margin of 24.99%, down 4.78 percentage points [2] - The chemical products segment reported revenue of 290 million yuan, down 6.97% year-on-year, with a gross margin of 16.40%, down 3.68 percentage points [2] - The average price of 2400tex direct roving in Q2 2024 was 3,577 yuan/ton, up 17.4% sequentially, indicating a recovery in glass fiber prices [2] Capacity Expansion - The company currently operates 3 kiln production lines with an annual capacity of 240,000 tons [2] - A new 150,000-ton production line is expected to start operations in Q3 2024, with another line under construction [2] - The company's total planned capacity expansion is 600,000 tons, with the first phase of 150,000 tons nearing completion [2] Financial Forecasts - The report revises the company's net profit forecasts for 2024-2026 to 300 million, 370 million, and 460 million yuan, respectively, down from previous estimates of 370 million, 450 million, and 520 million yuan [4] - The company's revenue is expected to grow by 2.03% in 2024, 21.52% in 2025, and 20.04% in 2026 [6] - EPS is forecasted to be 0.73 yuan in 2024, 0.91 yuan in 2025, and 1.12 yuan in 2026 [6]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company reported a revenue of 1.224 billion yuan for the first half of 2024, a year-on-year decrease of 6.40%, with a net profit attributable to shareholders of 122 million yuan, down 42.01% year-on-year [1]. - In Q2 2024, the company experienced a revenue of 643 million yuan, a decline of 8.74% year-on-year, and a net profit of 71 million yuan, down 44.82% year-on-year [1]. - The company plans to implement an interim dividend in 2024, which is expected to boost investor confidence [2]. Financial Performance - The gross margin for H1 2024 was 22.80%, a decrease of 4.49 percentage points year-on-year, while the net profit margin was 9.95%, down 6.13 percentage points year-on-year [1]. - The revenue structure shows that fiberglass and products accounted for 74.43%, chemical products for 23.66%, and fiberglass reinforced plastic products for 1.91% [1]. - The company’s H1 2024 revenue from fiberglass and products was 911 million yuan, a year-on-year decrease of 4.26%, with a gross margin of 24.99%, down 4.78 percentage points year-on-year [2]. Market Dynamics - The fiberglass market is significantly influenced by demand, which is closely related to the macroeconomic environment. The first half of 2024 saw a rebound in prices after a low point in Q1 [2][3]. - The company’s overseas revenue accounted for 27% in H1 2024, with a cumulative export volume of fiberglass and products increasing by 15.5% year-on-year from January to July 2024 [3]. Production Capacity - The company has a high-performance fiberglass intelligent manufacturing base project with a capacity of 600,000 tons, with the first phase nearing completion [4]. - The company is upgrading its existing production line to increase capacity from 30,000 tons to 80,000 tons for high-end fiberglass and special fabrics [4]. Investment Outlook - The report suggests continued attention to the company’s full industry chain layout in fiberglass, which is expected to enhance competitiveness post-capacity release [4]. - The projected net profits for the company from 2024 to 2026 are estimated at 289 million, 433 million, and 584 million yuan, respectively, with corresponding dynamic PE ratios of 13X, 9X, and 6X [4][5].

| 证券代码：300196 | 证券简称：长海股份 | 公告编号：2024-046 | | --- | --- | --- | | 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 关于开展外汇套期保值业务的公告 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。 重要内容提示： 1、交易目的、交易金额及交易品种：为有效规避外汇市场风险，降低汇率波动对公司经 营业绩的影响，提高外汇资金使用效率，合理降低财务费用，公司及子公司拟与经有关政府 部门批准、具有外汇套期保值业务经营资质的银行等金融机构开展外汇套期保值业务，业务 规模为在任一时点总持有量不超过 5,000 万美元，该交易额度在投资期限内可循环使用。交易 品种包括但不限于远期结售汇、外汇掉期、外汇期权及其他外汇衍生产品等业务。 2、已履行的审议程序：2024 年 8 月 22 日，公司召开了第五届董事会第十六次会议、第 五届监事会第十二次会议，审议通过了《关于开展外汇套期保值业务的议案》，公司第五届董 事会独立董事专门会议第二次会议对该议案进行了审核并发表了同意的审核意见。 ...