Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 2024 was impacted by customer inventory destocking and seasonal factors, leading to a decline in revenue and gross margin. The gross margin was reported at 37.4%, down 12.7 percentage points year-on-year and 10.5 percentage points quarter-on-quarter, primarily due to product price reductions and high fixed costs during the ramp-up phase of the Anqing factory [1][3] - The company expects improved demand for new and existing sunscreen products in Q4 2024 and Q1 2025 as customers deplete their inventories from the previous quarters. This is anticipated to drive a recovery in gross margins [1] - The long-term outlook includes the commissioning of a new factory in Malaysia in 2025, which is expected to enhance market expansion in the U.S. and improve profitability due to tariff and cost advantages. The company has a robust pipeline of R&D projects, including moisturizers and hair conditioning agents, which are expected to be launched in the near future [1] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 453 million yuan, a decrease of 22.46% year-on-year, primarily due to weakened demand from downstream customers and a decline in sales of existing sunscreen products. The net profit attributable to the parent company was 93 million yuan, down 50.1% year-on-year [3] - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 664 million yuan, 769 million yuan, and 875 million yuan respectively, reflecting a year-on-year decline of 9.6% in 2024, followed by growth of 15.9% and 13.8% in the subsequent years [1][3] Cost and Expense Management - The sales expense ratio decreased by 0.18 percentage points to 0.72%, while the management expense ratio increased by 1.7 percentage points to 9%. R&D expenses increased by 1.7 percentage points to 5.5% of revenue, indicating a commitment to ongoing innovation despite the decline in gross margin [1] Market Outlook - The company anticipates a recovery in demand for sunscreen products in the upcoming quarters, which is expected to positively impact gross margins. The introduction of new products in the personal care segment is also expected to contribute to revenue growth [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company's Q3 2024 performance was impacted by multiple factors, including downstream inventory cycles and intensified competition, leading to a revenue of 1.86 billion yuan (up 4.7% year-on-year) and a net profit of 510 million yuan (down 4.1% year-on-year) [2] - The company is focusing on expanding its new product categories, particularly in innovative sunscreen agents, which are expected to drive long-term growth despite short-term performance pressures [2][3] - The company has a strong market position as a global leader in cosmetic raw materials, with high barriers to entry for new clients and a robust capacity expansion plan to meet future demand [3] Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 1.86 billion yuan, with a net profit of 510 million yuan, reflecting a decrease in profitability due to market conditions [2] - The gross margin for Q1-Q3 2024 was 45.3%, down 4.3 percentage points year-on-year, while Q3 2024 gross margin was 37.4%, down 12.7 percentage points year-on-year [2] - The company anticipates a net profit of 734.75 million yuan for 2024, with a projected P/E ratio of 14.76 [1][3] Capacity and Growth Potential - The company is actively increasing its production capacity, with plans to reach 1,000 tons by Q4 2024, and is expanding its product lines to include amino acid surfactants and other high-value products [2] - The company is also advancing its international projects, including a sunscreen production facility in Malaysia, to enhance its resilience against market fluctuations [2]

Financial Performance - The company's revenue for Q3 2024 was ¥452,928,368.45, representing a decrease of 22.46% compared to the same period last year[2]. - Net profit attributable to shareholders was ¥92,683,284.07, down 50.09% year-on-year[3]. - The net profit after deducting non-recurring gains and losses was ¥78,438,160.11, a decline of 56.99% compared to the previous year[3]. - Basic earnings per share decreased by 50.18% to ¥0.2732, while diluted earnings per share fell by 47.11% to ¥0.2666[3]. - Total operating revenue for Q3 2024 reached ¥1,857,623,486.27, an increase of 4.9% compared to ¥1,774,371,261.48 in Q3 2023[18]. - Net profit for Q3 2024 was ¥513,744,400.58, a decrease of 4.2% from ¥536,222,731.96 in Q3 2023[19]. - Total comprehensive income for the period was CNY 520,675,721.62, a decrease from CNY 541,323,202.81 in the previous period, representing a decline of approximately 3.0%[20]. - Basic earnings per share decreased to CNY 1.5173 from CNY 1.5835, reflecting a decline of about 4.5%[20]. Assets and Liabilities - The company's total assets increased by 3.13% to ¥4,012,010,557.05 compared to the end of the previous year[3]. - Total assets as of Q3 2024 were ¥4,012,010,557.05, up from ¥3,890,408,276.66 at the end of Q3 2023, representing a growth of 3.1%[17]. - Total liabilities decreased to ¥1,191,513,639.75 in Q3 2024 from ¥1,263,457,776.02 in Q3 2023, a reduction of 5.7%[16]. - The company's equity attributable to shareholders increased to ¥2,709,801,668.92 in Q3 2024, compared to ¥2,626,950,500.64 in Q3 2023, reflecting a growth of 3.1%[17]. Cash Flow - The company reported a net cash flow from operating activities of ¥769,119,067.08, an increase of 25.10% year-on-year[3]. - Cash inflow from operating activities totaled CNY 2,298,861,931.62, compared to CNY 1,882,756,372.73 in the previous period, an increase of about 22.1%[22]. - Cash outflow from operating activities was CNY 1,529,742,864.54, up from CNY 1,267,964,670.80, indicating an increase of approximately 20.6%[22]. - Cash flow from investing activities showed a net outflow of CNY 472,242,150.69, an improvement from a net outflow of CNY 1,311,185,341.84 in the previous period[22]. - Cash flow from financing activities resulted in a net outflow of CNY 342,370,562.29, compared to a net inflow of CNY 536,732,265.48 in the previous period[23]. - The ending balance of cash and cash equivalents was CNY 497,974,552.13, compared to CNY 388,553,323.52 in the previous period, reflecting an increase of approximately 28.2%[23]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 18,120[8]. - The largest shareholder, Nanjing Kesi Investment Development Co., Ltd., held 52.04% of the shares[8]. - The total number of restricted shares held by major shareholders increased to 13.52 million, reflecting the annual release of 25% of the locked shares[10]. - The actual controller of the company, Mr. Zhou Xuming, holds 11.25 million shares after the recent increase in restricted shares[10]. Market Strategy and Competition - The decline in revenue and profit was attributed to increased competition and reduced product prices, leading to a lower gross margin[7]. - The company plans to continue expanding its market presence and investing in new product development as part of its growth strategy[12]. - The company is focused on maintaining a strong financial position while exploring potential mergers and acquisitions to enhance its market competitiveness[12]. - The company plans to continue investing in new product development and market expansion strategies to drive future growth[19]. Operational Metrics - Operating costs for Q3 2024 were ¥1,289,536,890.14, up from ¥1,137,085,934.95 in the same period last year, reflecting a year-on-year increase of 13.4%[18]. - Research and development expenses for Q3 2024 amounted to ¥89,866,506.69, compared to ¥82,617,374.08 in Q3 2023, indicating an increase of 8.5%[19]. - The company completed the allocation of 886,000 shares under the 2023 restricted stock incentive plan, with the shares expected to be listed on July 17, 2024[12]. - The company reported a significant increase in prepayments from CNY 5.29 million to CNY 7.17 million, an increase of approximately 35.5%[14]. - Accounts receivable decreased significantly from CNY 441.44 million to CNY 315.74 million, a reduction of about 28.4%[14]. - Inventory increased to CNY 457.35 million from CNY 425.27 million, showing an increase of approximately 7.5%[14]. - The cash and cash equivalents decreased to CNY 508.57 million from CNY 541.84 million, representing a decline of approximately 6.1%[14].

南京科思化学股份有限公司 证券代码：300856 证券简称：科思股份 公告编号：2024-068 债券代码：123192 债券简称：科思转债 | 持有人名称 | 本次变动前 持有数量 | | 本次变动情况 持有数量 | | 本次变动后 持有数量 | | | --- | --- | --- | --- | --- | --- | --- | | | | 占本次债 | | 占本次债券 | | 占本次债 | | | | 券发行总 | | 发行总量比 | | 券发行总 | | | （张） | | （张） | | （张） | | | | | 量比例 | | 例 | | 量比例 | | 科思投资 | 2,323,252 | 32.05% | -1,553,250 | 21.43% | 770,002 | 10.62% | 本公司及董事会全体成员保证公告内容与信息披露义务人提供 的信息一致。 一、可转换公司债券基本情况及配售情况 经中国证券监督管理委员会《关于同意南京科思化学股份有限 公司向不特定对象发行可转换公司债券注册的批复》（证监许可 [2023]680 号）同意，公司向不特定对象发行可转换公司债券 7,249,17 ...

证券代码：300856 证券简称：科思股份 公告编号：2024-067 债券代码：123192 债券简称：科思转债 南京科思化学股份有限公司 关于控股股东部分股份解除质押的公告 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。 南京科思化学股份有限公司（以下简称"公司"）于近日接到公 司控股股东南京科思投资发展有限公司（以下简称"科思投资"）的 通知，获悉科思投资将其所质押的部分公司股份办理了解除质押手续， 现将有关情况公告如下： 注 1：2024 年 5 月 17 日，公司 2023 年度权益分派方案实施完成，科思投资质押的 20,000,000 股经公积金转增股本后变为40,000,000股。2024年7月11日，其中20,000,000 股解除质押，本次解除质押数量为剩余的 20,000,000 股。 二、控股股东股份累计质押情况 截至公告披露日，控股股东及其一致行动人所持质押股份情况如 下： | | | | | | | | | | 已质押股份情 | | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | ...

证券代码：300856 证券简称：科思股份 公告编号：2024-066 债券代码：123192 债券简称：科思转债 南京科思化学股份有限公司 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、"科思转债"（债券代码：123192）转股期限为 2023 年 10 月 19 日至 2029 年 4 月 12 日，最新转股价为人民币 24.64 元/股； 2、2024 年第三季度，共有 192 张"科思转债"完成转股（票面 金额共计人民币 19,200.00 元），合计转为 770 股"科思股份"股票 （股票代码：300856）； 3、截至 2024 年第三季度末，公司剩余可转换公司债券为 7,238,393 张，剩余票面总金额为人民币 723,839,300.00 元。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所 上市公司自律监管指引第 15 号——可转换公司债券》的有关规定， 南京科思化学股份有限公司（以下简称"公司"或"科思股份"）现 将 2024 年第三季度可转换公司债券转 ...

证券代码：300856 证券简称：科思股份 公告编号：2024-065 债券代码：123192 债券简称：科思转债 南京科思化学股份有限公司 公司控股股东南京科思投资发展有限公司（以下简称"科思投 资"）通过配售认购"科思转债"共计 3,782,529 张，占本次债券发 行总量的 52.18%。具体内容详见公司于 2023 年 5 月 10 日在巨潮资 讯网（http://www.cninfo.com.cn）披露的《南京科思化学股份有 限公司创业板向不特定对象发行可转换公司债券上市公告书》。 二、可转债持有比例变动情况 公司于近日收到控股股东科思投资函告，获悉其于 2024 年 5 月 21 日至 2024 年 9 月 30 日期间以集中竞价的方式合计转让其所持有 的"科思转债"共计 726,827 张，占本次债券发行总量的 10.03%。 具体变动情况如下： | 持有人名称 | 本次变动前 | | 本次变动情况 | | 本次变动后 | | | --- | --- | --- | --- | --- | --- | --- | | | | 占本次债 | | 占本次债 | | 占本次债 | | | 持有数量 | ...

证券代码：300856 证券简称：科思股份 公告编号：2024-064 债券代码：123192 债券简称：科思转债 截至公告披露日，控股股东及其一致行动人所持质押股份情况如 南京科思化学股份有限公司 关于控股股东部分股份质押的公告 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。 南京科思化学股份有限公司（以下简称"公司"）于近日接到公 司控股股东南京科思投资发展有限公司（以下简称"科思投资"）的 通知，获悉科思投资将其所持有公司的部分股份办理了质押手续，现 将有关情况公告如下： 注：公司可转换公司债券（债券简称：科思转债；债券代码：123192）正处于转股期， 截至 2024 年 9 月 26 日，公司总股本为 339,566,533 股。 本次质押股份不存在负担重大资产重组等业绩补偿义务。 二、控股股东股份累计质押情况 下： | | | | 本 | 次 | 本 | 次 | | | | | | 已质押股份情 况 | | 未质押股份情况 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...

证券代码：300856 证券简称：科思股份 公告编号：2024-063 债券代码：123192 债券简称：科思转债 南京科思化学股份有限公司 关于使用闲置募集资金和闲置自有资金 进行现金管理的进展公告 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）投资风险分析 公司及子公司使用闲置募集资金和闲置自有资金购买的投资理 财品种安全性高、流动性好，属于低风险投资品种，但金融市场受宏 观经济的影响较大，公司及子公司将根据经济形势以及金融市场的变 化适时适量的介入，但不排除该项投资受到市场波动的影响。 南京科思化学股份有限公司（以下简称"公司"或"科思股份"） 于 2024 年 4 月 16 日召开第三届董事会第十八次会议和第三届监事 会第十五次会议，审议通过了《关于使用闲置募集资金和闲置自有资 金进行现金管理的议案》，同意公司及子公司在确保不影响正常运营 和募集资金投资项目推进的情况下，使用总额度不超过 20,000 万元 人民币的闲置募集资金和不超过 70,000 万元人民币的闲置自有资金 进行现金管理，用于购买安全性高、流动性好、期限不超过 12 个月 的 ...

证券代码：300856 证券简称：科思股份 公告编号：2024-061 债券代码：123192 债券简称：科思转债 南京科思化学股份有限公司 2024 年半年度权益分派实施公告 2、公司不存在回购账户； 3、本次权益分派期间，"科思转债"不暂停转股。 根据公司 2023 年度股东大会的授权，由董事会根据公司的盈利 情况和资金需求状况，在分红上限不超过当期归属于上市公司股东的 净利润 50%的前提下,制定公司 2024 年中期利润分配方案并在规定期 限内实施。公司 2024 年半年度权益分派方案已获 2024 年 8 月 16 日 召开的第三届董事会第二十次会议和第三届监事会第十七次会议审 议通过，现将权益分派事宜公告如下： 一、董事会审议通过权益分派方案情况 1、公司于 2024 年 8 月 16 日召开第三届董事会第二十次会议和 第三届监事会第十七次会议，审议通过了《2024 年半年度利润分配方 案》，根据《公司法》《公司章程》等相关规定及公司实际情况，以及 2023 年度股东大会对于 2024 年中期利润分配方案的授权，2024 年半 年度利润分配方案为： 本公司及董事会全体成员保证信息披露的内容真实、准 ...