证券代码：300856 证券简称：科思股份 公告编号：2024-070 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 （一）投资风险分析 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"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 的理财产品，现金管理期限自董事会审议通过之日起不超过 12 个月。 在前述额度内，资金可以循环滚动使用。 近期，公司使用闲置募集资金和闲置自有资金购买了银行理财产 品，现就相关事宜公告如下： 购买 主体 受托 方 产品名称 产品 类型 购 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance has been impacted by downstream inventory destocking and price adjustments, leading to a wait-and-see approach for new product ramp-up to sustain growth [1][2] - Despite short-term demand fluctuations, the long-term growth logic driven by new capacity and product categories remains unchanged [2][3] Financial Performance Summary - In Q3 2024, the company achieved revenue of 450 million yuan, a year-on-year decrease of 22.5%, and a net profit attributable to shareholders of 90 million yuan, down 50.1% year-on-year [2] - For the first three quarters of 2024, the company reported total revenue of 1.86 billion yuan, a year-on-year increase of 4.7%, and a net profit of 514 million yuan, a decrease of 4.11% year-on-year [2] - The operating cash flow net amount was 770 million yuan, up 25.1% year-on-year, with a cash dividend rate of 39.62% [2] Profitability Metrics - The company's gross margin for Q1-Q3 2024 was 45.3%, down 4.31 percentage points year-on-year, while the net margin was 27.7%, down 2.56 percentage points year-on-year [3] - In Q3 2024, the gross margin was 37.4%, down 12.73 percentage points year-on-year, and the net margin was 20.4%, down 11.36 percentage points year-on-year [3] Future Earnings Forecast - The profit forecast for 2024-2026 has been revised downwards, with expected net profits of 660 million, 660 million, and 790 million yuan respectively, reflecting a year-on-year change of -10.2%, 0%, and +19.6% [2] - The expected EPS for 2024-2026 is projected to be 1.94, 1.94, and 2.32 yuan, with corresponding P/E ratios of 14.5, 14.5, and 12.1 times [2][5] Product Development and Competitive Advantage - The company is focusing on expanding its product categories, with new products such as anti-dandruff agents still in the ramp-up phase, and a robust pipeline of new products including amino acid surfactants and moisturizing agents [4] - The company possesses a stable supply chain and a diversified product system, providing a competitive advantage in a challenging regulatory environment [4]

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company's revenue for the first three quarters of 2024 reached 1.858 billion yuan, a year-on-year increase of 4.69%, while the net profit attributable to shareholders was 514 million yuan, a decrease of 4.11% year-on-year [2]. - In Q3 2024, revenue fell to 453 million yuan, down 22.46% year-on-year, and net profit dropped to 93 million yuan, down 50.09% year-on-year, primarily due to inventory destocking by downstream customers and intensified competition [2]. - Despite short-term challenges in the sunscreen market, long-term demand for sunscreen products continues to grow, particularly for new types of sunscreen agents [2]. - The company's gross margin in Q3 2024 decreased by 13 percentage points year-on-year, attributed to price reductions on certain products [2]. - New production lines are being successfully launched, including a 10,000-ton sunscreen product project in Malaysia expected to be operational by the second half of 2025 [2]. - The company anticipates gradual recovery in revenue and gross margin over the next 2-3 years as new projects come online and market conditions improve [2]. Financial Summary - Revenue projections for 2024 are set at 2.507 billion yuan, with a growth rate of 4.5%, while net profit is expected to be 674 million yuan, reflecting a decline of 8.1% year-on-year [3][5]. - The company's earnings per share for 2024 is projected at 1.99 yuan, with a price-to-earnings (PE) ratio of 14 [3][5]. - The gross margin for 2024 is forecasted to be 45.15%, down from 48.83% in 2023 [5].

证券研究报告 | 2024年10月24日 科思股份（300856.SZ） 优于大市 三季度收入受量价承压下滑 22.5%，关注后续产能投产放量 受量价齐跌影响，公司 Q3 业绩承压明显。公司前三季度实现营业收入 18.58 亿/yoy+4.69%；归母净利润 5.14 亿/yoy-4.11%；单 Q3 收入实现 4.53 亿 /yoy-22.46%；归母净利润 9268.33 万/yoy-50.09%。受下游客户消化前期库 存以及行业竞争增加等因素影响，公司收入端有所承压，预计不同产品线均 有一定程度承压；同时公司为应对竞争获取市场份额，产品价格有所调降， 预计整体下调幅度在 10%左右，导致利润增速下滑更大。 毛利率受产品降价影响大幅下滑。Q3 公司毛利率为 37.37%/-12.73pct，环 比-10.48pct，净利率为 20.43%/-11.36pct，环比-8.67pct。公司产品价格 下降；叠加 23H2 以来新产线转固带来折摊变多，毛利率下滑较多。Q3 销售/ 管理/研发/财务费用率分别为 0.72%/8.97%/5.50%/0.14%/同比变动 -0.18pct/+1.68pct/+1.67 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 33.80 [6][4]. Core Views - The company reported Q3 revenue of RMB 453 million, a year-over-year decline of 22.46% and a quarter-over-quarter decline of 34.63%. The net profit attributable to the parent company was RMB 92.68 million, down 50.09% year-over-year and 54.05% quarter-over-quarter. For the first three quarters of 2024, the company achieved revenue of RMB 1.858 billion, a year-over-year increase of 4.69%, while the net profit was RMB 514 million, down 4.11% year-over-year [1][2]. - Key factors affecting performance include weak overseas sunscreen terminal demand, downstream customers digesting previous inventory, and changes in supply-demand dynamics due to terminal demand and industry competition, leading to price reductions for most old products and some new products, which in turn caused a decline in gross margin [1][2][3]. - Looking ahead to Q4, performance is expected to improve sequentially due to the traditional peak season for sunscreen, although year-over-year pressure may still exist. The downward price pressure is expected to ease, and new products such as anti-dandruff agents, carbomers, and high-end oils are anticipated to contribute to growth [1][4]. Summary by Sections Revenue and Profitability - Q3 revenue was RMB 453 million, down 22.46% year-over-year and 34.63% quarter-over-quarter. The net profit was RMB 92.68 million, down 50.09% year-over-year and 54.05% quarter-over-quarter. For the first three quarters of 2024, revenue was RMB 1.858 billion, up 4.69% year-over-year, while net profit was RMB 514 million, down 4.11% year-over-year [1][4]. - The gross margin for Q3 was 37.37%, down 12.73 percentage points year-over-year, and the net margin was 20.43%, down 11.36 percentage points year-over-year, primarily due to price reductions [3]. Forecast and Valuation - The net profit forecasts for 2024-2026 have been lowered to RMB 686 million, RMB 882 million, and RMB 1.098 billion, representing year-over-year changes of -6.51%, +28.66%, and +24.44%, respectively. The corresponding EPS for 2024-2026 is projected to be RMB 2.02, RMB 2.60, and RMB 3.23 [4][5]. - The target price is set at RMB 33.80, based on a 13x PE for 2025, compared to a comparable company PE of 22x for 2025 [4][5].

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：2024-066 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 ...