证券代码：300856 证券简称：科思股份 公告编号：2024-071 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 第三届董事会第二十二次会议决议公告 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。 本次董事会会议的召集、召开和表决程序符合有关法律、行政法 规、部门规章、规范性文件和《公司章程》的规定。 二、董事会会议审议情况 经与会董事认真审议，形成决议如下： （一）审议通过《关于部分募投项目延期的议案》 公司可转债募投项目中，"安庆科思化学有限公司高端个人护理 品及合成香料项目（一期）"主要建设内容包括年产 12,800 吨氨基酸 表面活性剂和年产 2,000 吨高分子增稠剂卡波姆。自募集资金到位以 来，公司积极、有序推进募投项目的建设。其中，年产 12,800 吨氨 基酸表面活性剂项目已建设完成，年产 2,000 吨高分子增稠剂卡波姆 一、董事会会议召开情况 南京科思化学股份有限公司（以下简称"公司"）第三届董事会 第二十二次会议于 2024 年 12 月 5 日以现场结合通讯方式召开，会议 通知已于 2024 年 11 月 2 ...

南京科思化学股份有限公司 舆情管理制度 （二）社会上存在的已经或将给公司造成不良影响的传言或信息； 南京科思化学股份有限公司 舆情管理制度 第一章 总 则 第一条 为提高南京科思化学股份有限公司（以下简称"公司"）应对各类舆情的 能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对公司股价、公司商业 信誉及正常生产经营活动造成的影响，切实保护投资者合法权益，根据相关法律、法规、 规范性文件以及《南京科思化学股份有限公司章程》（以下简称"公司章程"）的规定， 结合公司实际情况，制定本制度。 第二条 本制度所称"舆情"包括： （一）报刊、电视、网络等媒体对公司进行的负面报道； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较大影响 的事件信息。 第二章 舆情管理的组织体系及其工作职责 第三条 公司应对各类舆情（尤其是媒体质疑危机时）实行统一领导、统一组织、 快速反应、协同应对。 第四条 公司成立应对舆情管理工作领导小组（以下简称"舆情工作组"），由公司 董事长任组长，董事会秘书任副组长，成员由公司其他高级管理人员及相关 ...

证券代码：300856 证券简称：科思股份 公告编号：2024-073 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 关于部分募投项目延期的公告 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 2024 年 12 月 5 日召开了第三届董事会第二十二次会议、第三届监事会第十九次 会议，审议通过了《关于部分募投项目延期的议案》，同意公司在项 目实施主体、实施方式、投资总额和投资项目内容不变的情况下，将 可转换公司债券募集资金投资项目"安庆科思化学有限公司高端个人 护理品及合成香料项目（一期）"达到预计可使用状态日期由原定的 2024 年 12 月 31 日延期至 2025 年 12 月 31 日。本次募集资金投资项 目延期事项在公司董事会审批权限范围内，无需提交股东大会审议。 具体情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《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 ...

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]