Investment Rating - The report maintains an "Outperform" rating for the company [24]. Core Insights - The company achieved a revenue of 712 million yuan in Q1 2024, representing a year-on-year growth of 21.1%, driven by sustained demand in the cosmetics active ingredients and raw materials market, along with the gradual ramp-up of new product lines [4]. - The company is progressing with new projects, including the accelerated construction of a factory in Malaysia and the completion of several production lines for various products, which will enhance its production capacity [5]. - The company forecasts a significant increase in revenue and net profit over the next few years, with projected revenues of 3.18 billion yuan in 2024, 4.02 billion yuan in 2025, and 4.90 billion yuan in 2026, alongside net profits of 924 million yuan, 1.17 billion yuan, and 1.42 billion yuan respectively [6][27]. Financial Performance Summary - In Q1 2024, the company reported a non-GAAP net profit of 204 million yuan, a year-on-year increase of 29.78%, with a gross margin of 47.82% and a net margin of 30.85% [4]. - The company’s revenue for 2023 was 2.4 billion yuan, a year-on-year increase of 35.99%, with a net profit of 715 million yuan, reflecting a growth of 89.11% [26]. - The gross margin for 2023 was 48.83%, an increase of 12.17 percentage points compared to the previous year, indicating improved operational efficiency [26]. Business Segment Analysis - The cosmetics active ingredients and raw materials segment generated revenue of 2.07 billion yuan in 2023, with a gross margin of 53% [20]. - The synthetic fragrance segment had a revenue of 308 million yuan in 2023, with a stable gross margin of 24% [20]. - The company is expanding its product offerings in personal care ingredients, with successful development of high-end moisturizing agents and efficient moisturizing agents [17]. Market Comparison - The company’s stock price as of May 9 was 86.67 yuan, with a market capitalization of approximately 13.69 billion yuan [16]. - The company is compared with peers in the industry, showing a favorable valuation with a projected PE ratio of 18-20 times for 2024, indicating a reasonable value range of 98.3 to 109.2 yuan [27].

一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： 证券代码：300856 证券简称：科思股份 公告编号：2024-036 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 2023 年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会未涉及变更以往股东大会已通过的决议。 （1）现场会议召开时间：2024 年 5 月 7 日（星期二）下午 14:30。 （2）网络投票时间：公司同时提供深圳证券交易所交易系统和 互联网投票系统供股东进行网络投票。 | 网络投票方式 | 投票时间 | | --- | --- | | 深圳证券交易所交易系统 | 2024 年 5 月 7 日上午 9:15-9:25，9:30- | | | 11:30；下午 13:00-15:00 | | 深圳证券交易所互联网投票系统 | 2024 年 5 月 7 日 9:15-15:00 | 2、会议的召开方式：现场表决与网络投票相结合。 3、现场会议召开地点：南京市江宁区苏源大道 ...

北京市竞天公诚律师事务所上海分所 关于 南京科思化学股份有限公司 2023 年度股东大会 之 法律意见书 上海市徐汇区淮海中路 1010 号嘉华中心 45 层 邮编：200031 Suite 45/F, K.Wah Centre, 1010 Huaihai Road (M), Xuhui District, Shanghai 200031, China 电话/Tel: +86 21 5404 9930 传真/Fax: +86 21 5404 9931 网址/Website: http://www.jingtian.com 二〇二四年五月 北京市竞天公诚律师事务所上海分所 法律意见书 北京市竞天公诚律师事务所上海分所 关于南京科思化学股份有限公司 2023 年度股东大会之法律意见书 致：南京科思化学股份有限公司 本所根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 股东大会规则》等现行有效的法律、法规、规范性文件及《南京科思化学股份 有限公司章程》（下称"《公司章程》"），按照律师行业公认的业务标准、道德规 范和勤勉尽责精神，出具本法律意见书。 为出具本法律意见书，本所律师审查了本次股东大会相关的 ...

南京科思化学股份有限公司（以下简称"公司"）《2023 年年度报 告 》 及 其 摘 要 已 于 2024 年 4 月 17 日在巨潮资讯网 （www.cninfo.com.cn）上披露。为使广大投资者更全面深入地了解 公司 2023 年度的经营情况，公司将于 2024 年 5 月 8 日（星期三） 15:00-17:00 举办 2023 年度业绩说明会。本次说明会将采用网络远 程的方式举行，投资者可登陆全景网"投资者关系互动平台" （http://ir.p5w.net）参与本次年度业绩说明会。 出席本次说明会的人员有：公司董事兼总裁杨军先生、独立董事 宋兵先生、财务总监孟海斌先生和董事会秘书陈家伟先生以及保荐代 表人王风雷先生。 证券代码：300856 证券简称：科思股份 公告编号：2024-035 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 关于举行 2023 年度网上业绩说明会的公告 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。 （问题征集专题页面二维码） 特此公告。 南京科思化学股份有限公司董事会 2024 年 4 月 26 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [12][27]. Core Insights - The company experienced significant growth in 2023, with revenue increasing by 35.99% year-on-year to 2.4 billion yuan and net profit rising by 89.02% to 734 million yuan. The first quarter of 2024 also showed strong growth, with revenue up 21.10% year-on-year [2][12]. - The company's active ingredients and raw materials for cosmetics business are rapidly expanding, driven by increasing market demand and the release of new products, particularly in the sunscreen segment [3][12]. - The company has a robust R&D strategy focused on innovative technologies, with a total of 172 authorized patents as of the end of 2023, including 46 invention patents [3][10]. Financial Performance - In 2023, the company achieved a gross margin of 48.83%, an increase of 12.18 percentage points year-on-year. The net profit margin for the same year was 30.57%, up 8.58 percentage points [7][12]. - The company forecasts continued revenue growth, with projected revenues of 3.22 billion yuan in 2024 and 4.05 billion yuan in 2025, reflecting growth rates of 34.2% and 25.7%, respectively [6][15]. - The earnings per share (EPS) are expected to rise from 4.33 yuan in 2023 to 5.61 yuan in 2024, with corresponding price-to-earnings (P/E) ratios decreasing from 18.4 to 14.2 [6][12]. Product Segmentation - The revenue breakdown for 2023 shows that the active ingredients and raw materials for cosmetics generated 2.07 billion yuan, a 43.68% increase year-on-year, while synthetic fragrances contributed 308 million yuan, growing by 6.83% [3][12]. - The company has established a strong market position in the sunscreen ingredient sector, benefiting from high demand and technological advancements in product formulation [12][10]. R&D and Innovation - The company has made significant investments in R&D, focusing on advanced technologies and continuous product optimization, which has led to the development of new products and processes in the fields of synthetic fragrances and sunscreen ingredients [10][12]. - The company has recently initiated a project in Anhui with an annual production capacity of 5,000 tons for personal care raw materials, expected to generate annual sales of 700 million yuan upon completion [11][12].

科思股份（300856） 科思五问-深度解析美护原料全球龙头壁垒 与路径 2024 年 04 月 22 日 | --- | --- | --- | --- | --- | --- | --- | |------------------------------|--------|-------|--------|--------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1,765 | | 2,400 | 3,021 | 3,749 | 4,573 | | 同比（ % ） | 61.85 | | 35.99 | 25.86 | 24.10 | 21.98 | | 归母净利润（百万元） | 388.11 | | 733.59 | 926.79 | 1,176.31 | 1,459.89 | | 同比（ % ） | 192.11 | | 89.02 | 26.34 | 26.92 | 24.11 | | EPS- 最新摊薄（元 / 股） | 2.29 ...

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook [9] Core Views - The company reported a revenue of 2.4 billion yuan in 2023, representing a year-over-year growth of 36% [2] - The net profit attributable to the parent company reached 734 million yuan, with a year-over-year increase of 89% [2] - The company maintains high profitability, with a gross margin of 48.8% in 2023, up by 12.2 percentage points [6] - The company has a strong R&D capability, holding 172 authorized patents, including 46 invention patents [15] Financial Performance - Revenue for 2023 was 2,399.92 million yuan, with a growth rate of 35.99% [8] - The net profit attributable to the parent company for 2023 was 733.59 million yuan, showing a growth rate of 89% [8] - The earnings per share (EPS) for 2023 was 4.33 yuan [8] - The company expects continued growth, with projected net profits of 931.94 million yuan in 2024 and 1,166.45 million yuan in 2025 [8] Market Position and Product Development - The company is a leading manufacturer of sunscreen raw materials, benefiting from a growing market demand and an expanding product portfolio [15] - The product structure includes traditional and new chemical sunscreen agents, as well as amino acid surfactants and other personal care ingredients [7] - The company is focused on high-end personal care products and synthetic fragrance projects, which are expected to enhance profitability [15]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [1][6]. Core Insights - The company reported a revenue of 2.4 billion yuan in 2023, a year-on-year increase of 36%, and a net profit attributable to shareholders of 734 million yuan, up 89% year-on-year [1]. - The company is experiencing strong demand in the sunscreen segment, with new product capacities ramping up, contributing to high growth and improved profitability [1][11]. - The financial forecasts for 2024-2026 project net profits of 960 million, 1.2 billion, and 1.48 billion yuan respectively, with year-on-year growth rates of 31.1%, 25%, and 23.4% [1][2]. Financial Performance Summary - In Q1 2024, the company achieved a revenue of 7.1 billion yuan, reflecting a quarter-on-quarter increase of 13.8%, and a net profit of 2.2 billion yuan, up 11.4% quarter-on-quarter [1]. - The gross margin for 2023 was reported at 48.8%, with a net margin of 30.6%, both showing significant improvements compared to previous years [2][11]. - The company’s earnings per share (EPS) for 2024 is projected to be 5.68 yuan, with a price-to-earnings (P/E) ratio of 14.5 times [2][11]. Business Segment Performance - The cosmetics active ingredients and synthetic fragrances segments generated revenues of 2.07 billion and 310 million yuan respectively in 2023, with year-on-year growth rates of 43.7% and 6.8% [1]. - The company’s international revenue reached 2.16 billion yuan, a 37.7% increase year-on-year, while domestic revenue was 240 million yuan, up 22.5% year-on-year [1][2]. Capacity and Production Insights - The company has a designed production capacity of 33,180 tons per year for cosmetic active ingredients, with a utilization rate of 75.05% and an additional 5,600 tons under construction [11]. - A new production facility in Malaysia is expected to be operational by 2025, which will further enhance the company’s capacity and market share [11].

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved a revenue of 2.4 billion yuan in 2023, representing a year-on-year increase of 35.99%, with a net profit of 734 million yuan, up 89.02% year-on-year [2]. - The demand for cosmetic active ingredients and synthetic fragrances continues to rise, with an increasing proportion of overseas revenue [2]. - The gross profit margin improved by 12.17 percentage points to 48.83% in 2023, driven by increased market demand and capacity release [2]. - The company is actively expanding overseas production capacity, which is expected to further enhance market share [2]. - The company is expected to see continued growth in net profit over the next few years, with projections of 956 million yuan, 1.163 billion yuan, and 1.393 billion yuan for 2024, 2025, and 2026, respectively [2]. Financial Performance Summary - In 2023, the company reported a revenue of 2.4 billion yuan, with a net profit of 734 million yuan, and a gross profit margin of 48.83% [4][10]. - The projected revenue for 2024 is 3.32 billion yuan, with a net profit of 956 million yuan, indicating a growth rate of 30.3% [4][10]. - The company’s PE ratio is projected to decrease from 19 in 2023 to 10 by 2026, indicating an improving valuation [4][10].

Financial Performance - The company's operating revenue for Q1 2024 was ¥711,843,765.01, representing a 21.10% increase compared to ¥587,793,946.66 in the same period last year[19] - The net profit attributable to shareholders for Q1 2024 was ¥219,777,234.42, which is a 37.16% increase from ¥160,229,516.90 in the previous year[19] - The company reported a total operating cost of ¥474,115,510.18 for Q1 2024, up from ¥396,559,739.94 in the same quarter last year[14] - The company reported a significant increase in other income to ¥15,751,903.07 from ¥1,731,636.13, suggesting improved operational efficiency[14] - The company reported a comprehensive income total of ¥220,203,654.40, compared to ¥159,302,758.76 in the previous year[34] - The company's non-recurring profit and loss attributable to shareholders was ¥203,942,693.27, up 29.78% from ¥157,144,785.08 in the previous year[38] Assets and Liabilities - The total liabilities as of March 31, 2024, amounted to ¥1,247,062,063.07, a slight decrease from ¥1,263,457,776.02 at the end of the previous period[13] - The total equity attributable to shareholders increased to ¥2,858,576,438.80 from ¥2,626,950,500.64, reflecting a positive growth in shareholder value[13] - The total assets as of March 31, 2024, were reported at ¥4,135,181,256.66, up from ¥3,890,408,276.66, reflecting overall growth in the company's financial position[13] - The total liabilities decreased from CNY 494,224,813.95 to CNY 453,000,897.99, indicating a decline of approximately 8.4%[48] - The company's accounts payable decreased to CNY 323,828,533.98 from CNY 363,046,477.37, a reduction of about 10.8%[48] Cash Flow - The net cash flow from operating activities was ¥161,229,326.64, a decrease of 6.24% compared to ¥171,958,040.51 in the previous year[38] - Operating cash inflow for the current period was CNY 699,458,266.44, an increase of 13.39% from CNY 616,742,358.18 in the previous period[69] - Cash outflow from operating activities totaled CNY 538,228,939.80, up 21.06% from CNY 444,784,317.67 in the prior period[69] - Net cash flow from operating activities decreased to CNY 161,229,326.64, down 6.93% from CNY 171,958,040.51 year-over-year[69] - Cash received from investment recovery was CNY 530,000,000.00, indicating a significant inflow from investments[69] Investments and Growth - Research and development expenses for Q1 2024 were ¥31,828,887.16, slightly higher than ¥31,263,696.98 in the previous year, indicating continued investment in innovation[14] - The company is expanding its product lines, which is expected to further enhance revenue growth in the upcoming quarters[41] - The company successfully acquired the land use rights for a state-owned construction site, enhancing its operational capacity[9] - Deferred income increased to ¥35,020,417.51 from ¥26,371,130.99, indicating growth in future revenue recognition[13] - The company has seen a continuous increase in revenue from its main business due to growing market demand for active ingredients and raw materials in cosmetics[41] Shareholder Value - The basic earnings per share increased to ¥1.2979, up 37.16% from ¥0.9463 in the same period last year[38] - The total equity attributable to shareholders of the listed company increased to ¥2,858,576,438.80, an increase of 8.82% from ¥2,626,950,500.64 at the end of the previous year[38] - The company's total liabilities decreased, contributing to an increase in the return on equity to 8.01% from 7.91%[38] Government Support and Bonds - The company received government subsidies amounting to CNY 15,512,778.20, which are closely related to its normal business operations[57] - The company decided not to exercise the early redemption rights for the "Kosi Convertible Bonds" to protect investor interests[45] - The company plans to reassess the early redemption of the "Kosi Convertible Bonds" after September 22, 2024, if the conditions are triggered again[45]