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科思股份(300856) - 科思股份投资者关系管理信息
2024-08-21 07:31
南京科思化学股份有限公司 投资者关系活动资料 证券代码:300856 证券简称:科思股份 编号:2024-003 南京科思化学股份有限公司 投资者关系活动记录表 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 □其他 中信证券、中金公司、华泰证券、广发证券、国金证券、大成基 参与单位名称及 金、鹏华基金、南方基金、博时基金、平安养老等 108 个机构及 人员姓名 个人参会 2024 年 8 月 18 日 16:00-17:00 时间 2024 年 8 月 19 日 13:30-15:00 2024 年 8 月 20 日 14:00-15:30 地点 南京市江宁区苏源大道 19 号九龙湖国际企业总部园 C1 栋 9 楼 董事、副总裁 曹晓如先生 上市公司接待人 董事会秘书 陈家伟先生 员姓名 证券事务代表 李翠玲女士 1、2024 年半年度及目前整体经营情况介绍 从行业和下游市场需求来看,2024 年上半年全球个人护理 品领域的消费需求仍然比较旺盛,尤其是国内外旅游出行需求的 持续增长和巴黎奥运会等体育赛事带动,防晒产品仍然是个人护 投资者关系活 ...
科思股份:24H1归母净利yoy+20.24%,关注新品放量
Tianfeng Securities· 2024-08-21 00:39
Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock with expected returns exceeding 20% over the next six months [3][10]. Core Insights - The company reported a revenue of 1.405 billion with a year-on-year growth of 18.01% and a net profit of 421 million, reflecting a year-on-year increase of 20.24% for the first half of 2024 [1]. - The company has a strong focus on innovation and R&D, with 196 authorized patents, including 54 invention patents, which supports its future growth [2]. - The product portfolio is diverse, expanding beyond traditional sunscreen agents to include new chemical and physical sunscreen agents, as well as surfactants and other raw materials for personal care [2]. - The company has successfully completed the trial run of a 1,000-ton production line for a new sunscreen agent and is advancing the market promotion of new personal care products [2]. - The company is expected to see an increase in the utilization rate of new sunscreen agents and a rise in the proportion of high-margin personal care products [2]. Financial Summary - For 2024, the company is projected to achieve a net profit of 848 million, with a growth rate of 15.60% [6]. - The revenue forecast for 2024 is 3.036 billion, with a growth rate of 26.50% [6]. - The company's EBITDA is expected to reach 1.121 billion in 2024, reflecting a strong operational performance [6]. - The projected earnings per share (EPS) for 2024 is 2.50 yuan, with a price-to-earnings (P/E) ratio of 10.80 [6].
科思股份: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
2024-08-20 11:11
证券代码:300856 证券简称:科思股份 公告编号:2024-060 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。 二、投资风险及风险控制措施 (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 ...
科思股份:2Q24淡季偏淡下经营稳健,品类持续开拓、防晒剂全球龙头地位稳固
SINOLINK SECURITIES· 2024-08-20 02:41
Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 693 million RMB for Q2 2024, a decrease of 2.7% quarter-on-quarter but an increase of 15% year-on-year. The decline is attributed to inventory digestion by customers and a seasonal drop in sunscreen shipments [2] - The net profit attributable to the parent company for Q2 2024 was 202 million RMB, down 8.2% quarter-on-quarter but up 6% year-on-year. The decrease is mainly due to reduced government subsidies and increased tax expenses [2] - The company plans to distribute a cash dividend of 0.6 RMB per share, with a payout ratio of 48% [2] Revenue and Profitability Analysis - The gross margin for 2024 is projected at 47.86%, remaining stable quarter-on-quarter but down 1.81% year-on-year, primarily due to high fixed costs during the ramp-up of the Anqing factory [3] - The company’s revenue from cosmetic active ingredients and raw materials for the first half of 2024 was 1.2 billion RMB, a year-on-year increase of 15%, while synthetic fragrance revenue was 193 million RMB, up 41% year-on-year [3] - The company’s overseas revenue for the first half of 2024 was 1.24 billion RMB, a year-on-year increase of 16%, while domestic revenue was 160 million RMB, up 39% [3] Earnings Forecast and Valuation - The growth drivers for 2024 are expected to come from the ramp-up of new sunscreen products, while contributions from personal care products are anticipated to be minimal. The profit forecast for 2024-2026 has been adjusted to 850 million RMB, 1.1 billion RMB, and 1.3 billion RMB respectively, with year-on-year growth rates of 16%, 29%, and 18% [3] - The company is valued at a price-to-earnings ratio of 12, 9, and 8 times for 2024, 2025, and 2026 respectively, maintaining the "Buy" rating [3]
科思股份:24H1点评:24H1归母净利同增20%,关注后续新品放量节奏
Xinda Securities· 2024-08-20 01:30
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科思股份:业绩略有承压,关注新型防晒剂、洗护类长期表现
Tebon Securities· 2024-08-20 01:00
[Table_Main] 证券研究报告 | 公司点评 科思股份(300856.SZ) 2024 年 08 月 19 日 增持(维持) 所属行业:美容护理/化妆品 当前价格(元):27.29 证券分析师 易丁依 资格编号:S0120523070004 邮箱:yidy@tebon.com.cn 市场表现 -34% -23% -11% 0% 11% 23% 34% 2023-08 2023-12 2024-04 科思股份 沪深300 | --- | --- | --- | --- | |--------------------------------|--------|--------|--------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | -15.51 | -24.30 | -32.38 | | 相对涨幅 (%) | -10.85 | -18.98 | -23.66 | | 资料来源:德邦研究所,聚源数据 | | | | 相关研究 1.《科思股份:业绩符合预期,海外扩 充深化防晒优势、积极布局个护》, 2024.4.17 2.《科思股份(300856.SZ):23Q ...
科思股份:公司信息更新报告:2024Q2收入利润整体平稳,分红比率超预期
KAIYUAN SECURITIES· 2024-08-19 08:00
美容护理/化妆品 公 司 研 究 科思股份(300856.SZ) 2024 年 08 月 19 日 2024Q2 收入利润整体平稳,分红比率超预期 ——公司信息更新报告 投资评级:买入(维持) 初敏(分析师) 程婧雅(联系人) chumin@kysec.cn 证书编号:S0790522080008 chengjingya@kysec.cn 证书编号:S0790123070033 2024H1 收入利润保持稳健增长,分红比率超预期 2024Q2 公司收入 6.93 亿/yoy+15%,归母净利润 2.02 亿元/yoy+5%。2024H1 收 入 14.05 亿元/yoy+18%,归母净利润 4.21 亿元/yoy+20.24%,经营性现金流净额 5.73 亿元/yoy+43.1%。公司中期拟向全体股东每 10 股派发现金红利 6 元(含税), 合计派发2.04亿元,股利支付率48%。2024H1可转债利息费用217.5万元。2024Q2 公司 ROE 为 7.11%,有所下降。2024Q2 新型防晒剂收入占比已超过传统防晒, 成为公司业绩增长主要驱动力。考虑到短期需求波动和下游去库影响,我们下调 盈利预测,预 ...
科思股份:2024年半年报点评:24Q2营收增速环比放缓,期待下半年新产品放量拉动增长
Minsheng Securities· 2024-08-19 07:42
Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved a revenue of 1.405 billion yuan in H1 2024, representing a year-on-year increase of 18.01%, with a net profit attributable to shareholders of 421 million yuan, up 20.24% year-on-year [2]. - The second quarter of 2024 saw a revenue of 693 million yuan, a year-on-year increase of 15.00%, and a net profit of 202 million yuan, up 6.00% year-on-year [2]. - The company is expected to benefit from the launch of new products in the second half of the year, which could drive growth [2]. Revenue and Profitability - The company's revenue from cosmetic active ingredients and raw materials reached 1.202 billion yuan, accounting for 85.60% of total revenue, with a year-on-year growth of 15.07% [2]. - The synthetic fragrance segment generated 193 million yuan, a year-on-year increase of 41.08%, representing 13.73% of total revenue [2]. - The overall gross margin for H1 2024 was 47.84%, a decrease of 1.52 percentage points year-on-year, primarily due to the faster growth of lower-margin synthetic fragrances [2]. Financial Forecasts - The company is projected to achieve revenues of 3.295 billion yuan in 2024, with a growth rate of 37.3% [3]. - Net profit attributable to shareholders is expected to reach 909 million yuan in 2024, reflecting a growth rate of 24.0% [3]. - The earnings per share (EPS) is forecasted to be 2.68 yuan in 2024, with a price-to-earnings (PE) ratio of 11 [3]. Growth Drivers - The company has successfully launched a new production line with an annual capacity of 1,000 tons for P-S, and is advancing the market promotion of new products such as amino acid surfactants and PO [2]. - Ongoing projects include a 10,000-ton annual sunscreen product project in Malaysia, expected to be launched in the second half of 2025 [2]. - The company anticipates significant revenue contributions from new products like P-S and amino acid surfactants in the coming years [2].
科思股份:多因素扰动业绩增长放缓,防晒市场份额持续提升
Guoxin Securities· 2024-08-19 03:38
Investment Rating - The investment rating for the company is "Outperform the Market" [3][11][15] Core Views - The company's revenue for the first half of the year reached 1.405 billion, a year-on-year increase of 18.0%, while the net profit attributable to shareholders was 421 million, up 20.2% year-on-year. However, the second quarter saw a revenue of 693 million, a year-on-year increase of 15.0%, but a quarter-on-quarter decline of 2.7% [1][5] - The company is experiencing a slowdown in performance due to factors such as downstream customer destocking and adverse weather conditions in Europe, which have weakened overall sunscreen demand [1][5] - The company has completed the trial operation of a new production line with an annual capacity of 1,000 tons and is accelerating the launch of new products, which is expected to drive future performance growth [1][11] Financial Performance - In Q2 2024, the company achieved a gross margin of 47.86% and a net margin of 29.10%, both showing a year-on-year decline due to increased depreciation and amortization from fixed asset additions [1][6] - The company plans to distribute a cash dividend of 204 million, which accounts for 48.34% of the net profit attributable to shareholders [1][5] Operational and Cash Flow Stability - The inventory turnover days for the first half of 2024 were 107 days, a decrease of 30 days year-on-year, while accounts receivable turnover days increased to 56 days, up 7 days year-on-year [2][9] - The operating cash flow for Q2 2024 was 412 million, reflecting an 80.2% year-on-year increase, indicating stable cash flow levels [2][9] Earnings Forecast and Valuation - The company has adjusted its net profit forecasts for 2024-2026 to 877 million, 1.065 billion, and 1.273 billion respectively, with corresponding P/E ratios of 12, 10, and 8 times [11][12] - The projected revenue growth rates for 2024 and 2025 are 24.9% and 26.1%, respectively, with expected gross margins of 47.5% and 46.7% [12][13]
科思股份:2024年半年报点评:新型防晒剂持续放量,现金流表现优于财务利润
Soochow Securities· 2024-08-18 23:37
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.405 billion yuan for H1 2024, representing a year-on-year increase of 18.0%, and a net profit attributable to shareholders of 421 million yuan, up 20.2% year-on-year [2] - The new sunscreen agents continue to gain traction, with the company launching a new production line for 1,000 tons of new sunscreen agents, which is expected to enhance its market presence [2][3] - The company has a strong cash flow performance, with operating cash flow in Q2 2024 increasing by 92% year-on-year, significantly outpacing reported profits [2] Financial Performance Summary - For 2024E, total revenue is projected to be 2,964 million yuan, with a year-on-year growth of 23.52% [1] - The net profit attributable to shareholders is expected to reach 905.96 million yuan in 2024E, reflecting a year-on-year increase of 23.50% [1] - The latest diluted EPS is forecasted to be 2.67 yuan per share for 2024E, with a P/E ratio of 11.40 [1] Product and Market Development - The company is expanding its product categories, with cosmetic raw materials and synthetic fragrances showing revenue growth of 15.1% and 41.1% respectively in H1 2024 [2] - The company is also advancing its production capacity in Malaysia, aiming for an annual output of 10,000 tons of sunscreen products, which will enhance its international risk management capabilities [2][3] Profitability and Cash Flow - The gross margin is slightly down by 1.5 percentage points year-on-year in H1 2024, but remains high due to the increased proportion of new sunscreen agents [2] - Operating cash flow for H1 2024 was 570 million yuan, up 43% year-on-year, indicating strong cash generation capabilities [2]