截止2024年3月29日，公司通过股票回购专用证券账户以集中竞价方式累计 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 新乡市瑞丰新材料股份有限公司（以下简称"公司"）于2024年2月1日召开 第三届董事会第一次独立董事专门会议、第三届董事会第二十次会议和第三届监 事会第十八次会议，审议通过了《关于回购股份方案的议案》。基于对未来发展 的信心以及自身价值的判断，为有效维护广大投资者利益，增强投资者信心，同 时进一步完善公司长效激励约束机制，充分调动管理层、核心骨干的积极性，提 高团队凝聚力，有效地将股东利益、公司利益和核心员工个人利益紧密结合在一 起，促进公司长期可持续发展。公司使用自有资金人民币15,000.00万元至 30,000.00万元（均包含本数）回购公司股份，回购价格不超过55.00元/股（含）， 以前述回购金额区间和回购价格上限测算，回购数量不低于272.73万股、不高于 545.45万股，占公司总股本比例不低于0.9462%、不高于1.8924%。具体情况详见 公司于2024年2月2日披露的《关于回购股份方案的公告》和2024年2月7日披露的 ...

Investment Rating - The investment rating for the company is "Accumulate" [1][2] - Previous rating was also "Accumulate" [1] Core Views - The company has shown a slight year-on-year increase in performance for 2023, with a total revenue of 2.816 billion yuan, representing a 3.12% increase [1] - The company is expanding its global market presence despite a slowdown in export sales growth due to complex international conditions [1][2] - The EPS forecast for 2024 and 2025 has been revised down to 2.46 yuan and 3.11 yuan respectively, from previous estimates of 2.99 yuan and 3.65 yuan [1] - The target price has been adjusted to 55.70 yuan from 60.30 yuan [1] Financial Performance Summary - In 2023, the company achieved a total operating revenue of 2.816 billion yuan, with a net profit attributable to shareholders of 606 million yuan, reflecting a year-on-year increase of 3.12% [1] - The quarterly performance for Q4 2023 showed a revenue of 663 million yuan, down 33.97% year-on-year [1] - The net profit for Q4 2023 was 156 million yuan, a decrease of 30.71% year-on-year [1] - The operating cash flow for the company was 640 million yuan, a slight decrease of 2.80% year-on-year [1] Market and Industry Insights - The company is positioned as a leading supplier of lubricant additives and a major supplier of carbonless paper color developers in the domestic market [2] - The export volume of lubricant additives from China in January-February 2024 decreased by 11.54% year-on-year, but the long-term growth logic remains unchanged [1] - The company aims to expand into overseas niche markets by leveraging its competitive product offerings [1][2]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company has achieved a revenue of 2.82 billion yuan in 2023, a decrease of 7.6% year-on-year, while the net profit attributable to shareholders increased by 3.1% to 610 million yuan [11]. - The company continues to expand its lubricant additive production capacity, with a designed annual capacity of 200,000 tons by the end of 2023, an increase of 30,000 tons from 2022 [5]. - The transition towards compound agents is progressing steadily, with compound agent revenue accounting for 66.5% of total revenue [12]. - The company is focusing on international market development, although revenue has slightly declined due to global geopolitical tensions affecting supply chains [11]. Financial Performance - The company reported a gross margin of 35.0% in 2023, an increase of 4.9 percentage points year-on-year [11]. - The projected net profits for 2024, 2025, and 2026 are estimated to be 760 million yuan, 966 million yuan, and 1.29 billion yuan, respectively [6]. - The company’s earnings per share (EPS) for 2023 is 2.63 yuan, with a proposed cash dividend of 13 yuan per 10 shares [11]. Production and Capacity - By the end of 2023, the company has a lubricant additive production capacity of 460,000 tons, with ongoing projects expected to be operational by the end of 2025 [5]. - The company has a comprehensive product line covering various additive categories, which supports its entry into mainstream markets [27]. Market Dynamics - The company’s foreign sales revenue reached 2.02 billion yuan, accounting for 71.7% of total revenue, indicating a strong reliance on international markets [11]. - The company is facing challenges due to a decrease in downstream demand and inventory adjustments by customers [11][29].

Financial Performance - In 2023, the company achieved operating revenue of CNY 281,567.41 million, a decrease of 7.57% year-on-year [1] - Revenue from lubricant additive products was CNY 272,785.00 million, down 4.88% [1] - Revenue from carbonless paper color developer products was CNY 4,852.73 million, down 17.40% [1] - Net profit attributable to ordinary shareholders was CNY 60,648.56 million, an increase of 3.12% [1] - The net profit of the parent company was CNY 60,778.76 million, up 5.44% [1] - Net cash flow from operating activities was CNY 63,973.69 million, down 2.80% [1] - Net assets attributable to the parent company were CNY 313,210.67 million, an increase of 14.35% [1] Market Conditions - The global economic situation in 2023 was challenging, particularly due to geopolitical conflicts affecting the supply chain of lubricant additives [1] - Downstream customers increased procurement volumes to mitigate supply chain risks, leading to a de-inventory state throughout the year [1] - The industry is undergoing a reconstruction phase with accelerated domestic import substitution, providing good development opportunities and a broad market space [2] Strategic Initiatives - The company continues to focus on "enhancing technology, expanding scale, and building teams" as part of its development strategy [2] - Emphasis on core customers and global layout through a "triangular cooperation" model, transitioning from small to large international clients [2] - Continuous market research and strategic marketing to empower sales and enhance technical capabilities [2] - Ongoing optimization of organizational structure and management processes, with significant progress in safety production and environmental protection [2] Capacity and R&D - The company has a planned capacity of 550,000 tons at its Xinxiang base, including a 150,000-ton lubricant additive project [2] - The second phase of the 90,000-ton capacity construction has accelerated, with completion expected by the end of 2025 [2] - In 2023, the company completed various levels of testing for gasoline and diesel oil composite agents, aiming to provide more environmentally friendly and energy-efficient products [3]

A： 预计波动率小于等于相对基准指数； B： 预计波动率大于相对基准指数。 请务必阅读最后一页股票评级说明和免责声明 4 公司研究/公司快报 免责声明： 山西证券股份有限公司(以下简称"公司")具备证券投资咨询业务资格。本报告是基于公司认为可靠的 已公开信息，但公司不保证该等信息的准确性和完整性。入市有风险，投资需谨慎。在任何情况下，本报 告中的信息或所表述的意见并不构成对任何人的投资建议。在任何情况下，公司不对任何人因使用本报告 中的任何内容引致的损失负任何责任。本报告所载的资料、意见及推测仅反映发布当日的判断。在不同时 期，公司可发出与本报告所载资料、意见及推测不一致的报告。公司或其关联机构在法律许可的情况下可 能持有或交易本报告中提到的上市公司发行的证券或投资标的，还可能为或争取为这些公司提供投资银行 或财务顾问服务。客户应当考虑到公司可能存在可能影响本报告客观性的利益冲突。公司在知晓范围内履 行披露义务。本报告版权归公司所有。公司对本报告保留一切权利。未经公司事先书面授权，本报告的任 何部分均不得以任何方式制作任何形式的拷贝、复印件或复制品，或再次分发给任何其他人，或以任何侵 犯公司版权的其他方式使用 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has maintained growth in annual performance, with expectations for continued market share increase [5] - The company reported total revenue of 2.816 billion yuan in 2023, a year-on-year decrease of 7.57%, while net profit attributable to the parent company was 606 million yuan, an increase of 3.12% year-on-year [5] - The decline in revenue is attributed to inventory reduction as downstream customers increased procurement in 2022 for supply chain security [5] - The company benefits from a decrease in raw material costs, with lubricant additive material costs at 11,400 yuan per ton, down 9.9% year-on-year, leading to a gross margin of 35.22%, an increase of 4.5 percentage points year-on-year [5] - The company is expanding its market share by establishing partnerships with major downstream lubricant companies such as Shell, Mobil, and Sinopec, which is expected to drive sales growth [5][15] - The company has successfully passed various API certification processes, which enhances its competitive edge and supports its strategic transition to higher-end products [15] Financial Summary - Revenue growth is projected at 43.1% in 2024, 41.0% in 2025, and 26.4% in 2026 [19] - Net profit attributable to the parent company is expected to reach 750 million yuan in 2024, 946 million yuan in 2025, and 1.211 billion yuan in 2026 [19] - The company’s gross margin is forecasted to be 31.6% in 2024 and 29.7% in 2025 [19] - The company’s P/E ratios are projected to be 15X in 2024, 12X in 2025, and 9X in 2026 [15][19]

Production Capacity and Market Position - The company has maintained a stable production capacity of over 200,000 tons for single agents, positioning itself in the "first camp" of the domestic market[18]. - The production volume of lubricating oil additives decreased by 11.58% to 133,547.56 tons in 2023, while sales volume dropped by 4.65% to 136,401.38 tons[39]. - The company aims to enhance production efficiency and quality stability through technological upgrades in the lubricant additive production lines[87]. - The annual production capacity of 15,200 tons of lubricant additive series products is now expected to be operational by December 31, 2022, due to project delays caused by various factors including environmental regulations and flooding in 2021[87]. Research and Development - The company has invested significantly in R&D, resulting in 40 domestic invention patents and 3 foreign invention patents, enhancing its core technology capabilities[22]. - Research and development (R&D) investment amounted to ¥118,415,185.88 in 2023, representing 4.21% of total revenue, up from 3.43% in 2022[35]. - The number of R&D personnel increased by 36.84% from 133 in 2022 to 182 in 2023, with R&D personnel now accounting for 14.85% of the total workforce[35]. - The company aims to enhance its R&D capabilities by expanding its R&D center and attracting top talent, focusing on improving product quality and obtaining certifications[4]. - The company plans to enhance R&D investment and accelerate the construction of its R&D center, focusing on obtaining more international third-party testing reports for composite agents[136]. Financial Performance - The company's revenue for 2023 reached ¥2,811,665,044.77, a decrease of 7.56% compared to the previous year[38]. - The gross profit margin for the chemical industry was 34.99%, which is an increase of 4.90% year-on-year[38]. - The cash inflow from investment activities increased by 71.11% to ¥1,881,910,212.54 compared to the previous year[49]. - The net cash flow from financing activities decreased by 72.67% to -¥188,451,545.12, primarily due to an increase in cash dividends distributed compared to the previous year[49]. - The company reported a total of ¥1,423,618,512.05 in purchases and ¥1,862,999,000.00 in sales of financial assets during the period[75]. Market Expansion and Sales - The company is actively pursuing market expansion and innovation through partnerships with research institutions and universities, fostering a collaborative R&D environment[23]. - The company’s domestic sales increased by 23.12% to ¥758,715,594.91, while export sales decreased by 15.35% to ¥2,056,958,527.96[38]. - The company exported 73.05% of its products during the reporting period, primarily settling in USD or EUR, which may be affected by fluctuations in the RMB exchange rate[6]. - The company focuses on customer-centric market expansion, achieving rapid sales growth by transitioning from single agents to compound agents[98]. Governance and Management - The company has a robust governance structure, with specialized committees functioning effectively to oversee strategic, audit, nomination, and compensation matters[127]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal and regulatory requirements[127]. - The company maintains independence from its controlling shareholders, with no reliance on them for business operations, ensuring autonomous market engagement[154]. - The company has a clear strategy for future growth, focusing on market expansion and the development of new products and technologies[142]. Risk Management - The company is aware of risks related to raw material prices and supply, and plans to optimize supply channels and stockpile materials in anticipation of price fluctuations[7]. - The company has established a risk control framework for its derivative investments, focusing on market, liquidity, and operational risks[101]. - The company is actively identifying, analyzing, and evaluating major risks in its operational areas to adjust its business strategies accordingly[144]. Investment and Projects - The company has committed to an investment project with a total investment of ¥34,000 million, achieving 100% progress by the end of the reporting period[84]. - The company plans to invest RMB 321.87 million in the annual production of 460,000 tons of lubricant additive series products, with an actual investment of RMB 22.24 million during the reporting period, achieving a progress rate of 6.91%[2]. - The company has decided to terminate the investment in the project for producing 60,000 tons of single-agent lubricant additives and 12,800 tons of composite agents, reallocating the remaining funds to the 460,000 tons lubricant additive series project[87]. Talent and Human Resources - The company emphasizes a comprehensive talent strategy to support future development needs, including talent acquisition and training[97]. - The company has a diverse management team with members holding positions in other organizations, indicating a broad network[200]. - The company’s independent directors possess extensive experience in auditing and financial management, enhancing governance quality[166].

新乡市瑞丰新材料股份有限公司 2023 年度监事会工作报告 报告期内，公司监事会共召开了 6 次会议，会议的召开与表决程序均符合《公 司法》及《公司章程》等法律、法规及规范性文件的规定。具体情况如下： | 序 号 | 会议名称 | 召开时间 | 议题 | | --- | --- | --- | --- | | 1 | | | 1、《关于<公司 2022 年度监事会工作报告>的议案》 | | | | | 2、《关于<公司 2022 年年度报告>及其<摘要>的议案》 | | | | | 3、《关于<公司 年财务决算报告>的议案》 2022 | | | | | 4、《关于<公司 2022 年度利润分配预案>的议案》 | | | | | 5、《关于公司 年度日常关联交易预计的议案》 2023 | | | 第三届监事会 | 2023年4月 | 6、《关于<公司 2022 年度内部控制自我评价报告>的议 | | | 第十二次会议 | 6 日 | 案》 | | | | | 7、《关于<公司 2022 年度募集资金存放与使用情况的 | | | | | 专项报告>的议案》 | | | | | 8、《关于部分募投项目变更的议案》 ...

新乡市瑞丰新材料股份有限公司 2023 年度董事会工作报告 2023 年度，公司董事会严格按照《公司法》《证券法》《公司 章程》《董事会议事规则》等有关法律法规、规范性文件的规定和要 求，本着对公司和股东负责的态度，积极有效地开展工作，认真履行 自身职责，执行股东大会各项决议，维护股东及公司利益，持续完善 公司治理水平，不断提升公司规范运作能力。现将公司董事会 2023 年度的工作报告如下： 一、公司 2023 年度整体经营情况 | | 八次会议 | | 2、审议《关于部分募投项目延期的议案》 | | --- | --- | --- | --- | | | | | 3、审议《关于制定<证券投资及衍生品交易管理制度>的议案》 | | | | | 4、审议《关于开展证券投资及衍生品交易的议案》 | | | | | 5、审议《关于使用部分暂时闲置募集资金进行现金管理的议 | | | | | 案》 | | | | | 6、审议《关于使用部分暂时闲置自有资金进行委托理财的议 | | | | | 案》 | | | | | 7、审议《关于召开 2023 年第四次临时股东大会的议案》 | | | | | 1、审议《关于 20 ...

新乡市瑞丰新材料股份有限公司 董事会审计委员会关于对会计师事务所2023年度履职情况评估 及履行监督职责情况的报告 新乡市瑞丰新材料股份有限公司（以下简称"公司"）董事会审计委员会根据 《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》《 国有企业、上市公司选聘会计师事务所管理办法》《深圳证券交易所上市公司自 律监管指引第2号——创业板上市公司规范运作》等法律法规、规范性文件以及 《公司章程》《董事会专门委员会工作制度》等规定和要求，本着勤勉尽责的原 则，恪尽职守，认真履职。现将董事会审计委员会对会计师事务所2023年度履职 评估及履行监督职责的情况汇报如下： 一、2023年年审会计师事务所基本情况 （一）会计师事务所基本情况 名称：中汇会计师事务所（特殊普通合伙）（以下简称"中汇所"） 成立日期：2013年12月19日 组织形式：特殊普通合伙企业 注册地址：杭州市江干区新业路8号华联时代大厦A幢601室 2022年年报上市公司审计客户家数：159家 2022年年报上市公司审计客户主要行业：信息传输、软件和信息技术服务业 -软件和信息技术服务业；制造业-电气机械及器材制造业；制造业-专用设备 ...