Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [15][26]. Core Insights - The company achieved a revenue of 987 million RMB in 2023, a decrease of 2.33% year-on-year, with a net profit of 158 million RMB, down 32.63% year-on-year, which aligns with expectations [25][26]. - The company is expanding its production capacity, with a new 1000 tons/year production facility for PEKK installed and undergoing trial production, and plans to raise 650 million RMB through convertible bonds for a new lithium salt project [16][26]. - Future net profit forecasts for 2024, 2025, and 2026 are 199 million RMB, 262 million RMB, and 335 million RMB respectively, with corresponding EPS of 0.473, 0.622, and 0.797 [26][28]. Financial Summary - Revenue growth rates are projected at 20.74%, 33.69%, and 26.28% for 2024, 2025, and 2026 respectively [28]. - The company's return on equity (ROE) is expected to improve from 9.49% in 2023 to 17.10% by 2026 [28]. - The price-to-earnings (P/E) ratio is projected to decrease from 57.03 in 2023 to 19.94 in 2026, indicating potential value appreciation [28].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 987 million yuan in 2023, a decrease of 2.33% year-on-year, and a net profit attributable to shareholders of 158 million yuan, down 32.6% year-on-year [4][6] - The performance is under pressure due to weak demand and low pricing for chlorosulfonic acid, with the average price in 2023 being 1496.49 yuan per ton, a decline of 44.73% year-on-year [2][4] - The company is the largest producer of chlorosulfonic acid globally and is expanding its product line into high-performance polymer materials like PEKK, which is expected to become a new profit growth point [2][4] Financial Summary - In 2023, the company achieved a revenue of 987 million yuan, with a year-on-year decline of 2.3% and a net profit of 158 million yuan, reflecting a decrease of 32.6% [6] - The projected net profits for 2024, 2025, and 2026 are 221 million yuan, 348 million yuan, and 436 million yuan, with respective growth rates of 39.6%, 57.7%, and 25.4% [4][6] - The company's gross margin for 2023 was 33.2%, expected to decrease to 29.0% in 2024, before recovering to 34.7% by 2026 [6][8] Market Position and Future Outlook - The company is actively expanding its downstream product offerings, creating a comprehensive industrial structure that includes chlorosulfonic acid and high-performance aramid fibers [2][4] - The PEKK production line is currently in the ramp-up phase, with a capacity of 1000 tons per year, which is anticipated to contribute significantly to future revenues [2][4]

Financial Performance - The company's operating revenue for 2023 was CNY 986,897,245.84, a decrease of 2.33% compared to CNY 1,010,484,930.00 in 2022[22] - The net profit attributable to shareholders for 2023 was CNY 157,989,001.88, down 32.63% from CNY 234,523,025.32 in the previous year[22] - The net profit after deducting non-recurring gains and losses was CNY 151,859,536.11, a decline of 32.93% compared to CNY 226,421,389.00 in 2022[22] - The basic earnings per share for 2023 was CNY 0.3756, reflecting a decrease of 32.63% from CNY 0.5575 in 2022[22] - The cash flow from operating activities showed a negative net amount of CNY -8,868,592.66, a significant decline from CNY 10,444,069.03 in 2022[22] - The weighted average return on equity for 2023 was 10.83%, down from 17.74% in 2022[22] - The company reported a gross margin of 33.37% for the chemical new materials segment, which decreased by 5.65% compared to the previous year[66] - The revenue from the chemical new materials segment was CNY 978.43 million, accounting for 99.14% of total revenue, with a slight decrease of 0.41%[64] - The inorganic chemicals segment saw a significant decline in revenue, down 42.43% to CNY 197.58 million[64] Assets and Liabilities - The total assets at the end of 2023 amounted to CNY 2,482,942,697.11, an increase of 48.81% from CNY 1,668,525,610.49 at the end of 2022[22] - The net assets attributable to shareholders increased by 17.53% to CNY 1,665,320,948.35 from CNY 1,416,980,470.27 in the previous year[22] - The company achieved a significant increase in cash and cash equivalents, rising by 1,285.93% to ¥578,248,180.20[79] - Total assets increased significantly, with cash and cash equivalents rising to CNY 849,328,531.65, representing 34.21% of total assets, up from 14.52% at the beginning of the year[81] Research and Development - The company has a strong R&D capability, having established a national-level postdoctoral research station and participated in the formulation of industry standards[36] - The company has increased its R&D investment and improved production processes to enhance product yield and develop a green circular economy[36] - The company has a research and development team of 192 personnel, including 9 with doctoral degrees, focusing on high-end chemical products and new energy products[42] - The company is developing new lithium-ion battery electrolyte additives, which are expected to positively impact future operations[73] - The company is focusing on the development of high-performance engineering plastics and new energy materials, aligning with national industrial policies[59] Market and Competition - The company is the largest producer of thionyl chloride globally and a leading producer of aramid monomers in China, benefiting from high capacity utilization and strong profitability[33] - The demand for thionyl chloride was lower than expected in 2023, with prices remaining low, which compressed profit margins[33] - The company has established partnerships with major aramid producers such as DuPont and Teijin, enhancing its market presence[35] - The company has established a strong customer base with long-term partnerships, enhancing its competitive advantage in the aramid fiber market[61] - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of 500 million RMB allocated for this purpose[137] Environmental and Safety Management - The company emphasizes safety and environmental management, adhering to various environmental protection laws and conducting regular safety training[43] - The company has invested in gas boilers to replace high-efficiency coal powder boilers, significantly reducing particulate emissions[180] - The company has implemented a digital and automated management system to enhance production efficiency and reduce steam consumption[182] - The company has established a safety production management system, including a safety production committee and dedicated safety management personnel, to ensure compliance with legal regulations[190] - The company has completed 99 emergency drills and organized 4 special emergency drills and 1 comprehensive emergency drill to enhance employee response capabilities to emergencies[191] Corporate Governance - The company has established a comprehensive internal control system to ensure effective management and risk control[122] - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with regulatory requirements[120] - The company has conducted 11 board meetings during the reporting period, maintaining effective governance practices[120] - The company emphasizes transparency and timely information disclosure, utilizing multiple platforms for investor communication[123] - The company has maintained a focus on protecting the rights of minority shareholders during the profit distribution process[156] Future Outlook - The company provided guidance for the next fiscal year, projecting a revenue growth of 25% and aiming for 1.875 billion RMB[137] - The company plans to adjust the grant price for the 2022 restricted stock incentive plan in future meetings[142] - The company aims to expand its product range and improve production efficiency through the development of new technologies and processes[74] - The company is committed to sustainable development by integrating green concepts into its operations and ensuring compliance with environmental laws[189] - The company plans to expand its market presence through strategic partnerships and potential acquisitions in the coming year[200]

| 四川华信(集团)会计师事务所 地址:成都市洗面桥街18号金茂礼都南28楼 | | | --- | --- | | | 电话:(028) 85560449 | | (特殊普通合伙) | 传真:(028) 85560449 | | | 邮编:610041 | | SICHUANHUAXIN(GROUP)CPA(LLP) | 电邮: schxzhb@hxcpa.com.cn | 山东凯盛新材料股份有限公司 内部控制审计报告 川华信专(2024) 第 0125 号 目录: 1、内部控制审计报告 2、内部控制评价报告 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） 据生! 山东凯盛新材料股份有限公司 内部控制审计报告 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变化 可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内部控制审计结 果推测未来内部控制的有效性具有一 ...

2023 年度董事会工作报告 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》《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 2 号—创业板上 市公司规范运作》及《公司章程》等有关法律法规、规范性文件以及公司制度的 规定，切实履行股东大会赋予的董事会职责，勤勉尽责地开展各项工作，推动公 司持续稳定健康发展。现将公司董事会 2023 年度工作情况汇报如下： 一、2023 年度公司经营情况 2023 年，公司部分产品下游市场需求偏弱，部分化工产品价格下行并维持在 低位，行业竞争进一步加剧，在一定程度上给产能消化及产品毛利带来很大挑战。 其中，受氯、硫等原材料价格在低位波动影响，2023 年度氯化亚砜需求增长不 及预期且售价始终维持在低位，毛利空间被进一步压缩；芳纶聚合单体国内产能 集中度高，下游芳纶产品应用广泛，芳纶下游需求总体向好，且在国产替代进口 的趋势下，国内芳纶需求量旺盛，预计将带动芳纶聚合单体需求量持续增长。2023 年度，受原材料价格影响，芳纶聚合单体价格略有波动。 公司是全球最大氯化亚砜生产企业、国内芳纶单体龙头公司，兼具产业链优 势 ...

| 证券代码：301069 | 证券简称：凯盛新材 | 公告编号：2024-008 | | --- | --- | --- | | 债券代码：123233 | 债券简称：凯盛转债 | | 公司拟使用不超过人民币 20,000 万元的暂时闲置自有资金购买理财产 品，在该额度内资金可以滚动使用。 （三）投资品种和期限 公司运用闲置资金投资的品种为低风险、流动性好、安全性高的短期（不 超过一年）理财产品，包括但不限于银行、证券公司等金融机构发行的理财产 品、结构性存款产品、固定收益凭证等，投资产品的期限不超过 12 个月。 山东凯盛新材料股份有限公司 关于使用暂时闲置自有资金进行现金管理的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的虚 假记载、误导性陈述或者重大遗漏承担责任。 山东凯盛新材料股份有限公司（以下简称"公司"）于 2024 年 3 月 14 日召 开第三届董事会第二十一次会议，审议通过了《关于使用暂时闲置自有资金进行 现金管理的议案》，同意公司使用不超过 20,000 万元（人民币，币种下同）的暂 时闲置自有资金进行现金管理，使用期限为自公司董事会审议通过之日起 12 个 月， ...

本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的虚 假记载、误导性陈述或者重大遗漏承担责任。 山东凯盛新材料股份有限公司（以下简称"公司"）于 2024 年 3 月 14 日召 开第三届董事第二十一次会议和第三届监事会第二十次会议，分别审议通过了 《关于使用暂时闲置募集资金进行现金管理的议案》，同意公司在确保不影响募 集资金投资项目建设、不影响正常生产经营及确保资金安全的情况下，使用最高 余额不超过人民币 8,000 万元的暂时闲置募集资金进行现金管理，使用期限自董 事会审议通过之日起 12 个月内有效，资金在前述额度和期限范围内，可循环滚 动使用。 一、募集资金基本情况 | 证券代码：301069 | 证券简称：凯盛新材 | 公告编号：2024-009 | | --- | --- | --- | | 债券代码：123233 | 债券简称：凯盛转债 | | 山东凯盛新材料股份有限公司 关于使用暂时闲置募集资金进行现金管理的公告 公司于 2023 年 7 月 19 日召开第三届董事会第十五次会议和第三届监事会 第十五次会议，审议通过了《关于部分募集资金投资项目结项并将节余募集资金 永久补充流动资 ...

二、与外部审计机构讨论与沟通相关事项 2023 年度，公司董事会审计委员会与四川华信沟通协商公司 2023 年度财务 报告的审计事项，确定了审计工作计划，及时了解审计工作进展情况，在四川华 信出具初步审计意见后，与年审会计师进行了沟通，了解整体审计情况，沟通审 计过程中发现的重点问题并协商下一步解决方案。 三、向公司董事会提出续聘外部审计机构的建议 山东凯盛新材料股份有限公司董事会审计委员会 关于对四川华信（集团）会计师事务所(特殊普通合伙) 2023 年度履行监督职责情况报告 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 2 号—创业板上市公司规范运作》和《山东凯盛新材料股份有限公 司章程》《山东凯盛新材料股份有限公司董事会审计委员会实施细则》等规定， 山东凯盛新材料股份股份有限公司（以下简称"公司"）董事会审计委员会于 2024 年 3 月 14 日召开董事会审计委员会 2024 年第一次会议，以 3 票同意、0 票反 对、0 票弃权的表决结果分别审议通过了《四川华信（集团）会计师事务所（特 殊普通合伙）关于山东凯盛新材料股份有限公司 2023 年报审计履职情况报告》 ...

专项审核说明 | 四川华信(集团)会计师事务所 | 地址:成都市洗面桥街 18 号金茂礼都南 28 楼 | | --- | --- | | | 电话:(028) 85560449 | | (特殊普通合伙) | 传真:(028) 85560449 | | | 邮编:610041 | | SI CHUAN HUA XIN (GROUP) CPA (LLP) | 电邮: schxzhb@hxcpa.com.cn | 关于山东凯盛新材料股份有限公司 2023 年度非经营性资金占用及其他关联资金往来情况的 川华信专(2024)第 0124 号 目录: 1.关于山东凯盛新材料股份有限公司控股股东及其他关联方占用资金情况专项 审核说明 2.山东凯盛新材料股份有限公司 2023 年度非经营性资金占用及其他关联资金往 来情况汇总表 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.sov.cn) 山东凯盛新材料股份有限公司 专项审核说明 关于山东凯盛新材料股份有限公司 2023 年度非经营性资金占用及其他关联资金往来情况的 专项审核说明 川华信专(2024)第 0124 号 山东凯盛新材料 ...

| 证券代码：301069 | 证券简称：凯盛新材 | 公告编号：2024-011 | | --- | --- | --- | | 债券代码：123233 | 债券简称：凯盛转债 | | 山东凯盛新材料股份有限公司 关于公司2024年度向银行申请授信额度及担保事项的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的虚 假记载、误导性陈述或者重大遗漏承担责任。 为满足生产经营资金需求，进一步拓宽融资渠道，山东凯盛新材料股份有限 公司（以下简称"公司"）于 2024 年 3 月 14 日召开第三届董事会第二十一次会 议，审议通过了《关于公司 2024 年度向银行申请授信额度及担保事项的议案》， 公司在 2024 年度拟向银行等金融机构申请授信额度不超过人民币 50,000 万元， 为全资子公司潍坊凯盛新材料有限公司（以下简称"潍坊凯盛"）提供不超过人民 币 20,000 万元担保，现将有关情况公告如下： 一、概述 本年度公司拟向银行等金融机构申请综合授信的额度总计不超过 50,000 万 元人民币，综合授信用于办理流动资金贷款、项目资金贷款、银行承兑汇票、国 内信用证、打包贷款、应收账款保理、 ...