Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1][3] Core Views - The company is expected to achieve a revenue of 1.692 billion yuan in 2024, representing a year-on-year increase of 19.39%, with a net profit attributable to the parent company of 119 million yuan, up 2.90% year-on-year [3] - The demand for modified plastics is driven by the automotive lightweighting trend and the expansion of the home appliance replacement policy, which is expected to benefit the company's business [4][5] - The company has slightly adjusted its profit forecast for 2024-2026 due to increasing competition in the automotive market, with projected net profits of 119 million yuan, 139 million yuan, and 160 million yuan for the respective years [3] Financial Summary - Revenue (million yuan): 2022A: 1,121, 2023A: 1,417, 2024E: 1,692, 2025E: 1,856, 2026E: 2,043 [9][10] - Net Profit (million yuan): 2022A: 91, 2023A: 116, 2024E: 119, 2025E: 139, 2026E: 160 [9][10] - Gross Margin (%): 2022A: 16.2, 2023A: 17.8, 2024E: 16.3, 2025E: 17.0, 2026E: 16.8 [9][10] - P/E Ratios: 2024E: 22.6, 2025E: 19.3, 2026E: 16.9 [9][10]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1][3] Core Views - The company is expected to achieve a revenue of 1.692 billion yuan in 2024, representing a year-on-year increase of 19.39%, with a net profit of 119 million yuan, up 2.90% year-on-year [3] - The demand for modified plastics is driven by the automotive lightweighting trend and the expansion of the home appliance replacement policy, which is expected to benefit the company's business [4][5] - The company has slightly adjusted its profit forecast for 2024-2026 due to increasing competition in the automotive market, with projected net profits of 119 million, 139 million, and 160 million yuan respectively [3] Summary by Sections Financial Performance - In 2024, the company is projected to generate revenue of 1.692 billion yuan, with a year-on-year growth of 19.39% [3] - The net profit for 2024 is expected to be 119 million yuan, reflecting a 2.90% increase compared to the previous year [3] - The company's revenue and profit forecasts for 2025 and 2026 are 1.856 billion yuan and 2.043 billion yuan, with net profits of 139 million yuan and 160 million yuan respectively [10] Market Trends - The automotive industry is focusing on lightweight materials, with 1 kg of plastic replacing 2-3 kg of steel, leading to reduced vehicle weight and fuel consumption [4] - The usage rate of modified plastics in passenger vehicles in China is currently only 13%, indicating significant growth potential as technology improves [4] - The home appliance sector is seeing increased application of modified plastics, with a projected 37% of modified plastics used in this field by 2024 [5] Business Development - The company collaborates with major automotive brands such as Geely, SAIC, and FAW, as well as new energy brands like Xiaomi and Zeekr [4] - The home appliance replacement policy is expected to boost consumer demand, with significant growth in retail sales of home appliances [5] - The company is enhancing its R&D capabilities and has established a subsidiary focused on new material development [5]

Financial Performance - The company's operating revenue for the reporting period is expected to be CNY 1,691,528,793.91, representing a year-on-year increase of 19.39%[6] - The net profit attributable to shareholders is projected to be CNY 119,191,119.33, reflecting a year-on-year growth of 2.90%[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses is estimated at CNY 113,889,972.59, with a year-on-year increase of 1.46%[6] - Basic earnings per share are expected to be CNY 0.79, an increase of 2.60% compared to the previous year[6] Assets and Equity - Total assets at the end of the reporting period are projected to be CNY 1,932,113,770.72, up 18.03% year-on-year[7] - Shareholders' equity attributable to the company is expected to reach CNY 1,118,772,552.50, marking a year-on-year increase of 10.50%[7] Share Structure - The number of shares increased by 40.00% during the reporting period, from 107,620,000 to 150,668,000 shares due to a stock dividend distribution[9] Market Dynamics - The company focused on core customers and enhanced resource integration, leading to increased market share in the automotive and home appliance sectors[8] - The decline in net profit margin was attributed to intense market competition in downstream industries such as automotive and home appliances[8] Reporting and Auditing - The financial data presented is preliminary and has not been audited, with final figures to be disclosed in the annual report[11]

证券代码：832089 证券简称：禾昌聚合 公告编号：2025-007 苏州禾昌聚合材料股份有限公司 为全资子公司提供担保的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、担保情况概述 （一）担保基本情况 为满足日常生产经营所需流动资金，公司全资子公司苏州禾润昌新材料有限 公司（以下简称"苏州禾润昌"）、宿迁禾润昌新材料有限公司（以下简称"宿 迁禾润昌"）分别向华夏银行股份有限公司苏州分行、华夏银行股份有限公司宿 迁分行申请综合授信用于借款、票据承兑、国内信用证等融资业务，综合授信额 度分别不超过（含）人民币 5,000 万元、人民币 4,000 万元。 公司为上述事项提供连带责任保证担保，并于 2025 年 2 月 20 日在苏州分别 签订《最高额保证合同》。其中，苏州禾润昌被担保的主债权的发生期间为 2025 年 2 月 20 日至 2026 年 2 月 20 日，担保的最高债权额为人民币 5,000 万元；宿 迁禾润昌被担保的主债权的发生期间为 2025 年 1 月 8 日至 2025 ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、担保情况概述 （一）担保基本情况 为满足日常生产经营所需流动资金，公司全资子公司苏州工业园区和雅材料 科技有限公司（以下简称"苏州和雅"）向宁波银行股份有限公司苏州分行申请 综合授信用于借款、票据承兑、国内信用证等融资业务，综合授信额度不超过（含） 人民币 1,000 万元。 公司为上述事项提供连带责任保证担保，并于 2025 年 2 月 17 日在苏州签订 《最高额保证合同》，被担保的主债权的发生期间为 2025 年 2 月 24 日至 2026 年 2 月 24 日，担保的最高债权额为人民币 1,000 万元，具体保证责任期间、授 信方式、用途等以相关协议约定为准。 本次担保总额合计占公司最近一期经审计净资产（截至 2023 年 12 月 31 日） 的比例为 0.99%。 （二）是否构成关联交易 证券代码：832089 证券简称：禾昌聚合 公告编号：2025-006 苏州禾昌聚合材料股份有限公司 为全资子公司提供担保的公告 本次交易不构成关联交易 ...

证券代码：832089 证券简称：禾昌聚合 公告编号：2025-005 苏州禾昌聚合材料股份有限公司 关于公司再次通过高新技术企业认定的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 法律责任。 二、上述事项对公司的影响 本次系公司持有的原高新技术企业证书有效期届满后进行的重新认定。根 据《中华人民共和国企业所得税法》等有关规定，公司自获得高新技术企业重 新认定后，将连续三年继续享受高新技术企业的相关税收优惠政策，即按 15% 的税率缴纳企业所得税。 高新技术企业的再次认定，是对公司技术能力的再次肯定，也是公司综合 实力的体现，有利于进一步提升公司自主创新能力及综合竞争力，将对公司未 来的发展将产生积极的作用。 三、备查文件目录 《高新技术企业证书》（证书编号：GR202432000279） 企业名称：苏州禾昌聚合材料股份有限公司 证书编号：GR202432000279 发证时间：2024 年 11 月 6 日 有 效 期：三年 苏州禾昌聚合材料股份有限公司 董事会 一、基本情况 苏州禾昌聚合材料股份有限公司 ...

2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 1 月 15 日 苏州禾昌聚合材料股份有限公司 证券代码：832089 证券简称：禾昌聚合 公告编号：2025-001 3.会议召开方式：现场投票和网络投票相结合方式 4.会议召集人：公司董事会 5.会议主持人：董事长赵茜菁女士 6.召开情况合法、合规、合章程性说明： 本次股东大会召集、召开、议案的审议程序符合《公司法》《证券法》等法 律法规、部门规章、规范性文件和《公司章程》的有关规定。 （二）会议出席情况 出席和授权出席本次股东大会的股东共 8 人，持有表决权的股份总数 79,401,392 股，占公司有表决权股份总数的 52.6996%。 其中通过网络投票参与本次股东大会的股东共 2 人，持有表决权的股份总数 12,402 股，占公司有表决权股份总数的 0.0082%。 （三）公司董事、监事、高级管理人员出席或列席股东大会情况 1.公司 ...

安徽承义律师事务所 关于苏州禾昌聚合材料股份有限公司 召开 2025 年第一次临时股东大会的 法律意见书 安徽承义律师事务所 ANHUI CHENGYI LAW FIRM 地址：安徽省合肥市怀宁路 200 号置地广场栢悦中心五层 邮编：230041 传真：0551-65608051 电话：0551-65609615 65609815 1 安徽承义律师事务所关于 苏州禾昌聚合材料股份有限公司 （2025）承义法字第 00002 号 致：苏州禾昌聚合材料股份有限公司 安徽承义律师事务所（以下简称"本所"）接受苏州禾昌聚合材料股份有限公 司（以下简称"禾昌聚合"或"公司"）的委托，指派司慧、张亘律师（以下简 称"本所律师"）出席 2025 年第一次临时股东股东大会会议，并依据《中华人 民共和国证券法》《中华人民共和国公司法》（以下简称"《公司法》"）等法 律、法规和规范性文件及《苏州禾昌聚合材料股份有限公司章程》（以下简称"《公 司章程》"）出具本法律意见书。 本所律师依法对公司 2025 年第一次临时股东大会会议召集、召开程序是否 合法及是否符合《公司章程》、召集人资格及出席会议人员资格的合法有效性和 股东大会表 ...

Investment Rating - The report does not provide a specific investment rating for the company [5] Core Insights - The company, Hechang Polymer, reported a revenue of 1.114 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 12.30%. The net profit attributable to shareholders was 91.06 million yuan, up 5.70% year-on-year, while the net profit after deducting non-recurring gains and losses was 88.44 million yuan, an increase of 5.23% year-on-year [1] - In the third quarter, the company achieved a revenue of 421 million yuan, a year-on-year increase of 6.83%. The growth was primarily driven by the automotive-related business. However, the gross profit margin for the third quarter was 15.27%, down 2.59 percentage points year-on-year and 0.27 percentage points quarter-on-quarter [7] - The modified plastics industry has significant consolidation potential, and the company is actively expanding its production capacity to capture more market share. The domestic market is characterized by low concentration and a focus on low-end products, while the company aims to enhance its product offerings through increased R&D investment and capacity expansion [8] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 1.114 billion yuan, with a year-on-year growth of 12.30%. The net profit attributable to shareholders was 91.06 million yuan, reflecting a 5.70% increase year-on-year. The net profit after deducting non-recurring items was 88.44 million yuan, up 5.23% year-on-year [1] - In the third quarter alone, the company generated 421 million yuan in revenue, marking a 6.83% increase year-on-year. The gross profit margin for this quarter was 15.27%, which is a decline from previous periods [7] Industry Analysis - The modified plastics industry is experiencing a shift towards higher-end products, with significant potential for consolidation. The company is focusing on expanding its production capacity and investing in R&D to improve its market position [8]

证券代码：832089 证券简称：禾昌聚合 公告编号：2024-075 包括初始发行（不含超额配售选择权）与行使超额配售选择权新增发行在内 的本次发行最终募集资金总额合计为 23,000.00 万元，扣除发行费用（不含税） 金额 1,830.94 万元，本次发行的最终募集资金净额为 21,169.06 万元。 二、募集资金存放和管理情况 为规范公司募集资金的管理和使用，保护投资者的利益，根据《北京证券交 易所股票上市规则（试行）》、《北京证券交易所上市公司持续监管办法（试行）》 等相关规定以及公司《募集资金管理制度》，公司设立了募集资金专项账户，并 与保荐机构、存放募集资金的各商业银行签订了《三方监管协议》，对公司本次 募集资金的使用在三方共同监管下按照规定的用途专款专用。 苏州禾昌聚合材料股份有限公司 关于募集资金使用完毕并注销募集资金专项账户的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、募集资金基本情况 2021 年 9 月 27 日，经中国证券监督管理委员会《关于核准苏州禾昌聚合材 ...