Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company achieved a revenue of 1.114 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 12.3%, with a net profit attributable to the parent company of 91.06 million yuan, up 5.7% year-on-year [1] - The report highlights the potential growth in demand for modified plastics driven by the automotive and home appliance sectors, particularly due to the increasing production of new energy vehicles and the implementation of old-for-new policies in consumer electronics [2][3] - The company is expected to benefit from the growing demand for lightweight and environmentally friendly materials in the automotive industry, as well as a rebound in home appliance sales [2][3] Summary by Sections Automotive Sector - The new energy vehicle sector is driving business growth, with production and sales of new energy vehicles reaching 8.316 million and 8.32 million units respectively from January to September 2024, marking year-on-year growth of 31.7% and 32.5% [2] - The average vehicle requires approximately 150 kg of modified plastics, indicating a sustained increase in demand as new energy vehicle sales continue to rise [2] - The company collaborates with major automotive brands, including Geely and SAIC, and is expanding its overseas orders, particularly in Malaysia [2] Home Appliance Sector - The demand for modified plastics in home appliances is expected to rise due to the advantages of these materials in terms of flame retardancy, strength, and environmental friendliness [3] - The implementation of old-for-new policies since March 2024 has led to a recovery in home appliance sales, with production figures for major appliances showing year-on-year increases [3] - The report anticipates that the recovery in home appliance production will positively impact the demand for modified plastics [3] Financial Forecasts - The company’s revenue is projected to grow from 1.632 billion yuan in 2024 to 2.043 billion yuan in 2026, with corresponding net profits expected to rise from 127 million yuan to 193 million yuan over the same period [4] - The report provides a detailed financial outlook, including expected P/E ratios of 15.4, 12.5, and 10.1 for the years 2024, 2025, and 2026 respectively [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's overall growth rate for the first three quarters of 2024 is steady, but there was a year-on-year decline in Q3 performance. For Q1-3 2024, the company achieved revenue of 1.114 billion yuan, up 12.30% year-on-year, and a net profit attributable to shareholders of 91 million yuan, up 5.70% year-on-year. However, Q3 alone saw revenue of 421 million yuan, up 6.83% year-on-year but down 3.27% in net profit [2][5] - The company is positioned as a small giant in the modified plastics industry, driven by demand from the automotive and home appliance sectors. The company has been focused on modified plastics production for over 20 years and has established a stable customer base while expanding into recyclable materials [4] - The company has released new production capacity, with a new plant in Suqian producing 56,000 tons annually and a facility in Baoji, Shaanxi, producing 25,000 tons annually, both contributing to its competitive position in the industry [4] Financial Performance Summary - For Q1-3 2024, the company reported a gross profit margin of 16.13%, down 1.27 percentage points year-on-year, and a net profit margin of 8.17%, down 0.51 percentage points year-on-year [2] - The company’s operating cash flow for Q1-3 2024 was -88 million yuan, with significant growth in financing cash flow, which reached 112 million yuan, up 81.11% year-on-year [3][11] - The company’s revenue and net profit forecasts for 2024-2026 have been adjusted downwards due to short-term performance declines, with net profit estimates now at 125 million yuan for 2024, 158 million yuan for 2025, and 197 million yuan for 2026 [5][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The overall growth rate for the first three quarters of 2024 is steady, but there is a year-on-year decline in Q3 performance. The company reported a revenue of 1.114 billion yuan for Q1-3 2024, up 12.30% year-on-year, and a net profit attributable to shareholders of 91 million yuan, up 5.70% year-on-year. However, Q3 saw a revenue of 421 million yuan, up 6.83% year-on-year but a net profit decline of 3.27% year-on-year [2][3] - The company is a small giant in the modified plastics industry, driven by demand from the automotive and home appliance sectors. The company has over 20 years of experience in producing modified plastics and has established a stable customer base. The demand for automotive plastics is expected to grow due to the recovery of domestic automotive production and the increasing penetration of new energy vehicles [4] - The company has maintained stable expense ratios, with a significant increase in net cash flow from financing activities. The net cash flow from financing activities increased by 81.11% year-on-year, mainly due to a substantial increase in bank loans and notes receivable [3] Summary by Sections Financial Performance - For Q1-3 2024, the company achieved a total revenue of 1.114 billion yuan, with a year-on-year growth of 12.30%. The net profit attributable to shareholders was 91 million yuan, reflecting a year-on-year increase of 5.70%. The Q3 revenue was 421 million yuan, with a year-on-year increase of 6.83%, while the net profit decreased by 3.27% year-on-year [2] - The gross profit margin for Q1-3 2024 was 16.13%, down 1.27 percentage points year-on-year, and the net profit margin was 8.17%, down 0.51 percentage points year-on-year [2] Industry Position - The company focuses on modified plastics and has a strong presence in the automotive and home appliance sectors. The demand for modified plastics is expected to continue growing due to the recovery in the automotive sector and the need for lightweight materials [4] - The company has expanded its production capacity with new plants, including a 56,000-ton facility in Suqian that began operations in August 2023 and a 25,000-ton facility in Baoji that started in December 2022 [4] Earnings Forecast and Valuation - The earnings forecast for 2024-2026 has been adjusted, with net profit estimates of 125 million yuan, 158 million yuan, and 197 million yuan for 2024, 2025, and 2026 respectively. The corresponding P/E ratios are projected to be 18.01, 14.26, and 11.43 [5]

Financial Performance - Operating revenue for the first nine months of 2024 was CNY 1,114,322,439.02, reflecting a growth of 12.30% from CNY 992,315,563.74 in the same period of 2023[5] - Net profit attributable to shareholders for the first nine months of 2024 was CNY 91,055,614.33, a 5.70% increase from CNY 86,141,356.04 year-on-year[5] - The company reported a total comprehensive income of CNY 76,649,164.77 for the first nine months of 2024, compared to CNY 63,387,773.17 in the previous year[27] - The basic and diluted earnings per share for the first nine months of 2024 were CNY 0.51, up from CNY 0.42 in the same period of 2023[27] - Total operating profit for the first nine months of 2024 was CNY 85,188,605.34, an increase from CNY 71,005,630.62 in the previous year[26] Assets and Liabilities - Total assets as of September 30, 2024, reached CNY 1,882,027,385.07, an increase of 14.98% compared to CNY 1,636,900,918.06 at the end of 2023[4] - Total liabilities reached CNY 791,390,337.57, compared to CNY 624,405,084.89, which is an increase of approximately 27%[18] - Current assets rose to CNY 1,630,620,619.39, compared to CNY 1,399,982,054.48, reflecting an increase of about 16.5%[16] - Cash and cash equivalents increased to CNY 83,762,716.07 from CNY 74,824,190.96, marking an increase of approximately 11.5%[16] - Accounts receivable grew to CNY 824,456,006.16, up from CNY 715,099,632.30, indicating a rise of around 15.3%[16] Cash Flow - The company reported a net cash flow from operating activities of -CNY 87,891,853.03 for the first nine months of 2024, worsening by 8.03% compared to -CNY 81,360,565.57 in the previous year[5] - The investment activities resulted in a net cash outflow of CNY -20,329,933.80, compared to CNY -29,425,459.20 in the first nine months of 2023[29] - Cash received from sales of goods and services was ¥729,141,309.92, up from ¥631,538,200.43, reflecting a growth in revenue generation[30] - Cash paid for purchasing goods and services increased to ¥772,933,350.53 from ¥498,937,969.53, indicating higher operational costs[30] - Cash inflow from financing activities was ¥163,238,495.61, significantly higher than ¥68,795,626.47 in the previous year, reflecting improved borrowing capabilities[31] Shareholder Information - The total number of unrestricted shares is 93,500,819, accounting for 62.06% of the total share capital[9] - The number of shares held by the largest shareholder, Zhao Dongming, is 59,000,667, representing 39.16% of the total shares[10] - The company has a total share capital of 150,668,000 shares, with 5,659 shareholders holding common stock[9] Other Financial Metrics - The gross profit margin decreased, with the weighted average return on net assets based on net profit attributable to shareholders at 8.64%, down from 9.06% in the previous year[5] - Research and development expenses increased to CNY 27,591,252.96, representing an 18.5% rise from CNY 23,328,200.84 in the same period last year[26] - The company incurred financial expenses of CNY 979,812.56, significantly higher than CNY 236,952.98 in the same period last year[26] - Non-recurring gains and losses for the period totaled CNY 2,610,624.13 after tax, reflecting various adjustments and government subsidies[8] Investments and Projects - The company’s construction in progress surged by 493.91% to CNY 15,289,951.77, attributed to investments in the "New Materials Digital Innovation Factory Technology Renovation Project"[7] - The company’s prepayments increased significantly by 182.68% to CNY 74,842,849.42, primarily due to increased raw material procurement[7] Legal and Compliance - The company has no significant litigation or arbitration matters during the reporting period[14] - There are no related party transactions or other major related transactions reported[13] - The company has fulfilled all disclosed commitments without any violations[14] - The company has no significant shareholder pledges or judicial freezes on shares[11]

证券代码：832089 证券简称：禾昌聚合 公告编号：2024-072 苏州禾昌聚合材料股份有限公司 第五届董事会第十二次会议决议公告 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 会议应出席董事 7 人，出席和授权出席董事 7 人。 二、议案审议情况 1.会议召开时间：2024 年 10 月 29 日 2.会议召开地点：公司三楼会议室 3.会议召开方式：现场方式召开 4.发出董事会会议通知的时间和方式：2024 年 10 月 18 日以书面通知、电子 邮件方式发出 5.会议主持人：董事长赵茜菁女士 6.会议列席人员：监事及高级管理人员 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、表决程序等方面符合《公司法》和《公司章程》等 有关规定。 （二）会议出席情况 （一）审议通过《关于公司<2024 年三季度报告>的议案》 1.议案内容： 具体内容详见公司于 2024 年 10 月 29 日在北京证券交易所信息披露平台 （http://www.bs ...

1.会议召开时间：2024 年 10 月 29 日 证券代码：832089 证券简称：禾昌聚合 公告编号：2024-073 苏州禾昌聚合材料股份有限公司 第五届监事会第十二次会议决议公告 本公司及监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 2.会议召开地点：公司三楼会议室 3.会议召开方式：现场方式召开 4.发出监事会会议通知的时间和方式：2024 年 10 月 18 日以书面通知、电子邮件 方式发出 5.会议主持人：周威先生 1.议案内容： 具体内容详见公司于 2024 年 10 月 29 日在北京证券交易所信息披露平台 6.召开情况合法、合规、合章程性说明： 本次会议的召集及召开程序符合《公司法》《公司章程》《监事会议事规则》 的有关规定。 （二）会议出席情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 二、议案审议情况 （一）审议通过《关于公司<2024 年三季度报告>议案》 （一）《苏州禾昌聚合材料股份有限公司第五届监事会第十二次会议决议》 苏州 ...

关于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核查意见 天风证券股份有限公司（以下简称"天风证券"、"保荐机构"）作为苏州禾 昌聚合材料股份有限公司（以下简称"禾昌聚合"、"公司"）股票向不特定合格 投资者公开发行的持续督导保荐机构，根据《北京证券交易所证券发行上市保荐 业务管理细则》、《北京证券交易所向不特定合格投资者公开发行股票并上市审核 规则》、《北京证券交易所股票上市规则（试行）》等相关法律法规及规范性文件 的规定，对禾昌聚合为全资子公司提供担保事项进行了核查，具体情况如下： 一、本次担保的基本情况 根据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"） 日常生产经营中对流动资金的需要，为支持全资子公司增强资金规模、改善资产 结构，保障其日常性经营，促进其持续稳定发展，公司拟为苏州禾润昌向交通银 行股份有限公司苏州分行申请的授信业务提供担保，担保的最高债权额为 1,700 万元，担保方式为连带责任保证担保，被担保的主债权的发生期间为 2024 年 10 月 16 日至 2025 年 10 月 16 日，具体保证责任期间、用途等以相关协议约定为 准。 二、本次担保履行的审批程序 ...

证券代码：832089 证券简称：禾昌聚合 公告编号：2024-070 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"）向交通银行股份有限公司苏州分行申请银 行授信用于借款、票据承兑等融资业务，综合授信额度不超过 1,700 万元（含 1,700 万元）。 公司为上述事项提供连带责任保证担保，于 2024 年 10 月 16 日签订最高 额保证合同，被担保的主债权的发生期间为 2024 年 10 月 16 日至 2025 年 10 月 16 日，担保的最高债权额为 1,700 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 1.68%。 （二）是否构成关联交易 本次交易不构成关联交易。 （三）决策与审议程序 ...

关于完成工商变更登记及公司章程备案并换领营业执照的公告 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。 证券代码：832089 证券简称：禾昌聚合 公告编号：2024-069 苏州禾昌聚合材料股份有限公司 类型：股份有限公司（上市、自然人投资或控股） 成立日期：1999 年 06 月 09 日 法定代表人：赵茜菁 一、 基本情况 苏州禾昌聚合材料股份有限公司（以下简称"公司"）分别于 2024 年 8 月 20 日和 2024 年 9 月 5 日召开第五届董事会第十一次会议和 2024 年第一次临时 股东大会，审议通过了《关于公司董事长任免的议案》和《关于修订<公司章程> 的议案》，选举赵茜菁女士为公司董事长，并根据《公司章程》规定，公司法定 代表人由赵东明变更为赵茜菁；公司 2023 年年度权益分派方案已实施完毕，总 股本由 107,620,000 股变更为 150,668,000 股，注册资本由 10,762 万元变更为 15,066.80 万元。 具体内容详见公司于 2024 年 8 月 20 日 ...

苏州禾昌聚合材料股份有限公司 章 程 二〇二四年九月 第一章 总则 第一条 为维护苏州禾昌聚合材料股份有限公司（以下简称"公司"或"本 公司"）、股东和债权人的合法权益，规范公司的组织和行为，根据《中华人 民共和国公司法》(以下简称《公司法》)《中华人民共和国证券法》(以下简称 《证券法》)《北京证券交易所上市公司持续监管办法（试行）》《北京证券交 易所股票上市规则（试行）》和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。 公司由苏州工业园区和昌新型材料有限公司依法整体变更设立，在江苏省 市场监督管理局注册登记，取得营业执照，统一社会信用代码为： 91320000714164832Y。 第三条 公司于 2021 年 9 月 27 日经全国中小企业股份转让系统审查通过并 经中国证券监督管理委员会核准，向不特定合格投资者公开发行股票，于 2021 年 11 月 15 日在北京证券交易所（以下简称"北交所"）上市。 证券代码：832089 证券简称：禾昌聚合 公告编号：2024-066 第四条 公司注册名称： 中文名称：苏州禾昌聚合材料股份有限公司 英文名称：SuZhou ...