浙江新化化工股份有限公司（以下简称"公司"）近日接到公司 2022 年公开 发行可转换公司债券之持续督导机构东方证券承销保荐有限公司（以下简称"东 方投行"）的通知，根据中国证券监督管理委员会于 2023 年 2 月 28 日出具的《关 于核准东方证券股份有限公司吸收合并东方证券承销保荐有限公司暨变更业务 范围的批复》（证监许可〔2023〕425 号），东方证券股份有限公司（以下简称"东 方证券"）获准吸收合并投行业务全资子公司东方投行，吸收合并之后东方投行 解散。 东方证券已于近日自证监会取得换发后的《经营证券期货业务许可证》，业 务范围含"证券承销与保荐"。东方证券与东方投行严格根据有关法律法规、证 监会批复及相关要求推进实施吸收合并工作，自 2024 年 9 月 2 日起，东方投行 存量客户与业务整体迁移并入东方证券，东方投行承接的投资银行业务项目均由 东方证券继续执行，东方投行对外签署的协议均由东方证券继续履行，东方投行 对外签署的协议均由东方证券继续履行，东方投行全部债权及债务由东方证券依 法承继。 公司持续督导保荐机构由东方投行变更为东方证券。本次持续督导保荐机构 主体变更事项不属于公司更换持续督 ...

| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2024-059 | | --- | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | | 浙江新化化工股份有限公司 关于年度预计担保事项进展及部分子公司 担保额度调剂的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 重要内容提示： 一、担保情况概述 浙江新化化工股份有限公司（以下简称"公司"或"新化股份"）第六届 董事会第八次会议及2023年年度股东大会审议通过了《关于公司 2024 年度合 并报表范围内申请综合授信额度及提供相应担保预计的议案》，公司及合并报 表范围内子公司拟向银行等金融机构申请累计余额不超过人民币 35.6 亿元综 合授信额度（最终以金融机构实际审批的授信额度为准），并为上述额度内的 综合授信提供相应的担保，担保总额不超过人民币 16.38 亿元，授信额度在年 被担保人名称：浙江新耀循环科技有限公司、杭州中荷环境科技有限公司 本次担保额度调剂金额：3,100万元 本次新增担保金额及累计担保余额：本次 ...

| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2024-054 | | --- | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | | 浙江新化化工股份有限公司 第六届董事会第十二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 一、董事会会议召开情况 浙江新化化工股份有限公司（以下简称"公司"）第六届董事会第十二次会 议（以下简称"本次会议"）于 2024 年 9 月 2 日以现场结合通讯会议方式召开。 本次会议应参会董事 9 名，实际参会董事 9 名，会议由董事长应思斌先生主持， 本次会议的召开符合《公司法》和《章程》的规定。 二、董事会会议审议情况 具体内容详见公司同日在上海证券交易所网站（http://www.sse.com.cn） 披露的相关公告。 具体内容详见公司同日在上海证券交易所网站（http://www.sse.com.cn） 披露的相关公告。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 2、审议通过《关于变更公司经营范围、变更 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [6][13]. Core Views - The company's performance in the first half of 2024 shows a year-on-year increase in revenue and net profit, driven by growth in three major business segments, particularly the synthetic flavor segment, which is gradually ramping up production [2][5]. - The financial metrics for 1H24 indicate a revenue of 1.483 billion yuan, up 17.92% year-on-year, and a net profit of 147 million yuan, up 6.70% year-on-year [1][2]. - The report highlights a significant reduction in financial expenses by 48% year-on-year, attributed to increased foreign exchange gains, while R&D expenses rose by 14.17% due to higher personnel costs and new product development [2][5]. Financial Summary - Revenue projections for 2024-2026 are 3.116 billion yuan, 3.676 billion yuan, and 4.207 billion yuan, respectively, with corresponding net profits of 343 million yuan, 470 million yuan, and 558 million yuan [6][7]. - The company's gross margin for 1H24 was 21.95%, a decrease of 1.82 percentage points compared to the same period in 2023 [2]. - The report notes a decline in cash flow from operating activities, which fell by 67.77% year-on-year, primarily due to increased cash payments for goods and services [2][8]. Business Segment Performance - The traditional segments of fatty amines and organic solvents showed steady revenue growth, with fatty amines revenue reaching 734 million yuan, up 11.14% year-on-year, and organic solvents revenue at 241 million yuan, up 6.63% year-on-year [5][6]. - The synthetic flavor segment experienced significant growth, with revenue of 374 million yuan, up 64.31% year-on-year, and production volume increasing by 71.86% [5][6]. - The company is actively expanding its capacity in the synthetic flavor segment, with ongoing projects expected to enhance production capabilities [5][6].

一、可转债发行上市概况 (一) 可转换公司债券发行上市情况 经中国证券监督管理委员会《关于核准浙江新化化工股份有限公司公开发行 可转换公司债券的批复》（证监许可[2022]2163号）核准，浙江新化化工股份有 限公司（以下简称"新化股份"或"公司"）于2022年11月28日公开发行了 650.00万张可转换公司债券，每张面值100元，发行总额65,000万元。公司 65,000.00万元可转换公司债券于2022年12月16日起在上交所挂牌交易，债券简 称"新化转债"，债券代码"113663"。 | 证券代码：603867 | 证券简称：新化股份 公告编号：2024-053 | | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | 浙江新化化工股份有限公司 关于新化转债预计触发转股价格向下修正条件的提 示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 重要内容提示： "新化转债"本次触发转股价格向下修正条件的期间从2024年8月13日起算， 截至2024年8月26日，浙江新化化工股份有 ...

| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2024-052 | | --- | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | | 浙江新化化工股份有限公司 | 股东名称 | 胡健 | | --- | --- | | 本次解除质押股份 | 3,800,000 股 | | 占其所持股份比例 | 19.79% | | 占公司总股本比例 | 2.05% | | 解除质押时间 | 2024/8/21 | | 持股数量 | 19,204,660 | | 持股比例 | 10.35% | | 剩余被质押股份数量 | 0 | | 剩余被质押股份数量占其所持股份比例 | 0% | 1 | | | 关于持股 5% 以上股东解除质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示: 浙江新化化工股份有限公司（以下简称"公司"）5%以上股东胡健先生持 有公司股份数量为 19,204,660 股，占公司总股本的比例为 10.35%，本次解除 质押股份 3,800,000 股，占 ...

基础化工 2024年08月19日 新化股份 (603867) -Q2 业绩符合预期,待后续宁夏香料业务放量 报告原因:有业绩公布需要点评 买入(维持) 投资要点: ● | --- | --- | |-----------------------|-------------------| | 市场数据: | 2024年08月16日 | | 收盘价(元) | 20.82 | | 年内最高/最低(元) | 35.28/19.06 | | 市净率 | 1.8 | | 息率 (分红/股价) | 2.16 | | 流通 A 股市值(百万元) | 3,864 | | 上证指数/深证成指 | 2,879.43/8,349.87 | ● 注:"息率"以最近一年已公布分红计算 | --- | --- | |------------------------------------|----------------| | | | | | | | 基础数据: | 2024年06月30日 | | 每股净资产(元) | 11.38 | | 资产负债率% 总股本/流通 A 股(百万) | 38.79 186/186 | | 流通 B 股/H ...

来源：公司年报、国金证券研究所 新化股份 (603867.SH) 买入(维持评级) 公司点评 证券研究报告 业绩简评 2024 年 8 月 14 日公司披露半年报，2024 年上半年实现营业收入 14.8 亿元，同比增长 18%，归母净利润 1.5 亿元，同比增长 7%； 其中 2 季度单季度实现营业收入 7.4 亿元，同比增长 24%，环比下 滑 0.6%，归母净利润 7105 万元，同比增长 19%，环比下滑 7%。 经营分析 主业经营稳健，产品销量增长带动业绩向好。脂肪胺、有机溶剂和 香精香料为公司三大核心产品，上半年销量分别为 6.2 万吨、2.9 万吨、1.1 万吨，同比去年上半年的销量增速分别为 15%、-1%、 67%，其中香料板块销量随着新产能的逐步释放增长较为明显。从 产品价格变化来看，上半年脂肪胺销售均价为 11813 元/吨，同比 下滑 3.8%；有机溶剂销售均价为 8413 元/吨，同比提高 8.1%；香 精香料销售均价为 34673 元/吨，同比下滑 1.4%；有机溶剂涨价较 为明显。 香精香料产能进一步扩大，助力公司长期成长。通过多年发展公 司的香料规模不断扩大，控股子公司江苏馨瑞 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥1,482,904,222.37, representing a 17.92% increase compared to ¥1,257,529,571.91 in the same period last year[14]. - The net profit attributable to shareholders of the listed company was ¥147,174,578.57, up 6.70% from ¥137,936,225.50 in the previous year[14]. - The basic earnings per share for the reporting period was ¥0.80, reflecting a 6.67% increase from ¥0.75 in the same period last year[15]. - The diluted earnings per share increased to ¥0.77, up 6.94% from ¥0.72 in the previous year[15]. - The net profit after deducting non-recurring gains and losses was ¥140,548,954.50, which is a 5.94% increase from ¥132,672,908.37 in the previous year[14]. - The total comprehensive income for the first half of 2024 was ¥170,042,999.46, compared to ¥154,015,631.52 in the first half of 2023, marking an increase of 10.67%[103]. - The company reported a total profit of ¥196,678,830.68 for the first half of 2024, compared to ¥175,213,971.99 in the same period of 2023, reflecting a growth of 12.5%[102]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 67.77% to ¥47,652,663.51, primarily due to an increase in cash paid for goods and services[16]. - The company's cash and cash equivalents amount to ¥561,287,115.02, down from ¥732,030,664.02[96]. - As of June 30, 2024, the accounts receivable amounted to CNY 34,518.13 million, representing 19.23% of current assets, indicating a significant risk related to liquidity and potential bad debts[33]. - The ending cash and cash equivalents balance was CNY 549,231,998.42, down from CNY 824,563,401.72 at the end of the first half of 2023, a decrease of approximately 33.3%[110]. - The company reported a decrease in cash inflow from sales of goods and services, which totaled CNY 1,330,419,172.25, compared to CNY 1,288,789,787.32 in the first half of 2023, an increase of about 3.2%[107]. Assets and Liabilities - The total assets at the end of the reporting period were ¥4,036,015,609.53, a 1.65% increase from ¥3,970,557,843.13 at the end of the previous year[15]. - The total liabilities of the company as of June 30, 2024, amount to ¥1,565,502,935.46, with current liabilities at ¥699,457,214.62 and non-current liabilities at ¥866,045,720.84[95]. - The company's fixed assets are valued at ¥1,328,976,694.49, compared to ¥848,024,448.71 in the previous period[97]. - The total equity attributable to shareholders at the end of the period was ¥2,401,939,311.72, a decrease from ¥2,470,512,674.07 in the previous period[118]. Research and Development - The company's research and development expenses increased by 14.17% to 47,522,848.78 CNY, reflecting investment in new product development[27]. - Ongoing research and development efforts are focused on enhancing product features, with an investment of $30 million allocated for 2024[67]. - The company has established several research and development centers, contributing to its technological advantages and innovation capabilities[24]. Environmental Compliance - The company has implemented pollution prevention facilities, ensuring compliance with environmental standards[41]. - The company emphasizes the importance of safety management in its operations, particularly in the fine chemical industry, to mitigate risks associated with flammable and toxic materials[33]. - The company has established wastewater, waste gas, solid waste, and noise pollution control facilities as per environmental impact assessment requirements, with no hazardous waste generated[52]. Market and Product Development - The company’s main products include low-carbon fatty amines, organic solvents, and synthetic fragrances, with stable demand from the pesticide and pharmaceutical industries[18]. - The production capacity for synthetic fragrances is set to increase, with Jiangsu Xinrui's capacity at 16,000 tons/year and Ningxia Xinhua's new base expected to release 16,650 tons/year[18]. - The company is actively expanding its application of lithium extraction technology in various sectors, including lithium recovery from brine and ore[25]. Shareholder and Corporate Governance - The company has not proposed any profit distribution or capital reserve increase for the first half of 2024, indicating a focus on reinvestment or cash preservation[36]. - The major shareholder, Jiande State-owned Assets Management Co., plans to hold shares long-term and will limit share reductions to 1% of total shares within any 90-day period[62]. - The company commits to reducing related party transactions and ensuring fair pricing in any necessary transactions, adhering to legal and regulatory requirements[59]. Risk Management - The company has established a comprehensive risk management framework to address potential safety, environmental, and financial risks associated with its operations[33]. - The company faces risks from rising environmental protection standards, which may increase operational costs and impact profitability due to the need for enhanced environmental management[33]. - The company is exposed to raw material price volatility, which is closely linked to global oil prices, potentially affecting production costs and profit margins[33]. Accounting and Financial Reporting - The company's accounting policies comply with the requirements of enterprise accounting standards, ensuring a true and complete reflection of its financial status[136]. - The company recognizes revenue based on the progress of performance obligations, confirming revenue at a point in time when control is transferred to the customer[179]. - The company assesses the recoverability of deferred tax assets based on the likelihood of future taxable income[183].

第六届监事会第七次会议决议公告 浙江新化化工股份有限公司 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、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责任。 一、监事会会议召开情况 浙江新化化工股份有限公司（以下简称"公司"）第六届监事会第七次会议 （以下简称"本次会议"）于 2024 年 08 月 13 日以现场结合通讯会议方式召开。 本次会议应参会监事 3 名，实际参会监事 3 名，本次会议由赵建标主持，会议的 召开符合《公司法》和《章程》的规定。 二、监事会会议审议情况 出席会议的监事对议案进行了认真审议并做出了如下决议： | 证券代码：603867 | 证券简称：新化股份 公告编号：2024-049 | | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | 1、审议通过《新化股份 2024 年半年度募集资金存放与使用情况的专项报 告》 特此公告。 浙江新化化工股份有限公司监事会 2024 年 8 月 15 日 2、审议通过《新化股份关于公司 2024 年半年度报告及其摘要的议案》 (1)公司 2024 年半年度报告及其摘要的编制程序符 ...