Investment Rating - Buy rating (initiated coverage) [2] Core Views - PPO capacity gradually released, Q3 net profit attributable to parent company increased QoQ [2] - Phenolic resin production declined QoQ, but net profit increased QoQ [5] - Rich pipeline of electronic chemicals and new energy materials projects, profitability expected to further improve [6] - Daqing project completed technical transformation, capacity ramp-up contributing incremental growth [10] Financial Performance - 2024 Q1-Q3 revenue: 7.152 billion yuan, +6.87% YoY; net profit attributable to parent company: 581 million yuan, +20.53% YoY [3] - 2024 Q3 revenue: 2.526 billion yuan, +8.58% YoY, +1.42% QoQ; net profit attributable to parent company: 249 million yuan, +47.77% YoY, +28.56% QoQ [4] - 2024 Q3 gross margin: 23.14%, +0.52pct YoY, -0.26pct QoQ; net profit margin: 10.12%, +2.75pct YoY, +2.18pct QoQ [4] - 2024 Q3 phenolic resin production: 121,200 tons, -15.12% QoQ; revenue: 896 million yuan, -13.06% QoQ [6] - 2024 Q3 foundry resin production: 47,000 tons, -1.61% QoQ; revenue: 402 million yuan, -3.84% QoQ [6] - 2024 Q3 electronic chemicals production: 17,300 tons, +2.87% QoQ; revenue: 286 million yuan, -12.11% QoQ [6] Project Updates - 1,000-ton functionalized polyphenylene project started production in June 2024, currently in customer verification stage with abundant intended orders [6] - 300-ton silicon carbon anode porous carbon capacity built by September 2024, 1,000-ton project under construction [6] - Daqing project completed transformation, started production in June 2024, capacity utilization rate exceeded 70% by September 2024 [10] Forecasts - 2024-2026 revenue forecast: 9.873 billion, 12.187 billion, 14.274 billion yuan [10] - 2024-2026 net profit attributable to parent company forecast: 842 million, 1.298 billion, 1.489 billion yuan [10] - 2024-2026 PE ratio: 23x, 15x, 13x [10] - 2024-2026 ROE: 8%, 11%, 12% [14] - 2024-2026 gross margin: 23%, 25%, 25% [14] - 2024-2026 revenue growth rate: 8%, 23%, 17% [14] - 2024-2026 net profit growth rate: 7%, 54%, 15% [14]

Company and Industry Overview * **Industry**: Solid-state battery, specifically focusing on resin-based carbon materials for 3C and automotive applications. * **Company**: Shengquan Group, a leading player in the solid-state battery materials market. Key Points Business Layout and Product Development 1. **Resin-based Carbon Materials**: Shengquan Group has a clear layout for resin-based carbon materials, including various types of mesoporous carbons for different applications. [2] 2. **Capacity and Production**: The company currently has a production capacity of over 300 tons, with a second-phase line under construction expected to be completed by the Chinese New Year, increasing capacity. [2] 3. **3C Segment**: The company's products are primarily used in the 3C segment, with a focus on high-voltage anode requirements. [3] 4. **Automotive Segment**: The company is targeting the automotive segment, with a focus on low expansion and good cycle life. [3] 5. **Research and Development**: Shengquan Group is actively researching and developing various types of mesoporous carbons for different applications, including high-power density, long cycle life, and low expansion. [2] Market and Sales 1. **3C Segment**: The company's products are in high demand in the 3C segment, with orders exceeding 300 to 400 tons for next year. [5] 2. **Automotive Segment**: The company is currently in the testing phase with automotive customers and expects to see volume production in the second half of next year. [8] 3. **Customers**: The company's main customers include Tianmu Xian Island, Lanzhi Zhide, and Putailai, with Tianmu Xian Island being the largest customer. [6] 4. **Export**: The company's export business accounts for about 15% of its total sales, with a presence in Southeast Asia, Russia, Brazil, and India. [16] Cost and Pricing 1. **Cost Reduction**: The company is focusing on cost reduction through scale-up, with a target of achieving cost levels comparable to graphite anode materials. [13] 2. **Pricing**: The company does not disclose specific pricing information, but it indicates that prices may slightly decrease as production scales up. [20] Investment and Expansion 1. **Capital Expenditure**: The company has invested in a 1,000-ton production line for mesoporous carbons, with a capital expenditure of about 100 million yuan. [12] 2. **Expansion Plans**: The company plans to expand its production capacity for biomass-based carbon materials and other small products in the future. [22] Other Important Points 1. **New Product Development**: The company is developing new products based on wood-based carbon materials, targeting the automotive segment. [18] 2. **Cash Flow**: The company's cash flow is stable, with a low debt-to-asset ratio. [21] 3. **Research and Development**: The company is actively engaged in research and development of new products and technologies, aiming to achieve domestic substitution and expand its market share. [24]

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][5]. Core Views - The company achieved a revenue of 7.15 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 6.9%. The net profit attributable to shareholders was 580 million yuan, up 20.5% year-on-year, and the net profit after deducting non-recurring gains and losses was 550 million yuan, an increase of 24.3% year-on-year [3][5]. - In Q3 2024, the company reported a revenue of 2.53 billion yuan, a year-on-year increase of 8.6% and a quarter-on-quarter increase of 1.4%. The net profit attributable to shareholders was 250 million yuan, up 47.8% year-on-year and 28.6% quarter-on-quarter [3][5]. - The company is a leader in synthetic resins, electronic chemicals, and biomass chemicals, with stable profit contributions from synthetic resins and promising growth potential from electronic chemicals and biomass projects [5]. Financial Performance - The company’s sales volume for phenolic resin, casting resin, and electronic chemicals in Q1-Q3 2024 was 378,000 tons, 131,000 tons, and 50,000 tons, respectively, with year-on-year changes of +3.6%, +13.1%, and -2.0% [3][5]. - The average price for phenolic resin, casting resin, and electronic chemicals in Q3 2024 was 7,400 yuan/ton, 8,600 yuan/ton, and 17,600 yuan/ton, with year-on-year changes of +10.1%, -12.1%, and +13.4% [3][5]. - The gross profit margin for Q3 2024 was 23.1%, a year-on-year increase of 0.52 percentage points, while the net profit margin was 10.1%, up 2.76 percentage points year-on-year [3][5]. Project Developments - The company has completed the debugging of the PPO project and is currently in the verification phase with downstream customers. The annual production capacity of the porous carbon project is under construction, benefiting from the booming demand in the AI and optical module markets [4][5]. - The biomass project at the Zhangqiu base has significantly increased the production of xylose and xylitol, with the Daqing production base's biomass refining project achieving stable operation after its upgrade [5]. - The company has established a production capacity of 300 tons for porous carbon, with a project for an annual production capacity of 1,000 tons currently under construction [4][5]. Earnings Forecast - The company is expected to achieve net profits of 930 million yuan, 1.22 billion yuan, and 1.5 billion yuan for the years 2024, 2025, and 2026, respectively [5][10].

北京市中伦（上海）律师事务所 关于济南圣泉集团股份有限公司 2022 年限制性股票激励计划 回购注销部分限制性股票实施情况的 法律意见书 二〇二四年十一月 北京市中伦（上海）律师事务所 关于济南圣泉集团股份有限公司 2022 年限制性股票激励计划回购注销部分限制性股票 实施情况的法律意见书 致：济南圣泉集团股份有限公司（圣泉集团） 法律意见书 发表法律意见，而不对有关会计、审计及资产评估等专业事项发表意见。本所并未就中 国境内以外的其他司法管辖区域的法律事项进行调查，亦不就中国境内以外的其他司法 管辖区域的法律问题发表意见。在本法律意见书中述及有关会计、审计、资产评估等专 业事项或中国境内以外的其他司法管辖区域的法律事项时，均为按照其他有关专业机构 出具的报告或意见引述，本所经办律师对于该等非中国境内法律业务事项仅履行了普通 人一般的注意义务。本所在本法律意见书中对其他有关专业机构出具的报告或意见中某 些数据和结论的引述，并不意味着本所对这些数据和结论的真实性和准确性做出任何明 示或默示的保证。 为出具本法律意见书，本所特作如下声明： 1．本所发表法律意见所依据的是本法律意见书出具日前已经发生或存在的有关事 ...

证券代码：605589 证券简称：圣泉集团 公告编号：2024-069 济南圣泉集团股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2024/7/24 | | | --- | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | | 预计回购金额 | 15,000 万元 | 万元~25,000 | | 回购用途 | √用于员工持股计划或股权激励 | □减少注册资本 | | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 10,542,100 | 股 | | 累计已回购股数占总股本比 | 1.25% | | | 例 | | | | 累计已回购金额 | 196,876,758 | 元 | | 实际回购价格区间 | 17.22 元/股 | 元/股~21.55 | 日在上海证券交易所网站（www.sse.com.cn）披露的《圣泉集团关于以 集 ...

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： 回购注销原因：根据《上市公司股权激励管理办法》（以下简称"《管 理办法》"）及《济南圣泉集团股份有限公司 2022 年限制性股票激励 计划》（以下简称"《激励计划》"、"本次激励计划"）的规定，鉴于本 次激励计划的 7 名激励对象已离职，不再具备激励对象资格，济南圣 泉集团股份有限公司（以下简称"公司"、"圣泉集团"）对上述对象 持有的已获授但尚未解除限售的 53,000 股限制性股票进行回购注销 处理。 本次回购注销的有关情况 | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 53,000 | 53,000 | 2024 | 年 | 11 | 月 | 7 日 | 一、本次限制性股票回购注销的决策与信息披露 证券代码：605589 证券简称：圣泉集团 公告编号：2024-070 济南圣泉集团股份有限公司 关于部分限制性股票回购注销实施公告 （ ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index within the next six months [16]. Core Views - The company has shown significant growth in revenue and net profit in Q3 2024, with a year-on-year revenue increase of 6.87% and a net profit increase of 20.53% [1]. - The company's new business lines are progressing steadily, contributing to overall performance improvement [2]. - The successful launch of the biomass refining project is expected to enhance the company's product structure and expand its market space [6]. - The growth in specialty electronic resin products is anticipated to continue, meeting the strong market demand in related industries [7]. Financial Summary - For Q3 2024, the company reported revenue of 7.152 billion yuan and a net profit of 0.581 billion yuan, with respective year-on-year growth rates of 6.87% and 20.53% [1]. - The overall gross profit margin for the first three quarters of 2024 was 23.15%, an increase of 0.90 percentage points compared to the same period in 2023 [2]. - The company expects to achieve revenues of 10.273 billion yuan, 12.197 billion yuan, and 13.997 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 0.888 billion yuan, 1.283 billion yuan, and 1.491 billion yuan [8]. Business Segment Performance - The production and sales of phenolic resin and casting resin have increased year-on-year, with phenolic resin production rising by 3.30% and sales by 3.64% [4]. - The average selling price of phenolic resin increased by 3.83%, while the price of casting resin decreased by 14.32% [4]. - The biomass refining project has reached a capacity utilization rate of 70% in the first half of 2024, with expectations for full production capacity by Q4 2024 [6]. Cash Flow and Financial Ratios - The net cash flow from operating activities for the first three quarters of 2024 was -426 million yuan, a decrease of 175.78% year-on-year [3]. - The company’s net profit margin for the first three quarters of 2024 was 8.31%, an increase of 1.00 percentage points compared to the previous year [2]. - The company’s return on equity (ROE) is projected to increase from 8.4% in 2023 to 8.9% in 2024 [11].

Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Insights - The company reported Q3 2024 results that met expectations, with revenue of 7.152 billion yuan (YoY +7%) and net profit attributable to shareholders of 581 million yuan (YoY +21%) [6] - The company anticipates new projects to achieve production efficiency, particularly in biomass chemical production and electronic resin [6] Financial Summary - As of September 30, 2024, the company had a net asset value per share of 11.92 yuan and a debt-to-asset ratio of 29.73% [3] - The total share capital is 847 million shares, with 779 million shares in circulation [3] - The company achieved a gross margin of 23.14% in Q3 2024, with a net margin of 10.12% [6] Revenue and Profit Forecast - Projected revenues for 2024-2026 are 11.175 billion yuan, 12.753 billion yuan, and 14.135 billion yuan respectively, with corresponding net profits of 888 million yuan, 1.225 billion yuan, and 1.471 billion yuan [7][9] - The company expects a gross margin increase to 26.0% by 2026 [7] Product Performance - In Q3 2024, the company saw a decline in sales for phenolic resin and electronic chemicals, while casting resin sales increased [6] - The average selling price for phenolic resin was 0.74 million yuan/ton, with a YoY increase of 10% [6] Future Growth Potential - The company is focusing on the production of high-end electronic chemicals and expects significant growth from its new biomass chemical projects [6] - The production capacity for new products, including specialty electronic resins, is expected to ramp up in the coming years [6]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook on its growth potential [3]. Core Views - The company achieved a significant increase in net profit by 48% in the third quarter of 2024, with total revenue for the first three quarters reaching 7.152 billion yuan, a year-on-year growth of 6.87% [1][2]. - The sales volume of phenolic resin increased by 3.6%, while casting resin sales grew by 13.1% in the first three quarters [2]. - The company is making steady progress in its new business areas, including the production of high-value-added products from its biomass project [2]. - The forecast for net profit from 2024 to 2026 is projected to be 878 million yuan, 1.238 billion yuan, and 1.729 billion yuan, respectively, with corresponding EPS of 1.04 yuan, 1.46 yuan, and 2.04 yuan [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 7.152 billion yuan, a 6.87% increase year-on-year, and a net profit of 581 million yuan, reflecting a 20.53% growth [1]. - In the third quarter alone, revenue was 2.526 billion yuan, up 8.58% year-on-year, with net profit reaching 249 million yuan, a 47.77% increase [1]. Product Sales - The sales volume of phenolic resin was 377,700 tons, up 3.64%, generating revenue of 2.742 billion yuan, a 7.60% increase [2]. - The sales volume of casting resin reached 130,900 tons, a 13.13% increase, although revenue declined by 3.08% to 1.131 billion yuan [2]. - Electronic chemicals saw a sales volume of 49,600 tons, with revenue of 882 million yuan, a 1.77% increase [2]. New Business Development - The company has successfully launched its special electronic resin business, with a production capacity of 1,000 tons of functionalized special electronic resin now operational [2]. - The biomass project in Daqing has started producing high-value products, contributing to the company's revenue growth [2]. Future Outlook - The company is expected to see continued growth in its traditional resin business, electronic chemicals, and biomass projects, with projected earnings per share (EPS) increasing significantly over the next few years [2][4].

证券代码：605589 证券简称：圣泉集团 公告编号：2024-068 济南圣泉集团股份有限公司 关于公司 2024 年前三季度主要经营数据的公告 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。 济南圣泉集团股份有限公司（以下简称"公司"）根据上海证券 交易所《上海证券交易所上市公司自律监管指引第 3 号行业信息披 露：第十三号——化工》的要求，现将公司 2024 年前三季度主要经 营数据披露如下： 注：上表中酚醛树脂数据不包含电子化学品，下同。 二、主要产品和原材料的价格变动情况 （一）2024 年前三季度公司主要产品价格变动情况 | 主要产品 | 2024 年前三季度 | | 2023 年前三季度 | | 变动比例（%） | | --- | --- | --- | --- | --- | --- | | | 平均售价（元/吨） | | 平均售价（元/吨） | | | | 酚醛树脂 | | 7,259.27 | | 6,991.60 | 3.83 | 主要产品 产量（吨） 销量（吨） 营业收入（万元） 酚醛树脂 377,85 ...