北交所信息更新 不干胶材料推广元年收入大幅增加，预计 2024 归母净利润+13.22% ——北交所信息更新 2025 年 03 月 13 日 投资评级：增持（维持） | 日期 | 2025/3/12 | | --- | --- | | 当前股价(元) | 17.37 | | 一年最高最低(元) | 25.30/11.15 | | 总市值(亿元) | 22.36 | | 流通市值(亿元) | 10.66 | | 总股本(亿股) | 1.29 | | 流通股本(亿股) | 0.61 | | 近 3 个月换手率(%) | 139.45 | 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 业绩快报公布，归母净利润 4457.64 万元同比增长 13.22%维持"增持"评级 方大新材公布业绩快报，2024 全年预计实现营收 6.98 亿元同比增长 39.72%；归 母净利润 4457.64 万元同比增长 13.22%。2024 年为公司不干胶材料的"推广元 年"，不干胶材料订单大幅增加，实现不干胶材料收入的大幅增长。参考业绩快 报我们下调盈利预测，预计方大新材 2024 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2][3] Core Views - The company is expected to achieve a significant revenue increase in 2024, with projected revenue of 698 million yuan, representing a year-on-year growth of 39.72%. The net profit attributable to the parent company is forecasted to be 44.576 million yuan, reflecting a year-on-year increase of 13.22% [3] - The year 2024 is identified as the "promotional year" for the company's adhesive materials, leading to a substantial increase in orders and revenue from these products [3] - The company is actively expanding its production capacity with the successful trial operation of the first three automated production lines and plans for a joint processing plant in North America to better serve local customers [4] Financial Summary - The company's financial performance is summarized as follows: - Revenue (in million yuan): 384 in 2022, 500 in 2023, 698 in 2024E, 971 in 2025E, and 1,088 in 2026E, with year-on-year growth rates of 5.9%, 30.1%, 39.7%, 39.1%, and 12.0% respectively [6][9] - Net profit (in million yuan): 41 in 2022, 39 in 2023, 45 in 2024E, 60 in 2025E, and 66 in 2026E, with year-on-year growth rates of 12.4%, -3.5%, 14.4%, 32.4%, and 10.5% respectively [6][9] - Earnings per share (EPS): 0.32 in 2022, 0.31 in 2023, 0.35 in 2024E, 0.46 in 2025E, and 0.51 in 2026E [6][9] Industry Insights - The demand for adhesive labels is expected to grow significantly due to the rapid expansion of the logistics and e-commerce sectors. The express delivery volume in China is projected to reach 1,750.8 billion pieces in 2024, marking a year-on-year increase of 21.5% [5] - The global parcel shipping volume has increased approximately threefold from 43 billion pieces in 2014 to 168.6 billion pieces in 2023, indicating a robust growth trend in the logistics industry [5]

Financial Performance - The company achieved operating revenue of 698,381,547.53 CNY, a 39.72% increase compared to the previous year[3] - Net profit attributable to shareholders reached 44,576,354.02 CNY, reflecting a growth of 13.22% year-on-year[3] - The net profit after deducting non-recurring gains and losses was 44,693,656.41 CNY, a 3.75% increase from the previous year[3] - The basic earnings per share rose to 0.35 CNY, marking a 12.90% increase year-on-year[3] Assets and Equity - The total assets at the end of the reporting period amounted to 873,299,079.85 CNY, up 18.21% from the beginning of the period[3] - The equity attributable to shareholders increased to 465,261,305.51 CNY, a rise of 4.21% compared to the previous year[3] Revenue Growth Drivers - The company attributed revenue growth to the production launch of variable information marking projects and increased orders for adhesive materials[6] - The company emphasized the promotion and marketing of adhesive materials, leading to a significant increase in related revenue[5] - The company’s sales team actively engaged with domestic and international clients to enhance trust and cooperation, contributing to revenue growth[5] Financial Caution - The financial data presented is preliminary and has not been audited, cautioning investors to consider investment risks[7]

证券代码：838163 证券简称：方大新材 公告编号：2025-002 河北方大新材料股份有限公司 股东拟减持公司股份不超过 1%的预披露公告 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、 减持主体的基本情况 | 股东名称 | 股东身份 | 持股数量（股） | | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | --- | | 石家庄汇 | 员工持股 | | 4,500,000 | 3.4961% | 北交所上市前取得 | | 同企业管 | 平台 | | | | (含权益分派转增股) | | 理中心（有 | | | | | | | 限合伙） | | | | | | 上述员工持股平台系实际控制人的一致行动人，但本次减持计划拟减持股份 不包含公司控股股东、实际控制人、董监高间接持有的股份。 股东名 称 计划减持 数量（股） 计划减 持比例 减持 方式 减持 期间 减持价 格区间 拟减持股 份来源 拟减持 原因 石家庄 汇同企 业管理 中 心 （有限 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [6][7]. Core Insights - The company's Q3 2024 performance was slightly below expectations, with revenue of 510 million yuan, a year-on-year increase of 43.7%, and a net profit of 35.96 million yuan, up 18.0% year-on-year [4][6]. - The growth in revenue is primarily driven by the significant increase in sales of pressure-sensitive adhesive materials, despite a slight decline in Q3 revenue compared to the previous quarter [5][6]. - The company is focusing on expanding its production capacity and market share, particularly in overseas markets, while phasing out lower-quality domestic production [6][7]. Summary by Sections Market Data - Closing price: 18.40 yuan - Market capitalization: 1,129 million yuan - Price-to-book ratio: 5.2 - Dividend yield: 1.36% [1][2]. Financial Performance - Q3 2024 revenue: 181 million yuan, a year-on-year increase of 54.2% - Q3 2024 net profit: 9.48 million yuan, a year-on-year increase of 5.3% [4][5]. - Gross margin for the first three quarters: 16.4%, down 1.7 percentage points year-on-year [5][6]. Future Outlook - The company is set to gradually release production capacity, with the first three automated production lines of the second phase successfully operating [6]. - Expected net profits for 2024, 2025, and 2026 are projected at 54 million yuan, 73 million yuan, and 95 million yuan respectively, with corresponding price-to-earnings ratios of 44, 33, and 25 [7].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company reported a revenue increase of 43.66% and a net profit increase of 18.01% for the first three quarters of 2024, achieving a revenue of 510 million yuan and a net profit of 35.96 million yuan [3] - The company is in a capacity expansion phase and is actively exploring overseas markets while developing new processes, which may lead to a slight increase in sales and R&D expenses in the short term [3] - The profit forecast for 2024-2026 has been adjusted to 56 million, 78 million, and 91 million yuan respectively, with corresponding EPS of 0.44, 0.61, and 0.71 yuan [3] - The current stock price corresponds to a PE ratio of 37.9, 27.2, and 23.5 for the years 2024, 2025, and 2026 respectively [3] Financial Performance Summary - For 2024, the expected revenue is 833 million yuan, with a year-on-year growth of 66.7% [6] - The expected net profit for 2024 is 56 million yuan, with a year-on-year growth of 42.7% [6] - The gross margin is projected to be 13.8% in 2024, with a net margin of 6.7% [6] - The return on equity (ROE) is expected to be 11.9% in 2024, increasing to 14.8% by 2026 [6] Production and Market Expansion - The company has successfully trialed the first three automated production lines for variable information labels and is in the process of establishing a joint venture processing plant in North America to better serve local customers [4] - The new production project includes eight planned coating production lines, with the fourth line expected to enter trial production in 2025 [4] - The company’s products are well-received globally, with a strong reputation in the market due to its self-developed hot melt adhesive technology [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 510 million yuan for Q1-Q3 2024, a year-on-year increase of 43.66%, and a net profit attributable to shareholders of 35.96 million yuan, up 18.01% year-on-year [2] - The release of variable information label production capacity and increased orders for adhesive materials are driving performance growth [2] - The postal and express delivery industry is performing well, leading to increased demand for logistics packaging products [2] - The company is entering a capacity release cycle, with significant improvements in production efficiency expected [2][3] Financial Forecasts and Valuation - The company is expected to enter a new phase of high-quality development, with revised net profit forecasts for 2024-2026 being 63 million, 84 million, and 105 million yuan respectively [3] - Corresponding EPS for these years are projected to be 0.49, 0.65, and 0.82 yuan per share, with P/E ratios of 45, 34, and 27 times respectively [3] - The total revenue forecast for 2024 is 825.43 million yuan, with a year-on-year growth rate of 65.14% [3][9]

证券代码：838163 证券简称：方大新材 公告编号：2024-072 （一）会议召开情况 1.会议召开时间：2024 年 10 月 24 日 2.会议召开地点：公司会议室 3.会议召开方式：现场和通讯相结合方式 河北方大新材料股份有限公司 第三届董事会第十六次会议决议公告 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 会议应出席董事 9 人，出席和授权出席董事 9 人。 董事王春和、田新生因工作原因以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于 2024 年第三季度报告的议案》 1.议案内容： 4.发出董事会会议通知的时间和方式：2024 年 10 月 21 日以电话、邮件方式 发出 具体内容详见公司于 2024 年 10 月 25 日在北京证券交易所指定信息披露平 5.会议主持人：杨志先生 台（www.bse.cn）披露的《2024 年第三季度报告》（公告编号：2024-074）。 2.议案表决结果：同意 9 票；反对 0 票；弃权 0 票。 本议案已经公司第 ...

证券代码：838163 证券简称：方大新材 公告编号：2024-073 河北方大新材料股份有限公司 1.会议召开时间：2024 年 10 月 24 日 2.会议召开地点：公司会议室 3.会议召开方式：现场 4.发出监事会会议通知的时间和方式：2024 年 10 月 21 日 以电话、电子邮件方 式发出 5.会议主持人：李超先生 6.召开情况合法、合规、合章程性说明： 本次会议的召集、召开及议案审议程序等符合有关法律、行政法规、部门规 章、规范性文件和《公司章程》的相关规定。 第三届监事会第十三次会议决议公告 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 具体内容详见公司于 2024 年 10 月 25 日在北京证券交易所指定信息披露平 台（www.bse.cn）披露的《2024 年第三季度报告》（公告编号：2024-074）。 2.议案表决结果：同意 3 票；反对 0 票；弃权 0 票。 3.回避表决情况 本议案不涉及关联交易事项，无需回避表决。 本议案无需 ...

证券代码：838163 证券简称：方大新材 公告编号：2024-073 河北方大新材料股份有限公司 第三届监事会第十三次会议决议公告 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 1.会议召开时间：2024 年 10 月 24 日 2.会议召开地点：公司会议室 3.会议召开方式：现场 4.发出监事会会议通知的时间和方式：2024 年 10 月 21 日 以电话、电子邮件方 式发出 5.会议主持人：李超先生 6.召开情况合法、合规、合章程性说明： 本次会议的召集、召开及议案审议程序等符合有关法律、行政法规、部门规 章、规范性文件和《公司章程》的相关规定。 （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 2024 年第三季度报告的议案》 1.议案内容： 具体内容详见公司于 2024 年 10 月 25 日在北京证券交易所指定信息披露平 台（www.bse.cn）披露的《2024 年第三季度报告》（ ...