Group 1: Company Performance - In 2024, the company's overall sales are expected to see a significant increase, with a projected revenue of 5.1 billion CNY by the end of Q3 2024, representing a 43.66% year-on-year growth compared to the entire revenue of 2023 [4] - The company aims to double its revenue from self-adhesive materials, leveraging the launch of three automated production lines [4] Group 2: Industry Overview - The upstream of the self-adhesive materials industry includes raw materials such as face materials (copper plate paper, thermal paper, etc.), adhesives (hot melt, water-based, etc.), and backing paper [5] - The downstream involves cutting self-adhesive materials for printing needs, with applications in logistics, food, beverage, and pharmaceuticals [6] Group 3: Market Trends - The logistics industry is experiencing rapid growth, with parcel volumes in major Western countries increasing from 43 billion in 2014 to 168.6 billion in 2023, a fourfold increase [7] - In 2024, China's express delivery volume is expected to reach 1.758 billion parcels, marking a 21.5% year-on-year growth, maintaining its position as the world's largest market for express delivery [7] Group 4: Future Strategies - In 2025, the company plans to install three additional automated coating production lines and two automated face material processing lines to expand production capacity [8] - The company will focus on recruiting top talent and enhancing its market presence both domestically and internationally, aiming to improve market share and profitability [8]

司总评报 | --- | --- | |------------------------------|--------------------------------| | | | | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024/12/17 | | 收盘价（元） | 15.75 | | 总股本（百万股） | 128.72 | | 流通股本（百万股） | 61.38 | | 净资产（百万元） | 451.89 | | 总资产（百万元） | 831.91 | | 每股净资产（元） | 3.51 | | 来源： iFinD | ，兴业证券经济与金融研究院整理 | 风险提示：销售不及预期风险、竞争格局恶化风险、汇率波动风险、原材料价 格波动风险 | --- | --- | --- | --- | --- | |-----------------------------------------|--------|---------|--------|--------| | ＄ 会计 zy 年 c 度 wzb\| 主要财务指标＄ | 2020 | 2021 | 2022 | 2023 | ...

轻工制造 证 券 研 究 报 告 2024 年 11 月 11 日 方大新材 (838163) ——24Q3 业绩略低于预期，不干胶材料持续放量 公 司 研 究/ 公 司 点 评 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 11 月 11 日 | | 收盘价（元） | 18.40 | | 一年内最高 / 最低（元） | 25.30/5.48 | | 市净率 | 5.2 | | 股息率%（分红/股价） | 1.36 | | 流通 A 股市值（百万元） | 1,129 | | 上证指数/深证成指 | 3,470.07/11,388.57 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 09 月 30 日 | | | | | 每股净资产（元） | 3. ...

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]

证券研究报告·北交所公司点评报告·包装印刷 方大新材（838163） 2024 三季度报告点评：可变信息标产能逐步 释放，不干胶材料订单持续增加 2024 年 10 月 27 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 384.19 | 499.84 | 825.43 | 995.67 | 1,326.88 | | 同比 | 5.95 | 30.10 | 65.14 | 20.62 | 33.27 | | 归母净利润（百万元） | 40.80 | 39.37 | 62.98 | 83.97 | 105.17 | | 同比 | 12.37 | (3.49) | 59.97 | 33.32 | 25.25 | | EPS- 最新摊薄（元 / 股） | ...

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 ...

Financial Performance - Operating revenue for the first nine months of 2024 reached CNY 510,343,582.24, a 43.66% increase from CNY 355,232,491.59 in the same period of 2023[3] - Net profit attributable to shareholders for the first nine months of 2024 was CNY 35,955,715.68, up 18.01% from CNY 30,468,640.90 year-on-year[3] - The company reported a 54.15% increase in revenue for Q3 2024, reaching CNY 180,574,313.56 compared to CNY 117,141,358.19 in Q3 2023[3] - Basic earnings per share rose to CNY 0.28, reflecting a 16.67% increase from CNY 0.24 in the previous year[3] - Net profit for the period was ¥37,317,745.03, compared to ¥30,468,640.90 in 2023, reflecting a growth of approximately 22.5%[20] - The company reported a net profit attributable to shareholders of ¥35,955,715.68, compared to ¥30,468,640.90 in the previous year, an increase of about 18.1%[20] Assets and Liabilities - Total assets increased by 12.61% to CNY 831,908,561.32 as of September 30, 2024, compared to CNY 738,764,613.46 at the end of 2023[3] - Total liabilities reached CNY 377.80 million, up from CNY 292.31 million, reflecting an increase of approximately 29.3%[15] - The company's equity increased to CNY 454.11 million from CNY 446.45 million, a rise of approximately 1.7%[15] - Non-current liabilities totaled ¥201,273,477.21, compared to ¥152,639,068.91 in the previous year, representing an increase of about 31.8%[18] Cash Flow - The company's cash flow from operating activities showed a significant decline of 60.11%, totaling CNY 17,346,707.75 compared to CNY 43,488,003.24 in the previous year[3] - Operating cash flow for the first nine months of 2024 was ¥17.35 million, a decrease from ¥43.49 million in the same period of 2023[23] - Net cash flow from investing activities was -¥63,271,801.84, a 56.59% increase due to cash payments for the production line project[5] - Net cash flow from financing activities decreased to ¥5,729,931.74, down 96.01% due to cash repayments of project loans and increased dividend payments[5] Inventory and Costs - Inventory increased by 58.94% to CNY 188,306,469.87, driven by rising demand for raw materials and semi-finished products due to production ramp-up[4] - The gross profit margin for the first nine months of 2024 was impacted by a 46.62% increase in operating costs, totaling CNY 426,838,842.19[4] - Total operating costs amounted to ¥463,939,242.41, up from ¥317,492,089.10 in 2023, indicating an increase of about 46.1%[19] Research and Development - R&D expenses increased to ¥15,999,014.56, representing a 35.79% rise due to project delays from the previous year and an increase in new product and technology development[5] - Research and development expenses increased to ¥15.99 million in the first nine months of 2024, compared to ¥11.78 million in the same period of 2023, reflecting a 35.5% increase[21] Shareholder Information - Major shareholders include Yang Zhi with 63.44% ownership and Huang Chao with 4.32% ownership, among others[7] - The total number of ordinary shares at the end of the period was 128,715,160, with a slight decrease of 292,840 shares[6] - The company plans to grant a total of 2.56 million restricted shares to 76 eligible incentive recipients as part of the 2022 equity incentive plan[10] Miscellaneous - The company has no significant litigation or arbitration matters during the reporting period[10] - The company has fulfilled all disclosed commitments without any breaches[11] - The company has implemented a share buyback plan as part of its equity incentive strategy[11]

Group 1: Investor Relations Activity - The investor relations activity was conducted online on October 15, 2024, via the company's interactive platform [1] - Participants included investors and company representatives, such as the Secretary of the Board and the Chief Financial Officer [2] Group 2: Production Capacity and Expansion - The first three automated production lines of the Phase II project successfully commenced trial production in the first half of 2024, with capacity gradually increasing [3] - The fourth production line is currently being installed and is expected to enter trial production in 2025 [3] - The company established joint processing plants in Canada and the United States in the first half of 2024 to better serve North American customers [3] Group 3: International Market Performance - In the first half of 2024, overseas sales revenue reached 21,758.17 million yuan, a year-on-year increase of 36.37% [4] - The company has focused on international markets for over 20 years, exporting primarily to developed countries in Europe and America, which has built a substantial customer base [4] Group 4: Revenue Expectations - The company achieved a revenue of 32,976.93 million yuan in the first half of 2024, reflecting a growth of 38.51% compared to the same period last year [5] - The marketing strategy includes inviting domestic and international clients to the company and participating in industry exhibitions to enhance customer relationships [5]

证券代码：838163 证券简称：方大新材 公告编号：2024-071 河北方大新材料股份有限公司 投资者关系活动记录表 | --- | --- | |------------------------------------------------------------------------|----------------------------------------------------------------------| | | | | | 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、 投资者关系活动类别 □特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 （2024 年河北辖区上市公司投资者网上集体接待日） 二、 投资者关系活动情况 活动时间：2024 年 10 月 15 日 活动地点：公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式召开业绩说明会。 参 ...