Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Insights - The company reported Q1 2024 revenue of 1.26 billion, a year-on-year decrease of 0.5%, and a net profit attributable to shareholders of 0.14 billion, down 54.8% year-on-year. The non-recurring net profit showed a loss of 0.31 billion, but this was an improvement of 77.3% year-on-year [21][37]. - The new materials business is expected to expand, with projections for net profits of 0.22 billion and 0.29 billion in 2024 and 2025, respectively, corresponding to PE ratios of 48 and 38 [5][38]. Summary by Sections Financial Performance - Q1 2024 revenue was 1.26 billion, down 0.5% year-on-year; net profit attributable to shareholders was 0.14 billion, down 54.8% year-on-year; non-recurring net profit showed a loss of 0.31 billion, but improved by 77.3% year-on-year [21][37]. - The gross margin for Q1 was 14.3%, an increase of 1.4 percentage points year-on-year, primarily due to the contribution from high-purity quartz sand [37]. - The company’s operating expenses increased, with R&D expenses rising by 2.3 percentage points due to ongoing technological innovations [37]. Business Development - The company’s spherical materials have seen strong demand in various sectors, including copper-clad laminates, packaging materials, and new energy batteries, with sales increasing by 85% year-on-year [4]. - The UTG project is entering a growth phase, with successful integration into major client supply chains, including LGD and Samsung [22]. Future Outlook - The company has launched a stock incentive plan aimed at enhancing growth expectations, with projected non-recurring net profits of 0.18 billion, 0.26 billion, and 0.30 billion for 2024 to 2026 [38]. - The report anticipates a gradual recovery in revenue, with total revenue projections of 5.76 billion, 6.55 billion, and 7.50 billion for 2024, 2025, and 2026, respectively [28].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook on its future performance [32]. Core Views - The company is positioned as a leading player in the domestic UTG (Ultra-Thin Glass) market, with significant capacity expansion to meet the growing demand for foldable screens [32]. - The application materials segment is expected to see substantial growth, particularly in high-value zirconium-based products [32]. - The company has a strong incentive structure in place, with stock options linked to performance targets, which is expected to drive profitability [32]. Summary by Sections Company Overview - The company, established in 2000 and listed in 2002, focuses on display materials and application materials, both of which are key emerging industries in China [71]. - The company operates under the "3+1" strategy, which includes three main business segments and one R&D platform [71]. Display Materials - The company is a leader in the UTG market, with a significant increase in the adoption of UTG in foldable smartphones, rising from 13% in 2020 to nearly 70% in 2023 [82]. - The second phase of UTG production capacity is being gradually released, with a target of 15 million pieces per year [82]. Application Materials - The application materials segment has seen a CAGR of 15% from 2014 to 2023, focusing on zirconium, silicon, and titanium products [83]. - The zirconium series is expected to generate significant revenue, particularly from high-value nano-composite zirconia [83]. - The company is also expanding its product range to include high-purity silicon and nano-titanium barium, which are critical for various high-tech applications [83]. Financial Forecast and Investment Recommendations - The company is projected to achieve net profits of 226 million, 308 million, and 396 million yuan for the years 2024, 2025, and 2026, respectively [32]. - The current price corresponds to dynamic P/E ratios of 43x, 32x, and 24x for the same years, indicating a favorable valuation [32].

| | £特定对象调研 £分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 £业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | R 现场参观 □线上交流 | | | R 座谈交流 | | | 天风证券、民生证券、光大证券、华福证券、鸿道投资、财通资管、壹泽 | | 参与单位名称 | 投资、浔峰投资、国泰君安、兴业基金、山西证券、智富圈基金、名禹资 | | | 15 19 产、亿能投资、仁和人寿等合计 家机构 人。 | | 时间 | 2024 年 5 月 13 日（14：00－18：00） | | 方式 | 现场调研 | | 上市公司 | 常务副总经理/董事会秘书 王伟 | | 参会人员 | 相关部门负责人及技术专家 | | | 本次开展的投资者关系活动，公司主要安排参观了合成二 | | 与投资人交流 | 氧化硅项目现场、纳米氧化锆车间、浮法玻璃国家重点实验 | | 主要内容介绍 | 室、UTG 生产线、电子玻璃生产线等，投资者在各参观现场与相 | | | 关负责人进行了交流。 | | | 此外，公司还安排了座谈会，邀请合成石英砂技术专家就 | | | 相关产品和 ...

证券代码：600552 证券简称：凯盛科技 公告编号：2024-016 凯盛科技股份有限公司 关于非公开发行限售股份上市流通的提示性公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为非公开发行股份；股票认购方式为网下，上市股数为 49,192,771 股。 本次股票上市流通总数为 49,192,771 股。 本次股票上市流通日期为 2024 年 5 月 20 日。 一、 本次上市流通的限售股类型 经凯盛科技股份有限公司（以下简称"凯盛科技"、"公司"）2021 年第三次临 时股东大会审议通过，并经中国证券监督管理委员会《关于核准凯盛科技股份有 限公司非公开发行股票的批复》（证监许可[2022]1820 号）核准同意，公司以发行 价格 8.30 元/股向特定对象非公开发行股票 180,722,891 股，2022 年 11 月 14 日， 公司在中国证券登记结算有限责任公司上海分公司办理了本次发行新增的 180,722,891 股股份的登记托管及限售手续。本次非公开发行完成后，公司总股本 ...

中信证券股份有限公司关于凯盛科技股份有限公司 非公开发行限售股份上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为凯盛 科技股份有限公司（以下简称"凯盛科技"或"公司"）非公开发行股票的保荐 机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关法律、 法规和规范性文件的规定，对凯盛科技非公开发行限售股上市流通事项进行了核 一、本次上市流通的限售股类型 经凯盛科技 2021 年第三次临时股东大会审议通过，并经中国证券监督管理 委员会《关于核准凯盛科技股份有限公司非公开发行股票的批复》（证监许可 [2022]1820 号）核准同意，公司以发行价格 8.30 元/股向特定对象非公开发行股 票 180,722,891 股，2022 年 11 月 14 日，公司在中国证券登记结算有限责任公司 上海分公司办理了本次发行新增的 180,722,891 股股份的登记托管及限售手续。 本次非公开发行完成后，公司总股本由 763,884,003 股增加至 944,606,894 股。（具 体详见公司于 202 ...

证券代码：600552 证券简称：凯盛科技 公告编号：2024-015 本项目主要为公司车载及笔电模组提供相关配套产品，进一步拓展公司显示材料板块 在高端盖板市场领域的布局，提升公司显示产业链供应能力，提高显示材料产品附加值， 增强企业整体效益。 经与会董事投票表决，7 票通过，0 票反对，0 票弃权，100%通过。 特此公告。 凯盛科技股份有限公司董事会 凯盛科技股份有限公司 第八届董事会第二十八次会议决议公告 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。 凯盛科技股份有限公司（以下简称"公司"）第八届董事会第二十八次会议于 2024 年 5 月 10 日下午 15：30 在公司三楼会议室以现场加通讯方式召开。本次会议由董事长夏 宁先生主持，应参加表决董事 7 人，实际参加表决董事 7 人。公司监事、高管人员列席会 议。会议应参加表决董事超过半数，符合《公司法》、《公司章程》的有关规定，会议表决 合法有效。 与会董事认真审议了本次会议有关议案，经过投票表决，一致通过如下决议： 一、关于投资建设 3A 玻璃盖板生产线项 ...

凯盛科技股东大会之法律意见书 上海天衍禾律师事务所 关于凯盛科技股份有限公司 2023年年度股东大会 之 法律意见书 地址：中国上海市陕西北路 1438 号财富时代大厦 2401 电话：（021）-52830657 传真：（021）-52895562 凯盛科技股东大会之法律意见书 天律意2024第01024号 致：凯盛科技股份有限公司 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》"）、《上市公司股东大会规则》（以下简称"《股 东大会规则》"）等有关法律、法规和规范性文件以及《凯盛科技股份有限公司章程》 （以下简称《公司章程》）的有关规定，上海天衍禾律师事务所（以下简称"本所"） 接受凯盛科技股份有限公司（以下简称"凯盛科技"或"公司"）的委托，指派汪大 联律师、姜利律师（以下简称"本所律师"）出席见证于2024年5月10日召开的凯盛 科技2023年年度股东大会（以下简称"本次会议"），并出具本法律意见书。 在出具本法律意见书之前，本所律师声明如下： 本法律意见书仅供公司为本次会议之目的使用，不得用作任何其他目的。 本所律师已严格履行法定职责，遵循了勤 ...

凯盛科技股份有限公司 2023 年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 证券代码：600552 证券简称：凯盛科技 公告编号：2024-014 一、 会议召开和出席情况 (一) 股东大会召开的时间：2024 年 5 月 10 日 (二) 股东大会召开的地点：蚌埠市黄山大道 8009 号 公司办公楼三楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 12 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 317,200,501 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 33.5801 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议采用现场会议记名式投票表决方式结合网络投票方式举行，会议的 召集、召开及表决方式符合《公司法》等相关法律、法规、规章和 ...

Financial Performance - The company's operating revenue for the reporting period was CNY 1,263,190,450.52, representing a decrease of 0.48% compared to the same period last year[3]. - The net profit attributable to shareholders of the listed company was CNY 13,783,609.29, down 54.83% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -30,742,357.00, an increase of 77.28% compared to the same period last year[3]. - The diluted earnings per share for the reporting period was CNY 0.0146, reflecting a decrease of 54.83% year-on-year[3]. - The net profit for Q1 2024 was CNY 24,360,805.03, a decrease of 41.49% compared to CNY 41,983,131.22 in Q1 2023[14]. - The basic earnings per share for Q1 2024 was CNY 0.0146, down from CNY 0.0323 in Q1 2023[14]. - Net profit attributable to shareholders decreased to ¥77.28 million, primarily due to a reduction in net profit for the period[48]. - Basic and diluted earnings per share for Q1 2024 were both -¥54.83, reflecting a decrease in net profit attributable to shareholders[48]. Cash Flow - The net cash flow from operating activities was CNY -29,524,819.82, a decrease of 263.15% year-on-year[3]. - The net cash flow from operating activities for Q1 2024 was negative CNY 29,524,819.82, compared to a positive CNY 18,096,845.06 in Q1 2023[15]. - Cash flow from operating activities showed a net outflow of -263.15 million, attributed to increased raw material purchases[48]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 10,375,016,194.70, an increase of 1.38% from the end of the previous year[3]. - The total liabilities amounted to CNY 5,842,191,916.26, compared to CNY 5,734,302,573.23 in the previous year[13]. - The total equity attributable to shareholders of the parent company was CNY 4,099,926,424.15, an increase from CNY 4,076,723,890.28 at the end of the previous year[13]. - The company’s total assets decreased from CNY 920,819,637.65 at the end of Q1 2023 to CNY 784,083,353.88 at the end of Q1 2024[28]. - Total assets as of Q1 2024 amounted to ¥10,375,016,194.70, an increase from ¥10,233,347,122.06 in Q1 2023[46]. - Non-current assets totaled ¥4,998,034,137.07, an increase from ¥4,813,907,479.66 in Q1 2023, reflecting a growth of 3.84%[46]. Government Support and R&D - The company received government subsidies amounting to CNY 46,815,413.04 during the reporting period[5]. - Research and development expenses increased by CNY 28,527,000, primarily due to ongoing technological innovations in the display sector[23]. - R&D expenses increased significantly to ¥75,296,714.33 in Q1 2024, up 60.73% from ¥46,769,405.73 in Q1 2023[37]. Inventory and Borrowings - The company reported a significant increase in inventory, totaling ¥2,140,213,124.71, compared to ¥2,038,783,601.42 in the previous year[46]. - Short-term borrowings rose to ¥1,340,026,171.66, up from ¥1,221,552,719.98 in Q1 2023, indicating a 9.69% increase[46]. Shareholder Information - The company reported a decrease in the number of ordinary shareholders to 31,347 by the end of the reporting period[25].

中信证券股份有限公司 关于凯盛科技股份有限公司 2023年度持续督导报告书 | 上市公司：凯盛科技股份有限公司（以下简称"凯盛科技"、"公司"） | | | --- | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"或"保荐人"） | | | 保荐代表人姓名：凌陶 | 联系电话：010-60837689 | | 保荐代表人姓名：葛伟杰 | 联系电话：010-60838361 | 经中国证券监督管理委员会《关于核准凯盛科技股份有限公司非公开发行股 票的批复》（证监许可［2022］1820 号）核准，并经上海证券交易所同意，公 司于 2022 年 10 月 27 日向特定对象发行人民币普通股（A 股）180,722,891 股， 每股发行价格为 8.30 元，募集资金总额为 1,499,999,995.30 元，扣除各类发行费 用之后实际募集资金净额 1,487,004,827.69 元。大信会计师事务所（特殊普通合 伙）于 2022 年 10 月 28 日对凯盛科技股份有限公司向特定对象发行股票的资金 到位情况进行了审验，并出具了"大信验字［2022］第 2-00085 号"验资报告。 ...