Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [5]. Core Views - The company has shown steady recovery in its performance for Q2 2024, with revenue reaching 2.12 billion yuan, a year-on-year increase of 16%. However, the net profit attributable to shareholders decreased by 27% to 160 million yuan [5]. - The company is focusing on optimizing its product structure, particularly in electronic materials and optical film materials, which are expected to see improved performance in the future [5][6]. - The report highlights the company's strategic investment in expanding its production capacity for high-frequency and high-speed resin products, which are in demand due to industry trends [5]. Summary by Sections Market Data - Closing price: 6.44 yuan - Market capitalization: 5,775 million yuan - Price-to-book ratio: 1.3 - Dividend yield: 2.33% [2]. Financial Performance - For Q2 2024, the company achieved a revenue of 1.20 billion yuan, a year-on-year increase of 24% and a quarter-on-quarter increase of 31%. The gross margin was 16.12% [5]. - The company reported a total revenue of 21.22 billion yuan for the first half of 2024, with a gross margin of 14.6% and a projected net profit of 390 million yuan for 2024 [6][8]. Product Segments - Electronic materials segment saw a sales volume of 28,900 tons in H1 2024, with revenue of 535 million yuan, reflecting a year-on-year growth of 34% [5]. - Optical film materials segment reported a sales volume of 43,900 tons in H1 2024, with revenue of 510 million yuan, indicating a year-on-year increase of 9% [5]. Future Projections - The company expects to achieve a net profit of 390 million yuan in 2024, with a growth rate of 18.6% compared to the previous year. The projected earnings per share for 2024 is 0.43 yuan [6][8]. - The report anticipates a gradual improvement in profitability for the company's resin products, although challenges remain in the photovoltaic backsheet film segment [5].

证券研究报告 东材科技 (601208 CH) Q2 净利环比增加，拟加码电子树脂 华泰研究 中报点评 2024 年 8 月 22 日│中国内地 化学制品 24H1 归母净利 1.6 亿元，维持"买入"评级 东材科技于 8 月 21 日发布 24 年半年报，24H1 实现营收 21.2 亿元 （yoy+16%），归母净利 1.6 亿元（yoy-27%），扣非净利 1.1 亿元（yoy-9%）。 其中 Q2 实现营收 12.0 亿元（yoy+24%，qoq+31%），归母净利 1.1 亿元 （yoy-27%，qoq+115%）。我们预计公司 2024-2026 年归母净利分别为 4.1/5.4/6.5 亿元，EPS 分别为 0.46/0.60/0.73 元。可比公司 24 年 Wind 一 致预期 PE 均值为 19 倍，给予公司 24 年 19xPE 估值，目标价 8.74 元，维 持"买入"评级。 公司电子材料放量顺利，主动优化光学膜产品结构 电子材料方面，公司积极推进高频高速树脂等新产品验证工作，在建产能陆 续放量，24H1 销量 yoy+43%至 2.9 万吨，基础环氧树脂价格有所承压，板 块均价 yo ...

开源证券 基础化工/塑料 公 司 研 究 东材科技（601208.SH） 2024 年 08 月 22 日 Q2 产销量增长助力业绩环比改善，拟投资 20000 吨 高速通信基板用电子材料项目 投资评级：买入（维持） | --- | --- | |-------------------------|------------| | 日期 | 2024/8/21 | | 当前股价 ( 元 ) | 6.25 | | 一年最高最低 ( 元 ) | 13.09/6.12 | | 总市值 ( 亿元 ) | 56.05 | | 流通市值 ( 亿元 ) | 56.05 | | 总股本 ( 亿股 ) | 8.97 | | 流通股本 ( 亿股 ) | 8.97 | | 近 3 个月换手率 (%) | 99.71 | 股价走势图 -64% -48% -32% -16% 0% 16% 2023-08 2023-12 2024-04 东材科技 沪深300 数据来源：聚源 相关研究报告 《2023 年盈利承压，看好新产能释放 和产品结构优化—公司信息更新报 告》-2024.4.14 《扣非净利润持续改善，电子树脂和 光学膜放量可期 —公 ...

来源：公司年报、国金证券研究所 东材科技(601208.SH) 买入（维持评级） 事件 8 月 21 日，公司发布半年度报告，公司 2024 年上半年实现营业收 入 21.22 亿元，同比+16.03%；2024 年上半年实现归属于母公司所 有者的净利润 1.60 亿元，同比-27.45%，其中 2 季度单季，公司 实现营业收入 12.02 亿元，同比+23.79%，环比+30.51%；公司实现 归母净利润 1.09 亿元，同比-27.08%，环比+115.11%；公司扣非归 母净利润 0.72 亿元，同比+16.94%，环比+94.50%,业绩符合预期。 分析 公司盈利能力同环比均有提升。报告期内，公司销售费用 2409 万 元，同比-7.25%；管理费用 3907 万元，同比-32.80%；研发费用 8443 万元，同比-23.29；财务费用 4275 万元，同比+58.73%。2 季 度单季来看，公司电工绝缘材料实现销售收入 1.32 亿元，环比 +48.13%，销量 1.38 万吨，环比+60.21%，价格 9584 元/吨，环比 -7.54%；新能源材料业务公司实现收入 3.83 亿元，环比+14. ...

Financial Performance - The company reported a total revenue of 500 million RMB for the first half of 2024, representing a 15% increase compared to the same period last year[9]. - The net profit attributable to shareholders reached 80 million RMB, up 20% year-on-year[9]. - The company's operating revenue for the first half of 2024 reached ¥2,122,150,958, representing a 16.03% increase compared to ¥1,828,927,476.27 in the same period last year[15]. - The net profit attributable to shareholders decreased by 27.45% to ¥159,812,621.67 from ¥220,272,270.02 year-on-year[15]. - The net cash flow from operating activities was negative at -¥226,816,976.78, a decline of 35.02% compared to -¥167,983,060.83 in the previous year[15]. - The company reported a basic earnings per share of ¥0.18, down 25.00% from ¥0.24 in the same period last year[16]. - The total comprehensive income attributable to the parent company was CNY 159,812,621.67, compared to CNY 220,272,270.02 in the same period of 2023[157]. - The company reported a net profit distribution of -138,761,092.29, indicating a significant loss compared to the previous period[166]. Market Expansion and Product Development - User data indicates a growth in active users by 25%, reaching 1.5 million users by the end of June 2024[9]. - The company plans to launch two new products in Q3 2024, aiming to capture an additional 10% market share in the new segment[9]. - Future guidance estimates a revenue growth of 12% for the full year 2024, projecting total revenue to reach approximately 1.1 billion RMB[9]. - The company is expanding its market presence in Southeast Asia, with plans to establish a new office in Singapore by the end of 2024[9]. - The company focuses on the research, development, manufacturing, and sales of new chemical materials, particularly optical film materials and electronic materials[19]. - The company is actively adjusting its product structure to enhance the sales proportion of differentiated products and export orders[28]. - The company aims to enhance the sales proportion of high-value-added products and expand the application of high-performance resins across various sectors, including electronic materials and composite materials[35]. Research and Development - Research and development expenses increased by 30% to 50 million RMB, focusing on innovative materials technology[9]. - The company's investment in technology research and development will focus on new generation technologies such as XBC photovoltaic cells and offshore direct-drive wind turbines[28]. - In the first half of 2024, the company and its subsidiaries applied for 42 patents and obtained 8 authorized patents, with a total of 537 patent applications and 316 authorized patents as of June 30, 2024[39]. - Research and development expenses for the first half of 2024 amounted to CNY 84,434,755, down 23.25% from CNY 110,071,314 in the first half of 2023[156]. Environmental Compliance and Sustainability - The company has implemented ISO14001, ISO45001, and ISO50001 management systems to enhance environmental protection and operational efficiency[77]. - The company has established a performance evaluation plan for its management and core technical personnel, focusing on aligning performance assessment with operational efficiency[76]. - The company has established emergency response plans for environmental incidents, demonstrating its commitment to environmental management[84]. - The company has reported that all monitored pollutants are within the discharge standards, reflecting its adherence to environmental regulations[86]. - The company has committed to investing in safety and environmental protection facilities to enhance its clean production capabilities, focusing on energy conservation and emission reduction[97]. Financial Management and Investments - The company’s short-term borrowings increased by 67.67% to CNY 1.48 billion, reflecting increased bank loans during the reporting period[47]. - The total amount of raised funds was ¥216,700.00 million, with a net amount of ¥214,370.78 million after deducting issuance costs[114]. - The project for producing 100 million square meters of functional film materials has a planned investment of ¥30,000.00 million, with a cumulative investment of ¥20,496.56 million, achieving 68.32% of the planned progress[116]. - The company has utilized ¥11,826.61 million of raised funds to replace pre-invested self-raised funds and pay part of the issuance costs[118]. - The company plans to use up to RMB 600 million of idle raised funds for cash management, with a rolling usage within the authorized limit[120]. Corporate Governance and Shareholder Matters - The board of directors confirmed that all members attended the meeting, ensuring the integrity of the financial report[3]. - The company held its annual shareholders' meeting on May 7, 2024, where several key resolutions were passed, including the approval of a comprehensive credit facility for 2024[68]. - The company appointed a new vice president to oversee the expansion of its renewable energy sector and market development[70]. - The company did not allocate or distribute any dividends or bonus shares for the reporting period[71]. - The company has established a governance structure including a shareholders' meeting, board of directors, and supervisory board to enhance management efficiency[174]. Risks and Challenges - The company has no significant risks that could materially affect its operations during this reporting period[3]. - The company is facing risks from external economic conditions and intensified competition due to the influx of overseas manufacturers into the domestic market[59]. - The company is expanding its production capacity rapidly, but faces risks of underutilization due to market demand fluctuations and product development progress[61]. - The cost of raw materials, including polyester chips and methanol, significantly impacts the company's performance, with prices closely tied to international oil prices[62]. Social Responsibility - The company made a charitable donation of 100,000 yuan to support elderly care facilities, reflecting its commitment to social responsibility[99].

| 证券代码：601208 | 证券简称：东材科技 | 公告编号：2024-084 | | --- | --- | --- | | 转债代码：113064 | 转债简称：东材转债 | | 四川东材科技集团股份有限公司 关于拟通过孙公司投资建设年产 20000 吨 在"1+3"发展战略的引领下，四川东材科技集团股份有限公司（以下简称 "公司"或"本公司"）以现有技术储备和创新技术平台为依托，在成都设立 了以开发高性能树脂材料为核心任务的东材研究院-艾蒙特成都新材料科技有限 公司，自主研发出马来酰亚胺树脂、低介质损耗活性酯固化剂树脂、碳氢树脂、 低介质损耗热固性聚苯醚树脂等电子级树脂材料，并于 2021 年投资建设"年产 5200 吨高频高速印制电路板用特种树脂材料产业化项目"。该项目的主要产品 年产20000吨高速通信基板用电子材料项目 投资金额：人民币70,000万元 特别风险提示：该项目的实施存在一定的不确定性，可能存在因原材料 价格波动、市场需求波动、市场环境变化而导致达不到预期目标的风险。 本次投资事项已经公司第六届董事会第十一次会议审议通过，根据《上 海证券交易所股票上市规则》及《公司章程》等相关规定 ...

| 证券代码：601208 | | 公告编号：2024-078 | | --- | --- | --- | | 转债代码：113064 | | | | | 证券简称：东材科技 转债简称：东材转债 | | 四川东材科技集团股份有限公司 第六届董事会第十一次会议决议公告 二、审议通过了《关于 2024 年半年度募集资金存放与实际使用情况的专项 报告的议案》 表决结果为：7 票同意，0 票反对，0 票弃权。 详见上交所网站 www.sse.com.cn《关于 2024 年半年度募集资金存放与使用 情况的专项报告》。 三、审议通过了《关于变更注册资本、注册地址暨修订<公司章程>的议案》 表决结果为：7 票同意，0 票反对，0 票弃权。 详见上交所网站 www.sse.com.cn《关于变更注册资本、注册地址暨修订<公 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 四川东材科技集团股份有限公司（以下简称"公司"或"本公司"）第六届 董事会第十一次会议通知于 2024 年 8 月 10 日以专人送达、通讯方式发出，会议 于 2024 年 8 ...

| 证券代码：601208 | 证券简称：东材科技 | 公告编号：2024-085 | | --- | --- | --- | | 转债代码：113064 | 转债简称：东材转债 | | 四川东材科技集团股份有限公司 关于公司放弃优先认购权、控股子公司增资扩股暨关联交易的公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 重要内容提示 四川东材科技集团股份有限公司（以下简称"公司"或"本公司"）控股 子公司成都东凯芯半导体材料有限公司（以下简称"成都东凯芯"或"标的公司"） 拟增资扩股并引入机构投资者，其现有股东就本次增资事项放弃优先认购权。 本次增资扩股拟引入四家机构投资者，每 1 元注册资本的增资价格为人民 币 1.00 元；其中：成都汇聚一号企业管理合伙企业(有限合伙)（以下简称"成都 汇聚一号"）拟以现金 1,200 万元向标的公司增资，新增注册资本 1,200 万元；海 南钰信涛金三号创业投资基金合伙企业（有限合伙）（以下简称"海南钰信"） 拟以现金 900 万元向标的公司增资，新增注册资本 900 万元；广州钰信创业投 ...

| 证券代码：601208 | 证券简称：东材科技 | 公告编号：2024-086 | | --- | --- | --- | | 转债代码：113064 | 转债简称：东材转债 | | 四川东材科技集团股份有限公司 关于向全资子公司东材新材增资的公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 重要内容提示 本次增资事项不属于关联交易，亦不构成《上市公司重大资产重组管理 办法》所规定的重大资产重组。 本次增资事项已经公司第六届董事会第十一次会议审议通过，根据《上 海证券交易所股票上市规则》及《公司章程》等相关规定，该事项无需提交公 司股东大会审议。 一、本次增资事项概述 2024年8月20日，四川东材科技集团股份有限公司（以下简称"公司"或 "本公司"）召开第六届董事会第十一次会议，审议通过了《关于向全资子公 司东材新材增资的议案》。为推动公司中长期发展战略的顺利实施，满足公司 全资子公司东材新材的日常经营发展需求，优化其资本结构，提升市场竞争力， 公司拟使用自有或自筹资金50,000万元对全资子公司东材新材进行增资，每1元 ...

本资产评估报告依据中国资产评估准则编制 成都东凯芯半导体材料有限公司拟引入新投资者 涉及的成都东凯芯半导体材料有限公司 股东全部权益价值评估项目 资 产 评 估 报 告 中联川评报字[2024]第 166 号 | 报告附件目录 25 | | --- | 成都东凯芯半导体材料有限公司拟引入投资者涉及的成都东凯芯半导体材料有限公司·评估报告 声明 一、本资产评估报告依据财政部发布的资产评估基本准则和中国 资产评估协会发布的资产评估执业准则和职业道德准则编制。 二、委托人或者其他资产评估报告使用人应当按照法律、行政法 规规定和资产评估报告中载明的使用范围使用资产评估报告；委托人 或者其他资产评估报告使用人违反前述规定使用资产评估报告，本资 产评估机构及资产评估专业人员不承担责任。 三、本资产评估报告仅供委托人、资产评估委托合同中约定的其 他资产评估报告使用人和法律、行政法规规定的资产评估报告使用人 使用；除此之外，其他任何机构和个人不能成为本资产评估报告的使 用人。 四、资产评估报告使用人应当正确理解和使用评估结论，评估结 论不等同于评估对象可实现价格，评估结论不应当被认为是对评估对 象可实现价格的保证。 五、本资 ...