证券代码：601208 证券简称：东材科技 公告编号：2025-100 四川东材科技集团股份有限公司 第六届董事会第二十二次临时会议决议公告 二、审议通过了《关于终止募投项目部分产线并将剩余募集资金继续存放 在募集资金专户管理的议案》 表决结果为：7 票同意，0 票反对，0 票弃权。 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 董事会第二十二次临时会议通知于 2025 年 10 月 26 日以专人送达、通讯方式发 出，会议于 2025 年 10 月 31 日在公司会议室以现场与通讯相结合的方式召开。 本次会议应到董事 7 名，实到董事 7 名，会议由董事长唐安斌先生主持，公司全 体监事、高级管理人员列席了会议。本次会议的召集和召开符合《公司法》和《公 司章程》的有关规定。经与会董事认真审议并表决，通过了以下议案： 一、审议通过了《关于撤销<关于终止募投项目部分产线并将剩余募集资金 永久性补充流动资金的议案>的议案》 表决结果为：7 票同意，0 票反对，0 票弃权 ...

关于四川东材科技集团股份有限公司 终止募投项目部分产线 中信建投证券股份有限公司 并将剩余募集资金继续存放在募集资金专户管理的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为四川东材科技集团股份有限公司（以下简称"东材科技"或"公司"）2022 年度公开发行可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办 法》《上市公司募集资金监管规则》《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 1 号——规范运作》《上海证券交易所上市公司 自律监管指引第 11 号——持续督导》等相关法律、法规和规范性文件的规定， 对公司本次终止募投项目部分产线并将剩余募集资金继续存放在募集资金专户 管理事项进行了审慎核查，具体情况如下： 为规范公司募集资金管理和使用，保护投资者合法权益，公司及子公司已依 照相关规定将募集资金全部存放于募集资金专户，并与中信建投证券股份有限公 司、募集资金专户开户银行共同签订了《募集资金专户存储三方监管协议》。 二、募投项目的基本情况 （一）项目名称：年产 1 亿平方米功能膜材料产业化项目 （二）项目实施主体：四川东材新材料有限责任公司 ...

Core Viewpoint - Dongcai Technology is a leading domestic chemical new materials enterprise, focusing on the research and development of new insulation materials and demonstrating diversified technological and product advantages [1] Group 1: Business Performance - In Q3 2025, Dongcai Technology achieved a revenue of 3.803 billion, ranking 2nd in the industry, closely following the industry leader, with a significant lead over the industry average of 1.4 billion and median of 1.105 billion [2] - The company's net profit for the same period was 272 million, ranking 1st in the industry, surpassing the second-place competitor's profit of 203 million and the industry average of 36.166 million [2] Group 2: Financial Ratios - As of Q3 2025, Dongcai Technology's debt-to-asset ratio was 45.35%, down from 55.42% year-on-year, but still above the industry average of 33.88% [3] - The gross profit margin for the same period was 16.15%, an increase from 14.60% year-on-year, yet below the industry average of 18.54% [3] Group 3: Executive Compensation - The chairman, Tang Anbin, received a salary of 922,100, a decrease of 779,200 from the previous year [4] - The general manager, Li Gang, earned 998,100, down by 516,200 from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 60.68% to 52,300 [5] - The average number of circulating A-shares held per shareholder decreased by 29.34% to 19,500 [5] Group 5: Business Highlights - The company plans to distribute a cash dividend of 1.0 per 10 shares, with revenue growth driven by new capacity and strong performance in optical films and electronic materials [5] - The company has established supply relationships with several globally recognized copper-clad laminate manufacturers and is investing in related projects [5] - The projected net profits for 2025-2027 are adjusted to 400 million, 599 million, and 785 million, respectively, with a maintained "buy" rating [5]

Summary of the Conference Call for Dongcai Technology Company Overview - **Company**: Dongcai Technology (东材科技) - **Industry**: Special Chemicals - **Stock Code**: 601208.SS - **Market Capitalization**: Rmb 19.0 billion / US$ 2.67 billion - **Current Stock Price**: Rmb 18.71 (as of October 24, 2025) - **12-Month Target Price**: Rmb 22.50 (previously Rmb 18.00) [4][5] Key Points Financial Performance - **Q3 Net Profit**: Decreased by 6% to Rmb 92.62 million due to increased R&D and management expenses and a decline in profits from the photovoltaic backsheet film segment [1][2] - **Revenue from High-Frequency Resin**: Approximately Rmb 400 million in the first three quarters, with expectations to reach Rmb 600 million and Rmb 1 billion in 2025 and 2026, respectively [2][10] - **Optical Film Revenue Growth**: Expected to achieve a compound annual growth rate (CAGR) of 17% from 2026 to 2027, with a projected gross margin increase of 6 percentage points to 24% [3][10] Business Segments - **High-Frequency Resin**: - Continued growth with M9 level resin sales starting in September [1] - Anticipated doubling of sales for hydrocarbon and OPE resins, supporting a gross margin above 50% [2] - **Optical Film**: - Continuous optimization of product structure, with high-end optical film sales increasing [3] - The Q325 high-end optical film has reached sales of approximately 1,000 tons [3] Market Outlook - **BOPET Market**: - Supply and demand growth rates are expected to stabilize at 5% each in 2025, with no significant new capacity planned for 2026 [9][10] - **Net Profit Growth**: - Projected to achieve a CAGR of 46% from 2025 to 2027, driven by increased penetration of functional optical films and high-frequency resin sales [10][14] Valuation Adjustments - **Target Price Adjustment**: Increased from Rmb 18.00 to Rmb 22.50 based on revised revenue forecasts for high-frequency resins and expected net profit growth [4][10] - **Earnings Per Share (EPS) Forecast**: Adjusted for 2025-2027, with a decrease of 2-6% due to increased share capital from convertible bonds [4][10] Financial Metrics - **Projected Revenue**: Expected to grow from Rmb 5.41 billion in 2025 to Rmb 8.12 billion by 2029 [18] - **Net Profit Forecast**: Expected to rise from Rmb 451 million in 2025 to Rmb 1.388 billion by 2029 [18] - **Debt Metrics**: Net debt to EBITDA ratio projected at 3.2x for 2025 [5][18] Analyst Insights - **Investment Rating**: Maintained a "Buy" rating based on the company's growth potential in high-frequency resins and optical films [4][10] - **Market Position**: Dongcai Technology is positioned as a leading supplier in the high-frequency resin market, with expectations for valuation premium due to improving market conditions [14][15] Additional Considerations - **R&D and Management Expenses**: Increased expenses are a concern but are expected to support long-term growth [1] - **Market Conditions**: The overall market for optical films and resins is expected to improve, with limited new capacity in the near term [9][10] This summary encapsulates the key insights and financial projections discussed during the conference call for Dongcai Technology, highlighting the company's growth trajectory and market positioning within the special chemicals industry.

Market Performance - As of October 30, the PET copper foil sector declined by 2.41%, ranking among the top losers in the market. Notable declines included Hangdian Co., Ltd. which hit the daily limit down, and other companies like Longyang Electronics and Huicheng Vacuum also saw significant drops [1][2] - Among the stocks in the PET copper foil sector, 8 stocks experienced price increases, with Hongtian Co., Ltd. leading with a rise of 4.30%, followed by Oke Technology at 4.21% and Jingwei Huikai at 1.31% [1][2] Capital Flow - The PET copper foil sector saw a net outflow of 3.065 billion yuan in capital today, with 34 stocks experiencing net outflows. Six stocks had outflows exceeding 100 million yuan, with Xian Dao Intelligent leading at 1.455 billion yuan [1][2] - Other companies with significant net outflows included Tongguan Copper Foil at 266 million yuan, Jiejia Weichuang at 247 million yuan, and Defu Technology at 230 million yuan [1][2] Top Gainers and Losers - The top gainers in the PET copper foil sector included Jiemai Technology, Jiayuan Technology, and Jingwei Huikai, with net inflows of 33.05 million yuan, 27.88 million yuan, and 22.12 million yuan respectively [1][2] - Conversely, the top losers in terms of capital outflow included Xian Dao Intelligent, which saw a decline of 5.50%, and Longyang Electronics with a drop of 9.58% [1][2]

Market Overview - The plastic sector increased by 0.56% on October 29, with Dongcai Technology leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in Plastic Sector - Dongcai Technology (601208) closed at 21.48, up 5.92% with a trading volume of 1.18 million shares and a transaction value of 253.7 million yuan [1] - Hechang Polymer (920089) closed at 19.57, up 4.32% with a trading volume of 55,100 shares and a transaction value of 106 million yuan [1] - Meilian New Materials (300586) closed at 11.30, up 3.86% with a trading volume of 471,100 shares and a transaction value of 54 million yuan [1] Top Losers in Plastic Sector - Qide New Materials (300995) closed at 44.02, down 6.08% with a trading volume of 36,900 shares and a transaction value of 163 million yuan [2] - Yongli Co. (300230) closed at 5.15, down 3.20% with a trading volume of 385,100 shares and a transaction value of 198 million yuan [2] - Weisaibo (688718) closed at 14.37, down 2.84% with a trading volume of 27,600 shares and a transaction value of 39.99 million yuan [2] Capital Flow Analysis - The plastic sector experienced a net outflow of 311 million yuan from institutional investors, while retail investors saw a net inflow of 126 million yuan [2] - The top stocks with significant net inflows from retail investors include Yongli Co. with 24.64 million yuan and Hechang Polymer with 490,210 yuan [3] - Major stocks with net outflows from institutional investors include Stik (300806) with 71.76 million yuan and Wankai New Materials (301216) with 50.07 million yuan [3]

Core Insights - The plastic sector experienced a rise of 1.24% on October 28, with Dongcai Technology leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Plastic Sector Performance - Dongcai Technology (601208) closed at 20.28, up 9.98% with a trading volume of 1.0787 million shares and a transaction value of 2.121 billion [1] - Nanjing Julong (300644) closed at 36.36, up 8.60% with a trading volume of 156,100 shares and a transaction value of 570 million [1] - Meilian New Materials (300586) closed at 10.88, up 7.51% with a trading volume of 383,800 shares and a transaction value of 412 million [1] - Other notable performers include Sidi Ke (300806) up 5.02%, Henghe Precision (300539) up 4.19%, and Shangwei New Materials (688585) up 3.65% [1] Capital Flow Analysis - The plastic sector saw a net inflow of 194 million from institutional investors, while retail investors experienced a net outflow of 207 million [2] - Retail investors contributed a net inflow of 12.4718 million [2] Individual Stock Capital Flow - Dongcai Technology had a net inflow of 312 million from institutional investors, but a net outflow of 153 million from retail investors [3] - Henghe Precision (300539) saw a net inflow of 75.06 million from institutional investors, with a net outflow of 46.86 million from retail investors [3] - Sidi Ke (300806) had a net inflow of 45.96 million from institutional investors, while retail investors experienced a net outflow of 21.09 million [3]

Core Points - The Shanghai Composite Index closed at 3988.22 points, slightly below the five-day moving average with a change of -0.22% [1] - The total trading volume of A-shares reached 216.53 billion yuan, with 468 A-shares breaking above the five-day moving average [1] Summary by Category Stock Performance - Notable stocks with significant deviation from the five-day moving average include: - China Shipbuilding Industry Corporation (中船特气) with a deviation rate of 10.63% and a daily increase of 15.71% [1] - Haitong Development (海通发展) with a deviation rate of 8.36% and a daily increase of 10.04% [1] - Tietuo Machinery (铁拓机械) with a deviation rate of 8.15% and a daily increase of 11.69% [1] Trading Activity - The trading turnover rate for the top stocks breaking the five-day moving average varied, with: - Haitong Development showing a turnover rate of 19.72% [1] - Tietuo Machinery at 34.60% [1] - Other stocks like Tax Friend (税友股份) and Chengxing Shares (澄星股份) also showed notable trading activity [1] Market Trends - The overall market trend indicates a mixed performance with some stocks significantly outperforming the market average, while others are just above the five-day moving average [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 3.8 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 17.2%. The net profit attributable to shareholders was 280 million yuan, up 19.8% year-on-year, while the net profit excluding non-recurring items reached 230 million yuan, a significant increase of 45.1% year-on-year. In Q3 alone, the revenue was 1.37 billion yuan, reflecting a year-on-year growth of 22.1% and a quarter-on-quarter increase of 5.8% [2][7]. - The company plans to distribute a cash dividend of 1.0 yuan per 10 shares (tax included) [2][7]. - The new production capacity is driving rapid revenue growth, particularly in optical films and electronic materials, with strong downstream market demand [14]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 3.8 billion yuan, a 17.2% increase year-on-year. The net profit attributable to shareholders was 280 million yuan, up 19.8% year-on-year, and the net profit excluding non-recurring items was 230 million yuan, a 45.1% increase year-on-year. In Q3, the revenue was 1.37 billion yuan, with a year-on-year growth of 22.1% and a quarter-on-quarter increase of 5.8% [2][7]. - The gross profit margin for the first three quarters of 2025 was 16.2%, an increase of 1.6 percentage points year-on-year, while the net profit margin was 7.1%, up 0.3 percentage points year-on-year [14]. Business Development - The company is focusing on high-value-added products, benefiting from the development of new energy vehicles, AI, and high-performance computing. The company has established stable supply relationships with global leading manufacturers [14]. - The company is actively expanding its electronic materials market applications in AI and low-orbit satellite communications [14]. Market Outlook - The company is expected to maintain rapid growth, with projected net profits of 400 million yuan, 630 million yuan, and 870 million yuan for 2025, 2026, and 2027, respectively [14].

Group 1 - The PCB concept is experiencing a significant upward trend, with multiple companies seeing their stock prices surge [1] - Companies such as Jingwang Electronics and Dongcai Technology have reached the daily limit increase in stock prices [1] - Other companies like Helitai, Honghe Technology, and Dawi Shares also previously hit the daily limit, indicating strong market interest [1] Group 2 - Additional companies such as Aisen Shares, Shengyi Electronics, Chujian New Materials, Oat Technology, and Founder Technology have also seen notable stock price increases [1]