Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 4.47 billion RMB in 2024, representing a year-over-year increase of 20%, but the net profit attributable to shareholders decreased by 45% to 180 million RMB [1] - The company plans to distribute a cash dividend of 0.1 RMB per share for 2024, with a payout ratio of 49% [1] - The company’s Q4 2024 net profit was lower than expected due to price pressure on certain products and increased management expenses [1] - In Q1 2025, the company reported a net profit of 90 million RMB, an increase of 81% year-over-year, although it was below the forecast of 100 million RMB [1][3] - The report highlights the successful expansion of the company's electronic materials and optical film products, with significant sales growth in both segments [2][3] Summary by Sections Financial Performance - In 2024, the company’s revenue was 4.47 billion RMB, with a net profit of 180 million RMB, and a non-recurring net profit of 120 million RMB [1] - The Q4 2024 net profit was -60 million RMB, a significant decline of 368% year-over-year [1] - For Q1 2025, the company’s net profit was 90 million RMB, showing a quarter-over-quarter increase of 267% [1][3] Product Performance - The electronic materials segment saw a sales volume increase of 51% year-over-year to 59,000 tons, despite a 14% decrease in average price to 18,000 RMB per ton [2] - The optical film segment optimized its product structure, achieving a sales volume increase of 11% year-over-year to 98,000 tons, with a 6% increase in average price to 12,000 RMB per ton [2] - The new energy materials segment added 1,500 tons/year of production capacity for ultra-thin electronic polypropylene film, with a sales volume increase of 11% year-over-year [2] Profit Forecast and Valuation - The report adjusts the net profit forecast for 2025 and 2026 to 470 million RMB and 570 million RMB, respectively, reflecting a decrease of 13% and 12% [4] - The estimated earnings per share (EPS) for 2025 is projected at 0.52 RMB, with a target price set at 10.92 RMB based on a 21x PE valuation for 2025 [4][8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.92 RMB [4][7][8] Core Views - The company reported a revenue of 4.47 billion RMB in 2024, a year-on-year increase of 20%, but the net profit attributable to shareholders decreased by 45% to 180 million RMB [1][4] - The company is experiencing pressure on net profit in 2024, primarily due to product price declines and increased management expenses, but it is successfully expanding its product offerings [1][2] - In Q1 2025, the company achieved a net profit of 90 million RMB, an increase of 81% year-on-year, driven by successful market expansion in high-voltage electrical polypropylene films and high-speed electronic resins [3][4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 4.47 billion RMB, with a net profit of 180 million RMB, down 45% year-on-year [1] - The Q4 2024 net profit was -60 million RMB, significantly lower than expected due to price pressures and reduced other income [1] - For Q1 2025, the company reported a net profit of 90 million RMB, up 81% year-on-year, with a significant increase in sales volume and average price in electronic materials [3] Product Segments - Electronic materials sales volume increased by 51% year-on-year to 59,000 tons, with revenue up 30% to 1.07 billion RMB despite a 14% decline in average price [2] - Optical film segment saw an 11% increase in sales volume to 98,000 tons, with revenue rising 17% to 1.13 billion RMB [2] - New energy materials segment added 1,500 tons/year of production capacity, with sales volume up 11% to 65,000 tons, but faced price competition leading to a 5% decline in average price [2] Profitability and Valuation - The report projects a decrease in net profit for 2025 and 2026 to 470 million RMB and 570 million RMB, respectively, due to ongoing price pressures [4] - The estimated EPS for 2025 is 0.52 RMB, with a projected PE ratio of 21 times for 2025, leading to a target price of 10.92 RMB [4][8]

Core Viewpoint - In 2024, Dongcai Technology achieved significant revenue growth, surpassing 4 billion yuan for the first time, driven by product structure optimization and expansion into emerging markets [1][2] Financial Performance - In 2024, Dongcai Technology reported a revenue of 4.47 billion yuan, a year-on-year increase of 19.6%, and a net profit of 181 million yuan, with a proposed cash dividend of 1 yuan per 10 shares [2] - For Q1 2025, the company achieved a revenue of 1.13 billion yuan, a year-on-year growth of 23.2%, and a net profit of 91.88 million yuan, up 81.2% [2][3] - The non-recurring net profit for Q1 2025 was 76.16 million yuan, reflecting a growth of 105.2% year-on-year [2] Product Performance - In Q1 2025, sales revenue for optical film materials reached 300 million yuan, up 43% year-on-year; polypropylene film sales were 110 million yuan, up 37%; and high-speed electronic resin sales were 112 million yuan, up 129% [3] - The optical film materials segment achieved a revenue of 1.129 billion yuan in 2024, marking a 17.4% increase and surpassing 1 billion yuan for the first time [4] Strategic Initiatives - Dongcai Technology's growth is attributed to its "1+3" product development strategy, focusing on innovation and efficiency improvements, particularly in optical films and electronic materials [4] - The company aims to ensure timely production and effectiveness of its industrial projects, including the construction of new production lines and technology upgrades [6] Market Position and Future Outlook - Dongcai Technology is one of the few domestic manufacturers capable of producing ultra-thin polypropylene films for new energy applications, filling a gap in the high-end film capacitor industry [5] - Analysts highlight the company's strong competitive advantages and growth potential, driven by the rapid development of electronic materials and new energy businesses [6][3] Digital Transformation - The company is actively leveraging digital intelligence to enhance innovation and upgrade its operations, including the establishment of a CRM digital marketing platform and a management data analysis platform [7]

Core Viewpoint - The company reported a revenue of 4.47 billion yuan for 2024, with a net profit attributable to shareholders of 181 million yuan, reflecting a significant decline in profitability due to market pressures in the renewable energy sector and increased competition [4][32]. Company Overview - The company specializes in the research, manufacturing, and sales of new chemical materials, focusing on products such as optical films, electronic materials, and environmentally friendly flame retardant materials, which are applicable in various industries including power generation, new energy vehicles, and consumer electronics [8][9]. Business Model - The company employs a "group management, industrial operation, and base operation" model, with three main centers for technology, management, and finance, and six operational bases across China [9][10]. Industry Analysis Renewable Energy Sector - The company produces key materials for solar and wind energy applications, with a reported 23% year-on-year increase in new renewable energy installations in China for 2024 [13][14]. - However, the company faced declining demand and prices for its solar backsheet and specialty epoxy resin products, leading to reduced profitability [14][32]. Transmission Sector - The company supplies materials for high-voltage transmission, benefiting from increased investment in power grid infrastructure, which saw a 15.3% year-on-year growth in 2024 [15][32]. Electronics Sector - The company manufactures electronic-grade resin materials for printed circuit boards (PCBs), with the market for AI servers and high-performance computing driving demand [22][23]. Optical Film Sector - The company produces optical-grade polyester films, with a growing market driven by the recovery in consumer electronics, including smartphones and tablets, which saw a 6.4% increase in global shipments in 2024 [18][19]. Environmental Flame Retardant Sector - The company develops environmentally friendly flame retardant materials, responding to increasing global demand for safety in textiles and construction materials [27][29]. Financial Performance - In 2024, the company achieved a revenue increase of 19.6% but experienced a 44.54% decline in net profit, indicating challenges in maintaining profitability amidst rising competition and market pressures [32][36]. - The proposed profit distribution plan includes a cash dividend of 1.00 yuan per 10 shares, totaling approximately 88.88 million yuan, which represents 87.77% of the net profit attributable to shareholders [39][40].

四川东材科技集团股份有限公司董事会审计委员会 对会计师事务所 2024 年度履行监督职责情况报告 四川东材科技集团股份有限公司（以下简称"公司"或"本公司"）聘请致同会计师事 务所（特殊普通合伙）（以下简称"会计师事务所"或"致同所"）作为公司 2024 年度的审 计机构。根据《中华人民共和国公司法》、《上市公司治理准则》及《国有企业、上市公司选 聘会计师事务所管理办法》等法规的相关要求，公司董事会审计委员会（以下简称"审计委 员会"）本着勤勉尽责的原则，恪尽职守，认真履职，现将审计委员会 2024 年度对致同所履 行监督职责的情况汇报如下： 成立日期：1981 年 注册地址：北京市朝阳区建国门外大街 22 号赛特广场五层 首席合伙人：李惠琦 执业证书颁发单位及序号：北京市财政局 NO 0014469 截至 2024 年末，致同所从业人员近六千人，其中合伙人 239 名，注册会计师 1,359 名， 签署过证券服务业务审计报告的注册会计师超过 400 人。 致同所 2023 年度业务收入 27.03 亿元，其中审计业务收入 22.05 亿元，证券业务收入 5.02 亿元。2023 年度上市公司审计客户 257 ...

一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并 如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行 监督。经理层负责组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、 高级管理人员保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容 的真实性、准确性和完整性承担个别及连带法律责任。 公司代码：601208 公司简称：东材科技 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 2024年度内部控制评价报告 四川东材科技集团股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简 称企业内部控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内 部控制日常监督和专项监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准 日）的内部控制有效性进行了评价。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真 实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅 能 ...

四川东材科技集团股份有限公司 关于续聘会计师事务所的公告 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 拟聘任的会计师事务所名称：致同会计师事务所（特殊普通合伙） | 证券代码：601208 | 证券简称：东材科技 | 公告编号：2025-035 | | --- | --- | --- | | 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(以下简称"公司"或"本公司")于 2025 年 4 月 23 日召开第六届董事会第十七次会议，审议通过了《关于续聘 2025 年度 审计机构的议案》，公司拟续聘致同会计师事务所（特殊普通合伙）（以下简称"致 同所"）为公司 2025 年度的审计机构，为公司及子公司提供财务报表和内部控 制的审计业务。该议案尚需提交公司 2024 年年度股东大会审议，并提请股东大 会授权公司管理层协商并签署相关服务协议，具体情况如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 会计师事务所名称：致同会计师事务所（特殊普通合伙） 成立日期：1 ...

中信建投证券股份有限公司关于 四川东材科技集团股份有限公司 2024 年度募集资金存放与实际使用情况的专项报告 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"）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 公开发行可转换公司债券的保荐人，并承接东材科技 2020 年非公开发行股票原 保荐人未完成的持续督导工作，对东材科技 2024 年度募集资金存放及使用情况 进行了审慎核查，情况如下： 一、募集资金基本情况 （一）募集资金到账情况 1、2020 年非公开发行股票募集资金 根据中国证券监督管理委员会核发的《关于核准四川东材科技集团股份有限 公司非公开发行股票的批复》（证监许可〔2021〕735 号），公司采用非公开发行 股票方式，向特定对象非公开发行人民币普通股 66,464,471 股，每股发行价格为 人民币 11.54 元，募集资金总额人民币 766,999,995.34 元，扣除承销费和保荐费 6,444,250.00 元（含税）（不含前期已支付费用 500,000.00 元）后的募集资金为人 民币 760,555,745.34 元，另扣减前期已支付的保 ...

关于独立董事独立性自查情况的专项报告 根据《上市公司独立董事管理办法》、《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 1 号-规范运作》等法规的相关要求，四川东材科技集团股份有 限公司(以下简称"公司")董事会就公司在任独立董事黄勇先生、钟胜先生、李双海先生的 独立性情况进行调查和评估，并出具如下专项意见： 一、独立董事独立性的自查情况 公司董事会于 2025 年 4 月 22 日收到独立董事黄勇先生、钟胜先生、李双海先生递交的 《关于独立董事独立性情况的自查报告》，上述三位独立董事均确认其不存在《上市公司独 立董事管理办法》第六条规定的不得担任独立董事的情形，即不属于： 四川东材科技集团股份有限公司董事会 8、法律、行政法规、中国证监会规定、证券交易所业务规则和公司章程规定的不具备 独立性的其他人员。 二、董事会关于独立董事独立性自查情况的专项意见 根据公司独立董事黄勇先生、钟胜先生、李双海先生出具的《关于独立董事独立性情况 1、公司或者公司附属企业任职的人员及其配偶、父母、子女、主要社会关系； 2、直接或者间接持有公司已发行股份百分之一以上或者是公司前十名股东中的自然人 股东及 ...

四川东材科技集团股份有限公司 董事会审计委员会 2024 年度履职情况报告 作为董事会专门工作机构，四川东材科技集团股份有限公司（以下简称"公司"）董事 会审计委员会（以下简称"审计委员会"）根据《上海证券交易所上市公司自律监管指引第 1 号-规范运作》、《公司章程》、《董事会审计委员会工作细则》等相关规定，为监督及评估 外部审计机构工作、指导内部审计工作、年报审计、内控体系建设、选聘外部审计机构、定 期报告编制等方面提供了重要的审核意见和建议，认真履行了审计委员会职责，现将有关履 职情况报告如下： 一、审计委员会基本情况 公司第六届董事会审计委员会由李双海先生、钟胜先生、熊玲瑶女士三名成员组成，主 任委员由具有注册会计师资格的独立董事李双海先生担任。 二、董事会审计委员会的会议召开情况 2024 年度，审计委员会共召开了 6 次会议，分别是： （一）审计委员会于 2024 年 1 月 25 日召开 2024 年第一次会议，审议并一致通过了《关 于向控股子公司山东艾蒙特提供借款暨关联交易的议案》和《关于公司 2023 年日常关联交 易执行情况及 2024 年日常关联交易情况预计的议案》。 （二）审计委员会于 ...