Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Views - The company reported Q3 2024 results showing revenue of 3.245 billion yuan, a year-on-year increase of 15%, but a net profit decline of 23% to 236 million yuan, indicating pressure on profitability due to intensified competition in specific product segments [6][7] - The company is experiencing challenges in its epoxy resin and photovoltaic backsheet film businesses, which are impacting overall performance, while high-frequency and high-speed resin products are showing growth potential [6][7] - Future profit forecasts for 2024-2026 have been adjusted downwards due to ongoing pressures in certain product lines, with expected net profits of 331 million, 451 million, and 593 million yuan respectively [6][7] Summary by Sections Market Data - Closing price: 8.72 yuan - One-year high/low: 13.09/6.12 yuan - Market capitalization: 3,299.70 million yuan [3][4] Financial Performance - Q3 2024 revenue: 3.245 billion yuan (YoY +15%) - Q3 2024 net profit: 236 million yuan (YoY -23%) - Q3 2024 gross margin: 14.51%, down 2.96 percentage points YoY [6][7] Product Segments - Electronic materials: Q3 sales of 13,800 tons, revenue of 268 million yuan, with a price increase of 10% [6] - New energy materials: Q3 sales of 12,500 tons, revenue of 305 million yuan, with a significant decline in photovoltaic backsheet film orders [6] - Optical film materials: Q3 sales of 27,700 tons, revenue of 329 million yuan, showing recovery in the market [6] Future Outlook - The company plans to invest 700 million yuan to expand production capacity for high-speed communication substrate materials, which could generate annual sales of approximately 2 billion yuan [6] - Adjusted profit forecasts reflect ongoing challenges in the epoxy and phenolic resin segments, with no immediate improvement expected in the photovoltaic backsheet film market [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.123 billion yuan for Q3 2024, representing a year-on-year growth of 12.67% but a quarter-on-quarter decline of 6.52% [1] - The net profit attributable to the parent company was 76 million yuan, down 10.71% year-on-year and 29.99% quarter-on-quarter, with a gross margin of 14.51%, a decrease of 1.61 percentage points [1] - The company is focusing on the optical film sector, which is performing well, while facing intensified competition in the photovoltaic and epoxy resin markets [1] - The company is expanding its electronic materials segment, with new production capacities being gradually introduced, which is expected to enhance growth potential [1] Financial Summary - For 2024, the company is projected to achieve a net profit of 345 million yuan, with a year-on-year growth rate of 4.8% [2] - Revenue is expected to grow to 4.231 billion yuan in 2024, reflecting a 13.2% increase [4] - The gross margin is forecasted to be 16.4% in 2024, with a slight decline from 19.0% in 2023 [7] - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 22.70, 16.62, and 12.90 respectively [2][4] Sales Volume and Price Changes - Sales volumes for various materials in Q3 2024 were as follows: electrical insulation materials (145,000 tons), new energy materials (125,000 tons), optical film materials (277,000 tons), electronic materials (138,000 tons), and environmentally friendly flame retardant materials (36,000 tons) [1] - Price changes for Q3 2024 were: electrical insulation materials (0.90 million yuan/ton, down 6.43%), new energy materials (2.44 million yuan/ton, up 22.04%), optical film materials (1.19 million yuan/ton, up 2.61%), electronic materials (1.94 million yuan/ton, up 9.54%), and environmentally friendly flame retardant materials (0.96 million yuan/ton, down 2.45%) [1]

在下滑那接下来呢我们可能把先把这个时间交给陈总让陈总给大家这个啊详细的这个解读一下整个这个三季度啊公司在这个各个板块的一些经营情况然后咱们再进入到这个问答的环节那这个是先把时间交给陈总陈总好的正常好感谢香港会员感谢 三级报业绩交流会的投资者 红利下降了23% 从一到九月份就前三纪录公司整体是实现了32.45亿元的收入同比去年是增加了4.2亿元的收入将近15个点的增长来自于销量的增加这几年我们在一些新的产业化项目的投入 光复配板机膜产能的增加还有就是这个聚敏器薄膜产线的增加第二就是这个光学膜材料光学膜材料应该说这几年我们应该说一直持续的在筹建去年有这个G6线和G8线的这个投产今年有G7G9线的投产电子材料板块呢 这个应该说是我们近几年新投的产业化项目应该说在这几年这个入学投产带来的这个就是产能的足够释放带来的这个销量的这个增加但是呢 那么其中一个是这个飞机飞机是7600万那么同比去年是减少了4300多万这个主要原因是我们去年是有些这个资产处置所以这个去年的整体这个飞机到三级路的时候差不多有1.2万亿今年的7600万 减少那么从控肥的角度一到九月份总体实现了1.6亿比去年同期一到九月份减少了2600多万这个是有1 ...

在下滑那接下来呢我们可能把先把这个时间交给陈总让陈总给大家这个啊详细的这个解读一下整个这个三季度啊公司在这个各个板块的一些经营情况然后咱们再进入到这个问答的环节那这个是先把时间交给陈总陈总好的正常好感谢香港会员感谢 三级报业绩交流会的投资者 红利下降了23% 从一到九月份就前三纪录公司整体是实现了32.45亿元的收入同比去年是增加了4.2亿元的收入将近15个点的增长来自于销量的增加这几年我们在一些新的产业化项目的投入 光复配板机膜产能的增加还有就是这个聚敏器薄膜产线的增加第二就是这个光学膜材料光学膜材料应该说这几年我们应该说一直持续的在筹建去年有这个G6线和G8线的这个投产今年有G7G9线的投产电子材料板块呢 这个应该说是我们近几年新投的产业化项目应该说在这几年这个入学投产带来的这个就是产能的足够释放带来的这个销量的这个增加但是呢 那么其中一个是这个飞机飞机是7600万那么同比去年是减少了4300多万这个主要原因是我们去年是有些这个资产处置所以这个去年的整体这个飞机到三级路的时候差不多有1.2万亿今年的7600万 减少那么从控肥的角度一到九月份总体实现了1.6亿比去年同期一到九月份减少了2600多万这个是有1 ...

| 证券代码：601208 | 证券简称：东材科技 | 公告编号：2024-101 | | --- | --- | --- | | 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 关于部分募集资金专户销户的公告 序号 账户名称 开户银行 账号 备注 1 东材科技 中国工商银行股份有限公司绵阳游仙支行 2308413129100204867 已销户 2 东材科技 中国工商银行股份有限公司绵阳游仙支行 2308413129100204991 已销户 3 东材科技 上海浦东发展银行股份有限公司绵阳分行 50010078801200000424 已销户 4 山东艾蒙特 上海浦东发展银行股份有限公司绵阳分行 50010078801400000423 已销户 5 东材新材 中国工商银行股份有限公司绵阳游仙支行 2308413129100262402 正常使用 6 东材新材 上海浦东发展银行股份有限公司绵阳分行 50010078801800000560 本次注销 7 成都东材 浙商银行股份有限公司成都分行 6510000010120101001328 正常使用 8 成都东材 中国工商银 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,123,201,891.69, representing a year-on-year increase of 12.67%[2] - The net profit attributable to shareholders for Q3 2024 was ¥76,375,381.27, a decrease of 10.71% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥50,789,527.66, down 23.03% year-on-year[2] - Total operating revenue for the first three quarters of 2024 reached ¥3,245,352,849.69, a 14.8% increase from ¥2,825,844,572.81 in the same period of 2023[20] - Operating profit decreased to ¥245,891,024.00, down 28.5% from ¥343,410,381.62 year-on-year[20] - Net profit for the first three quarters of 2024 was ¥222,533,350.26, a decline of 24.2% compared to ¥293,644,354.15 in 2023[21] - Basic earnings per share decreased to ¥0.26 from ¥0.33, reflecting a 21.2% drop[21] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥10,620,630,804.49, reflecting a 6.99% increase from the end of the previous year[3] - As of September 30, 2024, total assets reached RMB 10.62 billion, an increase from RMB 9.93 billion as of December 31, 2023, representing a growth of approximately 6.5%[18] - Current assets totaled RMB 3.84 billion, up from RMB 3.55 billion, indicating an increase of about 8.2%[18] - Total liabilities increased to RMB 5.89 billion from RMB 5.21 billion, reflecting a growth of approximately 12.9%[19] - The company's equity attributable to shareholders reached RMB 4.60 billion, slightly up from RMB 4.57 billion, showing a growth of about 0.2%[19] Cash Flow - The company reported a net cash flow from operating activities of -¥43,119,027.97 for the year-to-date, which is a 67.33% increase compared to the same period last year[6] - Cash flow from operating activities showed a net outflow of ¥43,119,027.97, an improvement from a net outflow of ¥131,982,608.46 in the previous year[23] - Cash inflow from operating activities totaled ¥2,728,815,142.71, up from ¥2,106,266,214.41 in 2023[23] - The net cash flow from investing activities was -615,768,370.33 CNY, compared to -281,904,843.36 CNY in the previous year, indicating a decline in investment performance[24] - The total cash inflow from financing activities increased to 1,887,491,304.07 CNY, up from 1,739,724,751.95 CNY year-over-year[24] - The net cash flow from financing activities improved significantly to 484,051,306.09 CNY, compared to -7,813,972.06 CNY in the same period last year[24] - The company experienced a net decrease in cash and cash equivalents of -174,905,327.30 CNY, compared to -421,201,726.99 CNY in the previous year[24] Shareholder Activities - The total number of ordinary shareholders at the end of the reporting period was 35,151[7] - The company issued 14 million convertible bonds with a total amount of RMB 140 million, which began trading on December 12, 2022, and has a conversion period starting from May 22, 2023, with a total conversion amount of RMB 86,000 by the end of the reporting period[11] - The company repurchased a total of 7,934,891 shares, accounting for 0.8848% of the total share capital, with a total payment of RMB 69,992,758.87, at a maximum price of RMB 10.46 per share and a minimum price of RMB 6.63 per share[12] - The actual controller's action party, Gaojin Fuheng Group, increased its holdings by 5,658,600 shares, accounting for 0.6310% of the total share capital, with an investment amount of RMB 50,004,234.00[14] - Another action party, Yuan Chengcheng, increased his holdings by 5,749,800 shares, accounting for 0.6412% of the total share capital, with an investment amount of RMB 47,974,745.00[15] - A total of 9 directors, supervisors, and senior management personnel planned to increase their holdings with a total investment amount between RMB 4 million and RMB 8 million, and by the end of the reporting period, they had increased their holdings by 553,300 shares, accounting for 0.0617% of the total share capital[16] Operational Challenges and Developments - The company faced challenges in the photovoltaic and epoxy resin supply chain, leading to a decline in gross margins for certain products[3] - The company’s new industrial projects in new energy materials, optical film materials, and electronic materials have contributed to a revenue increase of 14.85% year-to-date[3] - The company has ongoing investments in new technologies and market expansion strategies, although specific figures were not disclosed in the report[19] Research and Development - Research and development expenses were ¥140,418,041.55, down 8.5% from ¥153,530,234.83 in the same period last year[20] Other Income and Expenses - Total operating costs increased to ¥3,102,564,310.20, a rise of 18.1% from ¥2,625,945,747.30[20] - Other income rose to ¥83,539,444.73, compared to ¥60,619,971.17 in the previous year, marking a 37.6% increase[20] - Investment income increased to ¥21,394,642.19, up from ¥17,999,563.30, reflecting an 18.5% growth[20]

| | | 四川东材科技集团股份有限公司 2024 年前三季度主要经营数据公告 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。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信息披露》之 《第十三号——化工》的相关规定，四川东材科技集团股份有限公司（以下简称 "公司"或"本公司"）现将 2024 年前三季度的主要经营数据，披露如下： 二、主要产品的价格变动情况（不含税） | 主要产品 | 单位 | 2024 年 | 1-9 月 | 2023 年 | 1-9 月 | 变动比例（%） | | --- | --- | --- | --- | --- | --- | --- | | | | 平均售价 | | | 平均售价 | | | 电工绝缘材料 | 元/吨 | | 9,525.03 | | 11,677.43 | -18.43 | | 新能源材料 | 元/吨 | | 19,959.66 | | 23,309.04 | -14.37 | | 光学膜材料 | 元/吨 | | 11,712.85 | | 11,029.35 | 6. ...

| 回购方案首次披露日 | 2024/1/27，由公司董事长提议 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 日~2025 月 2024 1 | 25 | 年 | 1 | 24 | 日 | | 预计回购金额 | 5,000 万元~10,000 万元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 7,934,891 股 | | | | | | | 累计已回购股数占总股本比例 | 0.8848% | | | | | | | 累计已回购金额 | 69,992,758.87 元 | | | | | | | 实际回购价格区间 | 6.63 元/股~10.46 元/股 | | | | | | 一、回购股份的基本情况 公司于 2024 年 1 月 25 日召开第六届董事会第八次会议，审议通过了《关于 以集中竞价交易方式回购股份方案的议案》，同意公司以不低 ...

关于 2024 年第三季度可转债转股结果暨股份变动公告 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。 累计转股情况："东材转债"自 2023 年 5 月 22 日开始进入转股期。截 至 2024 年 9 月 30 日，"东材转债"的累计转股金额为 86,000 元，因转股形成 的股份数量为 7,341 股，占"东材转债"转股前公司股本总额 917,710,612 股的 0.0008%。 | 证券代码：601208 | 证券简称：东材科技 | 公告编号：2024-099 | | --- | --- | --- | | 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 未转股可转债情况：截至 2024 年 9 月 30 日，"东材转债"尚未转股的 金额为 1,399,914,000 元，占"东材转债"发行总量的 99.9939%。 本季度转股情况：2024 年第三季度，"东材转债"的转股金额为 15,000 元，因转股形成的股份数量为 1,289 股，占"东材转债"转股前公司股本总额 917,710 ...

关于使用闲置募集资金进行现金管理的进展公告 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。 | 证券代码：601208 | 证券简称：东材科技 | 公告编号：2024-097 | | --- | --- | --- | | 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 在保证募投项目施工进度和资金需求的前提下，公司拟合理使用部分暂时 闲置的募集资金进行现金管理，可有效降低募集资金闲置成本，提升募集资金 的保值增值能力，增加公司投资收益。 （二）资金来源 1、本次现金管理的资金来源为公司暂时闲置的募集资金。 重要内容提示 现金管理受托方：中国工商银行股份有限公司绵阳游仙支行 现金管理金额：10,000万元（人民币） 现金管理产品名称：中国工商银行挂钩汇率区间累计型法人人民币结构 性存款产品-专户型2024年第390期J款 现金管理期限：31天 履行的审议程序：2024年1月25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八次会议和第六届监 事会第七次会议， ...