| 证券代码：601208 | 证券简称：东材科技 | 公告编号：2025-041 | | --- | --- | --- | | 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 关于召开 2024 年度业绩说明会的公告 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： （网址：http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络互动 投资者可于 2025 年 5 月 6 日（星期二）至 5 月 12 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系 邮箱 investor@emtco.cn 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 四川东材科技集团股份有限公司（以下简称"公司"或"本公司"）已于 2025 年 4 月 25 日发布公司 2024 年年度报告，为便于广大投资者更全面深入地了解公 司 2024 年度的经营成果和财务状况，公司计划于 2025 年 ...

| 证券代码：601208 | 证券简称：东材科技 | 公告编号：2025-042 | | --- | --- | --- | | 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。 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2025年第159期B款 现金管理期限：27天 履行的审议程序：2025年1月9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十四次会议和第六届监事 会第十一次会议，审议通过了《关于使用闲置募集资金进行现金管理的议案》， 同意公司及子公司在保证募集资金投资项目（以下简称"募投项目"）施工进 度和资金需求的前提下，使用不超过人民币1.2亿元的闲置募集资金进行现金管 理，上述授权额度范围内，资金可滚动使用；现金管理期限为自公司董事会审 议批准之日起12个月内有效。 一、本次 ...

Investment Rating - The report maintains a "Buy" rating for specific companies in the chemical industry, particularly in the compound fertilizer and pesticide sectors, while recommending "Hold" for others [17]. Core Insights - The chemical industry is experiencing an optimization in supply and demand dynamics, leading to a recovery in the compound fertilizer, metal chromium, and niche pesticide markets. The report highlights investment opportunities in undervalued high-growth companies [3][4]. - The report emphasizes the positive performance of listed companies in Q1 2025, particularly in the compound fertilizer sector, and suggests focusing on companies like Xin Yang Feng, Stanley, and Yun Tu Holdings for investment opportunities [3][4]. - The report notes that metal chromium prices have surged to 75,000 CNY/ton, a week-on-week increase of 7,500 CNY/ton, driven by rising demand from the stainless steel sector and new military spending in Europe [3][4]. - The agricultural chemical market is entering its traditional peak season, with stable trading volumes for seasonal crop pesticides. Specific products like Acetochlor and Avermectin are seeing price increases, with recommendations for companies like Xian Da and Li Min [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions in the chemical sector indicate a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium term [4][6]. - The chemical industry PPI data shows a gradual recovery from negative values, with March 2025 PPI at -2.8% year-on-year, indicating a potential bottoming out of the cycle [6][8]. Fertilizer and Pesticide Sector - The report highlights that the domestic urea price is currently at 1,800 CNY/ton, with a slight week-on-week decline of 0.6%. The compound fertilizer sector is experiencing a decrease in operating rates, leading to increased inventory levels [10]. - The pesticide market is witnessing a seasonal peak, with stable trading volumes and price adjustments in various pesticide products, including a price increase for Pyrazole [10][19]. Chemical Products Pricing and Inventory Changes - The report provides detailed pricing data for various chemical products, indicating fluctuations in prices for PTA, MEG, and PVC, with specific attention to the impact of raw material costs and market demand [10][11][12]. - The report notes that the market for fluorinated chemicals is facing supply constraints due to mining restrictions, while the demand remains weak, leading to price adjustments [12][19]. Company Recommendations - The report recommends several companies for investment based on their growth potential and market positioning, including Yangnong Chemical, Runfeng Co., and Yun Tianhua in the fertilizer and pesticide sectors [17][18]. - Companies in the tire and fluorochemical sectors are also highlighted for their potential benefits from recovering domestic demand and cost reductions [3][17].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 4.47 billion yuan for 2024, representing a year-on-year increase of 19.6%. However, the net profit attributable to shareholders was 180 million yuan, down 44.5% year-on-year, and the net profit after deducting non-recurring gains and losses was 120 million yuan, down 42.1% year-on-year. In Q1 2025, the company achieved a revenue of 1.13 billion yuan, up 23.2% year-on-year but down 7.4% quarter-on-quarter, with a net profit of 90 million yuan, up 81.2% year-on-year and turning from loss to profit [6][11]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 4.47 billion yuan, with a gross profit of 622 million yuan, resulting in a gross margin of 13.9%, down 5.1 percentage points year-on-year. The net profit margin was 3.4%, down 4.8 percentage points year-on-year. The company plans to distribute a cash dividend of 1 yuan per 10 shares, which accounts for 87.8% of the annual net profit [6][11][16]. Business Segments - The company focuses on new insulation materials, developing optical film materials, electronic materials, and environmentally friendly flame retardant materials. The products are widely used in various sectors, including power generation, smart grids, new energy vehicles, and consumer electronics. In 2024, the sales volume of several key segments increased significantly, with electrical insulation materials up 59.4%, new energy materials up 11.1%, and optical film materials up 10.9% [11][16]. Future Outlook - The company is expected to benefit from the high-quality development of emerging sectors such as ultra-high voltage power grids and new energy vehicles. The forecasted net profits for 2025, 2026, and 2027 are 460 million yuan, 560 million yuan, and 730 million yuan, respectively, indicating a positive growth trajectory [11][16].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company's performance in 2024 is under pressure, but there is an expected improvement in Q1 2025, driven by the release of new production capacity and product structure optimization [5][6] - The company achieved a revenue of 4.47 billion yuan in 2024, a year-on-year increase of 19.6%, but the net profit attributable to shareholders decreased by 44.54% to 181 million yuan [5][6] - For Q1 2025, the company reported a revenue of 1.13 billion yuan, a year-on-year increase of 23.23%, and a net profit of 92 million yuan, reflecting significant improvements compared to the previous year [5][6] Financial Summary - The company’s revenue and profit forecasts for 2025-2027 are adjusted, with expected net profits of 406 million yuan, 513 million yuan, and 616 million yuan respectively [5][7] - The earnings per share (EPS) for 2025-2027 are projected to be 0.45 yuan, 0.57 yuan, and 0.69 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 19.8, 15.7, and 13.1 [5][7] - The gross margin and net margin for 2024 were 13.92% and 3.44%, respectively, showing a decline compared to the previous year, while Q1 2025 saw improvements to 16.39% and 7.75% [6][7] Product Performance - The company is focusing on high-value-added products, with significant revenue growth in optical films, polypropylene films, and high-speed electronic resins in Q1 2025 [6][5] - The management restructuring at Shandong Aiment has shown initial positive results, with a reduction in losses by nearly 8 million yuan in Q1 [6][5] Market Context - The overall market for epoxy resin and photovoltaic backsheet films is facing intensified competition, impacting the company's performance and profitability [5][6] - The company plans to invest in a new project for 20,000 tons of high-speed communication substrate electronic materials, indicating a strategic move towards expanding its product offerings [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][18] Core Views - The company's performance in 2024 is under pressure, but there is an expected improvement in Q1 2025, driven by the release of new production capacity and product structure optimization [5][6] - The company achieved a revenue of 4.47 billion yuan in 2024, a year-on-year increase of 19.6%, but the net profit attributable to shareholders decreased by 44.54% to 181 million yuan [5][7] - For Q1 2025, the company reported a revenue of 1.13 billion yuan, a year-on-year increase of 23.23%, and a net profit of 92 million yuan, reflecting significant improvements compared to the previous year [5][6] Financial Summary - Revenue and profit forecasts for 2025-2027 have been adjusted, with expected net profits of 406 million yuan, 513 million yuan, and 616 million yuan respectively [5][7] - The company's gross margin and net margin for 2024 were 13.92% and 3.44%, respectively, showing a decline compared to the previous year [6][7] - The company is expected to see a recovery in profitability with the release of high-value-added products such as optical films and high-frequency resins [5][6] Product Performance - In Q1 2025, the sales revenue for optical films, polypropylene films, and high-speed electronic resins increased significantly, with year-on-year growth rates of 43%, 37%, and 129% respectively [6][7] - The company plans to invest in a new project for high-speed communication substrate materials, which is expected to enhance its product offerings [4][5]

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].