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 关于公司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"）2020 年非公开发行股票的持续督导保荐机构，根据《证券发行上市保荐业务管理办法》 《上海证券交易所股票上市规则》《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》《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，对东材科技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事项进行了核查，具体情况如下： 一、募集资金基本情况 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 ...

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].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.74 RMB [5][6] Core Insights - In H1 2024, the company achieved a revenue of 2.12 billion RMB, representing a year-over-year increase of 16%, while the net profit attributable to the parent company was 160 million RMB, a decrease of 27% year-over-year [1] - The company plans to invest 700 million RMB to build a production line for 20,000 tons of high-speed communication substrate electronic materials, which is expected to enhance overall profitability [3] Revenue and Profitability - The company's Q2 2024 revenue reached 1.20 billion RMB, showing a year-over-year increase of 24% and a quarter-over-quarter increase of 31% [1] - The electronic materials segment saw a sales volume increase of 43% year-over-year to 29,000 tons, with revenue up 34% year-over-year to 540 million RMB [2] - The overall gross margin for H1 2024 decreased by 5.5 percentage points year-over-year to 14.6% [2] Financial Projections - The projected net profits for the company from 2024 to 2026 are 410 million RMB, 540 million RMB, and 650 million RMB, respectively, with corresponding EPS of 0.46 RMB, 0.60 RMB, and 0.73 RMB [1][4] - The average PE ratio for comparable companies in 2024 is expected to be 19 times, leading to a valuation of 19x PE for the company [1][4] Market Position and Strategy - The company is actively optimizing its optical film product structure, with significant growth in products like release films for polarizers and automotive functional films [2] - The company is facing pricing pressure in the basic epoxy resin market, with average prices down 7% year-over-year to 19,000 RMB per ton [2]

Investment Rating - The investment rating for Dongcai Technology (601208.SH) is "Buy" (maintained) [1]. Core Views - The company's Q2 performance showed improvement in profitability due to increased production and sales, with a revenue of 1.22 billion yuan, up 23.8% year-on-year and 30.5% quarter-on-quarter. The net profit for Q2 was 109 million yuan, a decrease of 27.1% year-on-year but an increase of 115.1% quarter-on-quarter [2][3]. - The company plans to invest in a new project for producing 20,000 tons of electronic materials for high-speed communication substrates, with a total investment of 700 million yuan [3]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 2.12 billion yuan, a year-on-year increase of 16%. The net profit attributable to shareholders was 160 million yuan, down 27.5% year-on-year, while the net profit excluding non-recurring items was 109 million yuan, up 194.6% year-on-year [2][3]. - The projected net profits for 2024-2026 are 453 million yuan, 633 million yuan, and 783 million yuan respectively, with corresponding EPS of 0.51 yuan, 0.71 yuan, and 0.87 yuan [2][4]. Product Performance Summary - In Q2 2024, the sales revenue for various product lines showed significant growth: electrical insulation materials (132 million yuan, +10.6% YoY), new energy materials (383 million yuan, +22.3% YoY), optical film materials (300 million yuan, +14.6% YoY), electronic materials (308 million yuan, +40.4% YoY), and environmentally friendly flame retardant materials (44 million yuan, +40.4% YoY) [3][5]. - The sales volume for Q2 2024 also increased significantly across product lines, with electrical insulation materials up 31.6% YoY, new energy materials up 37.9% YoY, and electronic materials up 42.6% YoY [5]. Future Outlook - The company maintains its profit forecast, expecting steady growth driven by the release of new production capacities for optical films and electronic resins, indicating a positive long-term growth outlook [2][3].

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company achieved a revenue of 2.122 billion RMB in the first half of 2024, representing a year-on-year increase of 16.03%. However, the net profit attributable to shareholders decreased by 27.45% to 160 million RMB [2]. - In Q2 2024, the company reported a revenue of 1.202 billion RMB, up 23.79% year-on-year and 30.51% quarter-on-quarter, with a net profit of 109 million RMB, down 27.08% year-on-year but up 115.11% quarter-on-quarter [2]. - The company plans to invest 700 million RMB to build 20,000 tons of electronic materials for high-speed communication substrates, which is expected to enhance performance amid growing demand for high-performance copper-clad laminates [2]. Summary by Sections Financial Performance - The company reported a revenue of 3.737 billion RMB in 2023, with a growth rate of 2.67%. The projected revenues for 2024, 2025, and 2026 are 4.536 billion RMB, 5.491 billion RMB, and 6.366 billion RMB, respectively, with growth rates of 21.36%, 21.06%, and 15.93% [5]. - The net profit attributable to shareholders for 2023 was 329 million RMB, with projections of 361 million RMB, 503 million RMB, and 657 million RMB for 2024, 2025, and 2026, respectively [5]. - The diluted earnings per share (EPS) for 2023 was 0.358 RMB, with projections of 0.402 RMB, 0.561 RMB, and 0.733 RMB for the next three years [5]. Cost and Expense Management - The company reported a decrease in sales expenses by 7.25% to 24.09 million RMB and a significant reduction in management expenses by 32.80% to 39.07 million RMB [2]. - Research and development expenses decreased by 23.29% to 84.43 million RMB, while financial expenses increased by 58.73% to 42.75 million RMB [2]. Business Segments - The electrical insulation materials segment achieved a revenue of 132 million RMB in Q2 2024, up 48.13% quarter-on-quarter, while the new energy materials segment reported a revenue of 383 million RMB, up 14.94% [2]. - The optical film materials segment generated a revenue of 300 million RMB, up 42.69% quarter-on-quarter, and the electronic materials segment reported a revenue of 308 million RMB, up 35.01% [2]. Future Outlook - The company expects to see a recovery in performance and growth in high-end products, supported by the planned investment in electronic materials for high-speed communication [2][3].

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 ...