Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 12.67 and a sector rating of "Outperform" [2][5]. Core Insights - The company has shown consistent growth in product sales and operating performance, with a 23.17% year-on-year increase in revenue to RMB 2.33 billion for 2024, and a 22.50% increase in net profit to RMB 398 million [5][10]. - The first quarter of 2025 also reflects growth, with revenue reaching RMB 603 million, a 13.47% increase year-on-year, and net profit of RMB 102 million, up 15.77% [5][12]. - The company is successfully releasing production capacity for specialty surfactants, contributing to sustained growth in operating performance [5][6]. Financial Performance Summary - For 2024, the company achieved total revenue of RMB 2,332.98 million, with a net profit of RMB 397.78 million, reflecting a growth rate of 23.17% and 22.50% respectively compared to 2023 [10]. - The fourth quarter of 2024 saw revenue of RMB 610.79 million, a 25.09% increase year-on-year, with net profit of RMB 112.20 million, up 24.61% [11]. - In the first quarter of 2025, the company reported revenue of RMB 603.41 million, a 13.47% increase from the same period in 2024, with net profit of RMB 101.77 million, up 15.77% [12]. Production and Sales Growth - The production and sales of specialty surfactants in 2024 reached 183,100 tons and 179,300 tons respectively, marking year-on-year growth of 30.66% and 26.85% [9]. - In the first quarter of 2025, production and sales were 45,500 tons and 47,300 tons respectively, with year-on-year increases of 11.08% and 16.99% [14]. - The company is focusing on niche products and expanding into growth areas such as wet electronic chemicals and UV-curable surfactants, which are expected to enhance profitability [9][10]. Capacity Utilization and Innovation - The capacity utilization rate for the company's facilities improved, with the Huangma Shangyi factory achieving 82.36% in 2024, up 17.08 percentage points year-on-year [9]. - The company invested RMB 88.40 million in R&D in 2024, a 20.40% increase from 2023, and secured multiple new patents, enhancing its competitive edge [9][10]. Earnings Forecast - The report adjusts the earnings forecast for 2025-2027, projecting EPS of RMB 0.84, 0.98, and 1.14 respectively, with corresponding PE ratios of 15.0x, 12.9x, and 11.1x [6][8].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [9]. Core Views - The company has established itself as a leader in the specialty surfactants sector, with an annual production capacity of nearly 300,000 tons and a diverse product range across 17 segments, including functional new material resins and high-end electronic chemicals [1]. - The company is experiencing steady revenue growth and improved profitability, with a projected 27% year-on-year increase in specialty surfactant sales for 2024, reaching 179,000 tons [2]. - The company is actively advancing its "Third Factory" project, which aims to produce 330,000 tons of high-end functional new materials, with the first phase expected to begin trial production in the first half of 2026 [2][3]. Financial Summary - For 2024, the company anticipates revenue of 23.3 billion yuan, a 23.17% increase from the previous year, with a gross margin of 24.95% [2]. - The net profit attributable to the parent company is projected to be 398 million yuan for 2024, reflecting a 22.5% year-on-year growth [2]. - The company forecasts net profits of 475 million yuan, 569 million yuan, and 673 million yuan for 2025, 2026, and 2027, respectively, indicating a consistent growth trajectory [3]. Market Data - As of May 23, 2025, the company's closing price was 12.45 yuan, with a total market capitalization of approximately 7.33 billion yuan [5]. - The stock has shown a 12-month price range between 8.09 yuan and 13.86 yuan [5].

证券代码：603181 证券简称：皇马科技 公告编号：2025-016 浙江皇马科技股份有限公司 关于股东减持股份计划的公告 本公司董事会、全体董事及相关股东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法律责任。 重要内容提示： 大股东基本情况：截止本公告披露日，公司股东绍兴多银多投资管理合 伙企业（有限合伙）（以下简称"多银多"）持有公司无限售条件流通股份 25,070,000 股，占公司总股本的 4.2585%。 减持计划的主要内容：因多银多自身资金需求，拟于本公告日起 15 个交 易日后 90 天内通过大宗交易或集中竞价方式两者合计减持不超过 6,260,000 股 公司股份，其中集中竞价方式最多不超过 5,887,000 股。 | 股东名称 | 多银多 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | √是 | □否 | | | 直接持股 5%以上股东 | □是 | √否 | | | 董事、监事和高级管理人员 | □是 | √否 | | | 其他：不适用 | | | | 持股数量 | ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has shown steady growth in its performance, with a revenue of 2.333 billion yuan in 2024, representing a year-on-year increase of 23.17%, and a net profit of 398 million yuan, up 22.50% year-on-year [2][4] - The company is a leading domestic producer of specialty surfactants, with a production capacity of nearly 300,000 tons per year, and is expected to see long-term growth driven by the commissioning of its new factory [3][4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.333 billion yuan, a year-on-year increase of 23.17%, and a net profit of 398 million yuan, up 22.50% year-on-year. The average return on equity was 13.66%, an increase of 1.31 percentage points year-on-year [1][2] - For Q4 2024, the revenue was 611 million yuan, a year-on-year increase of 25.09%, and the net profit was 112 million yuan, up 24.61% year-on-year [1] - In Q1 2025, the revenue was 603 million yuan, a year-on-year increase of 13.47%, and the net profit was 102 million yuan, up 15.77% year-on-year [1][2] Growth Drivers - The company's growth is primarily driven by its focus on high-margin specialty products, including wet electronic chemicals and UV curing surfactants, which have seen significant sales increases [2] - The company has developed a systematic operational framework around its product segments, which supports sustainable development and continuous innovation [3] Future Outlook - The company is expected to see continued growth in net profit, with projections of 491 million yuan in 2025, 589 million yuan in 2026, and 697 million yuan in 2027 [4] - The new factory, with a total approved capacity of 330,000 tons per year, is anticipated to begin trial production in the first half of 2026, further enhancing the company's growth potential [3][4]

上海市广发律师事务所 关于浙江皇马科技股份有限公司 2024 年年度股东大会的法律意见书 致：浙江皇马科技股份有限公司 浙江皇马科技股份有限公司（以下简称"公司"）2024 年年度股东大会于 2025 年 5 月 8 日召开。上海市广发律师事务所经公司聘请，委派张永丰律师、 黎沁菲律师出席现场会议，根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）等法律法 规、其他规范性文件以及《浙江皇马科技股份有限公司章程》（以下简称"《公 司章程》"）的规定，就本次股东大会的召集和召开程序、召集人及出席会议人 员的资格、会议议案、表决方式和表决程序、表决结果和会议决议等出具本法律 意见书。 为出具本法律意见书，本所律师对本次股东大会所涉及的有关事项进行了审 查，查阅了相关会议文件，并对有关问题进行了必要的核查和验证。 公司已向本所保证和承诺，公司向本所律师所提供的文件和所作的陈述和说 明是完整的、真实的和有效的，有关原件及其上面的签字和印章是真实的，且一 切足以影响本法律意见书的事实和文件均已向本所披露，而无任何隐瞒、疏漏之 处。 在本法律意见书中，本所律师根据 ...

证券代码：603181 证券简称：皇马科技 公告编号：2025-015 浙江皇马科技股份有限公司 2024年年度股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 05 月 08 日 (二)股东大会召开的地点：浙江省绍兴市上虞区杭州湾上虞经济技术开发区皇马 尚宜公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 183 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 341,418,501 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 59.3144 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，会议表决采用现场投票和网络投票相结合 的方式，现场会议由董事长王伟松先生主持，会议的召集、召 ...

Investment Rating - The report maintains an "Outperform" rating for the company [4][8]. Core Views - The company is actively expanding into growth products such as Wet Chemicals, UV curing surfactants, and new energy resins, which is expected to enhance profitability through product optimization and innovation [4][8]. - Earnings forecasts for 2025 have been revised upwards, with EPS projected at RMB 0.85, while maintaining the 2026 forecast and adding a new forecast for 2027 at RMB 1.12 [4][8]. - A target price of RMB 14.45 has been set, reflecting a 17x PE for 2025, indicating a 6% upside potential [4][8]. Financial Performance Summary - In 2024, the company achieved revenue of RMB 2.33 billion, a year-on-year increase of 23.17%, and a net profit attributable to shareholders of RMB 398 million, up 22.50% [9]. - For Q1 2025, revenue was RMB 603 million, representing a 13.47% year-on-year growth, while net profit attributable to shareholders was RMB 102 million, up 15.77% [9]. - The company plans to distribute a cash dividend of RMB 2.1 per 10 shares, totaling RMB 121 million, which is 30.39% of the net profit attributable to shareholders [9]. Production and Sales Growth - In 2024, the production of specialty surfactants reached 183,100 tons, a 30.66% increase year-on-year, with sales of 179,300 tons, up 26.85% [10]. - The average selling price (ASP) for specialty surfactants was RMB 13,000 per ton, a decrease of 2.85% year-on-year, while the gross profit margin was 24.95%, an increase of 0.45 percentage points [10]. Capacity Expansion - By the end of 2024, the company has two major production bases with a total capacity of nearly 300,000 tons of specialty surfactants annually [11]. - A new polyetheramine project with a capacity of 9,000 tons commenced production in Q3 2024, and a high-end functional materials project with a capacity of 330,000 tons is under construction [11].

2024 年年度股东大会会议资料 2024年年度股东大会 会 议 资 料 浙江皇马科技股份有限公司 二〇二五年五月 1 / 55 2024 年年度股东大会会议资料 | | | | 股东大会会议须知…………………………………………………………………….……3 | | --- | | 会议议程…………………………………………………………………………………….…..4 | | 会议议案…………………………………………………………………………………….…..6 | | 议案一：关于公司 年度董事会工作报告的议案…………….…...6 2024 | | 议案二：关于公司 2024 年度监事会工作报告的议案……..….……...12 | | 议案三：关于公司 2024 年年度报告及其摘要的议案……………..…..15 | | 议案四：关于公司 年度利润分配的议案……..………..……… 26 2024 | | 议案五：关于续聘公司 2025 年度审计机构的议案……….……….…..27 | | 议案六：关于确认公司 年度董事、监事、高级管理人员薪酬 2024 | | 的议案……………………………………………………………… ...

证券代码：603181 证券简称：皇马科技 公告编号：2025-014 浙江皇马科技股份有限公司 关于召开 2024 年度暨 2025 年第一季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法律责任。 重要内容提示： 浙江皇马科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 18 日发 布公司 2024 年年度报告和 2025 年第一季度报告，为便于广大投资者更全面深入 地了解公司 2024 年度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 5 月 6 日（星期二）14:00-15:00 召开 2024 年度暨 2025 年第一季度业绩说明 会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度及 2025 年第 一季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息 披露允许的范围内就投资者普遍关注的问题进行回答，以进一步加强投资者关系 管理，增进公司与广大投资者的亲近感，特别是提高全体中小投资者的获得感 ...

Core Viewpoint - The company reported strong financial performance for 2024, with significant revenue and profit growth, indicating a robust operational strategy and market position in the specialty surfactants sector [1][3][7] Financial Performance Summary - In 2024, the company achieved revenue of 2.333 billion yuan, a year-on-year increase of 23.17%, and a net profit attributable to shareholders of 398 million yuan, up 22.50% year-on-year [1][3] - For Q4 2024, revenue was 611 million yuan, reflecting a 25.09% increase year-on-year, while net profit was 112 million yuan, up 24.61% year-on-year [1][3] - In Q1 2025, the company reported revenue of 603 million yuan, a 13.47% increase year-on-year, and a net profit of 102 million yuan, up 15.77% year-on-year [2][4] Profitability Metrics - The weighted average return on equity (ROE) for 2024 was 13.66%, an increase of 1.31 percentage points year-on-year [1] - The gross profit margin for 2024 was 24.98%, up 0.36 percentage points year-on-year, while the net profit margin was 17.05%, down 0.09 percentage points year-on-year [1][4] Product and Market Insights - The company focuses on specialty surfactants, achieving a sales volume of 179,300 tons in 2024, a year-on-year increase of 26.85% [3] - The average selling price for specialty surfactants was 13,001.39 yuan per ton, a decrease of 2.85% year-on-year [3] - The specialty surfactants market is expanding, with increasing demand for customized and high-performance products, positioning the company to benefit from this trend [5][6] Strategic Initiatives - The company is actively developing new materials and products, including functional new material resins and high-end electronic chemicals, to enhance its product portfolio and market competitiveness [6] - The company has exited the production of certain large-volume products to focus on more profitable specialty segments, indicating a strategic shift towards higher-margin products [4][6] Dividend Distribution - The company announced a cash dividend of 2.1 yuan per share for the 2024 fiscal year, amounting to a total distribution of 121 million yuan, which represents 30.39% of the net profit attributable to shareholders [6] Future Outlook - Revenue projections for 2025-2027 are estimated at 2.805 billion, 3.144 billion, and 3.564 billion yuan, with net profits expected to be 501 million, 571 million, and 654 million yuan respectively, indicating a positive growth trajectory [7]