Investment Rating - The report maintains a "Buy" rating for the company with a target price of 4.36 CNY, reflecting a potential upside from the current price of 3.48 CNY [7][4]. Core Insights - The company reported a revenue of 1.476 billion CNY for 2024, a year-on-year decrease of 10.87%. However, the net profit attributable to the parent company significantly improved, reaching 91 million CNY, a 137.99% increase year-on-year [1]. - The clean air materials segment generated 540 million CNY in revenue for 2024, down 2.17% year-on-year, while the efficient energy materials segment saw a revenue increase of 19.11% to 780 million CNY, driven by growth in green building and home appliance applications [2]. - The company achieved a gross margin of 21.96% in 2024, a slight increase of 0.04 percentage points year-on-year, with a notable improvement in cash flow, reaching 224 million CNY, a significant year-on-year increase [3]. Financial Performance Summary - For 2024, the company reported a revenue of 1.476 billion CNY, with a projected growth rate of 6.99% for 2025 and 8.40% for 2026 [6]. - The net profit attributable to the parent company is expected to be 1.0 billion CNY in 2025, with a growth rate of 13.21% [6]. - The company maintained a high dividend payout ratio of 78.8% in 2024, distributing 71.52 million CNY in cash dividends [4].

Core Viewpoint - The company achieved a revenue of 1.476 billion yuan in 2024, a year-on-year decrease of 10.87%, while net profit attributable to shareholders was 90.7528 million yuan, an increase of 137.99% [1] Group 1: Financial Performance - The decline in revenue was primarily due to the exclusion of Youyuan Environment from the consolidated scope, with a year-on-year revenue growth of 11.53% on a comparable basis [1] - In Q1 2025, the company reported a revenue of 324 million yuan, a year-on-year decrease of 4.59%, and a net profit of 33.56 million yuan, an increase of 3.69% [1] - The comprehensive gross margin for 2024 was 21.96%, a slight increase of 0.04 percentage points year-on-year, with gross margins for clean air and energy-efficient businesses at 31.99% and 13.74%, respectively [3] Group 2: Business Segments - In 2024, the clean air business and energy-efficient business generated revenues of 666 million yuan and 776 million yuan, with year-on-year changes of -32.04% and +19.11%, respectively [2] - The revenue from dust-free air conditioning products decreased by 70.20% due to the sale of Youyuan Environment, but on a comparable basis, it increased by 39.67% [2] - In Q1 2025, the clean air materials revenue decreased by 11.5%, while the energy-efficient materials revenue decreased by 5.11% [2] Group 3: Cost Management and Cash Flow - The company maintained good control over operating expenses, with a period expense ratio of 15.99% in 2024, a decrease of 0.8 percentage points year-on-year [3] - Operating net cash flow for 2024 was 224 million yuan, an increase of 222 million yuan year-on-year, primarily due to the collection of receivables [3] - The company's asset-liability ratio at the end of 2024 was 28.3%, an increase of 1.6 percentage points year-on-year [3] Group 4: Profit Forecast and Valuation - The company expects continued improvement in profitability, with EPS forecasts for 2025-2027 at 0.13, 0.17, and 0.19 yuan, respectively, indicating a CAGR of 28.3% [4] - The target price for the company is set at 4.04 yuan, with a PEG ratio of 1.1x for 2025, reflecting ongoing business transformation and associated uncertainties [4]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 4.04 RMB [7][8]. Core Views - The company achieved a revenue of 1.476 billion RMB in 2024, a year-on-year decrease of 10.87%, while the net profit attributable to the parent company was 90.75 million RMB, reflecting a significant year-on-year increase of 137.99% [1]. - The decline in revenue is primarily attributed to the exclusion of Youyuan Environment from the consolidated scope, but on a comparable basis, revenue actually increased by 11.53% year-on-year [1]. - The company is actively expanding into new markets and applications, with a focus on innovation and product development, which is expected to sustain demand in emerging sectors and home decoration consumption [1][2]. Summary by Sections Revenue and Profitability - In 2024, the clean air business and energy-efficient business generated revenues of 666.5 million RMB and 776 million RMB, respectively, with a year-on-year change of -32.04% and +19.11% [2]. - The first quarter of 2025 saw revenues of 324 million RMB, a decrease of 4.59% year-on-year, while net profit was 33.56 million RMB, an increase of 3.69% year-on-year [1]. Cost Management and Cash Flow - The comprehensive gross margin for 2024 was 21.96%, a slight increase of 0.04 percentage points year-on-year, with the clean air and energy-efficient business gross margins at 31.99% and 13.74%, respectively [3]. - The operating cash flow for 2024 was 224 million RMB, a significant increase of 222 million RMB year-on-year, primarily due to the collection of receivables [3]. Profit Forecast and Valuation - The company’s earnings per share (EPS) forecasts for 2025, 2026, and 2027 are 0.13 RMB, 0.17 RMB, and 0.19 RMB, respectively, indicating a compound annual growth rate (CAGR) of 28.3% from 2025 to 2027 [4]. - The target price is set at 4.04 RMB, based on a PEG ratio of 1.1x for 2025, reflecting the ongoing business transformation and associated uncertainties [4].

Group 1 - The company reported a revenue of 1.476 billion yuan for 2024, a year-on-year decrease of 10.87%, but a growth of 12.90% when excluding the impact of Suzhou Youyuan Environmental Technology Co., Ltd. not being included in the consolidation [1] - The net profit attributable to shareholders reached 90.7528 million yuan, a significant increase of 137.99% year-on-year [1] - Revenue from efficient energy-saving materials grew by 19.11% compared to the previous year, while revenue from dust-free air conditioning products decreased by 70.20% due to the exclusion of Youyuan Environmental; however, excluding this impact, revenue from dust-free air conditioning products increased by 39.67% [1] Group 2 - In 2025, the company will further focus on its core business areas: "clean air materials," "efficient energy-saving materials," and "dust-free air conditioning products" to strengthen its market position [2] - The company has achieved breakthroughs in domestic production for high-efficiency air filter paper and glass microfiber, particularly in nuclear power station applications [2] - The company plans to enhance research and development investment in core technologies and promote innovation in materials such as ultra-fine glass fiber and PTFE membrane materials [2] - The company aims to automate and digitize its production systems to reduce overall operating costs and improve production efficiency and flexibility [2]

Core Viewpoint - The company reported a revenue of 1.476 billion RMB for 2024, a year-on-year decrease of 10.87%, but a 12.90% increase when excluding the impact of a subsidiary [1] - The net profit attributable to shareholders reached 90.75 million RMB, a year-on-year increase of 137.99% [1] - The company plans to distribute a cash dividend of 0.1 RMB per share, totaling 10.22 million RMB, reflecting a commitment to return value to investors [1] Financial Performance - Revenue for 2024 was 1.476 billion RMB, down 10.87% year-on-year, but up 12.90% when excluding the subsidiary [1] - Net profit attributable to shareholders was 90.75 million RMB, up 137.99% year-on-year [1] - Basic earnings per share were 0.0888 RMB [1] - The total cash dividend for the year, including previously distributed dividends, amounted to 71.52 million RMB, representing 78.80% of the net profit [1] Strategic Initiatives - The company is focusing on "structural adjustment, improving quality, and expanding market" as part of its strategic direction [1] - A digital equipment department was established to achieve comprehensive digital upgrades, with smart upgrades to clean air conditioning and purification equipment nearly completed [2] - The company is transitioning from the materials market to the consumer market, enhancing domestic market penetration while maintaining export business [2] Product Development and Innovation - The company has developed over 200 customized clean air conditioning projects, covering various application scenarios [2] - It has established partnerships with 76 companies across 25 provinces and major developed regions [2] - The company invested 91.1 million RMB in R&D, maintaining over 6% of revenue for three consecutive years, and obtained 17 new patents during the reporting period [3] Market Trends and Outlook - The demand for energy-saving and environmentally friendly products is increasing due to global awareness and domestic policies promoting upgrades [1] - The company aims to strengthen its core material advantages and reduce reliance on exports while expanding its domestic market for clean air conditioning products [3]

目录 | 第一章 | 总则…………………………………………………………………………1 | | --- | --- | | 第二章 | 合同管理机构………………………………………………………………1 | | 第三章 | 合同的草拟和订立…………………………………………………………2 | | 第四章 | 合同的审核、批准…………………………………………………………3 | | 第五章 | 合同的履行…………………………………………………………………4 | | 第六章 | 合同的变更和解除…………………………………………………………5 | | 第七章 | 合同纠纷的处理……………………………………………………………5 | | 第八章 | 合同档案管理………………………………………………………………6 | | 第九章 | 合同责任……………………………………………………………………6 | | 第十章 | 附则…………………………………………………………………………7 | 1 重庆再升科技股份有限公司 合同管理制度 重庆再升科技股份有限公司 合同管理制度 （2025 年 4 月修订） 重庆再升科技股份有限公司 合同管理制 ...

目录 | 第一章 | 总则…………………………………………………………………………1 | | --- | --- | | 第二章 | 会计师事务所执业质量要求………………………………………………1 | | 第三章 | 选聘会计师事务所程序……………………………………………………2 | | 第四章 | 改聘会计师事务所特别规定………………………………………………5 | | 第五章 | 监督及处罚…………………………………………………………………6 | | 第六章 | 附则…………………………………………………………………………7 | 重庆再升科技股份有限公司 会计师事务所选聘制度 重庆再升科技股份有限公司 会计师事务所选聘制度 重庆再升科技股份有限公司 会计师事务所选聘制度 （2025 年 4 月修订） 重庆再升科技股份有限公司 会计师事务所选聘制度 重庆再升科技股份有限公司 会计师事务所选聘制度 第一章 总则 第一条 为进一步完善重庆再升科技股份有限公司（以下简称"公司"）选 聘（含续聘、改聘，下同）会计师事务所的行为，切实维护股东利益，提高审计 工作和财务信息的质量，保证财务信息的真实性和连续性，依据《中华 ...

重庆再升科技股份有限公司 对外担保管理制度 （2025年4月修订） 重庆再升科技股份有限公司 对外担保管理制度 | 第一章 | | | | | --- | --- | --- | --- | | 第二章 | | | | | 第三章 | | | | | 第四章 | | | | | 第五章 | | | | | 第六章 | | | | | 第七章 | | | | | 第八 | 章 | 9 | 附 则 | 重庆再升科技股份有限公司 对外担保管理制度 重庆再升科技股份有限公司 对外担保管理制度 第一章 总则 第一条 为规范公司对外担保行为，控制对外担保风险，维护公司财产安全和 投资者的合法权益，根据《中华人民共和国公司法》（以下简称"公司法"）、 《中华人民共和国证券法》、《中华人民共和国民法典》、《上市公司监管指引第 8 号--上市公司资金往来、对外担保的监管要求》、《上海证券交易所股票上市规 则》及《重庆再升科技股份有限公司章程》等规定，制定本制度。 第二条 本制度所称对外担保是指公司为他人提供的担保，包括公司对控股子 公司的担保。 第三条 公司对外担保应当遵循合法、审慎、互利、安全的原则，严格控制担 保风险。 第 ...

重庆再升科技股份有限公司 内部审计管理制度 重庆再升科技股份有限公司 内部审计管理制度 （2025 年 4 月修订） 重庆再升科技股份有限公司 内部审计管理制度 重庆再升科技股份有限公司 内部审计管理制度 第一章 总则 第一条 为加强重庆再升科技股份有限公司(以下简称 "公司")内部审计监督，规范内 部审计工作，保证内部审计质量，明确内部审计机构和内部审计人员责任，保障公司财 产安全和经济活动的合法性、真实性、效益性，维护公司 的合法权益，依据《中华人 民共和国公司法》《中华人民共和国审计法》《审计署关于内部审计工作的规定》《内 部审计准则》和《上市公司治理准则》等法律法规规定，结合公司实际情况，制定本制 度。 第二条 本制度规定了公司内部审计机构及内部审计人员的职责与权限、内部审计工作 的内容及工作程序、审计档案管理等规范,是公司开展内部审计管理工作的标准。 第三条 本制度适用于公司所属部门、分公司、全资及控股子公司内部审计工作。 第二章 内部审计机构和人员 第四条 公司设立审计部,对公司审计委员会负责,向审计委员会报告工作。审计部独立 行使审计职权,不受其他部门和个人的干涉。 第五条 审计部设审计部长、审 ...

重庆再升科技股份有限公司 关联交易决策管理制度 重庆再升科技股份有限公司 关联交易决策管理制度 （2025 年 4 月修订） 第二条 公司的资产属于公司所有。公司应釆取有效措施防止关联人以各种 形式占用或转移公司的资金、资产及其他资源。 | 第五章附则 11 | | --- | 重庆再升科技股份有限公司 关联交易决策管理制度 重庆再升科技股份有限公司 关联交易决策管理制度 第一章 总则 第一条 为规范重庆再升科技股份有限公司(以下简称"公司")的关联交易, 保护公司和中小股东利益,根据《中华人民共和国公司法》(以下简称"公司法")、 中国证监会《上市公司治理准则》、《上海证券交易所股票上市规则》等有关规 定及《重庆再升科技股份有限公司章程》(以下简称"公司章程"),制订本制度。 第三条 公司应釆取有效措施防止关联人以垄断釆购和销售业务渠道等方式 干预公司的经营,损害公司利益。 第四条 关联交易活动应遵循商业原则,关联交易的价格原则上应不偏离市 场独立第三方的价格或收费的标准,对于难以比较市场价格或订价受到限制的关 联交易,通过合同明确有关成本和利润的标准。公司应对关联交易的定价依据予 以充分披露。 第五条 公 ...