Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 1.476 billion yuan in 2024, a year-on-year decline of 10.87%, but a 12.9% increase when excluding the impact of Yuyuan Environment [1] - The net profit attributable to shareholders for 2024 was 90.75 million yuan, a significant increase of 137.99%, driven by a substantial reduction in asset impairment and credit impairment losses [1] - The company has a comprehensive layout in the clean air materials and dust-free air conditioning business, leveraging material advantages to enhance its downstream integration [3] Financial Performance Summary - In 2024, the clean air materials segment generated 537 million yuan in revenue, a decline of 2.17%, while the dust-free air conditioning products segment saw a 70.2% drop, but a 39.67% increase when excluding Yuyuan Environment [2] - The high-efficiency energy-saving segment reported a revenue of 776 million yuan, a year-on-year growth of 19.11%, attributed to business expansion in green buildings and home appliances [2] - The overall gross margin for 2024 was 21.96%, with a slight increase of 0.04 percentage points, while the gross margin for the clean air materials segment increased by 3.71 percentage points [2] - The operating cash flow for 2024 was 224 million yuan, a significant increase from 1.66 million yuan in the previous year, indicating improved cash collection [3] Profit Forecast and Investment Suggestions - The company is expected to achieve net profits of 100 million yuan, 120 million yuan, and 140 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 37X, 30X, and 25X [3]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 1.476 billion yuan in 2024, a year-on-year decline of 10.87%, but a 12.9% increase when excluding the impact of Yuyuan Environment [1] - The net profit attributable to shareholders for 2024 was 90.75 million yuan, a significant increase of 137.99%, driven by a reduction in asset impairment losses and a substantial increase in investment income [1] - The company has a comprehensive layout in the clean air materials and dust-free air conditioning business, leveraging its material advantages [1][2] Financial Performance Summary - In 2024, the clean air materials segment generated 537 million yuan, down 2.17% year-on-year, while the dust-free air conditioning products segment saw a 70.2% decline, but grew 39.67% when excluding Yuyuan Environment [2] - The high-efficiency energy-saving segment reported a revenue of 776 million yuan, up 19.11% year-on-year, benefiting from expansion in the green building and home appliance markets [2] - The overall gross margin for 2024 was 21.96%, with a slight increase, while the gross margin for the clean air materials segment improved significantly due to a higher proportion of high-value PTFE materials [2] - Operating cash flow for 2024 was 224 million yuan, a substantial increase from 1.66 million yuan in the previous year, indicating improved cash collection [3] Profit Forecast and Investment Suggestion - The company is expected to achieve net profits of 100 million yuan, 120 million yuan, and 140 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 37X, 30X, and 25X [3]

2024 年年度股东大会会议资料 重庆再升科技股份有限公司 （股票代码 603601） 2024 年年度股东大会会议资料 重庆 渝北 二〇二五年五月 1 | | | 2024 年年度股东大会会议资料 重庆再升科技股份有限公司 2024 年年度股东大会会议议程 （2025 年 5 月 15 日） 本次股东大会所采用的表决方式是现场投票和网络投票相结合的方式。采用 上海证券交易所股东大会网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15—9:25，9:30—11:30，13:00—15:00； 通过互联网投票平台的投票时间为股东大会召开当日的 9:15—15:00。 现场会议时间：2025 年 5 月 15 日 14:00 2、《2024 年度监事会工作报告》； 3、《2024 年度独立董事述职报告》； 4、《关于确认公司 2024 年年度报告全文及摘要的议案》； 5、《关于确认公司 2024 年度募集资金存放与实际使用情况的专项报告的议 案》； 6、《公司 2024 年年度利润分配的议案》； 7、《关于确认公司董事、监事、高级管理人员 2024 年度薪酬的议案》； 现场会 ...

| 证券代码：603601 | 证券简称：再升科技 | 公告编号：临 2025-044 | | --- | --- | --- | | 债券代码：113657 | 债券简称：再 22 转债 | | 重庆再升科技股份有限公司 关于使用部分暂时闲置募集资金购买理财产品到期 赎回的公告 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。 重庆再升科技股份有限公司（以下简称"公司"或"再升科技"）于 2024 年 10 月 8 日召开第五届董事会第十六次会议、第五届监事会第十次会议审议通 过了《关于使用部分暂时闲置募集资金进行现金管理的议案》，为提高闲置募集 资金的收益和使用效率，在确保不影响公司募集资金正常使用的情况下，公司拟 使用不超过人民币 7,000 万元的暂时闲置募集资金进行现金管理，用于购买安全 性高、流动性好、可以根据募投项目需要及时赎回、有保本约定的理财产品，期 限不超过 12 个月，理财产品到期后将及时转回募集资金专户进行管理或续存， 并及时通知保荐人，在上述额度及决议有效期内，可循环滚动使用。具体内容详 见公司于 20 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 1.48 billion yuan for 2024, a year-on-year decline of 11%, while the net profit attributable to shareholders was 91 million yuan, an increase of 138% year-on-year. The net profit excluding non-recurring items grew by 193% year-on-year [5][10] - In Q1 2025, the company achieved a revenue of 320 million yuan, a decrease of 5% year-on-year, with a net profit of 34 million yuan, reflecting a growth of 4% year-on-year, and a 7% increase in net profit excluding non-recurring items [5][10] Summary by Sections Financial Performance - The company's revenue structure shows that energy-efficient materials accounted for approximately 780 million yuan, or 53% of total revenue, while clean air materials contributed about 540 million yuan, or 36%, and dust-free air conditioning products made up around 130 million yuan, or 9% [10] - The revenue from energy-efficient materials grew by 19% year-on-year, while dust-free air conditioning products saw a 40% increase. However, clean air materials experienced a 2% decline due to market conditions [10] - The gross margin for 2024 was approximately 22%, remaining stable year-on-year, with a net profit margin of about 6.2%, an increase of 3.8 percentage points year-on-year [10] Cash Flow and Future Outlook - The company has significantly improved its cash flow, with a net operating cash flow of approximately 224 million yuan in 2024, compared to only 2 million yuan in the previous year. The cash collection ratio was 0.89, up from 0.74 the previous year [10] - The forecast for net profit attributable to shareholders for 2025 and 2026 is approximately 140 million yuan and 180 million yuan, respectively, corresponding to PE valuations of 25 and 20 times [10]

本报告依据《公司债券发行与交易管理办法》、《公司债券受托管理人执业行 为准则》、《可转换公司债券管理办法》的相关规定及《重庆再升科技股份有限公 司公开发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）、《重庆再升 科技股份有限公司公开发行可转换公司债券之受托管理协议》（以下简称"《受托 管理协议》"）的约定，重庆再升科技股份有限公司（以下简称"发行人"、"再升科 技"、"公司"）公开信息披露文件以及发行人提供的相关资料等，由本次债券受托管 理人华福证券有限责任公司（以下简称"华福证券"、"受托管理人"）编制。 本报告仅对本次债券受托管理的有关事项进行说明，不构成针对本次债券的 任何投资建议。投资者应对相关事宜做出独立判断，而不应将本报告中任何内容 据以作为受托管理人所作的承诺或声明。在任何情况下，投资者依据本报告所进 行的任何作为或不作为，华福证券不承担任何责任。 经中国证券监督管理委员会证监许可[2022]1687号文核准，公司于2022年9月 29日公开发行了510万张可转换公司债券，每张面值100元，发行总额51,000万元。 发行方式采用向股权登记日收市后登记在册的发行人原股东优先配售，原股 ...

重庆再升科技股份有限公司 2024 年度独立董事述职报告(盛学军) 作为重庆再升科技股份有限公司(以下简称"公司")的独立董事,2024 年度本人严格按照《中华人民共和国公司法》、《中华人民共和国证券法》、《上 市公司独立董事管理办法》《上海证券交易所股票上市规则》等法律法规及《重 庆再升科技股份有限公司章程》、《重庆再升科技股份有限公司独立董事工作制 度》的有关规定,诚实、勤勉、独立地履行独立董事职责,积极出席相关会议, 认真审议董事会各项议案,对公司重大事项发表了独立、客观、公正的独立意见, 切实维护公司和全体股东的合法权益,促进公司规范运作,充分发挥了独立董事 的独立作用。现将 2024年度本人作为公司独立董事的述职情况报告如下: 一、独立董事基本情况 (一)个人工作履历、专业背景以及兼职情况 盛学军先生:1969年生,中国国籍,无境外永久居留权,博士研究生学历。 曾任西南政法大学校学位委员会副主席、经济法学院院长,挂职担任最高人民法 院民事审判第二庭副庭长、审判员。获中国法学优秀成果二等奖、国家级教学成 果二等奖等殊荣。现任西南政法大学教授、博士生导师,兼任重庆市人大常委会 咨询专家,深圳中级人民法院 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown signs of recovery in gross margin, with new products and applications contributing positively to its performance [7] - The company is focusing on clean energy and energy-saving sectors, aiming to mitigate traditional market fluctuations and explore new growth points [7] Financial Performance Summary - For 2024, the company is expected to achieve total revenue of 1.476 billion yuan, a decrease of 10.87% year-on-year, while the net profit attributable to shareholders is projected to be 90.75 million yuan, an increase of 137.99% year-on-year [7] - In Q1 2025, the company is expected to generate revenue of 324 million yuan, down 4.6% year-on-year, with a net profit of 33.56 million yuan, up 3.7% year-on-year [7] - The gross margin for 2024 is projected to be 22.0%, remaining stable compared to the previous year, while Q1 2025 gross margin is expected to improve to 25.1% [7] - Operating cash flow has significantly improved, with net cash flow from operating activities for 2024 expected to be 224 million yuan, an increase of 2.22 million yuan year-on-year [7] Product and Market Development - The company has successfully expanded its new products and applications, with revenues from clean air materials, energy-saving materials, and dust-free air conditioning products showing varied performance [7] - The revenue from clean air materials is expected to decline by 11.5% year-on-year in Q1 2025, while revenues from PTFE membrane materials and AGM separators are expected to grow rapidly [7] Profitability Metrics - The company’s net profit margin for 2024 is projected to be 7.1%, an increase of 4.3 percentage points year-on-year, driven by reduced expenses and lower impairment losses [7] - The earnings per share (EPS) for 2025 is expected to be 0.12 yuan, with a price-to-earnings (P/E) ratio of 29.67 based on the latest diluted EPS [1][8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown signs of recovery in gross margin, with new products and applications yielding positive results. The revenue for 2024 is projected at 1.476 billion yuan, a decrease of 10.87% year-on-year, while the net profit attributable to shareholders is expected to be 90.75 million yuan, an increase of 137.99% year-on-year [7][8] - The company is focusing on clean energy and efficiency, expanding its product offerings to mitigate traditional market fluctuations and create new growth points [7] Financial Performance Summary - For 2024, total revenue is expected to be 1.476 billion yuan, with a year-on-year decrease of 10.87%. The net profit attributable to shareholders is projected at 90.75 million yuan, reflecting a year-on-year increase of 137.99% [7] - The gross margin for 2024 is estimated at 22.0%, remaining stable compared to the previous year. The gross margins for clean air materials, energy-efficient materials, and dust-free air conditioning products are 36.2%, 13.7%, and 14.6%, respectively [7] - Operating cash flow has significantly improved, with net cash flow from operating activities for 2024 expected to be 224 million yuan, an increase of 2.22 million yuan year-on-year [7] - The company anticipates net profits of 120 million yuan, 146 million yuan, and 175 million yuan for 2025, 2026, and 2027, respectively [7][8]

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 year-on-year increase of 137.99% [1][4]. - 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][4]. - The company achieved a gross margin of 21.96% for 2024, a slight increase from the previous year, with a notable improvement in cash flow, reaching 224 million CNY, a significant year-on-year increase [3][4]. Financial Performance Summary - The company’s revenue for 2024 is projected at 1.579 billion CNY, with a growth rate of 6.99% expected for 2025. The net profit attributable to the parent company is forecasted to be 102.74 million CNY for 2025, reflecting a growth rate of 13.21% [6][15]. - The EBITDA for 2024 is estimated at 326.44 million CNY, with a slight decrease expected in 2025 to 270.65 million CNY [6][15]. - The company’s cash dividend for 2024 was 71.52 million CNY, with a dividend payout ratio of 78.8% [4][6].