Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of stock price appreciation exceeding 15% over the next six months [6]. Core Insights - The company achieved a revenue of 3.27 billion yuan in 2024, marking an 11.10% year-on-year increase, and a net profit of 517 million yuan, which is a 27.10% increase compared to the previous year [1][2]. - The semiconductor photoresist business is experiencing accelerated growth, with revenue reaching 303 million yuan, reflecting a 50.43% year-on-year increase [3]. - The company is positioned as a leading domestic producer in the semiconductor photoresist sector, benefiting from new product launches and capacity expansion [3]. Financial Performance - In 2024, the company reported a gross margin of 24.84%, up by 1.16 percentage points year-on-year, and a net profit margin of 16.33%, an increase of 2.60 percentage points year-on-year [2]. - The revenue from traditional rubber additives was 2.443 billion yuan, a 7.14% increase, while electronic chemicals revenue reached 746 million yuan, growing by 32.63% [2]. - The company forecasts net profits of 632 million yuan, 758 million yuan, and 886 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 30.62X, 25.54X, and 21.83X [4][5]. Business Segments - The semiconductor photoresist segment is a key growth driver, with significant increases in specific products such as I-line photoresist (up 61%) and KrF photoresist (up 69%) [3]. - New product sales accounted for 43% of total sales, with the top eight new products contributing 80% of the revenue [3]. - The company is also expanding its production capacity with projects that are expected to yield significant revenue once fully operational [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][14]. Core Insights - The company achieved a record revenue of RMB 3.27 billion in 2024, representing an 11.1% year-on-year growth, with a net profit of RMB 517 million, up 27.1% year-on-year [4][5]. - The electronic chemicals segment saw significant growth, with revenue reaching RMB 745 million, a 32.63% increase from the previous year, and its share of total revenue rising to 22.81% from 18.82% [5][6]. - The semiconductor materials segment reported a remarkable 50.43% growth in revenue, driven by strong performance in various photolithography products [6][8]. Revenue and Profit Forecast - The company forecasts net profits of RMB 601 million, RMB 735 million, and RMB 799 million for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 32, 26, and 24 times [8][9]. - Revenue is expected to grow to RMB 3.67 billion in 2025, with a growth rate of 12.33%, and further to RMB 4.24 billion by 2027, with a growth rate of 5.71% [9][10]. Business Segments Performance - The main business segments include specialty materials for automotive and tires, electronic chemicals, and fully biodegradable materials, with electronic chemicals showing the most significant growth [5][6]. - The company is actively expanding its electronic chemicals business, with multiple projects under construction and expected to contribute to future revenue growth [5][8]. Financial Metrics - The company reported a gross margin of 23.68% in 2023, projected to improve to 24.84% in 2024, and further increase in subsequent years [11]. - The return on equity (ROE) is expected to rise from 11.93% in 2023 to 21.91% by 2027, indicating improved profitability and efficiency [11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][14]. Core Insights - The company achieved a record revenue of RMB 3.27 billion in 2024, representing an 11.1% year-on-year growth, with a net profit of RMB 517 million, up 27.1% year-on-year [4][5]. - The electronic chemicals segment saw significant growth, with revenue reaching RMB 745 million, a 32.63% increase from the previous year, and its share of total revenue rising to 22.81% from 18.82% [5][6]. - The semiconductor materials segment reported a remarkable 50.43% growth in revenue, driven by strong performance in various photolithography products [6][8]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of RMB 3.27 billion, with a net profit of RMB 517 million, leading to a cash dividend proposal of RMB 0.5 per share, totaling RMB 298 million [4][5]. - The revenue growth rate for 2024 is projected at 11.10%, with further growth expected in subsequent years [9]. Business Segments - The main business segments include specialty materials for automotive and tires, electronic chemicals, and fully biodegradable materials [5]. - The electronic chemicals segment is expanding rapidly, with ongoing projects expected to contribute to future revenue growth [5][8]. Future Projections - The company forecasts net profits of RMB 601 million, RMB 735 million, and RMB 799 million for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 32, 26, and 24 [9][10]. - Revenue is expected to continue growing, with projections of RMB 3.67 billion in 2025 and RMB 4.24 billion in 2027 [9].

Core Insights - Tongcheng New Materials reported a record high revenue of 3.27 billion yuan in 2024, representing an 11.10% year-on-year increase, and a net profit of 517 million yuan, up 27.10% year-on-year [1] - The growth in net profit is attributed to improved profitability in core business operations and income from investments in joint ventures, despite a fixed asset impairment provision related to the biodegradable materials project [1][10] Business Segments - The company operates in three main segments: special materials for automotive/tire applications, electronic chemicals, and fully biodegradable materials [1] - The fully biodegradable materials segment generated revenue of 80.92 million yuan in 2024, with a gross margin of -58.32% due to high production costs [3][4] Product Performance - The revenue and cost breakdown for key products shows that phenolic resin generated 1.78 billion yuan in revenue with a gross margin of 28.73%, while electronic materials achieved a gross margin of 29.80% [4] - The average selling price of biodegradable materials decreased by 10.14% to 9,643 yuan per ton compared to the previous year [6] Production and Sales Data - In 2024, the production volume of biodegradable plastics was 9,942 tons, with sales of 8,391 tons and an ending inventory of 6,091 tons [5] - The company experienced an increase in production and sales of special rubber additives and electronic materials, with production volumes rising by 8.59% and 30.97%, respectively [5] Market Challenges - The biodegradable materials segment faces challenges such as insufficient market demand, overcapacity risks, and regulatory issues regarding plastic bans [12] - The company is committed to promoting its biodegradable materials business and developing high-value projects despite current market difficulties [12] Innovations and Developments - The company has successfully developed high-performance biodegradable products using BASF's PBAT technology, including agricultural films that meet international standards [8][9] - Tongcheng New Materials is actively involved in setting national standards for biodegradable materials and is progressing on key research projects related to biodegradable packaging [9]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 3.27 billion yuan in 2024, representing a year-on-year growth of 11.10%, and a net profit attributable to shareholders of 517 million yuan, up 27.10% year-on-year [1] - The semiconductor photoresist business saw significant growth, with revenue reaching 303 million yuan, a 50.4% increase year-on-year, while the panel photoresist segment generated 330 million yuan, growing by 26.8% [2] - The company has entered trial production for its advanced polishing pad project, which is expected to generate annual sales of approximately 800 million yuan upon reaching full capacity [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.27 billion yuan and a net profit of 517 million yuan, with a quarterly revenue of 845 million yuan in Q4, reflecting a 13.01% year-on-year increase [1][2] - The company’s investment income rose significantly to 316 million yuan, a 40.4% increase, primarily due to the strong performance of its joint venture [2] Product Development - The company launched 27 new products in the semiconductor photoresist category, with new product sales accounting for 43% of total sales [3] - The company has successfully developed new products for AMOLED panel customers, achieving mass production sales with several key clients [3] Profit Forecast and Valuation - The report projects net profits for 2025, 2026, and 2027 to be 637 million yuan, 760 million yuan, and 877 million yuan respectively, maintaining the previous profit forecasts for 2025 and 2026 [3][5]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 3.27 billion yuan in 2024, representing an 11.10% year-on-year growth, and a net profit attributable to shareholders of 517 million yuan, which is a 27.10% increase [1] - The semiconductor photoresist business saw significant growth, with revenue reaching 303 million yuan, up 50.4% year-on-year, while the panel photoresist segment generated 330 million yuan, a 26.8% increase [2] - The company has entered trial production for its advanced polishing pad project, which is expected to generate an annual sales revenue of approximately 800 million yuan upon reaching full capacity [3] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 845 million yuan, a 13.01% increase year-on-year, but a slight decrease of 0.39% quarter-on-quarter [1] - The company’s investment income rose significantly to 316 million yuan, a 40.4% increase, primarily due to the high profit growth of its associate company [2] Product Development - The company launched 27 new products in the semiconductor photoresist category, with new product sales accounting for 43% of total sales [3] - The company successfully expanded its customer base for display photoresists, achieving mass production sales for certain products targeting AMOLED panel customers [3] Profit Forecast and Valuation - The company’s net profit forecasts for 2025, 2026, and 2027 are 637 million yuan, 760 million yuan, and 877 million yuan, respectively [3] - The report projects a steady increase in revenue and profit margins, with a gross margin expected to rise from 24.8% in 2024 to 26.4% by 2027 [11]

Core Insights - Tongcheng New Materials (彤程新材) reported a total revenue of 3.27 billion yuan in 2024, marking an 11.10% year-on-year increase, with a net profit of 517 million yuan, up 27.10% year-on-year [1] - The company is a leading global provider of new material comprehensive services, with significant growth driven by its electronic chemicals segment [1] Electronic Chemicals Business - The electronic chemicals segment achieved a revenue of 746 million yuan in 2024, reflecting a 32.63% year-on-year growth [4] - The semiconductor photoresist business was particularly strong, generating 303 million yuan in revenue, a 50.43% increase year-on-year [4] - I-line photoresist products saw a 61% increase, KrF photoresist products grew by 69%, and chemical amplified I-line (ICA) photoresist experienced a remarkable 185% growth [4] - North Xu Electronics, a subsidiary, generated 330 million yuan in revenue from display panel photoresists, up 26.8% year-on-year, capturing approximately 27.1% of the domestic market [4] Automotive/Tire Specialty Materials - The automotive/tire specialty materials segment reported a revenue of 2.44 billion yuan, a 7.14% increase year-on-year [5] - The production of specialty rubber additives reached 146,000 tons, with sales of 155,000 tons, an increase of 14,000 tons year-on-year [5] - The company expanded its market presence significantly in overseas markets, particularly in North America and South America, while maintaining a strong foothold in Europe and Asia [6] Fully Biodegradable Materials - The fully biodegradable materials segment made significant advancements, successfully producing high melt index PBAT and developing PBAT-based products that meet stringent food contact material requirements [7] - The biodegradable film for rice cultivation demonstrated excellent performance in suppressing weed growth and reducing pest occurrences, supporting green ecological agriculture [7] - The company developed innovative biodegradable packaging products that received high recognition from domestic and international customers [7] Overall Performance - Tongcheng New Materials maintained steady growth in 2024, particularly in the electronic chemicals and fully biodegradable materials sectors [8] - The company needs to continue investing in R&D, enhancing market competitiveness, and promoting technology to address future challenges and maintain its industry-leading position [8]

1 | 股票代码：603650 | 股票简称：彤程新材 | 编号：2025-027 | | --- | --- | --- | | 债券代码：113621 | 债券简称：彤程转债 | | 彤程新材料集团股份有限公司 关于回购注销 2023 年限制性股票激励计划部分限制性 股票通知债权人的公告 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。 一、通知债权人原因 彤程新材料集团股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日召开了 第三届董事会第二十一次会议及第三届监事会第十八次会议，审议通过了《关于 回购注销 2023 年限制性股票激励计划部分限制性股票及调整回购价格的议案》， 鉴于公司 2023 年限制性股票激励计划预留授予部分 1 名激励对象因个人原因离职 不再符合激励对象资格，公司决定对前述激励对象已获授但尚未解除限售的限制 性股票共 10,000 股进行回购注销。具体内容详见公司同日于指定信息披露媒体披 露的《关于回购注销 2023 年限制性股票激励计划部分限制性股票及调整回购价格 的公告》。 本次回购 ...

| 股票代码：603650 | 股票简称：彤程新材 | 编号：2025-026 | | --- | --- | --- | | 债券代码：113621 | 债券简称：彤程转债 | | 彤程新材料集团股份有限公司 关于回购注销 2023 年限制性股票激励计划部分限制性 股票及调整回购价格的公告 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。 彤程新材料集团股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日召开 了第三届董事会第二十一次会议及第三届监事会第十八次会议，会议审议通过了 《关于回购注销 2023 年限制性股票激励计划部分限制性股票及调整回购价格的议 案》，鉴于《公司 2023 年限制性股票激励计划》（以下简称"《限制性股票激励计 划》"或"本次激励计划"）预留授予部分 1 名激励对象因个人原因离职不再符合 激励对象资格，根据本次激励计划的相关规定及公司 2023 年第二次临时股东大会 的授权，公司对前述激励对象已获授予但尚未解除限售的限制性股票共 10,000 股 进行回购注销。 鉴于公司已完成 202 ...

| 股票代码：603650 | 证券简称：彤程新材 公告编号：2025-030 | | --- | --- | | 债券代码：113621 | 债券简称：彤程转债 | 彤程新材料集团股份有限公司 关于提请股东大会授权董事会以简易程序 向特定对象发行股票的公告 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。 根据《上市公司证券发行注册管理办法》（以下简称"《注册管理办法》"） 《上海证券交易所上市公司证券发行上市审核规则》《上海证券交易所上市公司 证券发行与承销业务实施细则》等相关规定，彤程新材料集团股份有限公司（以 下简称"公司"或"彤程新材"）董事会提请股东大会授权董事会决定以简易程 序向特定对象发行融资总额不超过人民币 3 亿元且不超过最近一年末净资产 20%的股票，授权期限为 2024 年年度股东大会通过之日起至 2025 年年度股东大 会召开之日止。 公司于 2025 年 4 月 17 日召开了第三届董事会第二十一次会议，审议通过了 《关于提请股东大会授权董事会以简易程序向特定对象发行股票的议案》，本议 案已经第三届董 ...