证券时报网讯，彤程新材(603650)2月16日晚间公告，公司持股5.24%的股东舟山市宇彤创业投资合伙企 业（有限合伙）（简称"宇彤投资"）拟通过集中竞价交易或大宗交易方式合计减持不超750万股，即不 超过公司总股本的1.25%。 ...

丨证券研究报告丨 公司研究丨点评报告丨彤程新材（603650.SH） [Table_Title] 参股企业中策橡胶上市获批，电子平台型公司多 元成长 报告要点 [Table_Summary] 2 月 13 日，公司发布《关于参股公司中策橡胶集团股份有限公司首次公开发行股票并在主板上 市申请获得上海证券交易所上市审核委员会审核通过的公告》，参股公司"中策橡胶"首次公开 发行股票事项于 2025 年 2 月 13 日经上海证券交易所上市审核委员会 2025 年第 2 次审议会议 审核通过。截至公告日，中策橡胶总股本为 7.87 亿股，公司持有其 7020 万股股份，占其首次 公开发行前总股本的 8.9%。 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 彤程新材（603650.SH） cjzqdt11111 [Table_Title 参股企业中策橡胶上市获批，电子平台型公司 2] 多元成长 [Table_Summary2] 事件描述 2 月 13 日，公司 ...

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39 | 产品组合 | | | --- | --- | | 橡胶助剂及其他产品 | 76.5% | | 电子材料产品 | 21.7% | | 全生物降解材料产品 | 1.9% | 机构投资者占流通 A 股比例 | 基金 | 8.0% | | --- | --- | | 一般法人 | 5.2% | 2025 年 1 月 9 日 费倩然 H70507@capital.com.tw 目标价(元) 39 公司基本资讯 | 产业别 | | 化工 | | --- | --- | --- | | A 股价(2025/1/9) | | 32.38 | | 上证指数(2025/1/9) | | 3211.39 | | 股价 12 个月高/低 | | 41.8/19.86 | | 总发行股数(百万) | | 599.08 | | A 股数(百万) | | 595.65 | | A 市值(亿元) | | 192.87 | | 主要股东 | | RED AVENUE | | | | INVESTMENT | | | | GROUP | | | | LIMITED(49.17 | | | | %) | | 每股净值(元) | | 5. ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨彤程新材（603650.SH） [Table_Title] 电子化学品持续放量，期待多元成长 | --- | --- | |----------|-------| | | | | 报告要点 | | 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 请阅读最后评级说明和重要声明 彤程新材（603650.SH） cjzqdt11111 2024-11-03 资料来源：Wind 相关研究 2024-09-04 22 [Table_Title2] 电子化学品持续放量，期待多元成长公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 公司 2024 前三季度实现收入 24.2 亿元（同比+10.4%），实现归属净利润 4.4 亿元（同比 +25.3%），实现归属扣非净利润 3.5 亿元（同比+8.2%）。2024Q3 实现收入 8.5 亿元（同比 +2.7%，环比+6.9%），实现归属净利润 1.3 亿元（同比-1.1%，环比-25.6%），实现归属扣非 ...

公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2,500 2,944 3,382 4,177 4,900 增长率 yoy% 8% 18% 15% 23% 17% 归母净利润（百万元） 298 407 559 659 766 增长率 yoy% -9% 36% 37% 18% 16% 每股收益（元） 0.50 0.68 0.93 1.10 1.28 每股现金流量 0.17 0.31 0.66 0.89 1.09 净资产收益率 9% 12% 15% 16% 17% P/E 67.1 49.2 35.8 30.4 26.1 P/B 6.6 5.9 5.5 5.1 4.6 备注：股价截止自2024 年 10 月 25 日收盘价，每股指标按照最新股本数全面摊薄 彤程新材（603650.SH） 橡胶 证券研究报告/公司点评报告 2024 年 10 月 27 日 评级： 买入（维持） 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email： ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's Q3 2024 revenue increased by 10.45% YoY to RMB 2.425 billion, with net profit attributable to shareholders rising by 25.31% YoY to RMB 439 million [2] - The electronic materials sector is expected to continue expanding, driven by the recovery of the industry, new product launches, and the commissioning of the Tongcheng Electronics production facility [3] - The company's semiconductor business is growing strongly, with display panel photoresist continuously increasing its market share [3] - ArF photoresist has started continuous mass production and generated revenue, with new materials such as advanced packaging photoresist and chemically amplified I-line photoresist expected to grow rapidly [5] Financial Performance - Q3 2024 single-quarter revenue was RMB 849 million, up 2.72% YoY and 6.89% QoQ [2] - Q3 2024 net profit attributable to shareholders was RMB 125 million, down 1.13% YoY and 25.65% QoQ [2] - Gross profit margin for Q3 2024 was 25.31%, up 2.32 pct YoY but down 0.89 pct QoQ [2] - The company's electronic chemicals sector achieved revenue of RMB 543 million in the first three quarters of 2024, up 35.41% YoY [3] Product and Market Performance - The company's specialty rubber additives saw a 4.75% YoY increase in sales volume to 40,300 tons in Q3 2024 [2] - Electronic materials sales reached 4,063 tons in Q3 2024, up 19.51% YoY but down 5.31% QoQ [2] - Phenol procurement prices increased by 10.54% QoQ in Q3 2024, impacting gross margins [2] Future Projections - The company is expected to achieve revenues of RMB 3.432 billion, RMB 4.038 billion, and RMB 4.705 billion in 2024, 2025, and 2026, respectively [5] - Net profit attributable to shareholders is projected to be RMB 554 million, RMB 617 million, and RMB 754 million for 2024, 2025, and 2026, respectively [5] - The PE ratios for 2024-2026 are estimated at 36x, 33x, and 27x, respectively [5] Industry and Sector Analysis - The rubber additives sector remains buoyant, with continued demand and market stability [2] - The electronic materials sector is poised for high growth, supported by new product developments and market expansion [3][5]

彤程新材料集团股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：603650 证券简称：彤程新材 彤程新材料集团股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人 Zhang Ning、主管会计工作负责人俞尧明及会计机构负责人（会计主管人员）朱文卿 保证季度报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|----------------|---------------------------------------|------------------| ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨彤程新材（603650.SH） [Table_Title] 光刻胶持续取得突破，大步踏入抛光垫赛道 | --- | --- | |------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 公司发布 2024 年半年度报告，报告期内实现收入 15.8 亿元（同比 +15.1% ），实现归母净利润 | | | 3.1 亿元（同比 +40.3% ），实现扣非归母净利润 2.3 亿元（同比 +2.7% ）。其中 Q2 单季度实现 | | 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 请阅读最后评级说明和重要声明 彤程新材（603650.SH） cjzqdt11111 2024-09-04 资料来源：Wind 相关研究 22 05-15 [Table ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 26.37 yuan as of the market data date of 2024-08-23 [1][3] Core Views - The company's traditional rubber additive business benefits from the high prosperity of the tire industry, while its electronic materials business is developing rapidly [3] - In H1 2024, the company achieved revenue of 1.576 billion yuan (yoy +15.11%) and net profit attributable to the parent company of 313 million yuan (yoy +40.35%) [3] - The company's semiconductor photoresist business grew rapidly, with revenue of 128 million yuan (yoy +54.43%) in H1 2024 [4] - The company's display panel photoresist revenue reached 159 million yuan (yoy +27.8%) in H1 2024 [4] Financial Performance - The company's revenue is expected to grow from 2.944 billion yuan in 2023 to 5.066 billion yuan in 2026E, with a CAGR of 19.8% [2] - Net profit attributable to the parent company is forecasted to increase from 407 million yuan in 2023 to 699 million yuan in 2026E, with a CAGR of 19.7% [2] - The company's ROE is projected to improve from 11.9% in 2023 to 17.6% in 2026E [2] - EPS is expected to grow from 0.68 yuan in 2023 to 1.17 yuan in 2026E [2] Business Segments - The company's tire resin sales volume increased by over 9,000 tons (yoy +14.7%) in H1 2024, with sales revenue up by 130 million yuan (yoy +12.7%) [3] - Investment income from affiliated enterprises reached 209 million yuan in H1 2024 (yoy +51.98%) [3] - The company's fully biodegradable material revenue was 30 million yuan in H1 2024 (yoy -31.85%), with PBAT production facilities temporarily shut down [3] Industry Outlook - The company is a global leader in phenolic resin rubber additives for tires [4] - Through acquisitions of leading photoresist manufacturers, the company has become a domestic leader in the photoresist production field [4] - The company signed a cooperation agreement for the "Semiconductor Chip Advanced Polishing Pad Project" on May 27, 2024, with an expected annual capacity of 250,000 pieces [4]