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]

财联社财经通讯社打开APP15:34:29【彤程新材：前三季度净利润4.39亿元 同比增长25.31%】财联社10 月24日电，彤程新材发布2024年第三季度报告，公司前三季度实现营业收入24.25亿元，同比增长 10.45%；净利润4.39亿元，同比增长25.31%。 彤程新材+0.06%A股公告速递查看公告原文财联社声明：文章内容仅供参考，不构成投资建议。 投资者据此操作，风险自担。 2024-10-24 15:34:2976042 阅读商务合作发送 ...

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 ...

| --- | --- | |------------------------------|------------| | | | | ＃市场 ma 数 rk 据 etData ＃ | | | 市场数据日期 | 2024-08-23 | | 收盘价（元） | 26.37 | | 总股本（百万股） | 598.84 | | 流通股本（百万股） | 594.07 | | 净资产（百万元） | 3219.74 | | 总资产（百万元） | 7832.72 | | 每股净资产 (元) | | | | 5.38 | | --- | --- | --- | --- | --- | |--------------------------------------------------------|-------|-------|-------|-------| | 主要财务指标 \n＄ 会计 zy 年 c 度 wzb\| 主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 2944 | 3478 | 4220 | 5066 | | 同比增长 | 17.7% | ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong performance in specialty rubber additives and electronic chemicals, as well as its strategic investments in the CMP project [1][5] Core Views - The company achieved revenue of 1.576 billion yuan in H1 2024, a YoY increase of 15.1%, with net profit attributable to shareholders of 313 million yuan, up 40.4% YoY [1] - Specialty rubber additives contributed 1.2 billion yuan in revenue, a 13.3% YoY increase, while electronic chemicals revenue grew 35.3% YoY to 340 million yuan [1] - The company's semiconductor photoresist revenue surged 54.4% YoY to 128 million yuan, and panel photoresist revenue increased 27.8% YoY to 159 million yuan [1] - The company plans to invest 300 million yuan in a CMP project, which is expected to produce 250,000 semiconductor polishing pads annually, generating 800 million yuan in sales at full capacity [1] Financial Performance - Revenue for 2024E is projected at 3.531 billion yuan, with a YoY growth of 19.95%, and net profit is expected to reach 559 million yuan, up 37.43% YoY [2] - EPS for 2024E is forecasted at 0.93 yuan, with ROE (diluted) at 15.47% [2] - The company's P/E ratio for 2024E is estimated at 28, and P/B ratio at 4.4 [2] Market Position - The company holds a 25.9% market share in domestic panel photoresist, making it the largest local supplier, with a 55%+ share in the largest domestic panel manufacturer B [1] - The company's KrF photoresit growth exceeded 60% in H1 2024, while chemical amplification I-line photoresist grew over 500% [1] Strategic Initiatives - The company is focusing on building a platform-type company in electronic materials, with successful product certifications for high-resolution KrF, ArF photoresist, and BARC products [1] - The CMP project is part of the company's strategy to expand its presence in the semiconductor materials sector [1] Profitability and Valuation - The company's gross margin is expected to improve to 25.6% in 2024E, up from 23.7% in 2023 [7] - ROE (diluted) is projected to increase to 19.18% by 2026E, reflecting strong profitability growth [7] - The company's EV/EBITDA ratio is forecasted to decline to 29.4 in 2024E, indicating improving valuation metrics [7]

2024 年半年度报告 公司代码：603650 公司简称：彤程新材 彤程新材料集团股份有限公司 2024 年半年度报告 1 / 195 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，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。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 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 文卿声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟以实施权益分派股权登记日登记的总股本（扣除公司回购专用证券账户中的股份数） 为基数，向全体股东每10股派发现金红利2.50元（含税），不送红股，不以资本公积金转增股本 。截至2024年7月31日，公司总股本598,839,890股，扣除公司回购专用证券账户3,001,917股，以 此计算拟派发现金红利148,959,493.25元（含税）。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告 ...