Investment Rating - The investment rating for the company is "Buy" and is maintained [2][5] Core Views - The company has achieved a revenue of 2.42 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 10.4%, and a net profit attributable to shareholders of 440 million yuan, up 25.3% year-on-year [2] - The company is a leading supplier of specialty rubber additives and photoresists, with a strong position in the tire materials market and as the largest producer of phenolic resin in China [3] - The electronic chemicals segment is expanding, with a production volume of 12,300 tons and sales volume of 12,000 tons in the first three quarters of 2024, reflecting year-on-year increases of 39.5% and 34.5%, respectively [4] - The company is leveraging its strong R&D capabilities to diversify its product offerings, including semiconductor polishing pads, and has ongoing projects to enhance production capacity [5] Financial Performance - In Q3 2024, the company reported a revenue of 850 million yuan, a year-on-year increase of 2.7% and a quarter-on-quarter increase of 6.9% [2] - The average price of specialty rubber additives in the first three quarters was 15,700 yuan per ton, showing a year-on-year decrease of 1.8% [4] - The projected net profits for 2024 to 2026 are estimated at 550 million yuan, 740 million yuan, and 850 million yuan, respectively [5] Market Position - The company is recognized as a domestic leader in specialty rubber additives and photoresists, with significant market share in both sectors [3] - The electronic materials business is expected to continue growing, supported by the ramp-up of the Shanghai photoresist factory and the development of the Jintan polishing pad project [4][5]

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 ...

| 股票代码：603650 | 股票简称：彤程新材 | 编号：2024-085 | | --- | --- | --- | | 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 2024 年 10 月 24 日召 开了第三届董事会第十八次会议及第三届监事会第十五次会议，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"）首次授予部分 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。 鉴于公司已完成了 20 ...

| 股票代码：603650 | 股票简称：彤程新材 | 编号：2024-083 | | --- | --- | --- | | 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 第三届董事会第十八次会议决议公告 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、董事会会议召开情况 彤程新材料集团股份有限公司（以下简称"公司"或"彤程新材"）于 2024 年 10 月 24 日在公司会议室召开第三届董事会第十八次会议。本次会议的会议通知已于 2024 年 10 月 18 日通过邮件形式发出，本次会议采用现场结合通讯方式召开，由 董事长 Zhang Ning 女士主持，本次会议应到董事 9 名，实到董事 9 名，全体董事 均亲自出席了本次会议。本次会议的召开符合有关法律、行政法规、部门规章、 规范性文件和《公司章程》的有关规定，会议决议合法有效。经与会董事认真审 议，形成以下决议： 二、董事会会议审议情况 1、审议及通过了《2024 年第三季度报告》 本议案已经公司第三届董事会审计委员会 202 ...

| 股票代码：603650 | 股票简称：彤程新材 | 编号：2024-086 | | --- | --- | --- | | 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 2024 年 10 月 24 日召开 了第三届董事会第十八次会议和第三届监事会第十五次会议，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首次授予部分 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》。 债权申报所需 ...

上海市锦天城律师事务所 关于彤程新材料集团股份有限公司 2023年限制性股票激励计划 所涉回购注销部分限制性股票及调整回购价格 相关事项的 法律意见书 锦 天 城 律 师事务 所 ALLBRIGHT LAW OFFICES 地址：上海市浦东新区银城中路501号上海中心大厦11/12层 电话: 021-20511000 传真: 021-20511999 邮编: 200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于彤程新材料集团股份有限公司 2023年限制性股票激励计划 所涉回购注销部分限制性股票及调整回购价格 相关事项的法律意见书 致:彤程新材料集团股份有限公司 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》(以下简称"《证券法》")、中国证券监督管理委员会(以下简称 "中国证监会")发布的《上市公司股权激励管理办法》(以下简称"《管理办 法》")等法律、法规和规范性文件和《彤程新材料集团股份有限公司章程》(以 下简称"《公司章程》")、公司《彤程新材料集团股份有限公司2023年限制性股 票激励计划(草案)》(以下简称"《激励计划》")等有关规定,上 ...

股票代码：603650 股票简称：彤程新材 编号：2024-087 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 关于公司 2024 年前三季度主要经营数据的公告 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"）主要业务为新材料的研 发、生产、销售和相关贸易业务等，根据上海证券交易所发布的《上海证券交易 所上市公司自律监管指引第 3 号行业信息披露：第十三号——化工》及相关要求， 现将公司 2024 年前三季度主要业务板块经营数据披露如下： 二、主要化工产品和原材料的价格变动情况 （一）2024 年前三季度公司主要化工产品价格变动情况（不含税） | 主要原料 | | | | 采购均价（元/吨） | | | | | 同比变动比 | 三季度与二 季度环比变 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2024 | 年 | 1-9 | 月 | 2023 | 年 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥848,599,544.87, representing a year-on-year increase of 2.72%[2] - The net profit attributable to shareholders for Q3 2024 was ¥125,460,625.66, showing a slight decrease of 1.13% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥124,147,811.74, which increased by 19.85% year-on-year[2] - Revenue for the first three quarters of 2024 reached CNY 2,424,952,336.85, up from CNY 2,195,539,559.31 in the same period of 2023, representing an increase of approximately 10.4%[14] - Net profit for the first three quarters of 2024 was CNY 1,808,040,218.02, compared to CNY 1,669,588,433.76 in 2023, showing a growth of about 8.3%[14] - The net profit for Q3 2024 reached CNY 452,584,249.49, an increase of 30.6% compared to CNY 346,603,810.04 in Q3 2023[15] - The total profit for Q3 2024 was CNY 466,622,719.23, up from CNY 368,019,564.81 in the same period last year, reflecting a growth of 26.8%[15] - Operating income for Q3 2024 was CNY 372,130,207.56, slightly up from CNY 367,064,994.02 in Q3 2023[15] Cash Flow and Investments - The cash flow from operating activities for the year-to-date period increased significantly by 106.91% to ¥309,397,459.40, driven by increased sales and collections[6] - Cash flow from operating activities for the first nine months of 2024 was CNY 309,397,459.40, compared to CNY 149,530,317.12 in the same period of 2023, indicating a significant increase[16] - The company reported a net cash outflow from investing activities of CNY -550,377,945.41 for the first nine months of 2024, compared to a net inflow of CNY 102,236,148.97 in the same period of 2023[18] - The cash and cash equivalents at the end of Q3 2024 stood at CNY 618,602,427.76, a decrease from CNY 661,436,488.97 at the beginning of the period[18] - The net cash flow from financing activities for Q3 2024 was CNY 201,176,703.81, a turnaround from a net outflow of CNY -56,301,548.93 in Q3 2023[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 49,148, with the largest shareholder, RED AVENUE INVESTMENT GROUP LIMITED, holding 294,570,000 shares, accounting for 49.17%[7] - The number of shares held by the top ten shareholders includes significant stakes from foreign entities, with Virgin Holdings Limited holding 80,162,700 shares (13.38%)[7] - The company has no outstanding shares under margin trading or securities lending as of the reporting period[9] - The total number of shares in the repurchase account at the end of the reporting period is 3,001,917 shares[8] - The company has not reported any changes in the top ten shareholders due to securities lending or borrowing activities[10] - The company distributed a cash dividend of 2.5 RMB per 10 shares, totaling 149,019,182.25 RMB (including tax), to 596,076,729 shares after excluding repurchased shares[10] - The cash dividend was distributed on October 16, 2024, following the equity distribution registration date of October 15, 2024[10] Assets and Liabilities - Total assets as of the end of the reporting period were ¥7,991,693,723.10, reflecting an increase of 8.97% from the end of the previous year[3] - Total assets increased to CNY 7,991,693,723.10, up from CNY 7,333,906,805.33, representing a growth of approximately 9.0% year-over-year[12] - Current assets rose to CNY 2,822,006,522.33, compared to CNY 2,544,376,880.33, marking an increase of about 10.9%[12] - Non-current assets totaled CNY 5,169,687,200.77, up from CNY 4,789,529,925.00, reflecting a growth of approximately 8.0%[12] - Total liabilities increased to CNY 4,541,069,372.37 from CNY 3,829,012,154.29, indicating a rise of around 18.6%[13] - Accounts receivable increased to 816,763,730.04 RMB from 702,056,587.14 RMB year-over-year[11] - The company reported a decrease in financing receivables to 290,349,556.54 RMB from 329,891,774.80 RMB[11] - Inventory decreased to CNY 399,688,832.75 from CNY 430,728,703.59, a decline of approximately 7.2%[12] - Short-term borrowings increased to CNY 602,205,419.83 from CNY 475,145,287.65, reflecting a rise of about 26.8%[13] - Long-term borrowings rose to CNY 1,507,980,871.95 from CNY 1,274,341,667.63, indicating an increase of approximately 18.3%[13] Earnings Per Share and Returns - The basic and diluted earnings per share for Q3 2024 were both ¥0.21, unchanged from the previous quarter[3] - The basic and diluted earnings per share for Q3 2024 were both CNY 0.73, compared to CNY 0.59 in Q3 2023, marking a 23.7% increase[15] - The weighted average return on equity increased by 0.15 percentage points to 3.99% for Q3 2024[3] Non-Recurring Gains and Losses - Non-recurring gains and losses for the year-to-date period amounted to ¥1,312,813.92, with significant contributions from government subsidies[5] - The company reported a government subsidy of ¥1,447,403.87 for the current period, which is closely related to its normal business operations[4] - The company experienced a decrease in other comprehensive income, with a net amount of CNY -40,177,727.18 in Q3 2024, compared to CNY 8,674,713.92 in Q3 2023[15]