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]

重要公告： 华鲁恒升：拟2亿元—3亿元回购股份用于注销 亚振家居：控股股东筹划控制权变更事项股票18日起停牌 中国联通：一季度净利润同比增长6.5% 同飞股份：一季度净利润同比增长1104.89% 长盈精密：2024年净利润同比增长800.24% 拟10派1.3元 沪市重要公告： 华鲁恒升：拟2亿元—3亿元回购股份用于注销 亚振家居（603389）公告，因公司控股股东上海亚振投资有限公司正在筹划重大事项，该事项可能导致 公司控制权发生变更，经公司申请，公司股票将于2025年4月18日（星期五）开市起停牌，停牌时间不 超过2天。 圣泉集团：一季度净利润同比增长50.46% 圣泉集团（605589）公告，第一季度实现营业收入24.59亿元，同比增长15.14%；净利润2.07亿元，同 比增长50.46%；基本每股收益0.25元。 中国联通：一季度净利润同比增长6.5% 中国联通（600050）公告，公司2025年第一季度实现营业收入1033.5亿元，同比增长3.9%；归属于母公 司净利润26.1亿元，同比增长6.5%；基本每股收益0.083元。 华鲁恒升（600426）公告，公司拟2亿元—3亿元回购股份用于注销并 ...

Group 1 - Sanan Optoelectronics received a loan commitment letter from China Industrial Bank for a repurchase loan of 1 billion yuan, valid for three years, to support stock buybacks [2] - Changying Precision reported a 23.40% increase in revenue to 16.934 billion yuan and an 800.24% increase in net profit to 772 million yuan for 2024, driven by humanoid robot projects [2] - Zhuhai Group's Q1 net profit increased by 74.07% to 277 million yuan, attributed to gains from precious metals [2] Group 2 - Qianyuan Power expects a Q1 net profit increase of 330%-365%, driven by a 62.70% increase in water inflow and a 59.40% rise in power generation [3] - Guofang Group's stock has experienced significant volatility, with a current P/E ratio of 110.1, indicating potential irrational speculation [3] - Fangyuan Co. decided to terminate a 3 billion yuan lithium carbonate production project due to market conditions and strategic changes, having already invested 97 million yuan [4] Group 3 - Baosteel plans to acquire a 49% stake in Maanshan Steel for a total consideration of 9 billion yuan, consisting of 5.139 billion yuan for equity purchase and 3.861 billion yuan for capital increase [5]

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 ...