Investment Rating - The report maintains an "Outperform" rating for the company with a target price of 29.26, based on previous ratings of 25.71 and 23.51 [11][30]. Core Insights - In Q1 2024, the company reported a recurring net profit growth of 142.37% quarter-over-quarter and reversed the loss year-over-year, achieving an operating income of 1.319 billion yuan, which is a decline of 7.35% quarter-over-quarter but an increase of 11.90% year-over-year [31]. - The company's profit growth is attributed to an improved macro-environment, the digestion of released production capacity, and significant increases in government grants year-over-year [31][32]. - The company is focusing on environmental protection and specialty adhesive tapes to achieve domestic substitution, with ongoing projects expected to enhance growth momentum [32]. Summary by Sections Financial Performance - The company achieved a net profit of 51.24 million yuan in Q1 2024, marking a growth of 51.23% year-over-year and reversing previous losses [31]. - Recurring net profit reached 34.11 million yuan, up 142.37% quarter-over-quarter [31]. Strategic Initiatives - The company is investing in environmentally friendly biodegradable materials and automotive functional adhesive films, with significant projects expected to complete by the end of 2024 [32]. Market Position - The report indicates that the company is well-positioned to benefit from domestic substitution trends in the industrial adhesive tape sector, leveraging its R&D strengths and customer resources [32].

证券代码：603681 证券简称：永冠新材 公告编号：2024-050 转债代码：113653 转债简称：永22转债 上海永冠众诚新材料科技（集团）股份有限公司 对外担保的进展公告 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。 重要内容提示： 一、 担保情况概述 公司分别于 2023 年 4 月 27 日、2023 年 5 月 18 日召开第三届董事会第三十 二次会议和 2022 年年度股东大会，审议通过了《关于公司 2023 年度对外担保预 计的议案》，同意公司为江西永冠提供不超过 165,000.00 万元的担保。该担保的 期限为 2022 年年度股东大会审议通过之日起至 2023 年年度股东大会召开之日 止，具体详见公司于 2023 年 4 月 28 日披露于指定信息媒体的《上海永冠众诚新 1 被担保人名称及是否为上市公司关联人：江西永冠科技发展有限公司（以下 简称"江西永冠"），为上海永冠众诚新材料科技（集团）股份有限公司（以 下简称"公司"）合并报表范围内的子公司。 本次担保金额及已实际为其提供的担保余额：本次担保 ...

转债代码：113653 转债简称：永 22 转债 上海永冠众诚新材料科技（集团）股份有限公司 证券代码：603681 证券简称：永冠新材 公告编号：2024-049 公司于 2024 年 2 月 6 日召开第四届董事会第八次会议，审议通过了《关于增 加回购股份金额的议案》，将本次回购股份的资金总额由"不低于人民币 4,000 万 元（含 4,000 万元）且不超过人民币 8,000 万元（含 8,000 万元）"增加为"不低 于人民币 7,000 万元（含 7,000 万元）且不超过人民币 1.4 亿元（含 1.4 亿元）"。 具体内容详见公司于 2024 年 2 月 8 日在指定信息披露媒体披露的《上海永冠 众诚新材料科技（集团）股份有限公司关于增加股份回购金额暨公司"提质增效 重回报"行动方案的公告》（公告编号：2024-019）、《上海永冠众诚新材料科技（集 团）股份有限公司关于以集中竞价交易方式回购公司股份的回购报告书（修订稿）》 （公告编号：2024-020）。 二、 回购股份的进展情况 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上海证券交易 所上市公司自律监管指引第 7 号——回购 ...

Financial Performance - The company's operating revenue for 2023 reached ¥5,456,563,528.74, an increase of 8.55% compared to ¥5,026,952,246.06 in 2022[21]. - The net profit attributable to shareholders decreased by 63.66% to ¥82,723,583.09 from ¥227,614,597.80 in the previous year[21]. - The basic earnings per share for 2023 was ¥0.43, down 63.87% from ¥1.19 in 2022[22]. - The net cash flow from operating activities was ¥355,401,267.79, a decrease of 29.11% compared to ¥501,306,897.90 in 2022[21]. - The total assets at the end of 2023 were ¥6,486,300,111.06, a slight increase of 0.46% from ¥6,456,835,374.11 at the end of 2022[21]. - The weighted average return on equity decreased to 3.33% in 2023 from 9.75% in 2022, a decline of 6.42 percentage points[23]. - The company reported a net profit excluding non-recurring gains and losses of CNY 108,193,247.04, down 49.82% year-on-year[32]. - The total profit amounted to CNY 68.01 million, a decrease of 72.91% compared to the previous year[56]. - The consolidated net profit attributable to shareholders for 2023 was CNY 82,723,583.09, while the net profit for the parent company was CNY 28,032,798.02[173]. Dividend Policy - The company plans to distribute a cash dividend of 1.50 RMB per 10 shares to all shareholders, subject to approval at the shareholders' meeting[3]. - The proposed cash dividend distribution is CNY 1.50 per 10 shares, totaling CNY 27,608,994.90, which represents 33.37% of the net profit attributable to shareholders[173][176]. - The company plans to distribute at least 10% of the annual distributable profit in cash if there are no significant capital expenditure plans in the next 12 months[172]. - The company has a cash dividend policy that prioritizes cash distribution, with a minimum of 20% of profits allocated to cash dividends if there are significant capital expenditures[172]. Risk Management - The company emphasizes the uncertainty of future plans and development strategies, warning investors of potential risks[4]. - The company has detailed potential risks in the management discussion and analysis section of the report[5]. - The company is expected to maintain a focus on risk management and hedging strategies in 2023[143]. - The company faces risks from raw material price volatility, which could significantly impact its operating performance despite ongoing improvements in production technology[132]. - The company is exposed to exchange rate fluctuations due to its export business, primarily settled in USD, which may affect its financial performance[133]. - The company has implemented strict internal control systems and risk management measures to mitigate market risks associated with foreign exchange transactions[116]. Market and Product Development - The company is advancing multiple projects, including the biodegradable new materials project in Jiangxi, expected to be completed in the first half of 2024[33]. - The company has established four major production bases globally, enhancing market responsiveness and operational efficiency[33]. - The company has developed a new type of environmentally friendly adhesive tape with a degradation rate of over 95%, meeting higher environmental standards in the European and American markets[38]. - The company is actively expanding its market channels through various paths, including partnerships with 4S groups and e-commerce platforms[40]. - The company is focused on continuous innovation and has a strong patent portfolio, including 16 invention patents and 50 utility model patents[48]. - The company is launching nine new products, including various types of adhesive tapes, to enrich its product line and support new market segments[128]. Environmental Initiatives - The company has established an environmental protection mechanism and invested CNY 67.14 million in environmental protection during the reporting period[183]. - The company has implemented various pollution control measures, including a collection hood and activated carbon adsorption systems for VOC emissions, with a processing capacity of 120,000 cubic meters per hour for toluene waste gas treatment[187]. - The wastewater treatment system has a designed processing capacity of 3,000 cubic meters per day, utilizing sedimentation and biochemical treatment methods[188]. - The company has received environmental approval for its wastewater treatment technology upgrade project from the Environmental Protection Bureau[189]. - The company has a comprehensive approach to managing industrial wastewater, including a biological contact oxidation pool and sedimentation processes[188]. Governance and Compliance - The company strictly adhered to legal regulations and self-discipline rules for information disclosure, ensuring accuracy and completeness without any false records or misleading statements[142]. - Internal control evaluation was conducted based on the "Basic Norms for Enterprise Internal Control," confirming effective design and execution without major defects[142]. - The company has established internal controls for all evaluated business areas, which have been effectively implemented[142]. - The company held two shareholder meetings during the reporting period, complying with all legal and regulatory requirements[144]. - The company has established a strong governance framework with the election of independent directors and supervisors to ensure accountability[147]. Strategic Focus - The strategic focus includes "integrated production along the supply chain" and "intelligent manufacturing upgrades" to drive growth and efficiency[123]. - The company aims to enhance organizational structure and improve overall management capabilities through the establishment of a sales management support team[125]. - The company is committed to sustainable development and creating a green, low-carbon future[123]. - The company is focused on expanding its market presence through strategic partnerships and acquisitions[155].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 1,319,207,637.93, representing an increase of 11.90% compared to the same period last year[5]. - The net profit attributable to shareholders of the listed company was CNY 51,244,400.16, with a basic earnings per share of CNY 0.26[5]. - The net profit after deducting non-recurring gains and losses was CNY 34,112,337.75, reflecting operational improvements[5]. - Net profit for Q1 2024 was ¥51,244,400.16, a significant recovery from a net loss of ¥15,657,974.63 in Q1 2023[20]. - Basic earnings per share for Q1 2024 were ¥0.26, compared to a loss of ¥0.08 per share in Q1 2023[21]. - The company reported a total comprehensive income of ¥48,514,868.72 for Q1 2024, compared to a loss of ¥16,352,327.61 in Q1 2023[21]. Cash Flow - The net cash flow from operating activities was CNY 1,234,668.31, indicating improved cash generation from operations[10]. - Cash flow from operating activities generated a net amount of ¥1,234,668.31 in Q1 2024, a recovery from a negative cash flow of ¥28,219,401.78 in Q1 2023[23]. - Net cash flow from investment activities was $23,847,851.30, a significant improvement from a negative cash flow of -$368,270,077.45 in the previous year[24]. - The net cash flow from financing activities was -$38,954,765.73, a decline from -$506,153.75 year-over-year[24]. - The company reported a net decrease in cash and cash equivalents of -$9,942,419.32, compared to a much larger decrease of -$406,018,794.32 in the previous year[24]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 6,410,922,647.51, a decrease of 1.16% from the end of the previous year[6]. - The company's current assets totaled RMB 3,423,632,655.38, down from RMB 3,591,143,516.55, indicating a decrease of about 4.67%[15]. - Total liabilities decreased to RMB 3,932,667,230.47 from RMB 3,972,092,967.73, representing a reduction of about 0.99%[17]. - The total equity attributable to shareholders decreased to RMB 2,478,255,417.04 from RMB 2,514,207,143.33, a decline of about 1.43%[17]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 11,405[11]. - The top shareholder, Lü Xinmin, holds 31.32% of the shares, totaling 59,860,820 shares[12]. Operational Highlights - The company received government subsidies amounting to CNY 30,311,817.68, significantly boosting its financial performance[8]. - The company plans to continue expanding its market presence and enhancing product development in the upcoming quarters[10]. - Research and development expenses increased to ¥40,099,553.34 in Q1 2024, up from ¥32,881,175.61 in Q1 2023, indicating a focus on innovation[19]. Investment Performance - The company recorded an investment loss of ¥4,478,186.29 in Q1 2024, contrasting with a gain of ¥5,152,991.89 in Q1 2023, highlighting volatility in investment performance[19].

证券代码：603681 证券简称：永冠新材 公告编号：2024-047 转债代码：113653 转债简称：永22转债 上海永冠众诚新材料科技（集团）股份有限公司 2023 年第四季度主要经营数据公告 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》的要求，现将上海永冠众诚新材料科技（集团）股份有限公司（以 下简称"公司"）2023 年第四季度主要经营数据披露如下（均不含税）： 注 1：胶带类产品产量、销量计量单位为万平方米；OPP 膜和热熔胶产量、销量计量单位为万千克； 注 2：由于生产 OPP 膜的拉膜生产线于 2022 年陆续投产，对外销售渠道处在开拓阶段，故自用比例远高于 对外销售比例。鉴于此，在 2022 年第一季度至 2023 年第一季度主要经营数据中，OPP 膜采用了销量=产量 的口径。随着 OPP 膜对外销售业务的逐步开展，公司预计本年 OPP 膜的自用比例将继续下降，为更好地反 映 OPP 膜的经营情况，公司从 2023 年第二 ...

证券代码：603681 证券简称：永冠新材 公告编号：2024-048 转债代码：113653 转债简称：永22转债 上海永冠众诚新材料科技（集团）股份有限公司 2024 年第一季度主要经营数据公告 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》的要求，现将上海永冠众诚新材料科技（集团）股份有限公司（以 下简称"公司"）2024 年第一季度主要经营数据披露如下（均不含税）： 注 1：胶带类产品产量、销量计量单位为万平方米；OPP 膜和热熔胶产量、销量计量单位为万千克； 1 主要产品 2024 年 1-3 月产量 2024 年 1-3 月销量 2024年1-3月销售收入 （万元） 布基胶带 4,132.06 4,011.82 13,841.83 纸基胶带 22,936.99 23,069.61 33,086.30 膜基胶带 107,071.42 104,464.85 54,891.23 OPP 膜 4,151.82 1,231.40 9,780 ...

重要内容提示： | 回购方案首次披露日 | 2023/12/29 | | --- | --- | | 回购方案实施期限 | 2023.12.29~2024.12.27 | | 预计回购金额 | 7,000 万元~14,000 万元 | | 回购用途 | 用于员工持股计划或股权激励 | | 累计已回购股数 | 666.2775 万股 | | 累计已回购股数占总股本比例 | 3.4860% | | 累计已回购金额 | 8,489.2819 万元 | | 实际回购价格区间 | 9.42 元/股~15.20 元/股 | 一、 回购股份的基本情况 证券代码：603681 证券简称：永冠新材 公告编号：2024-033 转债代码：113653 转债简称：永 22 转债 上海永冠众诚新材料科技（集团）股份有限公司 关于回购公司股份的进展公告 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《中华人民共和国公司法》、《中华人民共和国证券法》、《上海证券交易 所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司应当在每个月 的前 ...

证券代码：603681 证券简称：永冠新材 公告编号：2024-032 经上海证券交易所《自律监管决定书》[2022]231号文同意，公司本次发行 的77,000.00万元可转换公司债券于2022年8月26日起在上海证券交易所挂牌交 易，债券简称"永22转债"，债券代码"113653"。 转债代码：113653 转债简称：永22转债 上海永冠众诚新材料科技（集团）股份有限公司 关于可转债转股结果暨股份变动的公告 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。 重要内容提示： 一、可转债上市发行概况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准上海永 冠众诚新材料科技（集团）股份有限公司公开发行可转换公司债券的批复》（证 监许可[2022]1253号）核准，上海永冠众诚新材料科技（集团）股份有限公司（以 下简称"公司"）于2022年7月28日公开发行了770万张可转换公司债券，每张面 值100元，发行总额77,000.00万元，期限6年。可转换公司债券票面利率为：第 1 累计转股情况：截至 2024 年 3 月 ...

上海永冠众诚新材料科技（集团）股份有限公司（以下简称"本公司"）于 2022 年 7 月 28 日公开发行 770.00 万张的可转换公司债券（债券简称：永 22 转债，债券 代码：113653），每张面值为人民币 100 元，发行总额 77,000.00 万元，期限 6 年。 可转换公司债券票面利率设定为：第一年 0.40%、第二年 0.60%、第三年 1.00%、第 四年 1.50%、第五年 2.50%、第六年 3.00%。根据战略规划和经营需要，公司于 2024 年 2 月 27 日召开了 2024 年第二次临时股东大会、"永 22 转债"2024 年第一次债券 持有人会议，分别审议通过了《关于变更部分可转债募集资金用途的议案》，决定变 更部分募集资金用途。根据公司《公开发行可转换公司债券募集说明书》（以下简称 "《募集说明书》"）的约定，"永 22 转债"附加回售条款生效。现依据《上市公司证 券发行管理办法》、《可转换公司债券管理办法》、《上海证券交易所股票上市规则》 和公司《募集说明书》的有关规定，将本次回售结果公告如下： 回售期间：2024 年 3 月 6 日至 2024 年 3 月 12 日 回 ...