江苏苏博特新材料股份有限公司 江苏苏博特新材料股份有限公司 2024 年年度股东大会会议议程 会议召开方式：现场会议和网络投票相结合 现场会议时间：2025 年 5 月 20 日上午 9 点 30 分 现场会议地点：南京市江宁区醴泉路 118 号江苏苏博特新材料股份有限公司 会议召集人：公司董事会 会议主持人：毛良喜先生 出席人员：公司股东、董事、监事、高级管理人员、公司聘请的律师及其他 相关人员 网络投票时间：2025 年 5 月 20 日采用上海证券交易所网络投票系统，通过 交易系统投票平台的投票时间为股东大会召开当日的交易时间段，即 9:15- 日的 9:15-15:00。 现场会议开始前由工作人员统计现场与会股东及股东代表人数和所持股份 数。主持人宣布会议开始，同时报告出席现场会议的股东及股东代表人数和所持 有股份数及比例。选举现场会议监票人、记票人。 一、会议审议并表决以下事项： 投票股东类型 序号 议案名称 A 股股东 非累积投票议案 案 交易 交易 授信额度的议案 二、现场参会股东对审议内容进行记名投票表决 三、工作人员收集现场表决票 四、根据网络投票及现场计票结果，对表决情况进行汇总 五、宣读 ...

江苏苏博特新材料股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月 | 江苏苏博特新材料股份有限公司 | | 2024 年年度股东大会会议议程 | 1 | | --- | --- | --- | --- | | 关于审议 | 2024 | 年度董事会工作报告的议案 | 3 | | 关于审议 | 2024 | 年度监事会工作报告的议案 | 8 | | 关于审议 | 2024 | 年度独立董事述职报告的议案 | 12 | | 关于审议 | 2024 | 年年度报告及其摘要的议案 | 25 | | | | 关于续聘会计师事务所的议案 | 26 | | 关于审议 | 2024 | 年度财务决算报告的议案 | 27 | | 关于审议 | 2024 | 年度利润分配方案的议案 | 30 | | 关于确定 | 2025 | 年度董事薪酬的议案 | 31 | | 关于公司 | 2025 | 年日常关联交易预计的议案 | 33 | | | | 关于审议公司及各子公司向银行申请综合授信额度的议案 | 35 | | | | 关于终止投资项目的议案 | 36 | | | | 关于回购注销股权激励限制性股票的议案 | ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company has shown a strong recovery in Q1 2025, with a year-on-year revenue increase of 17.8% and a net profit increase of 15.4% [6] - The company is expanding its market presence in major engineering projects and overseas markets, enhancing its core competitiveness through technology development and diversification [6] - The company is expected to rebound in performance from 2025 to 2027, with projected net profits of 2.2 billion, 2.9 billion, and 3.4 billion respectively, corresponding to PE ratios of 16, 12, and 10 [6] Financial Data and Earnings Forecast - Total revenue for 2024 is projected at 3,555 million, with a slight decline of 0.8% year-on-year, while Q1 2025 revenue is 682 million, reflecting a 17.8% increase [5] - The company anticipates a net profit of 223 million in 2025, a significant increase of 132.6% year-on-year, with an expected EPS of 0.52 [5] - The gross margin for 2025 is estimated at 31.7%, with a return on equity (ROE) of 5.1% [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][22]. Core Insights - The company experienced a revenue of 3.555 billion yuan and a net profit attributable to shareholders of 96 million yuan in 2024, reflecting a year-on-year decline of 0.75% and 40.24% respectively. However, in Q1 2025, the company reported a revenue of 682 million yuan and a net profit of 24 million yuan, showing a year-on-year increase of 17.81% and 15.36% respectively [1][4]. - The company is positioned as a leader in the admixture sector, with a strong competitive advantage in large infrastructure projects. The growth in functional materials and overseas markets, particularly in the "Belt and Road" initiative, is expected to drive future revenue growth [2][4]. Financial Performance Summary - In 2024, the overall gross margin was 32.79%, a decrease of 2.33 percentage points year-on-year. The net profit margin for the year was 4.89%, down 1.63 percentage points from the previous year [3]. - The company’s operating cash flow for 2024 was 581 million yuan, an increase of 211 million yuan year-on-year, indicating strong cash flow management [3]. Revenue and Profit Forecast - The company’s projected revenue for 2025 is 3.773 billion yuan, with an expected growth rate of 6.13%. The net profit attributable to shareholders is forecasted to be 151 million yuan, representing a significant recovery with a growth rate of 57.46% [5][17].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][16] Core Views - The company is expected to see a recovery in performance due to the stabilization of its main business and a positive outlook for downstream demand, particularly in the construction sector [6][8] - The company achieved a revenue of 3.555 billion yuan in 2024, a slight decrease of 0.75% year-on-year, with a net profit attributable to shareholders of 96 million yuan, down 40.24% year-on-year [6][9] - In Q1 2025, the company reported a revenue of 682 million yuan, representing a year-on-year increase of 17.81%, and a net profit of 24 million yuan, up 15.36% year-on-year [6][9] Financial Performance Summary - The company's revenue and net profit forecasts for 2025-2027 are as follows: - 2025: Revenue of 3.839 billion yuan, net profit of 153 million yuan - 2026: Revenue of 4.247 billion yuan, net profit of 204 million yuan - 2027: Revenue of 4.963 billion yuan, net profit of 244 million yuan [6][9][11] - The earnings per share (EPS) for the same period are projected to be 0.35 yuan, 0.47 yuan, and 0.56 yuan respectively [6][9][11] Market and Product Insights - The company has seen a significant increase in the sales volume of high-performance water-reducing agents, with Q1 2025 sales up 27.68% year-on-year [7][8] - The company is expanding its market presence in domestic infrastructure projects and has established overseas subsidiaries in Singapore, the Philippines, and Saudi Arabia, enhancing its international footprint [8][9] Valuation Metrics - The current stock price of 7.92 yuan corresponds to a price-to-earnings (P/E) ratio of 22.4 for 2025, 16.8 for 2026, and 14.0 for 2027 [1][6][9] - The company's return on equity (ROE) is projected to improve from 3.6% in 2024 to 7.7% in 2027 [9][11][12]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 9.50 [7][8]. Core Views - The company demonstrated revenue resilience with a slight year-over-year decline of 0.75% in 2024, achieving revenue of RMB 3.555 billion. However, net profit attributable to shareholders decreased by 40.24% to RMB 95.88 million, primarily due to higher impairment losses than previously expected [1][2]. - The company is expected to benefit from increased infrastructure investment and the acceleration of special bond issuance, which may enhance product demand and improve profitability [4][6]. Revenue and Profitability - In 2024, the company reported revenues from high-performance water reducers, efficient water reducers, functional materials, and testing services of RMB 18.6 billion, RMB 0.5 billion, RMB 6.7 billion, and RMB 7.6 billion, respectively, reflecting year-over-year changes of -8.8%, -52.0%, +29.5%, and +0.8% [2]. - The overall gross margin for 2024 was 32.79%, a decrease of 2.33 percentage points year-over-year, attributed to a decline in capacity utilization [2][3]. Cost Management and Cash Flow - The company maintained good control over operating expenses, with a total expense ratio of 25.20% in 2024, down 1.28 percentage points year-over-year. The net cash inflow from operating activities was RMB 580.69 million, an increase of 57.0% year-over-year [3][4]. - In Q1 2025, the company achieved a net cash flow from operating activities of RMB 96 million, reflecting a year-over-year increase of 111.5% [3]. Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to RMB 160 million, RMB 210 million, and RMB 240 million, respectively, reflecting an upward revision of 10% and 6% for 2025 and 2026 [4][6]. - The company is assigned a price-to-earnings (PE) ratio of 25 times for 2025, with a target price of RMB 9.50, indicating a potential upside from the current market price [4][8].

Investment Rating - The investment rating for the company is "Buy" with a target price of 9.50 RMB [7][8]. Core Views - The company reported a revenue of 3.555 billion RMB in 2024, a slight decrease of 0.75% year-on-year, and a net profit attributable to shareholders of 95.88 million RMB, down 40.24% year-on-year. The lower profit was attributed to higher impairment losses than previously expected [1]. - In Q1 2025, the company achieved a revenue of 682 million RMB, representing a year-on-year increase of 17.81%, and a net profit of 24.43 million RMB, up 15.36% year-on-year. This indicates a recovery in revenue growth, supported by potential increases in infrastructure investment [1][4]. - The company’s comprehensive gross margin for 2024 was 32.79%, a decrease of 2.33 percentage points year-on-year, primarily due to a decline in capacity utilization [2]. Summary by Sections Revenue and Profitability - The company’s revenue for high-performance water reducers, efficient water reducers, functional materials, and testing services in 2024 was 1.86 billion, 50 million, 670 million, and 760 million RMB respectively, showing a year-on-year decline of 8.8%, 52.0%, an increase of 29.5%, and a slight increase of 0.8% [2]. - The gross margin for high-performance water reducers, efficient water reducers, functional materials, and testing services was 26.79%, 22.42%, 30.47%, and 52.86% respectively, with slight year-on-year changes [2]. Cost Management - The company maintained good control over operating expenses, with a total expense ratio of 25.20% in 2024, down 1.28 percentage points year-on-year. The breakdown includes sales, management, R&D, and financial expense ratios [3]. - The company reported an operating cash inflow of 580 million RMB in 2024, a year-on-year increase of 57.0% [3]. Profit Forecast and Valuation - The profit forecast for the company has been adjusted, with expected net profits for 2025, 2026, and 2027 being 160 million, 210 million, and 240 million RMB respectively, reflecting an upward adjustment of 10% and 6% compared to previous estimates [4]. - The target price of 9.50 RMB is based on a PE ratio of 25 times for 2025, considering the company’s leading position in the additives sector and its potential benefits from infrastructure investments [4].

Performance Summary - In 2024, the company reported operating revenue of 3.555 billion yuan, a year-on-year decrease of 0.75%, and a net profit attributable to shareholders of 96 million yuan, down 40.24% [1] - In Q4, the company achieved revenue of 1.08 billion yuan, a year-on-year increase of 7.33%, with a net profit of 17 million yuan, down 9.01% [1] - In Q1, the company reported operating revenue of 682 million yuan, a year-on-year increase of 17.81%, and a net profit of 24 million yuan, up 15.36% [1] Operational Analysis - The sales of high-performance water-reducing agents have shown a recovery trend, with Q4 sales increasing by 10% year-on-year and Q1 by 41% [2] - The company has experienced a gradual recovery in production operations due to the increase in sales, leading to a decrease in fixed cost amortization pressure [2] - The overall gross margin for Q4 and Q1 was 32.56% and 33.64%, respectively, indicating a continuous improvement over three consecutive quarters [2] Functional Materials Growth - The company has a competitive advantage in high-demand engineering projects, leveraging its R&D and application experience [3] - Sales of functional materials reached 96,000 tons in Q4 and 65,000 tons in Q1, with year-on-year growth of 10% and 41%, respectively [3] - The company's engineering projects are expected to continue driving growth in functional materials [3] Profit Forecast and Valuation - The company has raised its profit forecast for 2025 by 11%, predicting net profits of 190 million, 242 million, and 291 million yuan for 2025-2027 [4] - The current stock price corresponds to a PE valuation of 17, 13, and 11 times for the respective years [4] - The company maintains a "buy" rating [4]

Group 1 - The company announced the termination of an investment project in Lianyungang, originally planned for an annual production of 800,000 tons of chemical functional materials, with a total investment of 1.38 billion yuan [1] - The project was halted due to changes in the macro environment and was agreed upon with the local government, resulting in the return of land use rights and a refund of 45.764 million yuan [1] - The company stated that the termination of this project will not have a significant impact on its existing business and operational development [1] Group 2 - The company's high-performance water-reducing agent segment reported a revenue of 1.86 billion yuan in 2024, a year-on-year decrease of 8.76% [1] - The designed production capacity for high-performance water-reducing agents is 789,000 tons, with a capacity utilization rate of 37% [2] - The company faces increased competition in the polycarboxylic acid water-reducing agent market, which may lead to a decline in profitability and an increase in accounts receivable [2]

证 券 代 码 ： 6 0 3 9 1 6 证 券 简 称 ： 苏 博 特 公 告 编 号 ： 2 0 2 5 - 0 2 5 转债代码：113650 转债简称：博 22 转债 江苏苏博特新材料股份有限公司 估值提升计划 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个别及连带责任。 一、估值提升计划的触发情形及审议程序 截至 2024 年 12 月 31 日收盘，江苏苏博特新材料股份有限公司（以下简称 "公司"）股票已连续 12 个月内每个交易日收盘价均低于最近一个会计年 度经审计的每股归属于公司普通股股东的净资产，经公司董事会审议制定估 值提升计划。 公司于 2025 年 4 月 28 日召开第七届董事会第九次会议，审议通过了《估值 提升计划》，全体董事一致同意该计划。董事会认为，该计划符合公司长期 发展战略，有助于提升公司投资价值和市场认可度。 本次估值提升计划主要围绕企业经营、分红回报、员工激励、投资者关系、 信息披露等方面的工作，旨在提升公司投资价值和股东回报能力， 推动公 司投资价值合理反映公司质量，增强投资者信心,维护全体 ...