Financial Performance - In the first nine months of 2024, the company achieved operating revenue of 526.83 million yuan, a year-on-year increase of 26.91% [2] - The third quarter revenue reached 203.49 million yuan, with quarter-on-quarter growth of 20.22% and year-on-year growth of 8.17% [2] - The net profit attributable to shareholders for the first nine months was 71.23 million yuan, up 32.89% year-on-year, with a quarterly net profit of 30.52 million yuan [3] Business Segments - In the high-end consumer electronics sector, revenue for the first nine months was 440.33 million yuan, a year-on-year increase of 29.43% [2] - The automotive sector generated 79.20 million yuan in revenue, reflecting an 18.97% year-on-year growth, with the third quarter seeing a revenue of 32.53 million yuan [3] - The special equipment sector is developing new projects, including a UV ink printing project for battery insulation, which is currently in the testing phase [4] Strategic Developments - The company is focusing on a "three horizontal and three vertical" industrial layout, with high-end consumer electronics as the primary growth curve [4] - Strategic partnerships with major clients like Huawei and OPPO are being strengthened, leading to increased market share [3] - The company is actively pursuing opportunities in the low-altitude economy and has established collaborations with eVTOL manufacturers [4] Future Outlook - The company aims to become a global leader in new functional coating materials, emphasizing continuous technological innovation and market expansion [4] - AI technology is expected to drive new demand for innovative functional coating materials, with the company positioned to leverage its established client relationships for new project opportunities [5] - The Vietnam factory has transitioned to stable operations, supporting the company's global expansion strategy [5]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 527 million yuan for Q1-Q3 2024, representing a year-on-year increase of 26.91%, with a net profit of 71.23 million yuan, up 32.89% year-on-year [5] - In the consumer electronics sector, the company achieved a revenue of 440.33 million yuan from January to September 2024, a growth of 29.43% year-on-year, with Q3 revenue reaching 168.85 million yuan, reflecting a year-on-year increase of 20.53% [5] - The automotive sector saw revenue of 79.20 million yuan from January to September 2024, an 18.97% increase year-on-year, with Q3 revenue of 32.53 million yuan, up 22.16% year-on-year [5] - The company is entering the mass production phase for important automotive projects and has successfully passed customer tests for upgraded functional coatings [5] - The company is also advancing in the eVTOL functional coating materials sector, having completed a sample project and entered the debugging phase [5] - Profit forecasts for the company are 104 million yuan, 156 million yuan, and 217 million yuan for 2024, 2025, and 2026 respectively, with EPS projected at 0.93 yuan, 1.40 yuan, and 1.94 yuan [5] Financial Summary - The company achieved a total revenue of 590 million yuan in 2023, with projections of 731 million yuan in 2024, 909 million yuan in 2025, and 1.24 billion yuan in 2026, reflecting year-on-year growth rates of 18.2%, 24.0%, 24.2%, and 36.6% respectively [7][9] - The net profit for 2023 is reported at 81 million yuan, with forecasts of 104 million yuan, 156 million yuan, and 217 million yuan for the following years [7][9] - The gross margin is expected to be 49.4% in 2023, slightly decreasing to 48.9% in 2024, and then increasing to 50.5% and 50.9% in 2025 and 2026 respectively [9]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][15]. Core Insights - The company reported a revenue of 527 million yuan for the first three quarters of 2024, representing a year-on-year increase of 26.91%. The net profit attributable to shareholders reached 71 million yuan, up 32.89% year-on-year. In Q3 alone, revenue was 203 million yuan, showing a year-on-year growth of 20.22% and a quarter-on-quarter increase of 8.17% [1]. - The automotive revenue showed significant growth, with Q3 automotive segment revenue reaching 33 million yuan, a year-on-year increase of 22.16% and a quarter-on-quarter increase of 28.24%. This growth is attributed to new models entering mass production and the launch of new products [2]. - The company has implemented an equity incentive plan and continuous dividends, reflecting strong confidence in future performance. The plan includes granting restricted stock to 68 key personnel at a price of 19.11 yuan, with growth targets set for the next three years [2]. - The company is increasing its R&D investment, with a research expense ratio of 13.94% in the first three quarters of 2024, indicating a commitment to expanding its product range and market applications [2]. - Revenue projections for 2024-2026 are 818 million yuan, 1.061 billion yuan, and 1.385 billion yuan, with year-on-year growth rates of 38.6%, 29.8%, and 30.5%, respectively. Net profit forecasts for the same period are 129 million yuan, 150 million yuan, and 207 million yuan, with growth rates of 59.0%, 16.2%, and 37.8% [2][3]. Financial Summary - Total revenue for 2023 is projected at 590 million yuan, with a year-on-year growth rate of 18.2%. The net profit for 2023 is estimated at 81 million yuan, reflecting a slight decline of 1.4% [3]. - The earnings per share (EPS) for 2023 is expected to be 0.73 yuan, with projected EPS for 2024, 2025, and 2026 at 1.15 yuan, 1.34 yuan, and 1.85 yuan, respectively [3]. - The price-to-earnings (P/E) ratio is projected to be 60 for 2023, decreasing to 38 for 2024, 33 for 2025, and 24 for 2026, indicating an improving valuation as earnings grow [3].

%% %% 丨证券研究报告丨 联合研究丨公司点评丨松井股份（688157.SH） [Table_Title] 涂料进入放量期，业绩持续高增 | --- | --- | |----------|-------| | | | | 报告要点 | | 分析师及联系人 [Table_Author] | --- | |--------| | | | SAC ： | | | | SFC ： | | --- | --- | |--------|----------------| | | | | | | | | | | | | | SAC ： | S0490513080001 | | SFC ： | | 张佩 李浩 王明 SAC：S0490518080002 SAC：S0490520080026 SAC：S0490521030001 SFC：BVA881 请阅读最后评级说明和重要声明 松井股份（688157.SH） cjzqdt11111 相关研究 [Table_Title2] 涂料进入放量期，业绩持续高增联合研究丨公司点评 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 公司 202 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [4] Core Views - The company has achieved record high performance driven by its dual wings of consumer electronics and passenger vehicle coatings, with a revenue of 527 million yuan for the first three quarters of 2024, representing a year-on-year increase of 27% [4] - The net profit attributable to the parent company for the same period reached 71.23 million yuan, up 33% year-on-year, with Q3 revenue of 203 million yuan, a 20% year-on-year increase and an 8% quarter-on-quarter increase [4] - The company is expected to see net profits of 127 million, 186 million, and 247 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.13, 1.67, and 2.21 yuan, indicating a PE ratio of 37.9, 25.7, and 19.4 times [4] Summary by Sections Consumer Electronics Business - The company's market share in the consumer electronics sector is steadily increasing, with revenue growth surpassing the industry average. In Q3 2024, high-end consumer electronics revenue reached 169 million yuan, a year-on-year increase of 21% and a quarter-on-quarter increase of 6% [5] - The global smartphone shipments in Q3 2024 were 316 million units, a 4% year-on-year increase, marking five consecutive quarters of growth. The company maintains deep collaborations with major clients such as Huawei and Xiaomi, contributing to its revenue growth [5] - The company is positioned to benefit from the anticipated surge in demand for AI smartphones, projected to capture 70% of the market share by 2028 [5] Passenger Vehicle Coatings Business - The passenger vehicle coatings segment has shown significant growth, with Q3 2024 revenue reaching 32.53 million yuan, a year-on-year increase of 22% and a quarter-on-quarter increase of 28% [6] - In Q3 2024, 3.38 million new energy vehicles were sold in China, reflecting a 33% year-on-year increase. The company is actively participating in key projects with major automotive clients, which are now entering the production ramp-up phase [6] - The company has established strategic technical collaborations with leading manufacturers to develop innovative coating solutions, indicating a successful expansion into the automotive coatings market [6] Financial Projections - The company's projected revenue for 2024 is 857 million yuan, with a year-on-year growth rate of 45.3%. The net profit is expected to reach 127 million yuan, reflecting a growth rate of 56.3% [7] - The gross margin is projected to be 49.5% in 2024, with a net margin of 14.8% [7] - The return on equity (ROE) is expected to improve from 6.0% in 2023 to 8.9% in 2024, indicating enhanced profitability [7]

松井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：688157 证券简称：松井股份 松井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、准确性和完整性依法承担法律责任。 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、主管会计工作负责人及会计机构负责人（会计主管人员）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 | --- | --- | --- | --- | --- | |-----------------------------------------------|----------------|--------------------------------------|-----------------|------------------ ...

编号：2024-014 证券代码：688157 证券简称：松井股份 松井新材料集团股份有限公司投资者关系活动记录表 | --- | --- | --- | |-------------------------|--------------------------------------------------------------|-----------------------------------------------------------------------| | | 特定对象调研 | 分析师会议 | | | □媒体采访 □业绩说明会 | | | 投资者关系活动 | □新闻发布会 □路演活动 | | | 类别 | □现场参观 | | | | 其他：湖南辖区 | 2024 年度投资者网上集体接待日活动 | | 参与单位名称及 | 线上参与湖南辖区 | 2024 年度投资者网上集体接待日活动的投资者 | | 人员姓名 | | | | 时间 2024 | 年 10 月 10 日 | 14:00-17:00 | | | 地点 "全景路演"网站（ | https://ir.p5w.net ） | | 上 ...

证券代码：688157 证券简称：松井股份 公告编号：2024-075 松井新材料集团股份有限公司 关于对外投资设立美国子公司的自愿性披露公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 对外投资标的及金额：松井新材料集团股份有限公司（以下简称"公 司"）拟以自有或自筹资金 580 万美元在美国加利福尼亚州分别投资设立全资子 公司松井新材料（美国）有限责任公司、松井（美国）物业有限责任公司，用 于美国技术与服务中心项目建设。 相关风险提示： 1、本次对外投资事项尚需经过国内有关政府部门及美国当地主管部门的审 批许可，能否取得相关政府部门的备案或审批，以及最终取得备案或审批的时 间尚存在不确定性。 2、本次对外投资事项在实际推进过程中，可能会面临国内外政治、经济环 境变化等风险。未来若国内外市场环境与政策、国际政治环境及经济形势发生 变化，本次对外投资计划、推进进度可能会需要根据实际情况进行调整，存在 不能按照原计划进度推进的风险。 3、因美国的法律制度、政策体系、商业环境、文化特征等均与国内存在差 异，本次 ...

证券代码：688157 证券简称：松井股份 公告编号：2024-074 松井新材料集团股份有限公司 第三届董事会第二次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 松井新材料集团股份有限公司（以下简称"公司"）第三届董事会第二次会 议于 2024 年 9 月 29 日上午在公司科创大楼二楼 B210 会议室以现场与通讯相结 合方式召开。本次会议通知以书面、电子邮件方式于 2024 年 9 月 26 日发出。本 次会议应出席董事 7 人，实际出席董事 7 人，由董事长凌云剑先生召集并主持。 会议的召集、召开和表决程序符合《公司法》《公司章程》等规定。 二、董事会会议审议情况 （一）审议通过《关于对外投资设立美国子公司的议案》 2024 年 9 月 30 日 松井新材料集团股份有限公司董事会 特此公告。 具体内容请详见公司同日刊载于上海证券交易所网站（www.sse.com.cn）的 《松井新材料集团股份有限公司关于对外投资设立美国子公司的自愿性披露公 告》。 表决结果：同意 7 票，反对 ...

证券代码：688157 证券简称：松井股份 公告编号：2024-076 松井新材料集团股份有限公司 关于参加湖南辖区 2024 年度投资者网上集体接待日 活动的公告 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、准确性和完整性依法承担法律责任。 为进一步加强与投资者的互动交流，松井新材料集团股份有限公司（以下简 称"公司"）将参加由湖南证监局、湖南省上市公司协会与深圳市全景网络有限 公司联合举办的"湖南辖区 2024 年度投资者网上集体接待日"活动，现将相关 事项公告如下： 本次活动采取网络远程的方式举行，投资者可以登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2024 年 10 月 10 日（星期四）14:00-17:00。届时 公司将在线就公司经营情况、发展战略规划等投资者关心的问题，与投资者进行 沟通与交流，欢迎广大投资者踊跃参与。 特此公告。 松井新材料集团股份有限公司董事会 2024 年 9 月 30 日 ...