Investment Rating - The industry rating is "Recommended" [5] Core Views - The report emphasizes the need to focus on resilient companies with high dividends and those benefiting from domestic demand expansion, recommending companies such as Dongfang Yuhong, Sankeshu, Tubao, Weixing New Materials, and Beixin Building Materials [1] - The report highlights the expected commencement of major national projects, particularly the Yarlung project, and recommends companies involved in these projects, such as Zhongyan Dadi [1] - The report notes the high demand in the civil explosives sector, recommending companies like Guangdong Hongda and Xuefeng Technology [1] - The report discusses the impact of "reciprocal tariffs" on domestic investment expectations, recommending companies like China State Construction, China Communications Construction, and Sichuan Road and Bridge [1] - The report mentions the trend of domestic substitution in the paint industry, recommending companies like Maijia Xincai and Songjing Co., Ltd. [1] - The report anticipates a renewed catalyst for the "Belt and Road" strategy amid trade tensions, recommending international engineering companies such as China State Construction and China Metallurgical Group [1] Summary by Sections Market Overview - In the 17th week of April, new home sales in 30 major cities decreased by 21% year-on-year, while second-hand home transactions increased by 21% year-on-year [2][21] - The national cement market price fell by 0.5% this week, with price adjustments mainly in East, Central, and Southwest China [3][23] Cement Industry - The average operating load of cement mills nationwide is 49.04%, down 1.83 percentage points from last week [3][34] - The report indicates that the cement price is expected to continue its downward trend due to weak supply-demand dynamics [23] Recommendations - Companies with strong operational resilience and high dividends are recommended to benefit from domestic demand stimulation, including Dongfang Yuhong and Weixing New Materials [8] - Companies in the copper mining sector, such as Jinchengxin, are expected to see significant growth due to resource release and strong demand [8] - Companies involved in the Yarlung project and civil explosives are also highlighted for their growth potential [8] - The report suggests focusing on infrastructure investment, recommending companies like China State Construction and China Communications Construction [8] - The report identifies domestic paint companies as beneficiaries of the trend towards local substitution [8]

松井股份: 松井新材料集团股份有限公司股东减持 股份结果公告 近日，公司收到汪斌先生出具的《关于股份减持结果的告知函》，截至 2025 年 3 月 26 日，汪斌先生通过集中竞价、大宗交易方式累计减持公司股份 871,600 股，减持股份数量占公司总股本的比例为 0.78%。本次减持计划时间区间已届满， 现将有关减持结果公告如下： 证券代码：688157 证券简称：松井股份 公告编号：2025-003 松井新材料集团股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东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： ? 股东持股的基本情况 本次减持计划实施前，松井新材料集团股份有限公司（以下简称"公司"） 股东汪斌先生持有公司股份 3,169,283 股，占公司总股本的比例为 2.84%。 ? 减持计划的实施结果情况 份计划公告》 （公告编号：2024-081），股东汪斌先生拟通过集中竞价或大宗交易 的方式减持其所持有的公司股份不超过 871,640 股，即减持比例不超过公司总股 本的 0.78%。减持价格按市场 ...

证券代码：688157 证券简称：松井股份 公告编号：2025-003 松井新材料集团股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 本次减持计划实施前，松井新材料集团股份有限公司（以下简称"公司"） 股东汪斌先生持有公司股份 3,169,283 股，占公司总股本的比例为 2.84%。 减持计划的实施结果情况 2024 年 12 月 6 日，公司披露了《松井新材料集团股份有限公司股东减持股 份计划公告》（公告编号：2024-081），股东汪斌先生拟通过集中竞价或大宗交易 的方式减持其所持有的公司股份不超过 871,640 股，即减持比例不超过公司总股 本的 0.78%。减持价格按市场价格确定。减持计划时间区间为 2024 年 12 月 27 日至 2025 年 3 月 26 日。 近日，公司收到汪斌先生出具的《关于股份减持结果的告知函》，截至 2025 年 3 月 26 日，汪斌先生通过集中竞价、大宗交易方式累计减持公司股份 871,600 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 12 months [9]. Core Insights - The company achieved a total revenue of 748 million yuan in 2024, representing a year-on-year growth of 26.9%, and a net profit attributable to shareholders of 89 million yuan, up 9.91% year-on-year [3][9]. - The growth is driven by two main business segments: high-end electronic coatings and automotive coatings, with the electronic segment generating 608 million yuan in revenue, a 26.96% increase, and the automotive segment achieving 130 million yuan, a 31.96% increase [4]. - The company is expanding its PVD (Physical Vapor Deposition) technology, which is expected to replace traditional water electroplating methods, thus opening new growth avenues, particularly in the smart driving sector [6][9]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 748 million yuan, with a growth rate of 26.8% projected for 2025 and 34.8% for 2026 [11]. - The net profit forecast for 2024 is 89 million yuan, with significant growth expected in subsequent years, reaching 209 million yuan by 2026 [11]. Business Segments - The high-end electronic coatings segment is a key growth driver, benefiting from increased demand and a rising market share [4]. - The automotive coatings segment has also shown strong performance, supported by an effective marketing structure that enhances connections with domestic and international clients [4]. Technological Advancements - The company's PVD technology is positioned to replace environmentally harmful water electroplating, offering superior coating properties and potential applications in emerging fields such as smart driving [6].

Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for its stock performance [9]. Core Insights - The company achieved a total revenue of 748 million yuan in 2024, representing a year-on-year growth of 26.9%, and a net profit attributable to shareholders of 89 million yuan, which is a 9.91% increase compared to the previous year [3]. - The growth is driven by two main business segments: high-end electronic coatings and automotive coatings, with the electronic segment generating 608 million yuan in revenue, up 26.96%, and the automotive segment achieving 130 million yuan, a growth of 31.96% [4]. - The company is expanding its PVD (Physical Vapor Deposition) technology, which is expected to replace traditional water electroplating methods, thus opening new growth avenues in the smart driving sector [6]. Summary by Sections Financial Performance - The company reported a significant increase in operating cash flow, with a net cash flow from operating activities of 36 million yuan in the first three quarters of 2024, an increase of 40 million yuan year-on-year [5]. - The forecast for net profit for 2024-2026 is 89 million, 153 million, and 209 million yuan respectively, with corresponding PE ratios of 54.6, 31.8, and 23.3 [9]. Business Segments - The high-end consumer electronics segment is benefiting from increased demand, while the automotive segment has established a robust marketing structure to enhance connections with domestic and international clients [4]. - The company is also innovating in the special equipment sector, collaborating with eVTOL manufacturers to develop functional coating materials for aircraft [4]. Technology and Innovation - The PVD technology offers advantages such as high adhesion, water resistance, and durability, making it a viable alternative to environmentally harmful water electroplating processes [6]. - The company is positioning itself to leverage this technology in emerging applications, particularly in robotics, enhancing product aesthetics and performance [4].

Financial Performance - The company achieved total operating revenue of RMB 748.42 million, a year-on-year increase of 26.90%[3] - Operating profit reached RMB 93.75 million, reflecting a growth of 9.23% compared to the previous year[3] - Net profit attributable to the parent company was RMB 89.14 million, up 9.91% year-on-year[3] - The company’s weighted average return on equity increased to 6.72%, up 0.31 percentage points from the previous year[3] Asset Growth - The company’s total assets at the end of the reporting period were RMB 1,755.25 million, an increase of 11.66% from the beginning of the period[5] Revenue Breakdown - Revenue from the high-end consumer electronics sector was RMB 607.70 million, growing by 26.96% year-on-year[6] - Revenue from the passenger vehicle sector reached RMB 130.22 million, marking a 31.96% increase year-on-year, with Q4 revenue growing by 58.87%[7] Innovation and Development - The company has launched a new excimer coating material solution in the high-end consumer electronics sector, showcasing superior CMF performance[8] - The company is actively exploring applications of new functional coating materials in robotics, aiming to enhance the performance and aesthetics of robotic devices[8] - The company emphasizes the importance of brand building and innovation, investing in long-term strategies to enhance its market position[8]

证券代码：688157 证券简称：松井股份 公告编号：2024-087 松井新材料集团股份有限公司 2024 年第五次临时股东大会决议公告 本公司董事会及全体董事保证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。 1、表决方式：本次会议表决采取现场投票和网络投票相结合的方式，表决程序 符合《公司法》和《公司章程》的规定。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 12 月 30 日 （二） 股东大会召开的地点：湖南宁乡经济技术开发区三环北路 777 号公司科 创大楼 2 楼 B210 会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 95 | | --- | --- | | 普通股股东人数 | 95 | | 2、出席会议的股东所持有的表决权数量 | 62,651,417 | | 普通股股东所持有表决权数量 | 62,651,417 | | 3、出席会议的股东所持有表决权数量占公司表决权 ...

本所律师根据《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》"）、《上市公司股东大会规则》 （以下简称"《股东大会规则》"）等我国现行法律、法规、规范性文件以及《松 井新材料集团股份有限公司章程》（以下简称"《公司章程》"）的有关规定出 具本法律意见书。 本所律师声明如下： （一）本所律师根据本法律意见书出具日以前已经发生或者存在的事实，严 格履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证， 保证本法律意见所认定的事实真实、准确、完整，所发表的结论性意见合法、准 确，不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 （二）本所律师出具本法律意见是基于公司已承诺所有提供给本所律师的文 件的正本以及经本所律师查验与正本保持一致的副本均为真实、完整、可靠，无 隐瞒、虚假或重大遗漏之处。 （三）本所律师未授权任何单位或个人对本法律意见书作任何解释或说明。 为发表本法律意见，本所律师依法查验了公司提供的下列资料： 湖南启元律师事务所 关于松井新材料集团股份有限公司 2024年第五次临时股东大会的 法律意见书 致：松井新材料集团股份有限公 ...

证券代码：688157 证券简称：松井股份 公告编号：2024-085 松井新材料集团股份有限公司 关于变更会计师事务所的公告 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。 重要内容提示： 拟聘任的会计师事务所名称：天健会计师事务所（特殊普通合伙）（以 下简称"天健"）。 原聘任的会计师事务所名称：天职国际会计师事务所（特殊普通合伙） （以下简称"天职国际"）。 变更会计师事务所的简要原因及前任会计师的异议情况：松井新材料集 团股份有限公司（以下简称"公司"）综合考虑公司业务发展、审计工作需求等 情况，拟变更会计师事务所，聘任天健为公司 2024 年度财务报告及内部控制审 计机构。公司已就本次变更会计师事务所事项与天职国际进行充分沟通，天职 国际对本次变更事项无异议。 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 | 事务所名称 | 天健会计师事务所（特殊普通合伙） | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | - ...

松井新材料集团股份有限公司 2024 年第五次临时股东大会 会议材料 2024 年 12 月 松井新材料集团股份有限公司 2024 年第五次临时股东大会会议材料 松井新材料集团股份有限公司 2024 年第五次临时股东大会会议材料目录 | 材料一 2024 | 年第五次临时股东大会会议须知 2 | | --- | --- | | 材料二 2024 | 年第五次临时股东大会会议议程 4 | | 材料三 2024 | 年第五次临时股东大会会议议案 5 | | | 议案一：关于变更会计师事务所的议案 5 | 五、为提高股东大会议事效率，在就股东的问题回答结束后，即进行现场 表决。现场会议表决采用记名投票表决方式，股东以其持有的有表决权的股份 数额行使表决权，每一股份享有一票表决权。请股东按照表决票上的填写说明 进行表决；未填、错填、字迹无法辨认的表决票、未投的表决票，均视该项表 决为弃权。填毕由大会工作人员统一收票。 1 松井新材料集团股份有限公司 2024 年第五次临时股东大会会议材料 材料一 2024 年第五次临时股东大会会议须知 松井新材料集团股份有限公司 2024 年第五次临时股东大会会议须知 为了维护松井新 ...