国泰君安证券股份有限公司 关于青岛云路先进材料技术股份有限公司 首次公开发行部分限售股上市流通的核查意见 国泰君安证券股份有限公司（以下简称"国泰君安"或"保荐人"）作为青 岛云路先进材料技术股份有限公司（以下简称"云路股份"或"公司"）首次公 开发行并在科创板上市的保荐人，根据《证券发行上市保荐业务管理办法》、《上 海证券交易所科创板股票上市规则》、《科创板上市公司持续监管办法（试行）》、 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》和 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等相关法 律法规的要求，对云路股份首次公开发行部分限售股上市流通事项进行了核查， 具体情况如下： 一、本次上市流通的限售股类型 经中国证券监督管理委员会 2021 年 10 月 18 日下发《关于同意青岛云路先 进材料技术股份有限公司首次公开发行股票注册的批复》（证监许可[2021]3302 号）核准，青岛云路先进材料技术股份有限公司向社会公开发行人民币普通股（A 股）股票 30,000,000 股，并于 2021 年 11 月 26 日在上海证券交易所挂牌上市。 本次上市流通的限售 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8][9]. Core Views - The company reported a revenue of 1.388 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.54%. The net profit attributable to the parent company was 263 million yuan, up 10.33% year-on-year, while the net profit excluding non-recurring items reached 252 million yuan, increasing by 16.35% [6][7]. - In Q3 alone, the company achieved a revenue of 478 million yuan, a year-on-year growth of 5.01%, with a net profit of 96 million yuan, which is a significant increase of 29.7% year-on-year [6][7]. - The company has started contributing additional output from its new 15,000-ton amorphous alloy production capacity, which was launched in Q3. This is expected to stabilize output and maintain stable prices for amorphous products [7][8]. - The gross profit margin for the first three quarters reached 30.78%, an increase of 0.84 percentage points year-on-year, with Q3 gross profit margin at 31.8%, up 1.92 percentage points year-on-year [7][8]. - The company is focusing on enhancing product stability and reliability, with sales growth in nano-crystals and soft magnetic powders, gaining recognition in sectors like energy storage and new energy vehicles [8]. Financial Summary - For 2024, the company is projected to achieve a net profit of 370 million yuan, corresponding to a PE ratio of approximately 27 times [8]. - The company’s total revenue is forecasted to grow from 1.772 billion yuan in 2023 to 2.628 billion yuan by 2026, with a consistent gross profit margin of around 30% [18]. - The operating profit is expected to increase from 384 million yuan in 2023 to 570 million yuan in 2026, indicating a positive growth trajectory [18].

证券代码：688190 证券简称：云路股份 公告编号：2024-042 青岛云路先进材料技术股份有限公司 股东减持计划时间届满暨减持股份结果公告 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，股东江志俊持有青岛云路先进材料技术股份有限公司 （以下简称"公司"）股份1,233,852股，占公司总股本1.0282%。其中1,228,852 股为公司首次公开发行前取得的股份，已于 2022 年 11 月 26 日解除限售并上市 流通；5,000 股为集中竞价交易取得。 减持计划的实施结果情况 公司于近日收到公司股东江志俊先生出具的《关于减持股份结果的告知函》， 截至 2024 年 11 月 8 日收盘，江志俊先生通过集中竞价方式，累计减持公司股票 253,390 股，占公司股份总额的 0.2112%，本次减持计划时间区间已届满，减持 计划尚未实施完毕。现将相关减持结果情况公告如下： 1 股东名称 股东身份 持股数量 （股） 持股比例 当前持股股份来源 一、减持 ...

Investment Rating - The investment rating for Yunlu Co., Ltd. (688190.SH) is "Buy" (maintained) [1] Core Views - The company's performance in Q3 2024 met expectations, with a revenue of 1.388 billion yuan (up 6.5% year-on-year) and a net profit attributable to shareholders of 263 million yuan (up 10.3% year-on-year) [1] - The new production line for amorphous materials, which reached full capacity in August, is expected to contribute to growth [2] - The demand for amorphous materials is driven by favorable policies and high growth in industries such as power distribution, photovoltaics, data centers, rail transportation, new energy vehicles, and home appliances [2] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.388 billion yuan, with a net profit of 263 million yuan and a non-recurring net profit of 252 million yuan [1] - In Q3 alone, the revenue was 478 million yuan (up 5% year-on-year and up 2.1% quarter-on-quarter), with a net profit of 96 million yuan (up 29.7% year-on-year and up 5% quarter-on-quarter) [1] - The company forecasts net profits of 365 million yuan, 422 million yuan, and 503 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 10.07%, 15.34%, and 19.42% [3][4] Market Outlook - The amorphous alloy sector is expected to benefit from the favorable market conditions for distribution transformers, while the nano-crystalline alloy and soft magnetic powder core segments are anticipated to open new growth avenues [3] - The company is positioned as a leader in the domestic amorphous alloy market, benefiting from the increasing demand in various sectors [3] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 27, 24, and 20 respectively [3] - The company’s revenue is expected to grow from 1.855 billion yuan in 2024 to 2.377 billion yuan in 2026, with corresponding year-on-year growth rates of 4.70%, 14.14%, and 12.24% [4][8]

Investment Rating - The investment rating for Yunlu Co., Ltd. (688190) is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [11]. Core Insights - The company achieved a revenue of 1.39 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 6.5%. The net profit attributable to shareholders was 260 million yuan, up 10.3% year-on-year, with an EPS of 2.2 yuan [4][6]. - In Q3 2024, the company reported a revenue of 480 million yuan, a 5.0% increase year-on-year and a 2.1% increase quarter-on-quarter. The net profit attributable to shareholders for the same period was 96 million yuan, reflecting a significant year-on-year growth of 29.7% [4][9]. - The company continues to invest in research and development, with R&D expenses increasing by 50% year-on-year, indicating a commitment to innovation and product development [4][9]. Summary by Sections Performance Overview - In the first three quarters of 2024, the company maintained stable performance with a revenue of 1.39 billion yuan and a net profit of 260 million yuan. The revenue for Q3 2024 was 480 million yuan, with a net profit of 96 million yuan [4][6][9]. - The gross margin improved sequentially from 30.25% to 31.8% over the quarters, attributed to increased sales volume and optimized revenue structure [4][9]. Financial Data - The company reported a total revenue of 1.772 billion yuan for 2023, with a projected revenue of 1.863 billion yuan for 2024, reflecting a growth rate of 5.14% [6][10]. - The net profit for 2023 was 332 million yuan, with an expected increase to 370 million yuan in 2024, indicating a growth rate of 11.43% [6][10]. Capacity Expansion - The company has successfully launched a new production line for 15,000 tons of amorphous alloy, bringing total capacity to 105,000 tons, positioning it as a leading producer in the domestic market [4][9]. - Future growth is anticipated as the company continues to meet increasing demand from sectors such as renewable energy and electrification [4][9].

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in performance due to capacity expansion and new product launches [4][6]. Core Insights - The company achieved a revenue of 1.388 billion yuan in the first three quarters of 2024, representing a year-over-year increase of 6.5%. The net profit attributable to the parent company was 263 million yuan, up 10.3% year-over-year [1][2]. - The third quarter alone saw a revenue of 478 million yuan, with a year-over-year growth of 5% and a quarter-over-quarter increase of 2.1%. The net profit for Q3 was 96 million yuan, reflecting a year-over-year increase of 29.7% [1][2]. - The company’s gross margin for Q3 2024 was 31.80%, showing an increase of 1.92 percentage points year-over-year, while the net profit margin reached 20.07%, up 3.82 percentage points year-over-year [2][3]. Financial Performance - The company’s operating cash flow for the first three quarters of 2024 was 203 million yuan, a significant increase of 35.2% year-over-year, indicating improved cash flow due to increased sales collections [2]. - The projected net profits for 2024, 2025, and 2026 are estimated at 356.61 million yuan, 434.69 million yuan, and 498.50 million yuan, respectively, with corresponding price-to-earnings ratios of 27.92, 22.90, and 19.97 [4][5]. Market Expansion - The company is the largest producer of amorphous materials globally, with a current capacity of 105,000 tons following the successful launch of a new production line in Q3 2024. This positions the company well for future growth [3][4]. - The amorphous transformer market is expanding due to increased energy efficiency standards, particularly in domestic and Southeast Asian markets, which is expected to drive further demand [3][4]. Product Development - The company is focusing on enhancing the stability and reliability of its products in the nanocrystalline and magnetic powder segments, which are gaining traction in sectors such as AI computing, smart appliances, and new energy vehicles [3][4].

股 票 研 究 证 券 研 究 报 告 --云路股份 2024 年三季报点评 股票研究 /[Table_Date] 2024.11.01 Q3 业绩稳健，静待新应用赋能成长 云路股份(688190) 金属，采矿，制品 [Table_Industry] /原材料 | --- | --- | --- | |----------|-------------------------------------|----------------------------| | | | | | | [table_Authors] 于嘉懿 ( 分析师 ) | 刘小华 ( 分析师 ) | | | 021-38038404 | 021-38038434 | | | yujiayi@gtjas.com | liuxiaohua027843@gtjas.com | | 登记编号 | S0880522080001 | S0880523120003 | 本报告导读： 24Q3，公司非晶带材产品价格企稳，归母净利润环比提升，业绩符合预期。作为非 晶带材行业全球龙头，公司将受益于海内外配电网升级、以及新能源汽车等下游领 域高景气度，业绩有望持续 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥477,669,207.85, representing a year-on-year increase of 5.01%[2] - Net profit attributable to shareholders was ¥95,889,071.51, reflecting a significant growth of 29.70% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥94,889,645.85, up by 38.85% year-on-year[2] - The basic earnings per share for Q3 2024 was ¥0.80, an increase of 29.03% from the previous year[4] - The company's operating revenue for the first three quarters of 2024 reached CNY 1,388,113,908.80, an increase of 6.57% compared to CNY 1,302,868,195.09 in the same period of 2023[14] - The net profit for the first three quarters of 2024 was CNY 262,855,975.07, up 10.35% from CNY 238,244,131.51 in the first three quarters of 2023[15] - The total profit for the first three quarters of 2024 was CNY 293,699,648.48, an increase of 8.26% from CNY 271,252,838.33 in the previous year[15] Research and Development - The total R&D investment for the year-to-date reached ¥90,480,753.37, marking a 49.99% increase compared to the same period last year[4] - Research and development expenses increased significantly to CNY 90,480,753.37, representing a 50% increase from CNY 60,324,582.80 in the previous year[14] Cash Flow and Assets - The net cash flow from operating activities for the year-to-date increased by 35.20%, primarily due to increased sales collections[8] - The net cash flow from operating activities improved to CNY 202,832,128.35, compared to CNY 150,026,516.85 in the same period last year, reflecting a growth of 35.3%[17] - As of September 30, 2024, total assets reached CNY 3,060,328,738.50, an increase from CNY 2,791,579,232.66 at the end of 2023, representing a growth of approximately 9.66%[12] - Current assets totaled CNY 1,558,829,583.81, down from CNY 1,659,786,259.58, indicating a decrease of about 6.06%[11] - Cash and cash equivalents amounted to CNY 104,712,829.18, compared to CNY 87,669,497.45 at the end of 2023, reflecting an increase of approximately 19.43%[11] - Accounts receivable increased to CNY 519,123,568.16 from CNY 442,479,039.68, marking a rise of about 17.31%[11] - Inventory rose to CNY 150,115,703.84, up from CNY 139,013,496.49, which is an increase of approximately 7.93%[12] - The company’s cash and cash equivalents at the end of the period increased to CNY 92,119,892.86, up from CNY 70,589,800.54 at the end of the same period last year[18] Liabilities and Equity - Total liabilities were CNY 616,924,032.56, compared to CNY 509,461,493.43, indicating an increase of around 21.09%[13] - Shareholders' equity totaled CNY 2,443,404,705.94, up from CNY 2,282,117,739.23, representing a growth of approximately 7.07%[13] - The company reported a decrease in contract liabilities to CNY 15,105,813.20 from CNY 24,966,101.01, a decline of about 39.4%[12] Profitability and Management - The weighted average return on equity was 4.12%, an increase of 0.52 percentage points year-on-year[4] - The company continues to enhance its profitability through lean management practices, contributing to the growth in net profit[8] - The company plans to continue investing in new product development and market expansion strategies to drive future growth[19]

证券代码：688190 证券简称：云路股份 公告编号：2024-041 二、审议通过《关于公司 2024 年第三季度报告的议案》 监事会认为：公司 2024 年第三季度报告的编制和审议程序符合法律、法规 及《公司章程》等内部规章制度的规定，公允地反映了公司 2024 年第三季度的 财务状况和经营成果等事项，信息真实、准确、完整，不存在任何虚假记载、误 导性陈述或重大遗漏。 表决结果：3 票同意，0 票反对，0 票弃权。 青岛云路先进材料技术股份有限公司（以下简称"公司"）第二届监事会第 二十一次会议于 2024 年 10 月 30 日上午 11 点在公司会议室以现场方式结合通 讯方式召开。本次会议应到监事 3 名，实到监事 3 名。会议由监事会主席张强主 持。本次会议的召集和召开符合《中华人民共和国公司法》（以下简称"《公司 法》"）及《青岛云路先进材料技术股份有限公司章程》（以下简称"《公司章 程》"）的有关规定。 一、审议通过《关于公司 2023 年工资总额预算执行情况和 2024 年工资总 额预算的议案》 监事会认为：公司 2023 年工资总额预算执行情况基于公司实际经营成果出 发，符合法律、法规及《公 ...

证券代码：688190 证券简称：云路股份 公告编号：2024-040 青岛云路先进材料技术股份有限公司 第二届董事会第二十二次会议决议公告 本公司及董事会全体成员保证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、准确性和完整性承担个别及连带责 任。 青岛云路先进材料技术股份有限公司（以下简称"公司"）第二届董事会第 二十二次会议于 2024 年 10 月 30 日上午 9 点在公司会议室以现场方式结合通讯 方式召开。本次会议应到董事 11 名，实到董事 11 名。会议由董事长李晓雨主 持。本次会议的召集和召开符合《中华人民共和国公司法》（以下简称"《公司 法》"）及《青岛云路先进材料技术股份有限公司章程》（以下简称"《公司章 程》"）的有关规定。 一、审议通过《关于董事会战略委员会调整为董事会战略与 ESG 委员会并修 订相关制度的议案》 公司计划将董事会下设的"董事会战略委员会"调整为"董事会战略与 ESG 委员会"，在原职责基础上增加 ESG 管理职责等内容，并将原《董事会战略委员 会议工作细则》更名为《董事会战略与 ESG 委员会工作细则》，同时对工作细则 部分条款进行修订，可 ...