青岛云路先进材料技术股份有限公司 规章制度 青岛云路先进材料技术股份有限公司 战略与 ESG 委员会工作细则 2024年10月 1 青岛云路先进材料技术股份有限公司 董事会战略与 ESG 委员会工作细则 第一章 总 则 第一条 青岛云路先进材料技术股份有限公司（以下简称"公司"）为适应战 略发展需要，增强公司核心竞争力，确定公司发展规划，健全投资决策程序，加 强决策科学性，提高重大投资决策的效益和决策的质量，优化公司 ESG 管理和实 践，设立董事会战略与 ESG 委员会（以下简称"委员会"），作为负责公司长期发 展战略、重大投资决策及 ESG 工作的专门机构。 第二条 为确保委员会规范、高效地开展工作，公司董事会根据《中华人民 共和国公司法》（以下简称《公司法》）《上市公司治理准则》《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》）及其他有关法律、法规和规范 性文件的规定，特制定本工作细则。 第三条 委员会所作决议，必须遵守《公司章程》、本工作细则及其他有关法 律、法规和规范性文件的规定。委员会决议内容违反有关法律、行政法规、部门 规章等规范性文件或《公司章程》、本工作细则的规定的，该项决议 ...

青岛云路先进材料技术股份有限公司 舆情管理制度 青岛云路先进材料技术股份有限公司 规章制度 2024年10月 - 1 - 青岛云路先进材料技术股份有限公司 舆情管理制度 第一章 总则 第一条 为提高青岛云路先进材料技术股份有限公司（以下简称"公司"）应 对各类舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对 公司股票及其衍生品种、公司商业信誉及正常生产经营活动造成的影响，切实保 护投资者合法权益，根据相关法律法规和《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》"）的规定，特制订本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较 大影响的事件信息。 第二章 舆情管理的组织体系及其工作职责 第三条 公司应对各类舆情实行统一领导、统一组织、快速反应、协同应对。 第四条 公司成立应对舆情管理工作领导小组（以下简称"舆情工作组"）， 由公司董事会 ...

Investment Rating - The report initiates coverage with a "Buy" recommendation for Yunlu Co., Ltd. [1][3] Core Views - Yunlu Co., Ltd. is a global leader in the amorphous alloy industry, with rapid revenue and net profit growth. The company has focused on advanced magnetic metal materials for years, expanding from amorphous alloys to include nanocrystalline and magnetic powder materials, achieving a compound annual growth rate (CAGR) of 26.2% in revenue and 41.7% in net profit from 2019 to 2023 [3][23]. Summary by Sections 1. Company Overview - Yunlu Co., Ltd. (688190.SH) was established in December 2015 and is controlled by the China Aviation Engine Group. The company has developed a comprehensive solution provider in advanced magnetic metal materials, focusing on R&D, production, and application [16][18]. 2. Amorphous Alloy Business - The amorphous alloy is a core material for amorphous transformers, with diverse downstream applications. The demand for amorphous materials is expected to grow at a CAGR of 20% from 2024 to 2027, driven by energy-efficient transformer policies [3][40][50]. - The company has built a production base for 100,000 tons of amorphous strip and is expected to benefit significantly from the increasing penetration of amorphous transformers in the market [3][23]. 3. Nanocrystalline and Magnetic Powder Business - The nanocrystalline and magnetic powder segments are rapidly growing, with the global market for nanocrystalline materials projected to grow from $349 million in 2023 to $721 million by 2029, at a CAGR of 12.9% [3][18]. - The company achieved sales of 5,060 tons of nanocrystalline products in 2023, with revenue of 227 million yuan, positioning it in the second tier globally [3][18]. 4. Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is 359 million yuan, 438 million yuan, and 524 million yuan, respectively, with corresponding price-to-earnings (PE) ratios of 26.1x, 21.4x, and 17.9x [3][7]. 5. Market Position and Growth Potential - The company has established a strong market presence, exporting to 18 countries and regions, and has formed stable partnerships with major players in the power electronics industry [21][23]. - The penetration rate of amorphous motors is expected to increase rapidly, with significant growth potential in the electric vehicle sector [3][40].

证券代码：688190 证券简称：云路股份 公告编号：2024-039 青岛云路先进材料技术股份有限公司 2024 年半年度权益分派 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/10/11 | 2024/10/14 | 2024/10/14 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 9 月 19 日的 2024 年第二次临时股东大会审 议通过。 二、 分配方案 1. 发放年度：2024 年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 实施公告 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。 重要内容提示： 3. 分配方案： 本次利润分配以方案实施前的公司总股本 120,000,000 股为基数，每股派发现 金红利 0.30 元（含税），共计派发现金红利 36,000,000.00 元。 是否涉及差 ...

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of 78.30 CNY [2][3][13] Core Insights - The company is a global leader in amorphous materials and is actively expanding into nanocrystalline and magnetic powder businesses, benefiting from strong downstream demand driven by global grid upgrades and emerging application scenarios [2][15] - The forecasted EPS for 2024-2026 is 3.17, 3.64, and 4.21 CNY respectively, with a corresponding PE of 24.7x for 2024 [2][10][13] - The company aims to become a comprehensive solution provider in the soft magnetic materials sector, leveraging its technological advantages and expanding its product offerings [2][15] Summary by Sections 1. Investment Recommendations - The company is positioned as a soft magnetic platform enterprise, driving high-quality development [9][15] 2. Business Overview - The company is the largest producer of amorphous strip materials globally, with a capacity of 90,000 tons, and is expanding into nanocrystalline and magnetic powder sectors [2][15] - The company has established a strong R&D foundation, with significant advancements in product development and production capabilities [15][17] 3. Industry Position and Demand - The demand for amorphous materials is expected to grow due to grid upgrades and new applications in regions like India, the US, and Europe [2][10] - The company is well-positioned to benefit from the increasing demand in the domestic market for distribution transformers and photovoltaic power stations [2][10] 4. Financial Performance - Revenue projections for 2024-2026 are 19.43 billion, 21.94 billion, and 24.93 billion CNY, with corresponding net profits of 3.80 billion, 4.37 billion, and 5.05 billion CNY [10][12] - The company has shown a strong growth trajectory, with a significant increase in revenue and net profit over the past years [12][10] 5. Valuation - The report utilizes both PE and PB valuation methods, concluding with a target price of 78.30 CNY per share based on a conservative approach [13][2]

Investment Rating - The report initiates coverage on Yunlu Advanced Materials with a "Buy" rating, citing its leadership in the amorphous alloy sector and growth potential in nanocrystalline and soft magnetic powder core businesses [6][60] Core Business and Market Position - Yunlu Advanced Materials is a global leader in amorphous alloy materials, with a product portfolio that includes amorphous alloy, nanocrystalline alloy, and magnetic powder materials [2] - The company holds the top global market share in amorphous alloy thin strips, a key component in amorphous transformers used in power distribution [16] Amorphous Alloy Business - The amorphous alloy segment, primarily used in power distribution transformers, benefits from increasing domestic penetration and expanding overseas markets, particularly in East Asia, Southeast Asia, and Europe [2] - Amorphous motors, with their high power density and energy efficiency, are emerging as a new application area, particularly in new energy vehicles and low-altitude aircraft [3] Nanocrystalline Alloy Business - Nanocrystalline alloys, known for their high saturation magnetic density and low high-frequency loss, are increasingly replacing traditional ferrite materials in mid-to-high frequency applications [4] - The company produced 5,274 tons of nanocrystalline products in 2023, with growing demand from consumer electronics and new energy vehicles [4] Soft Magnetic Powder Core Business - Magnetic powder cores, used in energy conversion devices, are seeing strong demand from sectors like new energy power generation, new energy vehicles, and consumer electronics [5] - The company continues to expand its magnetic powder product line, leveraging high-growth downstream markets [5] Financial Performance and Projections - Revenue for 2023 was 1.772 billion yuan, with a year-on-year growth of 22.43%, and net profit attributable to shareholders was 332 million yuan, up 46.62% [8] - Revenue is projected to grow to 1.876 billion yuan in 2024, 2.092 billion yuan in 2025, and 2.309 billion yuan in 2026, with net profit expected to reach 3.67 billion yuan, 4.07 billion yuan, and 4.50 billion yuan respectively [6][8] Valuation and Peer Comparison - The company's 2024-2026 PE ratios are estimated at 20X, 18X, and 17X, lower than the industry average of 26X, 20X, and 16X, indicating undervaluation [6][60] - Comparable companies include Atech, Poco New Materials, and Shenma Electric Power, with Yunlu's valuation metrics showing a discount to peers [60] Growth Drivers - Domestic grid investment and overseas market expansion are key growth drivers for the amorphous alloy business [6] - Nanocrystalline and soft magnetic powder core businesses are expected to open new growth avenues, particularly in high-frequency and energy-efficient applications [4][5] Technological Advancements - The company has developed amorphous 3D wound cores, addressing issues like noise and fragility in traditional amorphous transformers, which is expected to drive further adoption [37] - Ongoing R&D in amorphous motors and nanocrystalline materials positions the company to capitalize on emerging applications in new energy vehicles and low-altitude aircraft [3][4]

证券代码：688190 证券简称：云路股份 公告编号：2024-038 青岛云路先进材料技术股份有限公司 2024 年第二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、出席会议的股东和代理人人数 | 35 | | --- | --- | | 普通股股东人数 | 35 | | 2、出席会议的股东所持有的表决权数量 | 89,269,215 | | 普通股股东所持有表决权数量 | 89,269,215 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的 | 74.3910 | | 比例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例 | 74.3910 | | （%） | | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事长李晓雨先生主持现场会议，表决方 式为现场投票与网络投票相结合的方式。会议的召集、召开和表决方式符合《中 华人民共和国公司法》（以下简称"《公司法》"）、《上海证券交易所科创板股票上 （一） ...

北京德和衡律师事务所 关于青岛云路先进材料技术股份有限公司 2024年第二次临时股东大会的 法律意见书 德和衡证见意见（2024）第181号 中国·北京市朝阳区建国门外大街 2 号银泰中心 C 座 11、12 层 电话： (+86 10) 8540 7666 邮编：100022 www.deheheng.com 北京德和衡律师事务所 关于青岛云路先进材料技术股份有限公司 2024年第二次临时股东大会的 法律意见书 德和衡证见意见（2024）第181号 致：青岛云路先进材料技术股份有限公司 北京德和衡律师事务所（以下简称"本所"）接受青岛云路先进材料技术股份有限公司（以 下简称"公司"或"贵公司"）的委托，指派本所律师出席贵公司 2024 年第二次临时股东大 会。本所律师依据《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》"）、《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》"） 及相关法律法规以及规范性文件的规定，就本次股东大会的有关事宜出具本法律意见书。 本法律意见书仅就本次股东大 ...

%% %% 丨证券研究报告丨 联合研究丨公司点评丨云路股份（688190.SH） [Table_Title] 24H1 业绩保持平稳，非晶渗透率有望继续提升 | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------|-------|-------| | | | | | | 报告要点 | | | | | [Table_Summary] 公司发布 2024 年中报， 24H1 收入 9 亿元，同比增长 其中 24Q2 收入 4.7 亿元，同比增长 1% ；归母净利 | ；归母净利 1.7 亿元，同比增长 2% ； 亿元，同比增长 1% 。 | | | 分析师及联系人 [Table_Author] 王鹤涛 许红远 司 ...

证券代码：688190 证券简称：云路股份 青岛云路先进材料技术股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |----------------|-----------------------------|----------------------------------------------------|-------| | | | | | | | □ | 特定对象调研 □ 分析师会议 | | | 投资者关系活动 | □ 媒体采访 | R 业绩说明会 | | | 类别 | □ 新闻发布会 □ 路演活动 | | | | | □现场参观 □ 电话会议 | | | | | □ 其他 | | | | 参与单位名称 | 投资者网上提问 | | | | 时间 | 2024 年 9 月 9 日 | 13:00-14:00 | | | | 公司通过上证路演中心（ | https://roadshow.sseinfo.com | ）采 | | 参会方式 | | 用网络远程的方式召开业绩说明会 | | | 上市公司接待人 | | 董事长兼总经理李晓雨、财务总监兼董事会秘书石岩、独 ...