%% %% 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 ...

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会议资料 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 2024 年第二次临时股东大会 会议资料 二零二四年九月 1 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会议资料 青岛云路先进材料技术股份有限公司 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会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，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》"）以及《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》"）《青岛云路先进材料技术股份有限 公司股东大会议事规则》（以下简称"《股东大会议事规则》"）等相关规定，特制 定青岛云路先进材料技术股份有限公司（以下简称"公司"或"云路股份"）2024 年第二次临时股东大会须知。 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证本次大 ...

公司报告 | 半年报点评 业绩基本符合预期，静待 H2 非晶新产能释放 中报业绩： 24 年 H1 实现营收 9.1 亿元，yoy+7.4%；归母净利润 1.67 亿元， yoy+1.6%；扣非净利润 1.57 亿元，yoy+6%。其中 Q2 实现营收 4.68 亿元， yoy+1%，环比+5.7%；实现归母净利润 0.91 亿元，yoy+0.5%，环比+20.8%。 非晶供需两旺，纳米晶与粉末产品销量齐增 营收端，公司 24 年 H1 实现 9.1 亿元，yoy+7.4%，Q2 单季度实现 4.7 亿元， 环比+5.7%。非晶供需两旺，现有产线满产满销，同时纳米晶与软磁粉末产 品均实现销量增长。 盈利端，公司 24 年 H1 毛利率 30.25%，yoy+0.27pct；Q2 单季度毛利率 30.26%，环比持平，Q2 期间原料价格小幅上涨（硼铁环比+4.7%）。H1 净 利率 18.34%，yoy-1.04pct，盈利能力略有回落；Q2 单季度净利率 19.52%， 环比+2.43pct，盈利能力环比改善。24H1 公司盈利能力回落，归母净利润 增速不及营收增速，主要系公司加大研发投入，期间研发费用上升至 ...

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 2024 年半年度持续督导跟踪报告 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》、《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关 法律、法规的规定，国泰君安证券股份有限公司（以下简称"保荐机构"）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"和"公司"）持续 督导工作的保荐机构，负责云路股份上市后的持续督导工作，并出具本持续督导 半年度跟踪报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针 对具体的持续督导工作制定相应的工作计划 | 保荐机构已建立健全并有效执行 | | | | 了持续督导制度，并制定了相应 | | | | 的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开 | 保荐机构已与公司签订《保荐协 | | | 始前，与上市公司或相关当事人签署持续督导 | 议》，该协议明确了双方在持续 | | | 协议，明确双方在持续督导期间的权利义务， | 督导期间的权利和 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and growth potential [2][3]. Core Insights - The company reported a revenue of 910 million yuan for H1 2024, reflecting a year-on-year increase of 7.37%, with a net profit of 167 million yuan, up 1.62% year-on-year [2]. - The demand for amorphous materials is expected to rise due to favorable policies and high industry growth, particularly in sectors such as power distribution, photovoltaics, and new energy vehicles [2]. - The company is progressing well with its new production line for amorphous materials, expected to reach full capacity in the second half of 2024 [2]. - Continuous investment in R&D has led to a significant increase in R&D expenses, which rose by 65.61% year-on-year to 59.27 million yuan in H1 2024 [2]. Financial Forecast and Valuation - The company is projected to achieve net profits of 360 million yuan, 410 million yuan, and 530 million yuan for the years 2024, 2025, and 2026, respectively [3]. - The estimated price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 22x, 19x, and 15x, respectively, indicating a favorable valuation trend as the company benefits from the demand for amorphous alloys and other materials [3][4]. - Revenue is expected to grow steadily, with total revenue projected at 1.91 billion yuan for 2024, reflecting an 8.07% year-on-year growth [4].

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥910,444,700.95, representing a 7.37% increase compared to ¥847,979,012.45 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was ¥166,966,903.56, a slight increase of 1.62% from ¥164,311,469.05 year-on-year[19]. - The net cash flow from operating activities was ¥163,648,719.12, up by 6.84% from ¥153,174,780.04 in the previous year[19]. - The company's total assets at the end of the reporting period were ¥2,912,497,710.55, reflecting a 4.33% increase from ¥2,791,579,232.66 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company increased to ¥2,347,647,707.71, a growth of 2.87% compared to ¥2,282,117,739.23 at the end of last year[19]. - The basic earnings per share for the first half of 2024 was ¥1.39, a 1.46% increase from ¥1.37 in the same period last year[20]. - The company reported a total revenue of 30,977.06 million RMB for the first half of 2024, with a net profit of 5,927.36 million RMB, indicating a significant increase compared to the previous period[48]. - The total comprehensive income for the first half of 2024 was approximately ¥166.97 million, compared to ¥164.31 million in the same period of 2023, reflecting a slight increase[116]. Research and Development - The total R&D investment reached ¥59,273,619.90, a significant increase of 61.62% compared to the previous year[46]. - R&D investment accounted for 4.22% of operating revenue, an increase of 2.29 percentage points[46]. - The company applied for 9 patents during the reporting period, all of which were invention patents, and authorized 11 invention patents[45]. - The cumulative number of effective patents reached 190, including 131 invention patents and 59 utility model patents[45]. - The company has established a comprehensive R&D management system, focusing on independent and collaborative research to enhance its core competitiveness[33]. - The company has undertaken four national key R&D projects and received two provincial-level technology achievement awards, highlighting its commitment to innovation[33]. - The company is in the continuous R&D phase for several projects, including high-performance soft magnetic materials for new energy applications, with a focus on improving energy efficiency in transformers and motors[48]. Market and Industry Position - The company maintains a leading market share in the domestic market for amorphous alloy products, while expanding into overseas markets such as India, South Korea, and Vietnam[24]. - The company focuses on advanced magnetic metal materials, with applications extending to new energy vehicles, 5G infrastructure, and data centers[23]. - The company is actively exploring applications of soft magnetic materials in new energy vehicles and photovoltaic fields, aiming to enhance system evaluations and performance[48]. - The company anticipates significant market opportunities in energy-efficient transformers due to ongoing policy support and the push for carbon neutrality[39]. - The U.S. Department of Energy's new transformer efficiency standards are expected to result in amorphous distribution transformers accounting for 25% of total demand by 2024[39]. Environmental and Social Responsibility - The company emphasizes a green development philosophy, focusing on energy-saving and environmentally friendly products throughout their lifecycle[54]. - The company invested 3 million yuan in environmental protection during the reporting period[69]. - The company has established a comprehensive environmental management system, including procedures for solid waste management and wastewater control[71]. - The company does not belong to key pollutant discharge units and has not faced any administrative penalties related to environmental issues[70]. - The company has not implemented any carbon reduction measures during the reporting period[72]. Shareholder and Governance - The company plans to distribute a cash dividend of 3.00 CNY per 10 shares, totaling 36 million CNY, which represents 21.56% of the net profit for the first half of 2024[5]. - The board of directors confirmed that all members attended the meeting and guaranteed the accuracy and completeness of the financial report[4]. - The company has committed to a 36-month lock-up period for shares held by major shareholders following the IPO[74]. - Major shareholders are prohibited from transferring shares or managing them through third parties during the lock-up period[76]. - The company has engaged qualified third-party institutions for monitoring wastewater, waste gas, and noise to ensure effective operation of environmental facilities[71]. Financial Management - Cash and cash equivalents at the end of the period reached ¥140,871,596.66, representing 4.84% of total assets, an increase of 60.68% compared to the previous year[60]. - Trading financial assets decreased by 61.10% to ¥195,671,534.17, accounting for 6.72% of total assets, primarily due to changes in the types of bank wealth management products purchased with idle funds[60]. - Accounts receivable decreased by 48.77% to ¥88,785,066.93, representing 3.05% of total assets, mainly due to the maturity of certain receivables[60]. - The company has not reported any non-operating fund occupations by controlling shareholders or other related parties during the reporting period[95]. - The company has not provided any guarantees that are in violation of regulations during the reporting period[96]. Compliance and Legal Matters - The company guarantees that the prospectus for the initial public offering does not contain any fraudulent issuance, and it will assume legal responsibility for its authenticity, accuracy, and completeness[89]. - The company has not engaged in any significant litigation or arbitration matters during the reporting period[97]. - The company has confirmed that there are no legal restrictions on shareholding and no improper benefit transfers involving its shares as of the date of the commitment letter[92]. - The company has not reported any major changes or issues related to the previous year's annual report audit[97].

证券代码：688190 证券简称：云路股份 公告编号：2024-035 青岛云路先进材料技术股份有限公司 关于 2024 年半年度利润分配预案的公告 本公司董事会及全体董事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。 重要内容提示： 监事会认为：公司2024年半年度利润分配预案符合有关法律、法规和《青岛 云路先进材料技术股份有限公司章程》的规定，充分考虑了公司经营状况、日常 生产经营需要以及公司可持续发展等因素，符合公司当前经营发展的实际情况， 履行了相应的决策程序。 截至2024年6月30日，公司上半年净利润为人民币166,966,903.56元。经董 事会决议，公司拟以实施权益分派股权登记日登记的总股本为基数进行中期利润 分配。本次利润分配方案如下： 公司拟向全体股东每10股派发现金红利3.00元（含税），截至2024年8月29 日，公司总股本12,000万股，以此计算合计拟派发现金红利3,600.00万元（含税）， 占公司2024年半年度净利润的21.56%。 如在本公告披露之日起至实施权益分派股权登记日期间，公司总股本发生变 动的，公司拟 ...

青岛云路先进材料技术股份有限公司 规章制度 2024年8月 1 青岛云路先进材料技术股份有限公司 信息披露事务管理制度 第一章 总则 青岛云路先进材料技术股份有限公司 信息披露事务管理制度 第二条 本制度所称"信息"是指所有可能对公司股票交易价格产生较大影 响或者对投资决策有较大影响的信息、证券监管部门要求披露的信息以及公司 认为应当披露的信息；本制度所称"披露"是指在规定的时间内、在规定的媒 体上、以规定的方式向社会公众公布前述的信息，并将公告和相关备查文件送 达证券监管部门。 第三条 本制度由公司董事会负责建立并实施，公司董事长作为实施信息 披露事务管理制度的第一责任人，具体事项由董事会秘书负责具体协调处理， 信息披露事务管理部门为公司董事会办公室。 第四条 公司的董事、监事、高级管理人员应当保证公司及时、公平地披露 信息，以及信息披露内容的真实、准确、完整，不存在虚假记载、误导性陈述 或者重大遗漏。董事、监事、高级管理人员对公告内容存在异议的，应当在公 告中作出相应声明并说明理由。 第五条 公司和相关信息披露义务人披露信息，应当以客观事实或者具有 事实基础的判断和意见为依据，如实反映实际情况，不得有虚假 ...

证券代码：688190 证券简称：云路股份 公告编号：2024-032 青岛云路先进材料技术股份有限公司 第二届董事会第二十一次会议决议公告 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 二十一次会议于 2024 年 8 月 29 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 2024 年半年度报告及摘要的议案》 公司 2024 年半年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 年半年度的财务状况和经营成 果等事项，董事会全体成员保证公司 2024 年半年度报告披露的信息真实、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 ...