证券代码：688190 证券简称：云路股份 公告编号：2024-021 青岛云路先进材料技术股份有限公司 股东询价转让结果报告书暨持股 5%以上股东减持股份 比例超过 1%的提示性公告 青岛多邦股权投资管理合伙企业（有限合伙）（以下简称"青岛多邦"）、郭克 云（以下合称"出让方"）保证向青岛云路先进材料技术股份有限公司（以下简称 "公司"）提供的信息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对 其真实性、准确性和完整性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示: 本次询价转让的价格为 70.58 元/股，转让的股票数量为 3,636,000 股。 公司控股股东、实际控制人不参与本次询价转让。 本次转让不会导致公司控股股东、实际控制人发生变化。 青岛多邦通过询价转让方式减持公司股份 183.60 万股占公司总股本的 1.53%，本次询价转让后，青岛多邦持股比例由 3.75%减少至 2.22%。 郭克云通过询价转让方式减持公司股份 180.00 万股，占公司总股本的 1.50%。此外，郭克云于 2023 年 6 月 15 日至 2023 年 12 ...

中国国际金融股份有限公司 关于青岛云路先进材料技术股份有限公司 股东向特定机构投资者询价转让股份的核查报告 中国国际金融股份有限公司（以下简称"中金公司"、"组织券商"）受青岛云 路先进材料技术股份有限公司（以下简称"云路股份"或"公司"）股东青岛多邦 股权投资管理合伙企业（有限合伙）（以下简称"青岛多邦"）、郭克云（上述2名股 东以下合称"出让方"）委托，组织实施本次云路股份首发前股东向特定机构投资 者询价转让（以下简称"本次询价转让"）。 根据《上海证券交易所科创板股票上市规则》、《上海证券交易所科创板上市 公司股东以向特定机构投资者询价转让和配售方式减持股份实施细则》（以下简 称"《实施细则》"）等相关规定，中金公司对本次询价转让的实施过程和出让方 与受让方的合规性进行了审慎核查，并出具本核查报告。具体情况如下： 一、本次询价转让概况 （一）本次询价转让出让方 截至 2024 年 4 月 2 日，出让方持有公司股份情况如下： | 序号 | 出让方名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- | | 1 | 青岛多邦股权投资管理合伙企业（有限合伙） | 4,5 ...

联系电话：010-59219558 - 传真：010-59562637 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|--------------------| | | | | | 云路股份（688190） | 投资评级 | 买入 | | 2023 年报点评:盈利性提升,非晶龙头地位稳固 | | 维持评级 | | | 2024年04月02 日 | | | 业绩概要：2023年公司实现营业收入 17.7 亿元（+22.4%） 实现归母净利润 3.3 亿元 | 收盘价(元): | 82.06 | | (+46.6%)，对应基本 ...

证券代码：688190 证券简称：云路股份 公告编号：2024-020 青岛云路先进材料技术股份有限公司 股东询价转让定价情况提示性公告 青岛多邦股权投资管理合伙企业（有限合伙）（以下简称"青岛多邦"）、郭 克云保证向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"）提供的信息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 真实性、准确性和完整性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 根据 2024 年 4 月 3 日询价申购情况，初步确定的本次询价转让价格为 70.58 元/股。 一、本次询价转让初步定价 （一）经向机构投资者询价后，公司股东询价转让（以下简称"本次询价转 让"）初步确定的转让价格为 70.58 元/股，为本次询价转让定价日（即 2024 年 4 月 3 日）云路股份股票收盘价 79.00 元/股的 89.3%。 （二）参与本次询价转让报价的机构投资者家数为 22 家，涵盖了基金管理 公司、合格境外机构投资者、证券公司、私募基金管理人等专业机构投资者。参 与本次询价转让报价的机构投资者合计有效认购股份数 ...

公司报告 | 年报点评报告 非晶供需双旺，出口占比进一步提升 投资建议：作为非晶材料行业龙头，伴随产能释放与新产品放量，公司业 绩有望保持快速增长。我们预计 24-26 年归母净利润 4.03/4.68/5.54 亿元， 对应当前股价 24/21/18X，维持"买入"评级。 | --- | --- | --- | --- | --- | --- | |-----------------------------|----------|----------|----------|----------|----------| | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 1,447.38 | 1,772.04 | 2,078.60 | 2,399.22 | 2,764.62 | | 增长率 (%) | 54.68 | 22.43 | 17.30 | 15.42 | 15.23 | | EBITDA( 百万元 ) | 400.86 | 548.21 | 523.16 | 603.12 | 684.38 | | 归属母公司净利润 ( ...

青岛多邦股权投资管理合伙企业（有限合伙）（以下简称"青岛多邦"）、郭 克云保证向青岛云路先进材料技术股份有限公司（以下简称"公司"）提供的信 息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性 和完整性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 证券代码：688190 证券简称：云路股份 公告编号：2024-019 青岛云路先进材料技术股份有限公司 股东询价转让计划书 重要内容提示： 一、拟参与转让的股东情况 （一）出让方的名称、持股数量、持股比例 出让方委托中国国际金融股份有限公司（以下简称"中金公司"）组织实施 本次询价转让。截至 2024 年 4 月 2 日出让方所持首发前股份的数量、占公司总 股本比例情况如下： | 序号 | 股东名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- | | 1 | 青岛多邦股权投资管理合伙 企业（有限合伙） | 4,500,000 | 3.75% | | 2 | 郭克云 | 23,738,201 | 19.78% | （二）关于出让方是否为公司控股股东、实际控制人、持 ...

中国国际金融股份有限公司 关于青岛云路先进材料技术股份有限公司股东 向特定机构投资者询价转让股份相关资格的核查意见 中国国际金融股份有限公司（以下简称"中金公司"）受青岛云路先进材料技 术股份有限公司（以下简称"云路股份"）股东青岛多邦股权投资管理合伙企业（有 限合伙）（以下简称"青岛多邦"）、郭克云（上述 2 名股东以下合称"出让方"）委 托，组织实施本次云路股份首发前股东向特定机构投资者询价转让（以下简称"本 次询价转让"）。 根据《关于在上海证券交易所设立科创板并试点注册制的实施意见》《科创 板上市公司持续监管办法（试行）》《上海证券交易所科创板股票上市规则》《上 海证券交易所科创板上市公司股东以向特定机构投资者询价转让和配售方式减 持股份实施细则》（以下简称"《实施细则》"）等相关规定，中金公司对参与本次 询价转让股东的相关资格进行了核查。 本次询价转让的委托情况、出让方相关资格的核查情况及核查意见如下： 一、本次询价转让的委托 2024 年 4 月 1 日，中金公司收到出让方关于本次询价转让的委托，委托中 金公司组织实施本次询价转让。 二、关于参与本次询价转让股东相关资格的核查情况 （一）核查过程 ...

Investment Rating - The report maintains a "Buy" rating for the company [15][16]. Core Insights - In 2023, the company's revenue reached 1.77 billion yuan, a year-on-year increase of 22%, with net profit attributable to shareholders growing by 47% to 330 million yuan [13]. - The company achieved a gross margin of 30.5% in 2023, up 3.7 percentage points year-on-year, with specific product margins for amorphous and magnetic powders at 34.2% and 11.2%, respectively [5][14]. - The overseas revenue for 2023 was 650 million yuan, marking a 39% increase year-on-year, contributing approximately 38% to total revenue [14]. Financial Performance Summary - The company reported a gross profit of 540 million yuan in 2023, with a gross margin of 30% expected to remain stable through 2026 [24]. - Operating cash flow improved significantly, with a net inflow of 220 million yuan in 2023 [15]. - The forecast for 2024 estimates net profit attributable to shareholders at 380 million yuan, corresponding to a PE ratio of approximately 26 times [15].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within six months [20][23]. Core Insights - The company has shown strong performance with significant revenue and profit growth, driven by the increasing demand for amorphous materials and favorable exchange rate fluctuations [11][32]. - The company is the largest supplier of amorphous alloy strips in the industry, with a design capacity of 90,000 tons per year, and is actively expanding into international markets [39][22]. - The demand for amorphous strips is supported by national policies and the growth of emerging industries, particularly in power distribution, photovoltaic, and data center sectors [23][12]. Financial Performance Summary - Revenue is projected to grow from 1,447 million yuan in 2022 to 1,772 million yuan in 2023, representing a year-on-year increase of 22.43% [5][11]. - Net profit is expected to rise from 226.71 million yuan in 2022 to 332.40 million yuan in 2023, reflecting a growth rate of 46.62% [5][11]. - Earnings per share (EPS) are forecasted to increase from 1.89 yuan in 2022 to 2.77 yuan in 2023 [5][11]. Market Position and Strategy - The company is transitioning from a material supplier to a comprehensive solution provider across the entire industry chain, enhancing its market position [33][39]. - The company has successfully promoted amorphous solutions in various projects, including photovoltaic applications and urban infrastructure [33][12].

Financial Performance - The company achieved a net profit of RMB 332,007,455.13 for the year 2023, with a distributable profit of RMB 667,435,312.42 as of December 31, 2023[5]. - The company's operating revenue for 2023 reached ¥1,772,035,200.93, representing a year-on-year increase of 22.43% compared to ¥1,447,382,421.30 in 2022[24]. - The net profit attributable to shareholders of the listed company was ¥332,007,455.13, a significant increase of 46.62% from ¥226,442,234.44 in the previous year[24]. - The basic earnings per share for 2023 was ¥2.77, reflecting a 46.56% increase compared to ¥1.89 in 2022[25]. - The company's total assets at the end of 2023 amounted to ¥2,791,579,232.66, which is a 10.36% increase from ¥2,529,545,903.23 at the end of 2022[24]. - The net cash flow from operating activities improved to ¥219,345,245.67, a turnaround from a negative cash flow of ¥77,114,821.22 in 2022, marking a 384.44% increase[24]. - The company reported a net profit after deducting non-recurring gains and losses of ¥305,494,071.33, which is a 53.63% increase from ¥198,850,525.03 in 2022[24]. - The company reported a significant increase in sales expenses, which rose by 36.15% to ¥52,687,844.49, attributed to ongoing market expansion efforts[83]. Dividend Distribution - A cash dividend of RMB 8.50 per 10 shares (including tax) is proposed, totaling RMB 102,000,000.00, which represents 30.72% of the net profit attributable to shareholders[5]. - The board of directors has approved the profit distribution plan, pending approval at the annual general meeting[6]. - The company plans to distribute at least 10% of the current year's distributable profits in cash, or at least 30% of the average annual distributable profits over the last three years[146]. - The company’s profit distribution decision-making process includes preparing financial reports and conducting annual audits, with independent directors providing clear opinions on cash dividend proposals[148]. Research and Development - Research and development expenses accounted for 5.39% of operating revenue, slightly up from 5.19% in the previous year[25]. - The total R&D expenditure for the current year is ¥95,488,020.17, an increase of 27.06% compared to the previous year[70]. - The number of R&D personnel reached 159, a growth of 35.90% compared to the previous year, focusing on material design and process improvement[37]. - The company has established a comprehensive R&D management system, focusing on independent and collaborative research to enhance core competitiveness[49]. - The company is developing high-performance soft magnetic materials for applications in the new energy vehicle sector[72]. Market Expansion and Strategy - The company is actively pursuing market expansion and new product development strategies to enhance its competitive position in the industry[24]. - The company has established a global sales network, exporting products to 18 countries and regions, covering 70 power grid companies[76]. - The company is committed to optimizing its salary system and talent structure, providing competitive compensation to attract high-level innovative talent[37]. - The company plans to enhance its global market strategy by expanding its overseas sales team and improving product quality management[104]. Compliance and Governance - The company has received a standard unqualified audit report from Tianzhi International Accounting Firm[5]. - The company emphasizes compliance and risk management, conducting multiple compliance training sessions to enhance the safety and responsibility of its employees[38]. - The governance structure includes a board of directors and various specialized committees, ensuring compliance with relevant laws and regulations[108]. - The company emphasizes protecting the rights of minority investors and enhancing communication with them[105]. Environmental Responsibility - The company invested RMB 811.11 million in environmental protection during the reporting period[159]. - The company has established a comprehensive environmental management system, including procedures for environmental factor identification and control, and has passed the ISO 14001 environmental management system certification[165]. - The company has cumulatively sold approximately 480,000 tons of amorphous products globally since 2013, which is estimated to save about 3.46 billion kWh of electricity, 1.38 million tons of coal, reduce CO2 emissions by approximately 3.45 million tons, and SO2 emissions by about 100,000 tons[167]. Employee Management - The total number of employees in the parent company is 600, with 259 in production, 35 in sales, 159 in technology, 10 in finance, and 137 in administration[139]. - The company has a 100% coverage rate for labor contracts and social insurance for employees, ensuring fair and just treatment in the workplace[171]. - The company has established a comprehensive salary management system based on industry characteristics and competitive salary levels, ensuring fair performance evaluation and promotion mechanisms[141]. Future Outlook - The company provided guidance for the next fiscal year, projecting revenue growth of 20% to 1.44 billion RMB[120]. - The company is optimistic about its future growth and the industry outlook, indicating a commitment to long-term investment[189]. - The company plans to continue its market expansion and product development strategies in the upcoming fiscal year[116].