Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a leader in the modified materials industry, being the first new materials enterprise listed on the Sci-Tech Innovation Board in China. It has established a significant global presence with multiple production bases [5][12]. - The company reported a total revenue of 6.088 billion yuan in 2024, a year-on-year increase of 13.81%, and a net profit of 194 million yuan, up 32.04% year-on-year. For Q1 2025, revenue was 1.468 billion yuan, reflecting a 15.07% increase year-on-year [5][8]. - The company is strategically investing in lithium battery wet separator projects and developing materials for robotics, which are expected to drive future growth [5][6]. Summary by Sections 1. Company Overview - The company has been deeply engaged in the modified plastics sector and is expanding into lithium battery separators and robotics materials [12]. - It has established eight major research and production bases globally, including locations in Shanghai and Thailand [12]. 2. Financial Analysis - The company has shown steady revenue growth from 4.031 billion yuan in 2019 to 6.088 billion yuan in 2024, with a CAGR of 8.59%. The net profit increased from 109 million yuan to 194 million yuan during the same period, with a CAGR of 12.26% [8][22]. - The gross margin improved from 9.44% in 2021 to 13.50% in Q1 2025, indicating a recovery in profitability [22][26]. 3. Market Demand - The demand for modified plastics is broad, with significant applications in home appliances and automotive sectors, which account for 37% and 15% of the company's revenue, respectively [5][38]. - The modified plastics market in China is expected to grow from 277.1 billion yuan in 2022 to 310.7 billion yuan by 2024, with a CAGR of 5.9% [34]. 4. Cost Structure - The raw material costs constitute approximately 90% of the total costs for modified plastics, making the company sensitive to fluctuations in oil prices [58][59]. - The recent decline in oil prices is anticipated to benefit the cost structure of modified plastics, potentially enhancing profitability [5][58]. 5. Growth Opportunities - The company is well-positioned to benefit from the ongoing trends in the home appliance and automotive industries, particularly with the push for lightweight materials in electric vehicles [5][55]. - The increasing demand for high-value-added products in the consumer electronics sector is also expected to drive growth [56].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is a leader in the modified materials industry, being the first new materials enterprise listed on the Sci-Tech Innovation Board and the largest polymer modification materials company in China [5][12]. - The company has shown impressive revenue growth, with a projected total revenue of 6.088 billion yuan in 2024, up 13.81% year-on-year, and a net profit of 194 million yuan, up 32.04% year-on-year [5][8]. - The company is strategically investing in lithium battery wet separator projects and developing materials for robotics, which are expected to drive future growth [5][12]. Summary by Sections 1. Company Overview - The company has established eight research and production bases globally, including locations in Shanghai, Hefei, and Thailand [5][12]. - It serves various strategic industries, including home appliances, automotive, and consumer electronics [12]. 2. Financial Analysis - The company's revenue has grown from 4.031 billion yuan in 2019 to 6.088 billion yuan in 2024, with a CAGR of 8.59% [17][22]. - The net profit has increased from 109 million yuan in 2019 to 194 million yuan in 2024, with a CAGR of 12.26% [17][22]. - The company has improved its gross margin from 9.44% in 2021 to 13.50% in 2025Q1, indicating a recovery in profitability [22][26]. 3. Market Demand - The demand for modified plastics is expected to grow, particularly in the home appliance and automotive sectors, which account for 37% and 15% of the market, respectively [38][41]. - The home appliance market is projected to produce 695 million units in 2024, a 7.4% increase year-on-year, driving demand for modified plastics [38][40]. - The automotive sector is benefiting from policies promoting vehicle trade-ins, with a 11.2% year-on-year increase in car sales in early 2025 [46][49]. 4. Cost Structure - The raw material costs constitute approximately 90% of the total costs for modified plastics, making the company sensitive to fluctuations in oil prices [58][59]. - The report anticipates that the decline in oil prices will lead to a reduction in raw material costs, benefiting the company's profitability [5][58]. 5. Growth Opportunities - The company is positioned to benefit from the growing demand for lithium battery separators and materials for robotics, which are expected to create new growth trajectories [5][12]. - The increasing penetration of electric vehicles is likely to drive up the demand for modified plastics, with projections indicating that the usage per vehicle could reach 213 kg by 2027 [49][50].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company is expanding into new downstream fields of AI robotics while maintaining a rapid growth trend. In 2024, it achieved revenue of 6.088 billion yuan, a year-on-year increase of 13.81%, and a net profit of 194 million yuan, up 32.04% year-on-year [1][11]. - The company has a strong focus on customer value creation, product leadership, and lean management, which are key to its strategic development [11][13][18]. - The company is deeply engaged in special materials, with applications in new energy and robotics, and has developed innovative solutions that meet diverse customer needs [32][33][39]. Financial Data and Valuation - The company’s total revenue for 2024 is projected to be 6.879 billion yuan, with a net profit of 244 million yuan, and an EPS of 0.51 yuan [2][3]. - The company’s PE ratio is expected to decrease from 37.6 in 2023 to 22.7 in 2025, indicating improving valuation metrics [2][3]. Company Development and Strategy - The company emphasizes a customer-first approach, ensuring value creation through innovative materials and reliable delivery [11][13]. - It has implemented a lean management system to enhance operational efficiency and cost advantages across its value chain [18][19]. - The company is actively pursuing global expansion, establishing a factory in Thailand to serve the Southeast Asian market and planning further expansion into Europe and North America [21][20]. Product Innovation and R&D - The company has developed a three-tier R&D system that integrates AI technology to enhance material innovation and product quality [48][49]. - It has achieved significant advancements in special materials, particularly long-chain nylon, which has seen a revenue increase of 105.39% year-on-year [37][38]. - The company is committed to sustainable development, focusing on the circular economy and the lifecycle management of materials [41][47]. Market Position and Competitive Advantage - The company is recognized as one of the largest modified materials enterprises in China, with a broad customer base and extensive product offerings [32]. - It has established strong partnerships with key industries, including automotive and home appliances, to provide tailored material solutions [34][39]. - The company’s focus on innovation and customer collaboration has positioned it favorably in the competitive landscape of special materials [28][30].

| | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | --- | | | | | 本期比上 | | | 主要会计数据 | 2024年 | 2023年 | 年同期增 | 2022年 | | | | | 減(%) | | | 营业收入 | 6.087.725.669.58 | 5.348.842.872.96 | 13.81 | 5,179,311,061.77 | | 浄利润 | 200,178,867.82 | 141,987,251.89 | 40.98 | 57.435.061.94 | | 归属于上市公司股东的净利 润 | 194.054.632.90 | 146.968.364.69 | 32.04 | 59,159,253.98 | | 归属于上市公司股东的扣除 | 169.682.367.18 | 116,232,252.89 | 45.99 | 38.584.321.46 | | 非经常性损益的净利润 | | | | | | 经营活动产生的现金流量净 | 551,300,528.61 | 146,750,796.59 | 275.67 | 128,8 ...

中信证券股份有限公司 关于会通新材料股份有限公司 王家骥、刘纯钦 （三）现场检查人员 2024 年度持续督导工作现场检查报告 根据《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，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对会通新材料股份有限公司（以下简称"会通股份""公司""上 市公司"）进行持续督导工作的保荐人，对 2024 年度（以下简称"本持续督导期 间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 刘纯钦 （四）现场检查时间 2025 年 4 月 15 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 （六）现场检查手段 1 本次现场检查的手段主要包括资料查阅、访谈、现场查看等，具 ...

Core Viewpoint - The company reported strong revenue and profit growth in 2024, but its low dividend payout ratio has raised concerns about its capital efficiency [1][4]. Financial Performance - The company achieved total revenue of 6.088 billion yuan, a year-on-year increase of 13.81% [1][4]. - The net profit attributable to shareholders was 194 million yuan, up 32.04% year-on-year [1][4]. - The net profit after deducting non-recurring gains and losses was 170 million yuan, reflecting a growth of 45.99% [1][4]. - The proposed cash dividend is 1.5 yuan per 10 shares, totaling approximately 70.9 million yuan, which represents only 36.54% of the net profit attributable to shareholders [4]. Innovation and Market Expansion - The company has driven comprehensive business growth through technological innovation and market expansion [5]. - Significant investments in R&D in the field of polymer modified materials have led to three global innovations and eight domestic innovations [5]. - The company has successfully established a factory in Thailand, serving over 30 overseas clients and achieving overseas sales of over 17,000 tons, a year-on-year increase of 178.39% [6]. Efficiency and Cost Control - The introduction of a lean management system has significantly improved overall efficiency and cost control [7]. - The company's gross profit margin is 13.45%, which, while improved from the previous year, remains at a mid-level compared to industry peers [7]. - There is still room for improvement in raw material procurement and production process optimization to further enhance profitability [7].

本公司董事会及全体董事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。 | 证券代码：688219 | 证券简称：会通股份 | 公告编号：2025-012 | | --- | --- | --- | | 转债代码：118028 | 转债简称：会通转债 | | 会通新材料股份有限公司 第三届董事会第十次会议决议公告 会通新材料股份有限公司（以下简称"公司"）第三届董事会第十次会议（以 下简称"本次会议"）于 2025 年 4 月 22 日在公司会议室以现场结合通讯方式召 开，本次会议通知及相关材料已于 2025 年 4 月 11 日以书面形式送达公司全体 董事。本次会议应参加会议董事 7 人，实际参加会议董事 7 人。本次会议的召集、 召开和表决程序符合《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》"）等法律法规、规范性文件和 《会通新材料股份有限公司章程》、《会通新材料股份有限公司董事会议事规则》 的有关规定，形成的决议合法、有效。 二、董事会会议审议情况 1．审议通过《关于会通新材料股份有限 ...

| 证券代码：688219 | 证券简称：会通股份 | 公告编号：2025-014 | | --- | --- | --- | | 转债代码：118028 | 转债简称：会通转债 | | 会通新材料股份有限公司 2024 年度利润分配预案的公告 本公司董事会及全体董事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： 一、利润分配预案内容 （一）利润分配方案的具体内容 经天健会计师事务所（特殊普通合伙）审计，2024 年度合并报表实现净 利润为人民币 200,178,867.82 元，其中归属于上市公司股东净利润为人民币 194,054,632.90 元，本年末母公司可供股东分配的利润为人民币 108,443,010.15 元。 根据《上市公司监管指引第 3 号——上市公司现金分红》《科创板股票 每股分配比例：会通新材料股份有限公司（以下简称"公司"）拟向全体 股东每 10 股派发现金红利 1.50 元（含税）。公司本年度不以资本公积金 转增股本，不送红股。 本次利润分配以实施权益分派股权登记日登记的总股本（扣除公司股份回 购专用 ...

中信证券股份有限公司 关于会通新材料股份有限公司 2024 年度募集资金存放与实际使用情况的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为会通新 材料股份有限公司（以下简称"会通股份"或"公司"）向不特定对象发行可转 换公司债券及后续持续督导保荐人，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》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关法律法规和规范性文件的要求，对会通股份 2024 年 度募集资金存放与实际使用情况进行了审慎核查，核查情况及核查意见如下： 一、募集资金基本情况 （一）向不特定对象发行可转换公司债券募集资金金额、资金到账情况 经中国证券监督管理委员会《关于同意会通新材料股份有限公司向不特定对 象发行可转换公司债券注册的批复》（证监许可〔2022〕456 号）同意注册，公 司向不特定对象共计发行 8,300,000 张可转换公司债券，每张面值为人民币 100 元，按面值发行。本次发行合计募集资金人民币 83,000 万元，扣除不含税的发 行费用人民币 1,053.82 万元后，募集资金净额为人民币 81,946.18 ...