证券代码：688300 证券简称：联瑞新材 公告编号：2025-013 江苏联瑞新材料股份有限公司 2024 年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 4 月 17 日 （二） 股东大会召开的地点：公司综合楼会议室（江苏省连云港市海州区新浦 经济开发区珠江路 6 号） （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 77 | | --- | --- | | 普通股股东人数 | 77 | | 2、出席会议的股东所持有的表决权数量 | 119,524,686 | | 普通股股东所持有表决权数量 | 119,524,686 | | 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比例 | 64.3486 | | （%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 64. ...

江苏联瑞新材料股份有限公司 2024 年年度股东大会会议资料 证券代码：688300 证券简称：联瑞新材 江苏联瑞新材料股份有限公司 2024 年年度股东大会会议资料 2025 年 4 月 江苏联瑞新材料股份有限公司 2024 年年度股东大会会议资料 江苏联瑞新材料股份有限公司 2024 年年度股东大会会议须知 为了维护全体股东的合法权益，确保股东大会会议秩序和议事效率，保证股 东大会的顺利召开，根据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上市公司股东大会规则》以及《江苏联瑞新材料股份有限公司章程》、《江苏 联瑞新材料股份有限公司股东大会议事规则》等相关规定，特制定江苏联瑞新材 料股份有限公司（以下简称"公司"）2024年年度股东大会会议须知： 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、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，请出 席大会的股东或其代理人或其他出席者务必准时到达会场签到确认参会资格。在 会议主持人宣布现场出席会议的股东和代理人人数及所持有表决权的股份总数之 前，会议 ...

Core Insights - The company reported a revenue of 960 million in 2024, representing a year-on-year increase of 34.9%, with a net profit attributable to shareholders of 250 million, up 44.5% year-on-year [1] - The semiconductor market is experiencing an upward cycle in 2024, driven by increased demand for high-performance packaging materials, particularly in AI applications [2] - The company is focusing on enhancing its core competitiveness through continuous R&D investment and expanding production capacity to meet market demands [3] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 350 million, 450 million, and 550 million respectively, maintaining a "buy" rating [4] Financial Performance - In Q4 2024, the company achieved a revenue of 270 million, a year-on-year increase of 32.8% and a quarter-on-quarter increase of 6.5% [1] - The company's ball-shaped silicon powder revenue reached 550 million, up 48.8% year-on-year, while angular silicon powder revenue was 250 million, up 8.7% year-on-year [2] - The average price of ball-shaped silicon powder was approximately 14,900 per ton, reflecting a year-on-year increase of 4.6% [2] Market Trends - The demand for high-performance packaging materials is rapidly increasing, particularly in advanced packaging and high-frequency circuit boards [2] - The company is launching various specifications of low-alpha spherical silica and other advanced materials to meet customer needs for lower dielectric loss and higher thermal conductivity [2] R&D and Capacity Expansion - The company invested 60.4 million in R&D in 2024, a year-on-year increase of 27.4%, with an R&D expense ratio of 6.3% [3] - A new project in Lianyungang City is planned with an investment of 300 million to produce ultra-pure spherical powder materials for high-performance substrates, with a designed capacity of 1,200 tons per year [3]

证券研究报告 | 公司点评报告 2025 年 03 月 28 日 联瑞新材（688300.SH） 强烈推荐（维持） 周铮 S1090515120001 zhouzheng3@cmschina.com.cn 曹承安 S1090520080002 目标估值：NA 当前股价：56.78 元 基础数据 | 总股本（百万股） | 186 | | --- | --- | | 已上市流通股（百万股） | 186 | | 总市值（十亿元） | 10.5 | | 流通市值（十亿元） | 10.5 | | 每股净资产（MRQ） | 8.1 | | ROE（TTM） | 16.7 | | 资产负债率 | 23.5% | | 主要股东 | 广东生益科技股份有限公司 | | 主要股东持股比例 | 23.26% | 股价表现 相关报告 高阶产品销量快速提升，持续推出新项目奠定成长性 周期/化工 1、《联瑞新材（688300）—全年业绩 同比大幅增长，高性能封装材料需求 快速提升》2025-02-16 2、《联瑞新材（688300）—三季度业 绩同比大幅增长，高端产品占比不断 提高》2024-10-30 3、《联瑞新材（688300）—半 ...

Core Insights - The company reported a revenue of 960 million yuan for the year 2024, representing a year-on-year increase of 34.94%, and a net profit attributable to shareholders of 251 million yuan, up 44.47% year-on-year [1] - The demand for powder products has surged due to the growth in computing power, with the global semiconductor sales expected to reach 628 billion USD in 2024, a 19% increase year-on-year [2] - The company is actively preparing for the upcoming computing era with a research and development expenditure accounting for 6.3% of its revenue, focusing on advanced materials for high-end applications [3] Financial Performance - In Q4 2024, the company achieved a revenue of 267 million yuan, a quarter-on-quarter increase of 6.5%, but the net profit decreased by 1.3% to 66 million yuan due to rising raw material costs [1] - The company’s gross margin for 2024 was 40.38%, an increase of 1.12 percentage points year-on-year, driven by the growth of high-margin spherical powder products [2] Product and Market Development - The sales volume of spherical silicon micro-powder reached 36,739 tons in 2024, a year-on-year increase of 42.29%, with an average selling price of 14,941 yuan per ton, up 4.6% [2] - The company is launching high-end products such as Lowα spherical silica and LowDf ultra-fine spherical silica, which have received certification from overseas clients for advanced packaging applications [2] Research and Development - The company is advancing several research projects, including ultra-low loss high-speed substrate spherical silica and micron-level low-hardness spherical ceramic powders, targeting cutting-edge fields in packaging materials and thermal management [3] Investment Outlook - The projected net profits for the company from 2025 to 2027 are estimated to be 298 million yuan, 346 million yuan, and 381 million yuan respectively, with corresponding price-to-earnings ratios of 36, 31, and 28 based on the closing price of 57.55 yuan on March 27 [4]

Investment Rating - The report maintains a "Buy-B" rating for the company [1][8] Core Views - The company has seen continuous growth in high-end product sales and possesses a rich reserve of core technologies [1] - The demand for powder products has surged due to the increasing need for computing power, driven by the explosion of AI technology and a rebound in storage chips [4] - The company achieved a revenue of 960 million yuan in 2024, representing a year-on-year increase of 34.94%, and a net profit of 251 million yuan, up 44.47% year-on-year [4] Financial Performance - The company’s gross margin for 2024 was 40.38%, an increase of 1.12 percentage points year-on-year, primarily due to the growth of high-margin spherical powder products [5] - The sales volume of spherical silicon micro-powder reached 36,739 tons in 2024, a year-on-year increase of 42.29%, with an average selling price of 14,941 yuan per ton, up 4.6% year-on-year [4][5] - The company’s R&D expenditure accounts for 6.3% of its revenue, with ongoing projects aimed at high-end applications in international markets [6] Future Projections - The company is expected to achieve net profits of 298 million yuan, 346 million yuan, and 381 million yuan for the years 2025, 2026, and 2027, respectively [8] - Corresponding to the closing price of 57.55 yuan on March 27, the projected P/E ratios for 2025, 2026, and 2027 are 36, 31, and 28 times, respectively [8] Market Position - The company is well-positioned to benefit from the ongoing demand in the semiconductor industry, with global semiconductor sales projected to reach 628 billion USD in 2024, a year-on-year increase of 19% [4]

Investment Rating - The report maintains a "Buy-B" rating for the company [1][5] Core Views - The company achieved an annual revenue of 960 million yuan in 2024, representing a year-on-year increase of 34.94%, and a net profit attributable to the parent company of 251 million yuan, up 44.47% year-on-year [1] - The demand for the company's spherical powder products has surged due to the increasing need for computing power, with global semiconductor sales projected to reach 628 billion USD in 2024, a 19% year-on-year increase [2] - The company has a strong pipeline of high-end products and a rich core technology reserve, with R&D expenses accounting for 6.3% of revenue [3] Financial Performance - In Q4 2024, the company reported a revenue of 267 million yuan, a quarter-on-quarter increase of 6.5%, while the net profit attributable to the parent company was 66 million yuan, a decrease of 1.3% quarter-on-quarter [1] - The company's gross margin for 2024 was 40.38%, an increase of 1.12 percentage points year-on-year, driven by the growth of high-margin spherical powders [2] - The projected net profits for 2025, 2026, and 2027 are 298 million yuan, 346 million yuan, and 381 million yuan, respectively, with corresponding P/E ratios of 36, 31, and 28 times based on the closing price of 57.55 yuan on March 27 [5][12] Product and Market Development - The company has successfully launched high-end products such as Lowα spherical silica and LowDf ultra-fine spherical silica, which have been certified by overseas clients for advanced packaging applications [2] - The sales volume of spherical silicon micro powder reached 36,739 tons in 2024, a year-on-year increase of 42.29%, with an average selling price of 14,941 yuan per ton [2] - The company is actively advancing research projects in high-end copper-clad laminates, packaging materials, and thermal conductive materials [3]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported significant growth in annual performance, with a revenue of 960 million yuan in 2024, representing a year-on-year increase of 35%. The net profit attributable to shareholders reached 251 million yuan, up 44% year-on-year [8] - The demand for high-end products is rapidly increasing, driven by the recovery in the electronics industry and advancements in communication technologies such as 5G [8] - The company is a leading domestic producer of silicon micro-powder, benefiting from a recovery in downstream demand and an increase in sales of high-end products [8] - The company has a strong focus on advanced powder materials, with ongoing research and development in functional powder materials, which lays a solid foundation for long-term growth [8] Financial Data and Profit Forecast - Total revenue is projected to grow from 712 million yuan in 2023 to 1,623 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 16.5% [7][10] - The net profit attributable to shareholders is expected to increase from 174 million yuan in 2023 to 498 million yuan in 2027, reflecting a CAGR of about 21.9% [7][10] - The company's gross margin is forecasted to improve from 39.3% in 2023 to 44.6% in 2027, indicating enhanced operational efficiency [7][10] - The price-to-earnings (PE) ratio is projected to decrease from 61 in 2023 to 21 in 2027, suggesting a more attractive valuation over time [7][10]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Insights - The company achieved a revenue of 960 million yuan in 2024, representing a year-on-year increase of 34.94%, and a net profit attributable to shareholders of 251 million yuan, up 44.47% year-on-year [4][7] - The semiconductor industry is experiencing an upward cycle, significantly boosting the sales of high-end spherical powder products, with the company’s sales volume for spherical inorganic powder materials reaching 37,100 tons, a 40.03% increase year-on-year [7] - The company is positioned as a leading domestic producer of electronic-grade silicon powder, with plans for capacity expansion and new product launches expected to drive further growth [8] Financial Performance Summary - In 2024, the company reported a gross margin of 40.4% and a net margin of 26.2%, with a return on equity (ROE) of 16.7% [6][9] - The projected revenues for 2025, 2026, and 2027 are 1.192 billion yuan, 1.444 billion yuan, and 1.724 billion yuan respectively, with corresponding net profits of 333 million yuan, 418 million yuan, and 513 million yuan [6][9] - The company’s earnings per share (EPS) are expected to grow from 1.35 yuan in 2024 to 2.76 yuan by 2027 [6][9] Industry Context - The global semiconductor sales are projected to reach 627.6 billion USD in 2024, marking a 19.1% increase year-on-year, driven by rapid growth in demand for high-performance packaging materials [7] - The company is set to benefit from the increasing demand for high-performance spherical powder materials, particularly in applications related to AI and advanced electronics [7]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The semiconductor industry is experiencing an upward cycle, significantly boosting the sales of high-end spherical powder products [7] - The company achieved a revenue of 960 million yuan in 2024, representing a year-on-year increase of 34.94%, and a net profit of 251 million yuan, up 44.47% year-on-year [4][6] - The company is positioned as a leading domestic producer of electronic-grade silicon micro-powder, with a focus on high-barrier products [8] Summary by Relevant Sections Financial Performance - In 2024, the company reported a revenue of 960 million yuan, with a year-on-year growth of 34.94% and a net profit of 251 million yuan, reflecting a 44.47% increase [4][6] - The fourth quarter of 2024 saw a revenue of 267 million yuan, up 32.78% year-on-year, and a net profit of 66 million yuan, increasing by 35.27% [4] Sales and Production - The sales volume of high-end spherical inorganic powder materials reached 37,100 tons in 2024, a year-on-year increase of 40.03%, with revenue from this segment at 549 million yuan, up 48.79% [7] - The company has made significant advancements in technology, launching various high-end products, including low-loss spherical silica and aluminum [7] Future Projections - The company is expected to expand its production capacity with new projects, including a 25,200-ton electronic-grade functional powder project and a 3,000-ton ultra-fine spherical powder production line, both projected to ramp up in 2025 [7][8] - Forecasts indicate that the company's net profit will reach 333 million yuan in 2025, 418 million yuan in 2026, and 513 million yuan in 2027, with corresponding P/E ratios of 32.0, 25.5, and 20.8 [8][9] Cost Management - The total expense ratio for 2024 was 12.95%, a decrease from 14.73% in 2023, indicating effective cost control measures [8]