Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the industry index over the next six months [5]. Core Views - The company is positioned as a leading domestic supplier of functional powder materials, expected to benefit from the explosive growth in advanced packaging, with a projected compound annual growth rate (CAGR) of 10.7% in the global advanced packaging market from 2023 to 2029 [5]. - The company's high-end products, particularly spherical inorganic powders, are experiencing significant growth, driven by the expanding market for high-bandwidth memory (HBM) packaging materials and increasing demand for high-performance electronic circuit substrates [3][4]. - The financial performance shows a strong upward trend, with a 17.12% year-on-year increase in revenue for the first half of 2025, and a 18.01% increase in net profit [11]. Financial Summary - For 2023, the company expects revenue of 712 million yuan, with a year-on-year growth rate of 7.5%. By 2027, revenue is projected to reach 1,637 million yuan, with a growth rate of 12.5% [15]. - The net profit attributable to the parent company is forecasted to be 174 million yuan in 2023, increasing to 488 million yuan by 2027, reflecting a growth rate of 17.0% [15]. - The company's return on equity (ROE) is expected to improve from 12.9% in 2023 to 20.2% in 2027, indicating enhanced profitability [15]. Revenue Breakdown - In the second quarter of 2025, the company reported a revenue of 281 million yuan, a quarter-on-quarter increase of 17.55%, and a net profit of 76 million yuan, up 19.94% from the previous quarter [9][10]. - The revenue from spherical inorganic powders and others is projected to be approximately 2.0 to 2.1 billion yuan in the second quarter of 2025, accounting for 74% of total revenue [3]. Market Trends - The demand for advanced packaging materials is accelerating due to developments in AI, high-performance computing (HPC), and automotive sectors, which is expected to drive the market for functional advanced powder materials [4]. - The company is focusing on high-end product research and development to capitalize on these market trends, particularly in the areas of thermal materials for electric vehicles and high-performance circuit boards [4].

Market Overview - In 2024, the overall packaging market is expected to grow by 16% year-on-year to reach $105.5 billion, with the advanced packaging market growing by 20.6% to $51.3 billion, accounting for nearly 50% of the total [2][14]. - By 2030, the overall packaging market is projected to reach $160.9 billion, with advanced packaging expected to grow to $91.1 billion, resulting in a compound annual growth rate (CAGR) of 10% from 2024 to 2039 [2][14]. - The high-end market share is anticipated to increase from 8% in 2023 to 33% by 2029, driven by the demand from generative AI, edge computing, and intelligent driving ADAS [2][16]. Need for Advanced Packaging - The end of Moore's Law for advanced processes marks the beginning of the packaging Moore's Law, focusing on achieving higher performance at lower costs through system-level packaging techniques [3][30]. - The increasing demand for diverse functionalities leads to more frequent interactions between functional devices, necessitating efficient high-speed interconnections between chips to enhance overall system performance [3][30]. Need for Panel-Level Packaging (PLP) - PLP technology offers higher cost-effectiveness, greater design flexibility, and superior thermal and electrical performance, with significant potential to replace traditional packaging methods [4][42]. - The traditional packaging market is projected to reach $54.2 billion in 2024 and $69.8 billion by 2030, indicating a broad space for PLP to replace existing solutions [4][42]. - The wafer-level packaging market is expected to be $2.1 billion in 2024, with the FO/2.5D organic interposer market at $1.8 billion, potentially reaching $8.4 billion by 2030 [4][42]. Importance of Substrates in High-End Markets - Packaging substrates play a crucial role in signal transmission, heat dissipation, protection, and functional integration, with low-loss transmission being a key property [5][36]. - The increasing I/O density requirements driven by trends in mobile devices, 5G, data centers, and high-performance computing necessitate advancements in substrate technology to meet higher resolution demands [5][36]. COWOP and Substrate-Less Concepts - The Chip on Wafer on PCB (COWOP) concept blurs the definitions between PCB and substrate, focusing on transferring substrate functions to PCB while maintaining compatibility with existing technologies [6][36]. - Current PCB wiring density and I/O density are insufficient to match interposer requirements, necessitating the development of materials that can achieve high-density I/O [6][36]. Related Companies - Key players in the packaging substrate and materials sector include companies like Unimicron, BOE, and Corning, which are diversifying their businesses to capture opportunities in PLP and glass substrate applications [45].

截至发稿，联瑞新材市值为152亿元。 延伸阅读： 双林股份:聘任武淮颖为公司财务负责人 惠泰医疗:聘任桂琦寒担任公司财务负责人 九州一轨:李秀清辞去财务总监及财务负责人职务 每经AI快讯，联瑞新材（SH 688300）8月26日晚间发布公告称，经公司总经理李晓冬先生提名，董事 会提名委员会及董事会审计委员会审核通过，公司董事会同意聘任柏林女士为公司财务负责人。 2024年1至12月份，联瑞新材的营业收入构成为：非金属矿物加工制品制造占比99.87%，其他业务占比 0.13%。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [11]. Core Views - The semiconductor industry is experiencing a rapid technological iteration, leading to an accelerated demand for high-end spherical materials. The global semiconductor sales reached $346 billion in the first half of 2025, marking an 18.9% year-on-year increase, indicating a strong growth momentum in the industry [7]. - The company is positioned as a leading producer of electronic-grade silicon micro-powder in China, with plans to expand its production capacity for high-purity spherical products, which are expected to contribute significantly to revenue growth [8]. - The company reported a revenue of 519 million yuan in the first half of 2025, a year-on-year increase of 17.12%, and a net profit attributable to shareholders of 139 million yuan, up 18.01% year-on-year [4]. Financial Summary - The company’s revenue projections for the upcoming years are as follows: 960 million yuan in 2024, 1.192 billion yuan in 2025, 1.444 billion yuan in 2026, and 1.724 billion yuan in 2027, with year-on-year growth rates of 34.9%, 24.1%, 21.2%, and 19.4% respectively [6]. - The net profit attributable to shareholders is expected to reach 316 million yuan in 2025, 398 million yuan in 2026, and 491 million yuan in 2027, with corresponding year-on-year growth rates of 25.9%, 25.7%, and 23.4% [6]. - The company’s gross margin is projected to improve from 40.4% in 2024 to 44.0% in 2027, while the net margin is expected to increase from 26.2% to 28.5% over the same period [6]. Industry Outlook - The advanced packaging market is projected to grow at a compound annual growth rate (CAGR) of 10.7% from 2023 to 2029, while the high-end CCL market is expected to see a CAGR of 26% from 2024 to 2026, driven by advancements in AI, 5G, and high-performance computing [7]. - The company plans to raise 720 million yuan through convertible bonds to fund the construction of high-performance ultra-pure spherical silica and high thermal conductivity spherical alumina projects, addressing capacity shortages and enhancing its competitive position in the market [7].

Market Overview - The non-metal materials sector experienced a decline of 3.66% on August 27, with Lianrui New Materials leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Jiangsu Materials (001296) saw a significant increase of 10.00%, closing at 25.29 with a trading volume of 281,000 shares and a turnover of 663 million yuan [1] - Lianrui New Materials (688300) fell by 7.40%, closing at 58.30 with a trading volume of 144,200 shares and a turnover of 858 million yuan [2] - Other notable declines included Longgao Co. (605086) down 5.42% and Tianma New Materials (838971) down 4.24% [2] Capital Flow - The non-metal materials sector experienced a net outflow of 68.93 million yuan from institutional investors and 44.03 million yuan from retail investors, while individual investors saw a net inflow of 113 million yuan [2][3] - Lianrui New Materials had a net inflow of 83.10 million yuan from institutional investors, but a net outflow of 81.86 million yuan from retail investors [3] - The overall capital flow indicates a mixed sentiment among different investor categories within the sector [2][3]

Core Insights - Lianrui New Materials (688300.SH) reported a total revenue of 519 million yuan for the first half of 2025, ranking third among disclosed peers, with a year-on-year increase of 75.9 million yuan, representing a growth of 17.12% compared to the same period last year [1] - The company's net profit attributable to shareholders reached 139 million yuan, ranking second among peers, with an increase of 21.1 million yuan, reflecting an 18.01% year-on-year growth [1] - Operating cash flow was 42.9 million yuan, placing the company fourth among peers [1] Financial Metrics - The latest debt-to-asset ratio is 20.94%, a decrease of 3.87 percentage points from the same period last year [3] - The gross profit margin stands at 40.84%, ranking second among peers, with a quarter-on-quarter increase of 0.22 percentage points, marking two consecutive quarters of growth [3] - Return on equity (ROE) is 8.93%, also ranking second among peers, with a year-on-year increase of 0.38 percentage points [3] - The diluted earnings per share (EPS) is 0.57 yuan, ranking second among peers, with an increase of 0.08 yuan, reflecting a 16.33% year-on-year growth [3] - Total asset turnover ratio is 0.26 times, ranking second among peers, with a year-on-year increase of 0.02 times, representing a growth of 6.58% [3] - Inventory turnover ratio is 2.79 times, ranking first among peers, with a year-on-year increase of 0.02 times, reflecting a growth of 0.77% [3] Shareholder Structure - The number of shareholders is 7,692, with the top ten shareholders holding 164 million shares, accounting for 68.05% of the total share capital [3] - The largest shareholder is Guangdong Shengyi Technology Co., Ltd., holding 23.21% of shares [3] - Other significant shareholders include Li Xiaodong (20.1%), Jiangsu Donghai Silicon Powder Factory (17.4%), and several investment funds [3]

Group 1 - The report is a verification report on the non-recurring gains and losses of Jiangsu Lianrui New Materials Co., Ltd. for the years 2022, 2023, 2024, and the first half of 2025 [1] - The report is intended solely for the purpose of issuing convertible bonds to unspecified parties and cannot be used for other purposes [1] - The management of Lianrui New Materials is responsible for providing accurate and complete information in accordance with the relevant regulations set by the China Securities Regulatory Commission [1] Group 2 - The responsibility of the registered accountant is to provide a verification conclusion based on the verification work conducted on the non-recurring gains and losses detailed by the management [2]

证券日报网讯8月26日晚间，联瑞新材发布公告称，公司董事会同意聘任柏林女士为公司财务负责人。 ...

格隆汇8月26日丨联瑞新材(688300.SH)发布2025年半年度报告，报告期实现营业收入5.19亿元，归属上 市公司股东的净利润1.39亿元，同比增长18.01%；扣除非经常性损益后的归属于上市公司股东的净利润 1.28亿元，同比增长20.69%；基本每股收益0.57元。 ...

截至发稿，联瑞新材市值为152亿元。 每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 （记者 王晓波） 每经AI快讯，联瑞新材（SH 688300，收盘价：62.96元）8月26日晚间发布公告称，经公司总经理李晓 冬先生提名，董事会提名委员会及董事会审计委员会审核通过，公司董事会同意聘任柏林女士为公司财 务负责人。 2024年1至12月份，联瑞新材的营业收入构成为：非金属矿物加工制品制造占比99.87%，其他业务占比 0.13%。 ...