点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 写在前面 （文末有惊喜） 一直在路上，所以停下脚步，只在于分享 包括： 新 材料/ 半导体 / 新能源/光伏/显示材料 等 正文 算力升级拉动电子原材料需求增长图解及测算 图表:算力升级拉动电子上游原材料需求增长图解 图表:服务器升级对PPO树脂及对应硅攒粉需求拉动测算 | | | | | 项目 2022E | 2023E | 2024E | | 2025E | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 科技浪潮 | | AI快发展 | | AI服务器(万台) 12 | 15 | | 34 | 54 | | | | 算力要求提高 | PPO树脂(吨) | 194 | 248 | | 537 | 861 | | | | | Low Df球硅(吨) | 117 | 149 | | 322 | 516 | | 终端应用 | AI服务器官求增长 | CPU服务器架构升级 | 数据中心网络架构造代 | | | | | | | | | | PCIE5.0 ...

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. ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the industry, including Wanhuah Chemical, Hualu Hengsheng, and Yuntianhua, among others [6]. Core Insights - The report emphasizes the acceleration of domestic substitution in new materials, particularly in semiconductor quartz sand and glass materials, driven by the ongoing trade conflicts and tariff policies [8][10]. - It highlights the importance of stable market measures being implemented to support the chemical industry, including increased investment in key sectors and support for state-owned enterprises [8][10]. - The report identifies potential investment opportunities in various segments, including AI materials, electronic gases, and nylon, suggesting a focus on companies like Lianrui New Materials and Saint Quan Group [8][10]. Summary by Sections Market Overview - The total number of listed companies in the industry is 428, with a total market value of 32,783.26 billion and a circulating market value of 29,223.51 billion [3]. - The report notes a significant decline in the indices for basic chemicals and petrochemicals, with respective decreases of 5.1% and 5.8% as of April 11, 2025 [16]. Key Industry Trends - The report discusses the impact of tariff policies on domestic demand, particularly in the mining and construction sectors, which are expected to see increased investment [8]. - It also mentions the stabilization of oil prices, which is anticipated to create cost reduction opportunities for chemical products [8]. Company Recommendations - Specific companies are recommended based on their performance and market positioning, including Wanhuah Chemical, Hualu Hengsheng, and Yuntianhua, which are expected to benefit from favorable market conditions [6][8]. - The report suggests monitoring companies involved in the production of high-purity quartz sand and AI materials, as these sectors are poised for growth [8][10]. Price Trends - The report indicates that as of April 11, 2025, the average price of domestic industrial silicon is 10,507.0 yuan/ton, reflecting a week-on-week decrease of 1.3% and a year-on-year decrease of 21.3% [9]. - It also notes fluctuations in the prices of various chemical products, with some experiencing significant price increases while others have seen declines [22][23].

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]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Views - The company achieved a revenue of 960 million yuan in 2024, representing a year-on-year growth of 34.94%, and a net profit of 251 million yuan, up 44.47% year-on-year [1][2]. - The semiconductor market is entering an upward cycle, with a significant increase in demand for high-performance packaging materials driven by advancements in AI and other technologies [7]. - The company is expanding its product offerings, including Lowα spherical silica and LowDf ultra-fine spherical silica, to meet customer demands for lower CUT points and lower dielectric loss [7]. - New projects are being launched, including a 300-ton advanced integrated circuit ultra-fine spherical powder production line, which is expected to enhance future growth prospects [7]. Financial Data and Valuation - The company’s total revenue is projected to grow from 712 million yuan in 2023 to 1.768 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20% [2][12]. - The net profit is expected to increase from 174 million yuan in 2023 to 494 million yuan in 2027, reflecting a strong growth trajectory [2][12]. - The earnings per share (EPS) are forecasted to rise from 0.94 yuan in 2023 to 2.66 yuan in 2027 [2][13]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 60.6 in 2023 to 21.3 in 2027, indicating potential for valuation improvement [8][13]. Market Performance - The company’s stock price is currently at 56.78 yuan, with a total market capitalization of 10.5 billion yuan [3]. - The company has shown a relative performance of -7% over the past 12 months compared to the CSI 300 index [6].

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]