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]

Core Viewpoint - Lianrui New Materials reported a significant increase in net profit and revenue for the year 2024, driven by the rising demand for high-performance packaging materials in the semiconductor market [1][2]. Financial Performance - The company achieved an operating income of 960 million yuan, representing a year-on-year growth of 34.94% [1]. - The net profit attributable to shareholders reached 251 million yuan, up 44.47% year-on-year [1]. - The non-recurring net profit attributable to shareholders was 227 million yuan, reflecting a 51% increase compared to the previous year [1]. Market Trends - The semiconductor market is entering an upward cycle, with a projected sales increase of 19.1% in 2024 compared to 2023, driven by advancements in AI and other application technologies [2]. - There is a notable shift from traditional packaging to advanced packaging in the semiconductor industry, with increasing demand for advanced packaging materials [3]. Product Development and Strategy - The company is focusing on high-growth areas such as heterogeneous integration advanced packaging and high-frequency, high-speed copper-clad laminates, continuously launching various specifications of advanced materials [2][4]. - Lianrui New Materials plans to enhance its product structure by investing in the development of next-generation products, including high-performance spherical silica and other advanced materials [4][5]. - The company is investing approximately 300 million yuan in a project to build high-performance ultra-pure spherical powder materials for advanced packaging, which is expected to expand its production scale and strengthen its market position [4][5]. Future Outlook - The company aims to penetrate global markets deeply, focusing on semiconductor packaging, AI computing devices, and high thermal conductivity materials, with a strategy centered around "five firsts" to enhance market share [3]. - The demand for functional inorganic non-metallic materials is expected to grow rapidly, driven by advancements in high-speed communication, servers, consumer electronics, and automotive electronics [3].

江苏联瑞新材料股份有限公司 对华兴会计师事务所（特殊普通合伙） 履职情况评估报告 江苏联瑞新材料股份有限公司（以下简称"公司"）聘请华兴会计师事务所 （特殊普通合伙）（以下简称"华兴"）作为公司 2024 年度审计机构。根据财 政部、国务院国有资产监督管理委员会、中国证券监督管理委员会颁布的《国有 企业、上市公司选聘会计师事务所管理办法》等有关规定，公司对华兴在 2024 年度的审计工作中的履职情况进行了评估。具体情况如下： 一、2024 年度会计师事务所的基本情况 （一）基本情况 1、机构名称：华兴会计师事务所（特殊普通合伙）； 2、成立日期：1981年成立（转制特殊普通合伙时间为2013年12月）； 3、组织形式：特殊普通合伙； 4、注册地址：福建省福州市鼓楼区湖东路152号中山大厦B座7-9楼； 5、截至2024年12月31日，合伙人数量为71人，注册会计师346人，其中签署 过证券服务业务审计报告的注册会计师人数为182人； 6、2023年度经审计的收入总额为44,676.50万元，其中审计业务收入 42,951.70万元，证券业务收入24,547.76万元； 7、2024 年度为 91 家上市公司提 ...

证券代码：688300 证券简称：联瑞新材 公告编号：2025-005 （一）日常关联交易履行的审议程序 江苏联瑞新材料股份有限公司（以下简称"公司"）于 2025 年 3 月 24 日召 开第四届董事会第九次会议、第四届监事会第八次会议，审计通过了《关于预计 2025 年度日常性关联交易的议案》。本次日常关联交易预计金额合计 12,660 万 元，本次关联交易为向关联人销售商品，向关联人购买原材料。出席本次会议的 董事对各关联方与公司 2025 年度日常性关联交易的预计情况进行了表决，表决 时关联董事回避了表决，非关联董事一致表决通过。 公司董事会审计委员会就该议案形成了书面审核意见：本次日常关联交易符 合公开、公平、公正的原则，定价公允；公司与关联方的交易符合公司日常生产 经营业务需要，不会损害公司及其股东特别是中小股东的利益，也不会影响公司 的独立性。我们同意本次关联交易事项，并同意将该议案提交公司第四届董事会 1 江苏联瑞新材料股份有限公司 关于预计2025年度日常性关联交易的公告 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 ...

江苏联瑞新材料股份有限公司董事会审计委员会 对华兴会计师事务所（特殊普通合伙） 履行监督职责情况报告 江苏联瑞新材料股份有限公司（以下简称"公司"）聘请华兴会计师事务所 （特殊普通合伙）（以下简称"华兴"）作为公司 2024 年度审计机构。根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》《国有 企业、上市公司选聘会计师事务所管理办法》《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董事会审计委员会议事规则》等有关规定， 公司董事会审计委员会本着勤勉尽责的原则，恪尽职守，认真履职，对华兴 2024 年审计资质及审计工作履行了监督职责。具体情况汇报如下： 三、总体评价 公司审计委员会依据相关法律法规和公司内部制度等相关规定，忠实、勤勉 地履行了相关法律法规规定的职责，本着对公司、股东、特别是中小股东负责的 一、资质审查情况 公司审计委员会对华兴及项目人员的专业资质、业务能力、投资者保护能力、 诚信状况、独立性、审计工作情况及其执业质量等进行了严格核查和评价，认为 其具备为公司提供审计工作的资质和专业能力，能够满足公司审计工作的要求。 二、审计工作监督情况 （一）公司审计委 ...

证券代码：688300 证券简称：联瑞新材 公告编号：2025-007 江苏联瑞新材料股份有限公司 关于使用闲置自有资金进行现金管理的公告 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。 江苏联瑞新材料股份有限公司（以下简称"公司"）于2025年3月24日召开 第四届董事会第九次会议及第四届监事会第八次会议，审议通过了《关于使用闲 置自有资金进行现金管理的议案》，同意公司在确保不影响经营资金需求和保障 资金安全的前提下，公司及全资子公司联瑞新材（连云港）有限公司（以下简称 "子公司"）合计使用不超过人民币9.80亿元（含外币理财折算额度）的暂时闲 置自有资金仅投资于安全性高，流动性好的产品（包括但不限于结构性存款、理 财产品、大额存单、定期存款、通知存款、收益凭证等），且该等现金管理产品 不得用于质押，不用于以证券投资为目的的投资行为。本次现金管理决议的有效 期限自本次董事会审议通过之日起至下一年度审议该事项的董事会或股东大会 之日止，在上述额度和期限范围内，资金可以循环滚动使用。董事会授权董事长 行使该项决策权及签署相关 ...

江苏联瑞新材料股份有限公司 2024 年度董事会审计委员会履职报告 根据《上市公司治理准则》《上海证券交易所科创板上市公司自律监管指引 第 1 号——规范运作》《上海证券交易所科创板股票上市规则》《江苏联瑞新材料 股份有限公司章程》和《江苏联瑞新材料股份有限公司董事会审计委员会议事规 则》等相关规定，江苏联瑞新材料股份有限公司（以下简称"公司"）董事会审 计委员会在 2024 年度勤勉尽责，认真履行了董事会审计委员会的工作职责，现 将 2024 年度履职情况汇报如下： 一、审计委员会基本情况 公司第四届董事会审计委员会由非独立董事刘述峰先生、独立董事潘东晖先 生、独立董事吴凡女士三名成员组成，主任委员（召集人）由具备会计专业资格 的独立董事吴凡女士担任。 报告期内，非独立董事刘述峰先生因荣休离任，经公司 2024 年第一次临时 股东大会选举，唐芙云女士被选举为公司董事，经公司第四届董事会第六次会议 审议通过，公司第四届董事会审计委员会委员由非独立董事刘述峰先生、独立董 事潘东晖先生、独立董事吴凡女士调整为非独立董事唐芙云女士、独立董事潘东 晖先生、独立董事吴凡女士，主任委员（召集人）由具备会计专业资格的独立董 ...

公司代码：688300 公司简称：联瑞新材 江苏联瑞新材料股份有限公司 2024 年度内部控制评价报告 江苏联瑞新材料股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化 ...