证券代码：688300 证券简称：联瑞新材 公告编号：2025-002 江苏联瑞新材料股份有限公司 关于投资高性能高速基板用超纯球形粉体材料 建设项目的公告 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： 1、项目建设用地最终能否成功交易以及能否顺利开展存在不确定性； 2、高性能高速基板用超纯球形粉体材料建设项目内部管理风险在可控 范围内，但因不可抗力、国家或地方有关政策调整、项目核准等实施条 件因素发生变化，项目的实施可能存在变更、延期、中止或终止的风险。 一、项目投资概述 （一）项目投资的基本情况 1 投资标的名称：江苏联瑞新材料股份有限公司（以下简称"公司"）拟 投资高性能高速基板用超纯球形粉体材料建设项目，项目拟分三期建 设，项目建设用地通过参与公开挂牌竞价方式取得，后续手续仍在办 理。 投资金额：项目投资总额约人民币 30,000 万元（含购买土地及地面建 筑物出让金预计 1,287 万元），拟分三期建设，一期拟投资 12,600 万 元（最终投资总额以实际投资为准）。 项目选址：建设地点位于江苏 ...

基础化工 | 证券研究报告 — 行业周报 2025 年 2 月 17 日 强于大市 化工行业周报 20250216 国际油价小幅上涨，氯化钾、 DMF 价格上涨 2 月份建议关注：1、下游行业快速发展，建议关注部分电子材料、新能源材料公司；2、高质量 发展与高股东回报并重，建议关注大型能源央企及相关油服公司在新时代背景下的改革改善与 经营业绩提升；3、景气度较高的制冷剂、维生素行业龙头公司；4、宏观经济整体预期改善， 建议关注估值较低的行业龙头价值公司、轻烃裂解子行业龙头公司等。 投资建议 风险提示 地缘政治因素变化引起油价大幅波动；全球经济形势出现变化。 相关研究报告 《化工行业周报 20250209》20250209 《化工行业周报 20250126》20250126 《化工行业周报 20250119》20250120 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu@bocichina.com 证券投资咨询业务证书编号：S1300517050002 联系人：赵泰 tai.zhao@bocichina.com 一般证券业 ...

Financial Performance - The company achieved total operating revenue of RMB 960,360,374.93, representing a year-on-year increase of 34.94%[4] - Operating profit reached RMB 285,305,323.22, up 46.02% compared to the previous year[4] - The total profit amounted to RMB 286,188,151.77, reflecting a growth of 45.01% year-on-year[4] - Net profit attributable to shareholders of the parent company was RMB 251,374,413.14, an increase of 44.47% from the previous year[4] - The net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, was RMB 226,893,395.41, marking a 50.99% increase[4] - Basic earnings per share rose to RMB 1.35, a year-on-year growth of 43.62%[4] Assets and Equity - Total assets at the end of the reporting period were RMB 2,000,548,690.97, up 14.01% from the beginning of the period[5] - Shareholders' equity attributable to the parent company increased to RMB 1,507,675,837.88, a growth of 11.89%[5] Market and Product Insights - The company capitalized on the semiconductor market's upward cycle, leading to significant demand for high-performance packaging materials[6] - The sales of spherical inorganic powder materials contributed to revenue growth, optimizing the product structure and increasing gross profit[6]

公司简介 公司主供电子填料粉体，产品主要应用于 EMC（环氧塑封料，先进 封装成长方向）和 CCL（覆铜板，高频高速成长方向），随着下游 景气度逐渐回升，公司 2024 年前三季度归母净利同比增长 48%。 投资逻辑 先进封装复合增速达到 10.7%，填料要求低 CUT 点、低放射性等。 据 Yole 预测，先进封装市场在 2024~2029 年间复合增长率将达到 10.7%，先进封装对低 CUT 点、球形度、放射性电性能等提出更高 要求。公司依靠核心技术生产的球形无机非金属粉体材料具有行 业领先的电性能、低 CUT 点、高填充率、高纯度等优良特性，如 2.5D/3D 封装中所需要的 low α射线的球形氧化铝填料，公司相 关产品已经做到平均低于 5ppb 级别，最低可做到低于 1ppb 级别， 并且已经稳定批量配套行业领先客户。 特种基材应用场景扩容，球形硅微粉在 CCL 的应用比例有望提升。 球形硅微粉的性能更优异但价格昂贵，目前只有高端覆铜板才会 使用，如高频高速覆铜板、IC 载板等，未来随着高速通信领域继 续升级，特殊基材需求有望继续保持提升，覆铜板领域应用到球形 硅微粉的比例也有望提升。目前全球前十 ...

证券代码：688300 证券简称：联瑞新材 公告编号：2024-028 江苏联瑞新材料股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2024 年 12 月 11 日（星期三）至 12 月 17 日（星期二）16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 novoinfo@novoray.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 江苏联瑞新材料股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日 发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 12 月 18 日（星期三）上午 10:00-11:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召 ...

Investment Rating - The report assigns a "Buy" rating for Lianrui New Materials (688300) with a first-time coverage [3][7]. Core Views - The company achieved a revenue of 694 million yuan in the first three quarters of 2024, representing a year-on-year growth of 35.79%. The net profit attributable to shareholders was 185 million yuan, up 48.10% year-on-year, and the net profit excluding non-recurring gains and losses was 169 million yuan, increasing by 57.52% year-on-year. The company has optimized its product structure, with high-end products accounting for about 70% of total revenue [6]. - The Lowα spherical alumina product line continues to grow rapidly, addressing challenges in high-density packaging in storage chips. The radioactive element content in these products is below 5 ppb, with some as low as 1 ppb, and they have been successfully supplied to leading industry clients [6]. - The company focuses on R&D-driven innovation and product upgrades, targeting advanced applications in AI, 5G, and HPC packaging, among others. It continues to develop various high-performance functional powder materials [6]. Financial Summary - The company is projected to achieve revenues of 960 million yuan, 1.22 billion yuan, and 1.55 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 258 million yuan, 335 million yuan, and 441 million yuan for the same years. The current stock price corresponds to a PE ratio of 39x, 30x, and 23x for 2024-2026 [7][10]. - The revenue growth rates are forecasted at 34.87%, 27.46%, and 26.98% for the years 2024, 2025, and 2026, respectively [10][12]. - The company’s EBITDA is expected to be 374.4 million yuan, 473.34 million yuan, and 599.07 million yuan for the years 2024, 2025, and 2026, respectively [10]. Market Performance - The stock has shown a significant decline of 46% from its peak, indicating potential volatility in the market [4]. - The latest closing price is 54.00 yuan, with a total market capitalization of 10 billion yuan [5]. Shareholder Structure - The largest shareholder is Guangdong Shengyi Technology Co., Ltd. [5].

Investment Rating - The report maintains a "Buy - A" rating for the company, indicating a strong potential for investment returns exceeding 15% over the next six months [1][3][6]. Core Insights - The company reported a significant increase in revenue and profit for Q3 2024, with revenue reaching 250 million yuan, a year-on-year growth of 27.25% and a quarter-on-quarter growth of 3.85% [1]. - The net profit attributable to shareholders was 67 million yuan, reflecting a year-on-year increase of 30.10% and a quarter-on-quarter increase of 2.40% [1]. - The company is focusing on high-end downstream applications, with a projected annual production capacity of 25,200 tons for electronic-grade functional powder materials [1][3]. Financial Performance - The company achieved a gross margin of 42.73% in Q3 2024, maintaining stability compared to previous quarters [1]. - For the fiscal years 2024 to 2026, the company is projected to achieve revenues of 962 million yuan, 1.232 billion yuan, and 1.527 billion yuan, with growth rates of 35.2%, 28.0%, and 24.0% respectively [3][4]. - The net profit for the same period is expected to be 262 million yuan, 343 million yuan, and 442 million yuan, with growth rates of 50.4%, 31.2%, and 28.8% respectively [3][4]. Market Position and Strategy - The company has a strong technical foundation in the inorganic filler and particle carrier industry, enabling it to achieve mass production of high-end application products [3]. - The company is actively implementing measures to enhance its core competitiveness in spherical powder materials, positioning itself to capitalize on favorable market conditions [3]. - The company is also focusing on continuous R&D for advanced materials, including low-loss dielectric materials and thermal interface materials, to meet evolving market demands [1][3].

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投资者关系活动记录表 编号：2024-006 | --- | --- | --- | --- | |-----------------------|--------------------------------------------------|-----------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------| | | | | | | 投资者关系活动 | ■特定对象调研 | ■分析师会议 | | | 类别 | □媒体采访 | □业绩说明会 | | | | □新闻发布会 | □路演活动 | | | | □现场参观 | | | | | £ 其他 | | | | 参与单位名称及 | | | 景顺长城、睿远基金、南方基金、泓德基金 ...

好的好的各位投资者大家下午好我是中泰证券这边看新材料和化工的分析师孙颖然后今天我们也是非常荣幸的邀请到了联瑞新材的董玉白总和郑大李总来给大家解读一下三级报 那我们看到公司的三级报还是非常亮眼啊就首先单三季度的这个收入使用了接近30个点的一个增长然后规模定义论的话也是保持在了差不多30个点以上的一个增长然后我们觉得特别值得重视的是其实公司的单三季度环比二季度还是持续在改善的那这个趋势也还是非常非常好主要也得益于公司的这个产品的这个高端化那持续带来的这个业绩的一个增长 然后那个白总您看我们是直接进入问答环节还是说您这边先介绍一下呢这边要那个李天安先介绍一下好吧好的好的好的那我们把时间交给李总感谢 2014年前三季度,公司实现营业收入6.94亿 同比增长35.79% 实现净利润1.85亿 同比增长48.1%产品的销售毛利继续保持一个相对稳定的状态产品的销售净利率已经连续7个季度提升这里面主要是我们高阶产品的比例逐渐提高所带来的 从产品上的结构上来看球型产品占比继续提高三季度整个球型产品已经在七成以上了带动整个我们的产品的毛利保持一个相对稳定的状态从单三季度来看最近也有一些投资者提出了一些疑惑就是我们三季度的增速稍微 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [5]. Core Insights - The company reported Q3 2024 results that met expectations, with revenue of 694 million yuan (YoY +36%) and a net profit of 185 million yuan (YoY +48%). The Q3 single-quarter revenue was 250 million yuan (YoY +27%, QoQ +4%) [5]. - High-end products are experiencing strong demand, while mid-range products are facing weaker demand due to downstream inventory issues. The recovery in the electronics industry is driving demand for powder fillers [5]. - The company is positioned as a leading domestic producer of silicon powder, benefiting from the recovery in demand and product structure optimization, maintaining high profit margins [5]. - The report forecasts net profits for 2024-2026 to be 260 million, 331 million, and 409 million yuan respectively, with corresponding PE ratios of 35, 28, and 23 [5]. Financial Summary - For Q3 2024, the company achieved a gross margin of 42.73% and a net margin of 26.92%. The operating expenses remained stable during this period [5]. - The total revenue for 2023 is projected at 712 million yuan, with a growth rate of 7.5%. The revenue is expected to reach 944 million yuan in 2024, reflecting a growth rate of 32.7% [6][7]. - The company’s earnings per share (EPS) for 2024 is estimated at 1.40 yuan, with a projected increase to 2.20 yuan by 2026 [6][7].