证券代码：688300 证券简称： 联瑞新材 公告编号：2024-007 江苏联瑞新材料股份有限公司 关于向银行申请综合授信额度 及为子公司提供担保的公告 重要内容提示： 江苏联瑞新材料股份有限公司（以下简称"公司"）及子公司计划向银行 申请总额不超过 50,000 万元（含）人民币的综合授信额度。 被担保人全资子公司联瑞新材（连云港）有限公司，为公司合并财务报 表范围内的子公司。 本次担保总金额为 9,000 万元人民币。截至本公告披露日，公司对外担 保余额为 0。 （一）基本情况 为满足公司及合并报表范围内全资子公司联瑞新材（连云港）有限公司（以 下简称"子公司"）生产经营及业务发展的资金需要，2024 年度计划向银行申请 总额不超过 50,000 万元（含）人民币的综合授信额度，授信种类包括但不限于 各类贷款、保函、银行承兑汇票、信用证、进口押汇、出口保理、商票保贴、供 应链融资、贸易融资、低风险业务等（具体授信银行、授信额度、授信期限以银 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。 本次担保无反担保。 本次担保 ...

作为江苏联瑞新材料股份有限公司（以下简称"公司"）的独立董事，2023 年度，本人严格按照《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）《上市公司独立董事管理办法》等 法律、法规、规范性文件和《公司章程》、《独立董事工作细则》等规定，忠实、 勤勉、独立地履行了独立董事的职责，积极出席相关会议，认真审议各项议案， 并就相关事项发表了独立意见，切实维护了公司和全体股东的利益。现将本人在 2023年度的工作情况报告如下： 2023 年度独立董事述职报告 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 江苏联瑞新材料股份有限公司 朱恒源，男，1968年出生，中国国籍，无境外永久居留权，研究生学历，管 理学博士学位，教授。1991年8月至1995年7月在广东省珠海市江海电子公司工作； 1998年6月至今历任清华大学经济管理学院讲师、副教授、教授；现任清华大学 经济管理学院教授；2014年8月至2020年11月任中国全聚德（集团）股份有限公 司独立董事；2016年7月至2022年8月任北京华宇软件股份有限公司独立董事； 2016年9月至2022年 ...

资料来源：《AI 服务器白皮书（2023 年）》，ODCC，山西证券研究所 资料来源：智研咨询，山西证券研究所 资料来源：Prismark，山西证券研究所 覆铜板是 PCB 的重要部件，对性能要求较高。覆铜板（CCL）是制造印刷电路板的核 心原材料，在材料成本中占比在 40%以上，且在高端 PCB 中成本占比更高，广泛应用于计 算机、手机、通讯、航空航天、汽车等领域。按照终端应用对性能需求的不同，高端覆铜板 可以分为高速、高频覆铜板和高密互联（HDI）用基板；其中，IC 载板基于 HDI 相关技术 逐渐演进而来，是对传统集成电路封装引线框架的升级。 表 2：不同终端应用对覆铜板性能需求不同 | --- | --- | --- | --- | |---------------------------------|---------------------------------------------------------|-------|-------------------------------------------------------------------------| | 板材类别 | 关键 ...

Investment Rating - The report maintains an "Overweight" rating for the company, indicating a positive outlook based on expected growth in the advanced packaging market [1]. Core Views - The company is positioned as a leading domestic supplier of functional powder materials, expected to benefit from the rapid growth in the advanced packaging market, projected to reach $78.6 billion by 2028 with a CAGR of 10.6% from 2022 to 2028 [1]. - Forecasted net profits for the company from 2023 to 2025 are estimated at 174 million, 252 million, and 317 million yuan, respectively, with corresponding P/E ratios of 61.8, 42.7, and 34.0 times [1]. Financial Performance Summary - In Q3 2023, the company reported revenue of 197 million yuan, a quarter-on-quarter increase of 16.48%, and a net profit of 52 million yuan, also up 16.9% quarter-on-quarter [5]. - The gross margin for Q3 2023 was 42.78%, reflecting a 3.29 percentage point increase from the previous quarter, while the net profit margin was 26.33%, up 0.11 percentage points [5]. - For the first three quarters of 2023, the company achieved revenue of 511 million yuan, a year-on-year increase of 4.72%, but the net profit decreased by 4.90% to 125 million yuan [9]. Market Position and Growth Opportunities - The company has begun supplying spherical silicon and aluminum products, which are expected to benefit from the HBM packaging materials market [35]. - A new R&D center for advanced functional powder materials for IC applications is planned, aiming to leverage developments in 5G, AI, and HPC [36].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 15% in the next 6 to 12 months compared to the benchmark index [2][13]. Core Insights - The company is projected to achieve a total revenue of 712 million yuan in 2023, reflecting a year-on-year growth of 7.5%. However, the net profit is expected to decline by 7.6% to 174 million yuan [7]. - The fourth quarter of 2023 shows a strong revenue growth of 15.3% year-on-year, with a total revenue of 200 million yuan, indicating a recovery in demand and improved product structure [7]. - The company is well-positioned to benefit from the ongoing AI trend, with a strong market presence and competitive advantages in high-end products [7]. Financial Forecast and Valuation - Revenue and profit forecasts for the company are as follows: - 2023E Revenue: 712 million yuan, Net Profit: 174 million yuan - 2024E Revenue: 926 million yuan, Net Profit: 245 million yuan - 2025E Revenue: 1,141 million yuan, Net Profit: 312 million yuan - The P/E ratio is projected to decrease from 43.7 in 2023 to 24.4 in 2025, indicating an improving valuation [2][10]. Market Position and Competitive Advantage - The company has established a leading position in the supply chain, competing directly with Japanese enterprises, and is expected to benefit from the recovery in consumer electronics demand [7]. - The company’s high-end products, such as TOP CUT and Lowα ball aluminum, are already in mass production, positioning it favorably in the AI industry trend [7]. Summary of Key Financial Metrics - Key financial metrics for the company include: - 2023E Revenue: 712 million yuan - 2023E Net Profit: 174 million yuan - 2023E EPS: 0.94 yuan - 2023E P/E: 43.7 - 2023E ROE: 12% [2][10].

证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 公 司 更 新 报 告 [Table_Range] 52 周内价格范围 30.61-87.58 市值（百万元） 7,671 请务必阅读正文之后的免责条款部分 2 of 4 2024E 945 541 9 13 52 277 0 7 1 292 37 0 255 369 54 0 822 83 1,963 235 132 1,596 1,626 242 85 -80 -232 15 254 -225 -71 -42 32.6% 47.4% 45.2% 42.8% 29.4% 27.0% 16.0% 13.0% 14.9% 69.9 91.5 758.2 1.0 24.6% 18.7% 23.0% 30.03 4.81 21.09 8.12 0.9% [Table_Page] 联瑞新材(688300) 本公司具有中国证监会核准的证券投资咨询业务资格 作者具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，保证报告所采用的数据均来自合规渠道，分析 逻辑基于作者的职业理解，本报告清晰准确地反映了作者的研究观点，力求独立、客观和公正，结论不受任何第 ...

证券代码：688300 证券简称：联瑞新材 公告编号：2024-001 对上市公司当年业绩的影响 本次签订的协议为双方基于合作意向而达成的战略框架性约定，为双方推进 具体项目合作奠定了基础。旨在表达双方合作意向，确定双方战略合作伙伴关系， 不涉及具体金额，预计对公司 2024 年业绩不构成重大影响，不会导致公司主营 业务、经营范围发生变化。 相关风险提示： 本次签订的战略合作协议为意向性协议，尚存在不确定性。本协议所涉及的 具体合作事项需双方履行审批程序及另行签订相关正式合作协议，以双方另行签 订的项目投资协议为准。 协议履行过程中可能存在因国家政策及市场环境变化等因素，在具体合作方 向上存在偏差，后续具体情况，公司将根据《上海证券交易所科创板股票上市规 则》等相关法律法规、规范性文件及《公司章程》的规定及时履行相应的审议程 序及信息披露义务。敬请广大投资者注意投资风险。 江苏联瑞新材料股份有限公司 关于自愿披露签订战略合作协议的公告 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： 2024 年 2 月 1 ...

证券研究报告 资料来源：最闻 消费电子生产向好，上游材料厂商有望受益。根据工信部发布数据，2023 年电子信息产品中，手机产量 15.7 亿台，同比增加 6.9%，其中智能手机产 量 11.4 亿台，同比增加 1.9%；微型计算机设备产量 3.31 亿台，同比减少 17.4%；集成电路产量 3514 亿块，同比增加 6.9%。2023 年我国电子信息制 造业生产恢复向好，出口降幅收窄，效益逐步恢复，投资平稳增长，多区域 营收降幅收窄。随着国内消费电子行业景气度不断修复，将进一步带动半导 体封装材料需求。 资料来源：最闻 算力需求高涨，拉动电子级粉体材料需求增加。AI 算力升级带动服务 器的 CPU 迭代并提升 GPU 需求，推动了 HBM 等新型存储器与功率半导体 市场，带来 EMC 等上游材料的增量需求。据 TrendForce 数据，预计 2024 年智能手机、服务器、笔电 DRAM 单机平均搭载容量年成长率分别为 14.1%、 17.3%、12.4%；NAND Flash 单机平均搭载容量年成长率分别为 9.3%、13.2%、 9.7%。同时，PCB 需求提质增量，有望带来高频高速覆铜板等需求增长，从 ...

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company is positioned to benefit from the high-end demand and recovery in the electronic-grade filler market, particularly in the fields of EMC and CCL applications [3][9][18] - The demand for packaging fillers is expected to reach 370,000 tons by 2025, driven by advanced packaging technologies [9][18] - The company focuses on electronic-grade fillers, aiming for high-quality growth through stable supply and long-term accumulation of competitive advantages [56] Summary by Sections Electronic-grade Fillers - Electronic-grade silicon micro-powder exhibits excellent performance, with EMC and CCL as the main downstream application areas [3] - The report highlights the importance of silicon micro-powder in epoxy molding compounds, where it can account for 60%-90% of the filler content, addressing critical issues like thermal expansion [9][10] Market Demand Projections - By 2025, the global demand for packaging fillers is projected to reach 370,000 tons, with advanced packaging driving the growth of mid-to-high-end fillers [9][18] - The demand for CCL fillers is expected to reach 270,000 tons by 2025, benefiting from the recovery in consumer electronics and downstream high-end applications [18][39] Product Performance and Cost Structure - The report discusses the cost structure of angular and spherical powders, noting that angular powders account for over 60% of raw material costs, while spherical powders are significantly influenced by natural gas prices [6][7] - Spherical silicon micro-powder is preferred for high-performance applications due to its superior properties, despite a higher price point compared to angular powders [7][14] Advanced Packaging Trends - The advanced packaging market is expected to account for 50% of the total packaging market by 2025, contributing significantly to market growth [17] - The report indicates that the demand for high-end packaging fillers, particularly for HBM applications, is projected to reach 980 tons by 2030 [24][29] Competitive Landscape - The high-end electronic filler market is characterized by high concentration, with leading Japanese companies dominating the global market share [46] - The company aims to enhance its overseas customer supply share, leveraging the rapid development of the domestic electronic industry and the growing demand for high-quality materials [52]

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：2023-007 | --- | --- | --- | --- | |----------------|----------------------------------------|------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | 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 | | | 开源证券、山西证券、财通证券、中银证券、嘉和 ...