Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company has achieved rapid growth in net profit in H1 2024, with a projected net profit of 110-125 million yuan, representing a year-on-year increase of 51% to 71%. The non-recurring net profit is expected to be 100-110 million yuan, up 61% to 77% year-on-year [3][4] - The company is focusing on high-end spherical products for applications in advanced packaging for AI, 5G, and HPC, as well as new energy vehicles and high-frequency circuit boards [4] - The company plans to invest approximately 130 million yuan in a production line for ultra-fine spherical powder for advanced integrated circuits, with a designed capacity of 3,000 tons per year [4] Financial Summary - The company's revenue is projected to grow from 712 million yuan in 2023 to 1.3 billion yuan in 2026, with a compound annual growth rate (CAGR) of 18.7% [5][9] - The net profit is expected to increase from 174 million yuan in 2023 to 363 million yuan in 2026, with a CAGR of 18.4% [5][9] - The earnings per share (EPS) are forecasted to rise from 0.94 yuan in 2023 to 1.95 yuan in 2026 [5][9] Business Segmentation - The company is expected to generate sales revenue from various segments, including angular silicon powder and spherical silicon powder, with projected revenues of 233.22 million yuan and 368.93 million yuan respectively in 2024 [6] - The gross margin for spherical silicon powder is anticipated to improve from 46.22% in 2023 to 49% in 2026 [6] Valuation - The company is considered a leader in the semiconductor packaging materials segment, benefiting from domestic substitution and increasing demand for high-end applications. The reasonable valuation is estimated at a PE ratio of 35-40 times for 2024, corresponding to a fair value range of 46.20-52.80 yuan [4][7]

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：2024-003 | --- | --- | --- | --- | |----------------|------------------------------------|------------------------------------------------|--------------------------------------------------------| | | | | | | 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 | | 工银瑞信、华泰保兴基金、天弘基金、中欧基金等共 | 21 家机 | | 人员姓名 | 构 22 人次，具体名单详见附件。 | | | | 时间 | 2024 年 8 月 1 日 | | | | 地点 | 电话会议 | | | | 上市公司接待人 | 董事会秘 ...

| --- | --- | |---------------------------------------------------------------------------------------------------------------|-------| | 图表目录 | | | 图 1：公司发展历程……………………………………………………………………………………………………………………………… 6 图 2：公司股权结构（截至 2024 年一季报） | | | 图 3：公司销量规模不断扩大（吨） | | | 图 4：生益科技长期为公司核心客户 | | | 图 5：公司境外收入占比显著提升 - | | | 图 6：2012-2024Q1 公司营业收入情况 ……………………………………………………………………………… 11 | | | 图 7: 2012-2024Q1 公司归母净利润情况 | | | 图 8： 球形无机粉体营收占比不断提升 | | | 图 9：球形无机粉体毛利占比不断提升 . | | | | | | 图 10： 2015-2023 公司各产品毛利率 ………………………………………… ...

领先大市： 预计涨幅超越相对基准指数 10%以上； 同步大市： 预计涨幅相对基准指数介于-10%-10%之间； 落后大市： 预计涨幅落后相对基准指数-10%以上。 请务必阅读最后一页股票评级说明和免责声明 4 ——风险评级 A： 预计波动率小于等于相对基准指数； B： 预计波动率大于相对基准指数。 公司研究/公司快报 免责声明： 山西证券股份有限公司(以下简称"公司")具备证券投资咨询业务资格。本报告是基于公司认为可靠的 已公开信息，但公司不保证该等信息的准确性和完整性。入市有风险，投资需谨慎。在任何情况下，本报 告中的信息或所表述的意见并不构成对任何人的投资建议。在任何情况下，公司不对任何人因使用本报告 中的任何内容引致的损失负任何责任。本报告所载的资料、意见及推测仅反映发布当日的判断。在不同时 期，公司可发出与本报告所载资料、意见及推测不一致的报告。公司或其关联机构在法律许可的情况下可 能持有或交易本报告中提到的上市公司发行的证券或投资标的，还可能为或争取为这些公司提供投资银行 或财务顾问服务。客户应当考虑到公司可能存在可能影响本报告客观性的利益冲突。公司在知晓范围内履 行披露义务。本报告版权归公司所有。 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------|---------------------------------------------|---------------------------------|----------------------------------------------| | 2024 年 07 月 15 日 \n联瑞新材（ 688300.SH ） \n24Q2 利润创历史新高，电子级粉体项目预计年 \n底投产 | 投资评级 \n股价 \n交易数据 | 基础化工 \n(2024-07-15) | 公司研究●证券研究报告 \n\| 买入 | 公司快报 \n其他化学原料Ⅲ -A(维持) ...

公 司 更 新 报 告 联瑞新材(688300) 产能优化效果逐步兑现，业绩略超预期 ——联瑞新材半年度业绩预增点评 [Table_Summary 公司 24 年 Q] 2 业绩略超预期，维持"增持"评级。根据公司 2024 年 半年度业绩预增的公告披露，公司 24 年 Q2 归母净利润预计为 0.58- 0.73 亿元（qoq +12.87% ~ +41.89%，yoy +31.60%~+65.44%），略超预 期，主要原因为公司整体业务收入同比增长，产品结构进一步优化， 高阶品占比提升。维持公司 24-26 年 EPS 为 1.26/1.54/1.75 元（增速 +35/22/13%），上调目标价至 59.18 元（24 年 46.97X PE；上调前为 55.86，上调 3.32 元，+5.94%），维持"增持"评级。 随先进封装爆发、消费电子复苏、AI 浪潮带动，集成电路需求同比大 幅改善。根据Yole预测，2022-2028年全球先进封装的CAGR为10.6%， 到 2028 年达到 786 亿美元。根据 Wind，24 年 M3-5，智能手机产量 2.88 亿台，同比+2%，环比-21%（23Q4 ...

Financial Performance - The company expects a net profit attributable to shareholders of the parent company for the first half of 2024 to be between 110 million and 125 million CNY, an increase of 36.96 million to 51.96 million CNY compared to the same period last year, representing a year-on-year increase of 51% to 71%[6]. - The expected net profit after deducting non-recurring gains and losses for the first half of 2024 is projected to be between 100 million and 110 million CNY, an increase of 37.94 million to 47.94 million CNY compared to the same period last year, representing a year-on-year increase of 61% to 77%[9]. - The total profit for the reporting period is 82.09 million CNY, with a net profit attributable to shareholders of the parent company of 73.04 million CNY, and a net profit after deducting non-recurring gains and losses of 62.06 million CNY[10]. Market and Business Development - The overall market demand has rebounded, and the company has seized industry development opportunities, resulting in a significant increase in overall business revenue and an optimized product structure with a higher proportion of advanced products[11].

截至本公告披露日，王松周先生直接持有公司股份 1,186,115 股，占公司总 股本的比例为 0.64%。辞去财务负责人职务后，王松周先生将继续遵守《上海证 券交易所科创板股票上市规则》《上市公司股东、董监高减持股份的若干规定》 《上海证券交易所上市公司股东及董事、监事、高级管理人员减持股份实施细则》 等相关法律法规的规定及公司首次公开发行股票时所作的相关承诺。 王松周先生辞去财务负责人职务不会影响公司正常生产经营，公司将根据相 关规定尽快完成财务负责人的聘任工作，并及时履行信息披露义务。在聘任新的 财务负责人之前，暂由公司董事长李晓冬先生代行财务负责人职责。 王松周先生在公司任职期间恪尽职守、勤勉尽责，公司及董事会对王松周先 生为公司所作的贡献表示衷心地感谢！ 特此公告。 证券代码：688300 证券简称：联瑞新材 公告编号：2024-021 江苏联瑞新材料股份有限公司 关于财务负责人辞职的公告 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"）董事会于近日收到财务 负责人王松 ...

证券代码：688300 证券简称：联瑞新材 公告编号：2024-020 江苏联瑞新材料股份有限公司 2023 年年度权益分派 实施公告 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： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/6/5 | 2024/6/6 | 2024/6/6 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 4 月 19 日的 2023 年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2023 年年度 3. 分配方案： 本次利润分配以方案实施前的公司总股本 185,745,531 股为基数，每股派发 现金红利 0.50 元（含税），共计派发现金红利 92,872,765.50 元。 是否涉及差异化分红送转：否 每股分配比例 每股现金红利 0.50 元 相关日期 三、 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 20 ...

Investment Rating - Buy rating maintained for the company [2] Core Views - The company is expected to accelerate growth in 2024 due to industry demand recovery and its leading position in the global supply chain [7] - The company is focusing on R&D and product upgrades, with plans to invest in advanced functional powder materials and production lines for high-end products [7] - The company has a comprehensive product portfolio, technological advantages, and service capabilities, breaking foreign monopolies and covering almost all core customers [7] Financial Projections and Valuation - Revenue is projected to grow from 712 million in 2023 to 1,513 million in 2026, with a CAGR of 24.5% [3] - Net profit attributable to shareholders is expected to increase from 174 million in 2023 to 463 million in 2026, with a CAGR of 32.0% [3] - EPS is forecasted to rise from 0.94 in 2023 to 2.49 in 2026 [3] - ROE is projected to improve from 13% in 2023 to 20% in 2026 [3] - P/E ratio is expected to decline from 50.2 in 2023 to 18.9 in 2026, indicating potential undervaluation [3] Industry and Market Position - The company has a strong position in the global supply chain, directly competing with Japanese companies [7] - It has achieved batch supply of high-end products such as TOP CUT20um and Lowα spherical alumina in fields like HBM, enhancing its supply priority [7] - The company is expected to benefit significantly from the AI industry trend [7] R&D and Product Development - The company plans to invest 100 million in building an R&D center for IC advanced functional powder materials and 129 million in a production line for ultra-fine spherical powder for advanced integrated circuits [7] - It is focusing on advanced technologies for AI, 5G, HPC, Chiplet, HBM, and other high-end applications [7] - The company is developing low CUT point Lowα spherical silicon powder, spherical alumina powder, and other high-performance materials [7] Financial Performance - In 2023, the company achieved revenue of 712 million, a 7.5% YoY increase, and net profit of 174 million, a 7.6% YoY decrease [6] - In Q1 2024, revenue grew 39.5% YoY to 202 million, and net profit surged 79.9% YoY to 52 million [6] - Gross margin in Q1 2024 was 40.7%, and net margin was 25.5% [13] Valuation and Market Performance - The company's market value is 8,739 million, with a share price of 47.05 as of May 24, 2024 [4] - The stock has shown strong performance compared to the CSI 300 index, with significant growth in 2024 [5]