江苏联瑞新材料股份有限公司 2023 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 2023 年年度股东大会会议资料 2024 年 4 月 现场要求发言的股东及股东代理人，应当按照会议的议程举手示意，经会议 主持人许可方可发言。有多名股东及股东代理人同时要求发言时，先举手者先发 言；不能确定先后时，由主持人指定发言者，并且临时要求发言的股东安排在登 记发言的股东之后。会议进行中只接受股东及股东代理人发言或提问。股东及股 东代理人发言或提问应围绕本次会议议题进行，简明扼要，时间不超过5分钟。 六、股东及股东代理人要求发言时，不得打断会议报告人的报告或其他股东 及股东代理人的发言。在股东大会进行表决时，股东及股东代理人不再进行发言。 股东及股东代理人违反上述规定，会议主持人有权加以拒绝或制止。 江苏联瑞新材料股份有限公司 2023 年年度股东大会会议资料 江苏联瑞新材料股份有限公司 2023 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 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 56.43 CNY [11][21]. Core Views - The company is expected to benefit from the recovery in semiconductor demand and the optimization of its production capacity structure. The performance in 2023 met expectations, with revenue of 7.12 billion CNY, a year-on-year increase of 7.51%, and a net profit of 1.74 billion CNY, a decrease of 7.57% year-on-year [11][21]. - The demand for high-end packaging products is anticipated to grow rapidly due to the increasing computational power requirements [11][21]. Financial Summary - The company achieved a revenue of 7.12 billion CNY in 2023, with a year-on-year growth of 7.51% and a net profit of 1.74 billion CNY, reflecting a year-on-year decline of 7.57% [11][21]. - The report forecasts revenues of 8.84 billion CNY in 2024, 10.44 billion CNY in 2025, and 11.37 billion CNY in 2026, indicating a positive growth trajectory [21]. - The net profit is projected to reach 2.34 billion CNY in 2024, 2.87 billion CNY in 2025, and 3.25 billion CNY in 2026 [21]. Market Position and Industry Outlook - The company is positioned as a leading manufacturer of silicon micro-powder in China, focusing on high-end products that are in demand across various industries, including electronics and aerospace [21]. - The report highlights that the global advanced packaging market is expected to grow at a CAGR of 24.31% from 2022 to 2028, which will benefit the company significantly [11][21].

联瑞新材(688300) 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 打破海外垄断，不断拓宽品类，持续建设产能，随着项目逐步落地， 公司龙头地位进一步巩固。并且随着半导体行业修复，AI、5G、先进 封装等发展拉动高新材料需求，公司业绩有望进一步增长。我们预测 2024-2026 年归母净利润分别为 2.38 亿、2.92 亿、3.41 亿，对应当 前 PE 分别为 33 倍、27 倍、23 倍，予以"买入"评级。 2024 年 04 月 07 日 公司点评 买入/首次 | --- | --- | --- | |-----------------------------------------------------------------------------------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_StockInfo] 2024 年 04 月 03 日 证券研究报告•2023 年报点评 买入 （首次） 当前价：42.37 元 联瑞新材（688300）基础化工 目标价：52.08 元（6 个月） [Table_Summary 事件：公司发布] 2023年年报，全年公司实现营业收入 7.1亿元，同比增长 7.5%， 实现归属于母公司所有者的净利润 1.7亿元，同比下降 7.6%，实现归属于母公 司所有者的扣除非经常性损益的净利润 1.5亿元，同比上升 0.2%；实现基本每 股收益 0.94 元，同比下降 6.9%。 高附加值球形硅微粉占比提升，驱动业绩改善。公司全年营收稳步增长，原因 是下半年开始消费电子终端需求缓慢复苏，加之公司积极推动产品结构转型升 级，高端产品占比提升，营业收入有所增长。归母净利润同比下滑 7.6%，原因 是，研发费用增加、汇兑收益减少、折旧费用增加等因素所致。分业务看，2023 年公司角形无机粉体销量 7.1万吨，同比上升 3%，实现营收 2.3亿元，同比上 升 0.6%，毛利率 32.8%，同比降低 2.7pp；球形无机粉体销量 2.6 万吨，同比 上升 8.4%，实 ...

Investment Rating - The investment rating for the company is "Buy" and maintained [24][8]. Core Insights - The company reported a revenue of 710 million yuan in 2023, representing a year-on-year growth of 7.51%, while the net profit attributable to the parent company was 170 million yuan, a decrease of 7.57% year-on-year [24]. - The company is experiencing a structural optimization of its product offerings, with a focus on high-end products, which has contributed to revenue growth despite challenges in the supply chain [24][25]. - The global advanced packaging market is projected to grow significantly, providing new growth opportunities for the company, particularly in high-density packaging materials and specialized silicon powders [7][8]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 200 million yuan, reflecting a year-on-year increase of 15.3% and a quarter-on-quarter growth of 2% [25]. - The sales volume of angular products was 70,600 tons, up 3.02% year-on-year, while spherical products saw a sales volume of 25,800 tons, an increase of 8.37% year-on-year [6]. - The gross margin for angular products was 32.75%, down 2.66 percentage points year-on-year, while spherical products had a gross margin of 46.22%, up 3.17 percentage points year-on-year [6]. Product Development and Market Trends - The company is actively launching new products tailored for emerging trends in various sectors, including EMC, LMC, and high-frequency circuit boards, which are expected to enhance its market position [26]. - The demand for spherical silicon powder and high-purity spherical alumina powder is increasing, driven by advancements in communication devices, consumer electronics, and automotive electronics [7].

数据来源：Wind，华龙证券研究所 ➢ 盈利预测简表 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------|--------|-------------------------------|------------------------|--------|----------------------------------------------------------------|-------|---------------------------------|-------|-------| | 表：公司财务预测表 财务和估值数据摘要 \n单位:百万元 | | | | | 资产负债表 \n2023A 2024E 2025E 2026E 2023A 2024E 2025E 2026E | | | | | | 营业收入 | 711.68 | | 908.59 1142.86 1311.24 | | 货币资金 | | 189.39 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 41.77 CNY [1][2]. Core Insights - The company achieved a record high quarterly revenue in Q4 2023, with a revenue of 201 million CNY, representing a year-on-year growth of 15.33% and a quarter-on-quarter growth of 2.08% [1]. - The overall revenue for 2023 reached 712 million CNY, marking a year-on-year increase of 7.51%, while the net profit attributable to shareholders decreased by 7.57% to 174 million CNY due to increased R&D expenses and reduced foreign exchange gains [1][2]. - The company is focusing on the high-end spherical powder market, implementing strategies such as optimizing product layout, enhancing technological innovation, and actively expanding production capacity [1]. Financial Performance - The company’s revenue is projected to grow to 900 million CNY in 2024, 1.1 billion CNY in 2025, and 1.281 billion CNY in 2026, with growth rates of 26.4%, 22.2%, and 16.5% respectively [1][2]. - The net profit for 2024 is expected to be 240 million CNY, with a growth rate of 37.9% [2]. - The gross margin is anticipated to improve from 39.3% in 2023 to 40.0% in 2024 [1][2]. Market Position and Strategy - The company is well-positioned to benefit from the growing demand for spherical silicon micro-powder driven by advancements in 5G, AI, and advanced packaging technologies [1]. - The company has launched various specifications of low-cut point low α micron/ sub-micron spherical silicon powder and high thermal conductivity micro/ sub-micron spherical aluminum powder for new energy batteries [1]. - The company plans to invest 129 million CNY to establish a production line for ultra-fine spherical powder for advanced integrated circuits, further expanding its production capacity [1].

[Table_MainInfo] 公司研究/非金属/非金属材料与制品 证券研究报告 联瑞新材（688300）公司年报点评 2024 年 03 月 27 日 | --- | --- | |-----------------------------------------------------------------|-------------| | 股票数据 | | | 03 [ Table_StockInfo 月 26 日收盘价（元） ] | 42.94 | | 52 周股价波动（元） | 28.88-97.00 | | 总股本 / 流通 A 股（百万股） | 186/186 | | 总市值 / 流通市值（百万元） | 7976/7976 | | 相关研究 | | | [Table_ReportInfo] 《 2022 年公司归母净利润保持正增长，产品 | | | 高端化率持续提升》 2023.05.04 | | | --- | --- | --- | --- | |--------------------------|-------|-------|-------| | | | | | | | | | | ...

联瑞新材·公司年报点评 现金流量表 单位：百万元 请通过合法途径获取本公司研究报告， ，请慎重使用并注意阅读研究报告尾页的声明内容。 3 / 4 融中心 B 座 25 层 上海市陆家嘴环路 1333 号平安金融 大厦 26 楼 北京市丰台区金泽西路 4 号院 1 号楼 丽泽平安金融中心 B 座 25 层 中 性（预计 6 个月内，股价表现相对市场表现在±10%之间） 公司声明及风险提示： 此报告旨为发给平安证券股份有限公司（以下简称"平安证券"）的特定客户及其他专业人士。未经平安证券事先书面明 文批准，不得更改或以任何方式传送、复印或派发此报告的材料、内容及其复印本予任何其他人。 平安证券股份有限公司 2024 版权所有。保留一切权利。 平安证券股份有限公司具备证券投资咨询业务资格。本公司研究报告是针对与公司签署服务协议的签约客户的专属研究 产品，为该类客户进行投资决策时提供辅助和参考，双方对权利与义务均有严格约定。本公司研究报告仅提供给上述 特定客户，并不面向公众发布。未经书面授权刊载或者转发的，本公司将采取维权措施追究其侵权责任。 公 司 年 报 点 评 公 司 点 评 联瑞新材(688300.SH) | ...

Financial Performance - The company's operating revenue for 2023 was ¥711,682,420.08, representing a 7.51% increase compared to ¥661,954,238.89 in 2022[21]. - The net profit attributable to shareholders for 2023 was ¥173,994,421.82, a decrease of 7.57% from ¥188,240,500.97 in 2022[22]. - The net cash flow from operating activities increased by 2.61% to ¥246,948,264.23 in 2023, up from ¥240,677,481.37 in 2022[22]. - The total assets at the end of 2023 reached ¥1,754,701,349.09, a 14.12% increase from ¥1,537,623,162.65 at the end of 2022[22]. - The company's net assets attributable to shareholders increased by 9.55% to ¥1,347,439,223.00 in 2023, compared to ¥1,230,031,593.07 in 2022[22]. - Basic earnings per share for 2023 were ¥0.94, down 6.93% from ¥1.01 in 2022[23]. - The company's total revenue for the year reached approximately ¥710.99 million, representing a year-on-year increase of 39.24%[94]. - The domestic revenue accounted for ¥607.57 million, with a growth rate of 12.52%, while overseas revenue decreased by 14.49% to ¥103.42 million[94]. - The gross profit margin for the advanced inorganic materials segment was 39.24%, with a slight increase of 0.05 percentage points compared to the previous year[94]. Dividend and Profit Distribution - The proposed profit distribution plan for 2023 includes a cash dividend of RMB 5.00 per 10 shares, totaling RMB 92.8728 million, which accounts for 53.38% of the net profit attributable to shareholders[6]. - The company does not plan to issue bonus shares or increase capital from reserves for the 2023 fiscal year[6]. - The board of directors approved a dividend payout of 0.5 RMB per share, reflecting a commitment to returning value to shareholders[138]. Research and Development - The R&D expenditure as a percentage of operating revenue increased to 6.66% in 2023, compared to 5.82% in 2022[23]. - The company achieved a cumulative R&D investment of 47.4 million yuan in 2023, representing a year-on-year increase of 23.13%, with R&D expenditure accounting for 6.66% of operating revenue[38]. - The company has developed multiple core technologies, including high-temperature spheroidization and surface modification, enhancing its competitive edge in the market[63]. - The company has received 13 intellectual property rights during the reporting period, aligning R&D directions with market trends and customer needs[38]. - The company has established several research centers and innovation platforms, enhancing its capabilities in new material development and technology innovation[58]. Market and Industry Trends - The global advanced packaging market was approximately $44.3 billion in 2022 and is expected to reach $78.6 billion by 2028, with a CAGR of 10.6% from 2022 to 2028, significantly higher than the traditional packaging CAGR of 3.2%[49]. - The demand for thermal interface materials is increasing due to the growing complexity and miniaturization of electronic products, particularly in 5G communication devices and high-end smartphones[51]. - The photovoltaic industry is expected to see global new installations reach 436-516 GW by 2030, driven by carbon neutrality policies and market demand[52]. - The company is focusing on high-end applications in AI, 5G, and new energy vehicles, anticipating significant growth in demand for powder materials[61]. Corporate Governance - The board of directors has confirmed the authenticity, accuracy, and completeness of the annual report[4]. - The company has established a governance structure that complies with relevant laws and regulations, ensuring effective operation and decision-making processes[126]. - The company has implemented a quality management system certified by ISO9001 and IATF16949, ensuring high standards in product quality and manufacturing processes[81]. - The company has established specialized committees, including the audit, nomination, compensation and assessment, and strategic committees[147]. Employee and Talent Management - The total number of employees in the parent company and major subsidiaries is 558, with 441 in the parent company and 117 in subsidiaries[155]. - The company has increased its R&D personnel from 73 to 91, representing a growth of 24.7%[75]. - Total R&D personnel compensation rose to ¥1,758.62 million, up from ¥1,319.90 million, indicating a year-over-year increase of 33.3%[75]. - The company conducted over 300 training sessions throughout 2023, including new employee training, to enhance overall employee quality and innovation[158]. Environmental and Social Responsibility - The company invested CNY 3.2725 million in environmental protection during the reporting period[170]. - The company has established an ISO14001 environmental management system to ensure compliance with waste and pollutant discharge standards[173]. - The company emphasizes the importance of ESG and integrates it into product development, production, and sales[168]. - The company is committed to social responsibility, enhancing workshop automation and promoting energy-saving technologies, contributing to a circular economy[185]. Strategic Planning and Future Outlook - The company plans to intensify market expansion efforts, aiming to increase customer share and accelerate the validation process for new products and clients[121]. - The company will continue to optimize its product structure and increase R&D investment, focusing on next-generation products that meet market demands, particularly in epoxy encapsulants and thermal interface materials[122]. - Future guidance suggests a projected revenue growth of 796.26 million, reflecting a strategic focus on innovation and market expansion[132]. - The company is actively pursuing mergers and acquisitions to bolster its market position and diversify its product offerings[132].