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 ...

证券代码：688300 证券简称：联瑞新材 公告编号：2023-037 江苏联瑞新材料股份有限公司 关于召开 2023 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 2023 年 11 月 29 日（星期三）至 12 月 05 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 2023 年 10 月 26 日 发布公司 2023 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 2023 年第三季度经营成果、财务状况，公司计划于 2023 年 12 月 06 日（星期三）上午 10:00-11:00 举行 2023 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 ...

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：2023-006 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 富国基金、中泰证券、德邦证券等共5家机构，具体名单详见 人员姓名 附件。 时间 2023年11月16日—11月17日 地点 联瑞新材会议室 上市公司接待人 董事会秘书：柏林 员姓名 证券事务代表：李欣安 第一部分 公司基本情况介绍 公司 39 年始终致力于无机填料和颗粒载体行业产品的研 发、制造和销售，是国内行业龙头企业，拥有在功能性陶瓷粉 体材料领域独立自主的系统化知识产权。公司是国家高新技术 企业、国家首批专精特新“小巨人”企业、国家制造业单项冠 军示范企业、国家知识产权优势企业。 投资者关系活动 ...

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：2023-005 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 中泰证券、湘财基金、朱雀基金、开源证券、国联证券等共8 人员姓名 家机构，具体名单详见附件。 时间 2023年11月7日 地点 联瑞新材会议室 上市公司接待人 董事长：李晓冬 员姓名 董事会秘书：柏林 财务部部长：范莉 证券事务代表：李欣安 第一部分 公司基本情况介绍 公司 39 年始终致力于无机填料和颗粒载体行业产品的研 发、制造和销售，是国内行业龙头企业，拥有在功能性陶瓷粉 体材料领域独立自主的系统化知识产权。公司是国家高新技术 ...

Financial Performance - The net profit attributable to shareholders of the listed company for the third quarter is ¥51,795,785.12, representing a 32.66% increase compared to the same period last year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is ¥45,501,644.30, which is a 45.45% increase year-on-year[4]. - The total revenue for the third quarter is ¥196,746,291.83, reflecting a 43.43% increase compared to the same quarter last year[17]. - Net profit attributable to shareholders for the reporting period rose by 32.66%, driven by revenue growth[24]. - Net profit attributable to shareholders after deducting non-recurring gains and losses increased by 45.45%, attributed to revenue growth, net profit increase, and a reduction in non-recurring gains and losses[24]. - Basic earnings per share for the reporting period increased by 33.33%, reflecting revenue and net profit growth[24]. - Diluted earnings per share for the reporting period also rose by 33.33%, consistent with revenue and net profit growth[24]. - Operating profit for the first three quarters of 2023 was RMB 139,241,038.60, down from RMB 148,690,673.07 in 2022, indicating a decrease of approximately 9.8%[33]. - Net profit for the first nine months of 2023 was approximately ¥124.83 million, down from ¥131.27 million in the same period last year, representing a decrease of about 4.0%[52]. - The company reported a total profit of approximately ¥141.21 million for the first nine months of 2023, down from ¥150.36 million in the same period last year[52]. Revenue and Sales Growth - Revenue for the reporting period increased by 43.43%, primarily due to increased sales in the semiconductor packaging and thermal management industry[24]. - Total operating revenue for the first three quarters of 2023 reached RMB 510,853,030.37, an increase from RMB 487,821,064.08 in the same period of 2022, reflecting a growth of approximately 4.2%[33]. Expenses and Costs - Research and development expenses totaled ¥13,596,454.25, marking a 69.56% increase year-on-year[4]. - Total operating costs increased to RMB 390,121,591.78 in 2023 from RMB 354,919,956.02 in 2022, representing a rise of about 9.9%[33]. - The company’s research and development expenses rose to RMB 34,775,869.59 in 2023, compared to RMB 28,469,346.13 in 2022, reflecting an increase of approximately 22.3%[33]. - The company’s tax expenses decreased to RMB 16,377,265.19 in 2023 from RMB 19,087,436.94 in 2022, a reduction of approximately 14.2%[34]. Assets and Liabilities - The total assets at the end of the reporting period are ¥1,657,471,090.12, which is a 7.79% increase from the end of the previous year[4]. - Total assets as of September 30, 2023, amounted to approximately 1.66 billion, up from 1.54 billion at the end of 2022[29]. - Total liabilities increased to approximately 359.53 million from 307.59 million at the end of 2022[30]. - Total current assets reached approximately ¥848.03 billion, with significant components including accounts receivable of ¥165.88 billion and inventory of ¥77.08 billion[41]. - Non-current assets totaled approximately ¥689.59 billion, with fixed assets accounting for ¥553.70 billion[41]. - The company's equity attributable to shareholders was approximately ¥1,230.03 billion, remaining stable compared to the previous period[41]. - Total liabilities amounted to $307.59 million, with current liabilities at $175.39 million[58]. - Non-current liabilities totaled $132.20 million, including lease liabilities of $28.62 million and deferred income of $65.10 million[58]. - The total current liabilities represent approximately 57% of total liabilities, indicating a significant short-term obligation[58]. Cash Flow - The cash flow from operating activities is not applicable for this quarter, but it was ¥125,191,031.00 in the previous year, showing a decrease of 23.29%[4]. - Net cash flow from operating activities for the first three quarters of 2023 was RMB 125,191,031.00, compared to RMB 163,190,998.69 in the same period of 2022, a decline of about 23.3%[35]. - Cash flow from investment activities showed a net outflow of RMB 117,185,978.56 in 2023, compared to a net outflow of RMB 89,787,528.85 in 2022, indicating an increase in investment expenditures[36]. - Cash and cash equivalents at the end of the third quarter of 2023 totaled RMB 111,213,750.86, down from RMB 155,782,519.59 at the end of the same period in 2022, a decrease of approximately 28.6%[36]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 4,348[24]. - The largest shareholder, Guangdong Shengyi Technology Co., Ltd., holds 23.26% of the shares[24]. - The company has implemented a capital reserve conversion to share capital plan in June 2023, affecting the calculation of earnings per share for the current and previous periods[19].

证券代码：688300 证券简称：联瑞新材 公告编号：2023-036 江苏联瑞新材料股份有限公司 关于投资集成电路用电子级功能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： 一、项目投资概述 （一）项目投资的基本情况 电子材料是电子信息技术的基础和先导，是电子信息领域孕育新技术、新产品、 新装备的"摇篮"。随着 5G 通讯、AI、HPC 等新兴技术发展，5G 通讯用高频高速基 板、IC 载板、高端芯片封装等市场迎来了良好的发展机遇。同时对集成电路用到 的电子级功能粉体材料提出了小粒径、低杂质、大颗粒控制、高填充等不同特性要 求。为了优化升级及淘汰现有部分产能，提升自动化智能化制造水平及生产效能以 及更好满足客户多品种小批量订单的需求，公司拟投资人民币 12,800 万元建设集 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"）集成 电路用电子级功能粉体材料建设项目。 投资金额：约人民币 12,800 万元（最终投资总额以实际投资为准）。 项目选址：建设地点位于江苏省 ...

证券代码：688300 证券简称：联瑞新材 公告编号：2023-035 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 2023 年 09 月 27 日（星期三）至 10 月 11 日（星期三）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 2023 年 8 月 19 日 发布公司 2023 年半年度报告，为便于广大投资者更全面深入地了解公司 2023 年半年度经营成果、财务状况，公司计划于 2023 年 10 月 12 日（星期四）上午 10:00-11:00 举行 2023 年半年度业绩说明会，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开，公司将针对 2023 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行 ...

Innovation and Patents - The company filed for 13 new patents this period, with 2 granted, bringing the total to 173 applications and 96 granted[1] - The company has a total of 111 invention patents, with 37 granted, indicating a strong focus on innovation[1] Investment and Project Management - The company has invested a total of approximately $467.38 million in various projects, with the electronic-grade new functional materials project accounting for $230 million and 98.79% completion[8] - The 5G high-frequency silicon micro-powder project has a budget of $9 million, with 100% project completion[8] - The annual production line for 15,000 tons of high-end chip packaging spherical powder has a budget of approximately $228.38 million, with 98.97% completion[8] - The company has successfully completed its investment projects within the budget and timeline, demonstrating effective project management[8] Financial Management and Compliance - The company has committed to using remaining funds to permanently supplement working capital, as approved in the temporary shareholders' meeting[13] - The company has maintained strict compliance with shareholding restrictions for major shareholders and management, ensuring stability[21] - The company ensures that no related party transactions have occurred that should have been disclosed according to regulatory requirements, aside from those already disclosed in the IPO documents[23] - The company guarantees that the IPO prospectus submitted to the Shanghai Stock Exchange contains no false records, misleading statements, or significant omissions, and assumes legal responsibility for its accuracy and completeness[25] - The company will publicly explain any failure to implement stock price stabilization measures and apologize to shareholders and the public[25] - The company will ensure that any related transactions are conducted on an equal and voluntary basis, adhering to fair pricing principles[23] Shareholder and Stock Management - The company has committed to not transferring shares acquired from the 2016 stock issuance for a period of 36 months, followed by an additional one-year holding period[23] - The company will initiate a share buyback program within five working days if it is confirmed that the IPO does not meet issuance conditions due to fraudulent activities[25] - The company has established a stock price stabilization plan and will vote in favor of share repurchase proposals at shareholder meetings[25] - The company will not reduce its shares within the first twelve months post-IPO, ensuring stability in its stock price[48] - The company will halt any major asset purchases or capital operations if it fails to implement stock price stabilization measures[48] Financial Performance - Total operating revenue for the first half of 2023 was CNY 314,106,738.54, a decrease of 10.4% compared to CNY 350,652,020.45 in the same period of 2022[100] - The net profit for the first half of 2023 was ¥73,038,147.88, down 20.83% from ¥92,226,280.41 in the first half of 2022[102] - The total profit for the first half of 2023 was ¥82,091,370.18, a decrease of 22.00% from ¥105,309,683.02 in the same period of 2022[102] - The company's basic and diluted earnings per share for the first half of 2023 were both ¥0.39, down from ¥0.50 in the first half of 2022[103] Cash Flow and Liquidity - The company's cash and cash equivalents increased to CNY 183,050,152.06 as of June 30, 2023, compared to CNY 106,483,208.41 at the end of 2022, representing a growth of 72.0%[93] - The cash flow from operating activities for the first half of 2023 was ¥111,028,778.39, an increase of 7.51% compared to ¥103,463,861.12 in the same period of 2022[107] - The net cash flow from operating activities was 106,887,273.26 CNY, showing a modest increase from 104,847,417.89 CNY, which is a growth of about 2%[108] Assets and Liabilities - Total assets increased to approximately $1.564 billion, up from $1.538 billion, representing a growth of 1.7% year-over-year[121] - The company's total liabilities reached approximately $318.1 million, up from $307.6 million, indicating a rise of 3.6%[121] - Shareholders' equity increased to approximately $1.246 billion, compared to $1.230 billion, marking a growth of 1.3%[121] Compliance and Governance - The company has not reported any new environmental compliance issues, as it is not classified as a key pollutant discharge unit[16] - The company has not engaged in high-risk investments or provided financial assistance to others using excess funds[40] - The company has not reported any significant changes in shareholding structure, with total shares increasing to 185,745,531 after the issuance of new shares[43] Research and Development - Research and development expenses for the first half of 2023 were CNY 21,179,415.34, slightly down from CNY 20,450,448.77 in the same period of 2022[100] - The company plans to continue expanding its market presence and invest in new product development to drive future growth[100] Related Party Transactions - The company reported a total of 39,241,529.23 CNY in related party transactions, accounting for 7.15% of similar transactions[54] - The company has not reported any major changes in related party transactions or significant related transactions that were not disclosed in temporary announcements[55]