江苏联瑞新材料股份有限公司 2024 年度独立董事述职报告 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，2024 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《江苏联瑞新材料股份有限公司章程》《江苏联瑞新 材料股份有限公司独立董事工作细则》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，切实维护了公司和全体股 东的利益。现将本人在2024年度的工作情况报告如下： 一、独立董事的基本情况 （二）关于独立性的说明 作为公司的独立董事，经自查，本人未在公司担任除独立董事以外的任何职 务，也未在公司附属企业任职，直系亲属、主要社会关系均不在公司或其附属企 业任职，且未在公司关联企业任职；没有为公司及其控股股东、实际控制人或者 其附属企业提供财务、法律、咨询、保荐等服务。本人具备《上市公司独立董事 管理办法》《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市 公司自律监管指引第1号——规范运作》《公司章程》及《独立董事工 ...

江苏联瑞新材料股份有限公司 董事会关于独立董事独立性自查情况的 专项意见 根据《上市公司独立董事管理办法》《上海证券交易所科创板股票上市规则》 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等相关规 定，江苏联瑞新材料股份有限公司（以下简称"公司"）现任独立董事潘东晖先 生、朱恒源先生、吴凡女士对自身的独立性情况进行了自查，并将自查情况提交 了董事会。自查结果显示，公司独立董事均符合《上市公司独立董事管理办法》 第六条对独立性的要求，与公司及公司主要股东之间不存在直接或者间接利害关 系或者其他可能影响其进行独立客观判断关系的情形，能够独立履行职责，不受 公司及公司主要股东、实际控制人等单位或者个人的影响。 董事会就公司在任独立董事潘东晖、朱恒源、吴凡的独立性情况进行评估并 出具如下专项意见： 江苏联瑞新材料股份有限公司董事会 2025 年 3 月 26 日 经核查独立董事潘东晖、朱恒源、吴凡的任职经历以及签署的相关自查文件， 确认各位独立董事在报告期内未在公司担任除独立董事以外的任何职务，也未在 公司主要股东公司担任任何职务。独立董事与公司及公司主要股东之间不存在直 接或者间接利害关系或者 ...

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 ...

Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Views - The report suggests focusing on companies in rapidly developing downstream industries, particularly in electronic materials and new energy materials [1] - It emphasizes the importance of high-quality development and shareholder returns, recommending large energy state-owned enterprises and related oil service companies [1] - The report highlights the high prosperity of leading companies in the refrigerant and vitamin industries [1] - It notes an overall improvement in macroeconomic expectations, suggesting attention to undervalued leading companies and those in the light hydrocracking sub-industry [1] Summary by Sections Industry Dynamics - During the week of February 10-16, 2025, among 101 tracked chemical products, 43 saw price increases, 26 saw declines, and 32 remained stable [7] - The average price of WTI crude oil was $70.74 per barrel, with a weekly increase of 0.18%, while Brent crude oil was $74.74 per barrel, with a weekly increase of 0.11% [31] - The report indicates a tightening supply of potassium chloride due to reduced production and limited import availability, with prices rising to 2797 CNY/ton, up 4.19% week-on-week [32] Investment Recommendations - The report recommends focusing on companies in the rapidly developing electronic materials and new energy materials sectors [8] - It suggests that the oil and gas extraction sector will continue to see high prosperity, with energy state-owned enterprises improving quality and efficiency [8] - The report identifies specific companies to recommend, including China Petroleum, China National Offshore Oil Corporation, and several others in the new materials and chemical sectors [8] Price Changes - The average price of DMF increased to 4300 CNY/ton, up 4.24% week-on-week, despite a year-on-year decrease of 12.65% [33] - The report notes that the overall market for chemical products is experiencing a mixed trend, with some products seeing significant price increases while others decline [30]

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]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 86.46 CNY per share based on a target PE of 45 times the expected net profit for 2025 [3]. Core Viewpoints - The company specializes in producing electronic filler powders, primarily used in EMC (Epoxy Molding Compound) and CCL (Copper Clad Laminate), with a projected 48% year-on-year growth in net profit for the first three quarters of 2024 [1][17]. - The advanced packaging market is expected to grow at a compound annual growth rate (CAGR) of 10.7% from 2024 to 2029, with increasing demands for low CUT points and low radioactivity in filler materials [1][29]. - The company has established itself as a leading domestic manufacturer of spherical silica powder, showcasing superior profitability and growth compared to competitors, particularly in the high-end CCL market [2][17]. Summary by Sections Company Overview - The company focuses on producing silica powder, including spherical and angular types, with applications in EMC and CCL, which together account for over 70% of its revenue [10][17]. Investment Logic - The advanced packaging market is projected to grow at a CAGR of 10.7% from 2024 to 2029, with specific requirements for low CUT points and low radioactivity in fillers [1][29]. - The company’s spherical inorganic non-metallic powder materials meet industry-leading electrical performance and purity standards, essential for advanced packaging applications [1][37]. Market Expansion - The application of spherical silica powder in CCL is expected to increase, particularly in high-end products as the demand for special substrates continues to rise [2][38]. - The company is positioned to benefit from the expansion of high-end CCL applications, with major clients including leading global manufacturers [2][17]. Profit Forecast and Valuation - The company’s projected net profits for 2024, 2025, and 2026 are 259 million CNY, 357 million CNY, and 487 million CNY, respectively, reflecting a compound growth rate of 41% [3][5]. - The target market capitalization is set at 16.1 billion CNY, with a target price of 86.46 CNY per share based on a PE ratio of 45 for 2025 [3][5].

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 ...