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 ...

好的好的各位投资者大家下午好我是中泰证券这边看新材料和化工的分析师孙颖然后今天我们也是非常荣幸的邀请到了联瑞新材的董玉白总和郑大李总来给大家解读一下三级报 那我们看到公司的三级报还是非常亮眼啊就首先单三季度的这个收入使用了接近30个点的一个增长然后规模定义论的话也是保持在了差不多30个点以上的一个增长然后我们觉得特别值得重视的是其实公司的单三季度环比二季度还是持续在改善的那这个趋势也还是非常非常好主要也得益于公司的这个产品的这个高端化那持续带来的这个业绩的一个增长 然后那个白总您看我们是直接进入问答环节还是说您这边先介绍一下呢这边要那个李天安先介绍一下好吧好的好的好的那我们把时间交给李总感谢 2014年前三季度,公司实现营业收入6.94亿 同比增长35.79% 实现净利润1.85亿 同比增长48.1%产品的销售毛利继续保持一个相对稳定的状态产品的销售净利率已经连续7个季度提升这里面主要是我们高阶产品的比例逐渐提高所带来的 从产品上的结构上来看球型产品占比继续提高三季度整个球型产品已经在七成以上了带动整个我们的产品的毛利保持一个相对稳定的状态从单三季度来看最近也有一些投资者提出了一些疑惑就是我们三季度的增速稍微 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [5]. Core Insights - The company reported Q3 2024 results that met expectations, with revenue of 694 million yuan (YoY +36%) and a net profit of 185 million yuan (YoY +48%). The Q3 single-quarter revenue was 250 million yuan (YoY +27%, QoQ +4%) [5]. - High-end products are experiencing strong demand, while mid-range products are facing weaker demand due to downstream inventory issues. The recovery in the electronics industry is driving demand for powder fillers [5]. - The company is positioned as a leading domestic producer of silicon powder, benefiting from the recovery in demand and product structure optimization, maintaining high profit margins [5]. - The report forecasts net profits for 2024-2026 to be 260 million, 331 million, and 409 million yuan respectively, with corresponding PE ratios of 35, 28, and 23 [5]. Financial Summary - For Q3 2024, the company achieved a gross margin of 42.73% and a net margin of 26.92%. The operating expenses remained stable during this period [5]. - The total revenue for 2023 is projected at 712 million yuan, with a growth rate of 7.5%. The revenue is expected to reach 944 million yuan in 2024, reflecting a growth rate of 32.7% [6][7]. - The company’s earnings per share (EPS) for 2024 is estimated at 1.40 yuan, with a projected increase to 2.20 yuan by 2026 [6][7].

Investment Rating - The report maintains a "Buy-B" rating for the company [3] Core Views - The company's performance meets expectations, with Q3 revenue of 250 million yuan, a year-on-year increase of 27.25% and a quarter-on-quarter increase of 3.85%. The net profit attributable to the parent company for Q3 was 67 million yuan, up 30.10% year-on-year and 2.40% quarter-on-quarter [1][3] - The company has optimized its product structure, with a continuous increase in the proportion of high-end products, contributing to revenue growth. R&D investment in Q3 was 14.16 million yuan, a year-on-year increase of 4.15%, accounting for 5.66% of revenue [4] - The demand for High Bandwidth Memory (HBM) is expected to remain strong, driven by the growth in AI-related semiconductor needs and the recovery of electronic production, which may positively impact the company's performance in the long term [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 694 million yuan, a year-on-year increase of 35.79%, and a net profit of 185 million yuan, up 48.10% year-on-year. The basic earnings per share (EPS) was 1.00 yuan [3][4] - The company is projected to achieve net profits of 255 million yuan, 314 million yuan, and 384 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.37 yuan, 1.69 yuan, and 2.07 yuan [3][6] - The company's revenue is expected to grow significantly, with projections of 955 million yuan, 1.155 billion yuan, and 1.343 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 34.2%, 20.9%, and 16.3% [6][9] Market Data - As of November 4, 2024, the closing price of the company's stock was 49.71 yuan, with a year-to-date high of 67.00 yuan and a low of 28.88 yuan. The circulating A-shares total 186 million, with a market capitalization of 9.233 billion yuan [2]

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [1][10]. Core Views - The company has shown a strong performance with a year-on-year revenue growth of 27.25% in Q3 2024, reaching 250 million yuan, and a net profit growth of 30.10%, amounting to 67 million yuan [5][10]. - The company is positioned as a leading domestic producer of electronic-grade silicon micro-powder, with a focus on high-barrier products such as Low-α spherical silicon micro-powder and spherical alumina powder [10]. - The company is expanding its production capacity with a 25,200-ton project for electronic-grade functional powder materials, expected to be completed in the second half of 2024, and a 3,000-ton advanced production line for ultra-fine spherical powder, projected to be operational by 2025 [6][10]. Financial Performance - In the first three quarters of 2024, the company achieved a total revenue of 694 million yuan, reflecting a year-on-year increase of 35.79%, and a net profit of 185 million yuan, up 48.10% year-on-year [5][10]. - The gross profit margin improved by 2.23 percentage points to 42.16% due to increased sales of high-end spherical products [6]. - The company has effectively managed costs, reducing the total expense ratio to 14.03% from 15.16% in the same period last year [7]. Future Projections - The company is expected to maintain a strong growth trajectory, with projected net profits of 256 million yuan, 333 million yuan, and 418 million yuan for 2024, 2025, and 2026 respectively [10]. - Revenue forecasts indicate a significant increase, with expected revenues of 962 million yuan in 2024, 1.247 billion yuan in 2025, and 1.542 billion yuan in 2026, reflecting year-on-year growth rates of 35.2% and 29.6% [8][14]. - The company aims to enhance its product offerings to meet the evolving demands of the semiconductor industry, focusing on lower dielectric loss and improved thermal conductivity [6][10].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4] Core Views - The company is benefiting from the release of high-end production capacity, leading to continuous high growth in performance year-on-year [3][4] - The third quarter of 2024 saw a significant year-on-year increase in performance, although there was a slight decline in growth rate due to a drop in low-end demand [3][4] - The company is expected to continue seeing performance growth driven by capacity optimization and high-end product layout [3][4] Financial Summary - Revenue for 2022 was 662 million, with projections of 712 million for 2023, 952 million for 2024, 1,125 million for 2025, and 1,252 million for 2026, reflecting growth rates of 6.0%, 7.5%, 33.7%, 18.2%, and 11.3% respectively [4][8] - Net profit attributable to the parent company for 2022 was 188 million, with forecasts of 174 million for 2023, 245 million for 2024, 300 million for 2025, and 342 million for 2026, showing growth rates of 8.9%, -7.6%, 40.8%, 22.5%, and 13.7% respectively [4][8] - Earnings per share (EPS) is projected to be 0.94 for 2023, 1.32 for 2024, 1.62 for 2025, and 1.84 for 2026 [4][8] Market Data - The current stock price is 52.47, with a target price raised to 67.32 from the previous 59.18 [2][4] - The company has a total market capitalization of 9,746 million [4][8] - The price-to-earnings (P/E) ratio is currently 56.01 for 2023, projected to decrease to 39.77 for 2024 and further to 32.45 for 2025 [4][8]