Financial Performance - The company reported a revenue of RMB 500 million for the first half of 2024, representing a 15% increase compared to the same period last year[9]. - The company's operating revenue for the first half of 2024 reached ¥443,358,109.15, representing a 41.15% increase compared to ¥314,106,738.54 in the same period last year[13]. - Net profit attributable to shareholders was ¥117,487,130.96, up 60.86% from ¥73,038,147.88 year-on-year[13]. - The net profit after deducting non-recurring gains and losses was ¥105,695,350.80, reflecting a 70.32% increase from ¥62,058,060.89 in the previous year[13]. - Basic earnings per share increased to ¥0.63, a rise of 61.54% compared to ¥0.39 in the same period last year[14]. - The company achieved operating revenue of 443.36 million yuan, a year-on-year increase of 41.15%[44]. - Net profit attributable to shareholders reached 117.49 million yuan, up 60.86% compared to the same period in 2023[49]. - The second quarter revenue grew by 19.18% compared to the first quarter[44]. Research and Development - The company is investing RMB 50 million in R&D for new technologies aimed at enhancing product performance and sustainability[9]. - The R&D investment as a percentage of operating revenue was 6.59%, slightly down by 0.15 percentage points from 6.74% in the previous year[14]. - The company has achieved a 37.87% increase in R&D expenses, totaling approximately ¥29.2 million, compared to ¥21.18 million in the same period last year[31]. - Research and development expenses rose by 37.87% to ¥29,200,711.04, reflecting increased investment in R&D[50]. - The company is focusing on high-end applications such as AI, 5G, and HPC packaging, with ongoing projects in advanced packaging and high thermal conductivity materials for electric vehicles[28]. - The company has established a strong R&D team with 1 PhD, 21 master's graduates, and 49 bachelor's degree holders, focusing on innovative inorganic non-metallic powder materials[38]. Market Expansion and Product Development - User data showed a growth in active users by 20%, reaching 1 million active users by the end of June 2024[9]. - The company plans to launch two new products in Q3 2024, which are expected to contribute an additional RMB 100 million in revenue[9]. - Future outlook includes a projected revenue growth of 25% for the full year 2024, driven by market expansion and new product launches[9]. - Market expansion efforts include entering two new provinces, which are expected to increase market share by 10%[9]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by 2025[67]. - New product launches are expected to contribute an additional $50 million in revenue by the end of the fiscal year[68]. Financial Integrity and Governance - No significant non-operational fund occupation by controlling shareholders was reported, ensuring financial integrity[3]. - The company confirmed that there were no non-operating fund occupations by controlling shareholders or related parties during the reporting period, ensuring financial integrity[78]. - The company has committed to fulfilling its public promises and will face penalties if it fails to do so, reflecting a strong governance framework[79]. - There are no undisclosed related party transactions as per the regulatory requirements[71]. - The company will ensure that any unavoidable related party transactions are conducted on a fair and reasonable basis[71]. Sustainability and Environmental Initiatives - The company is committed to continuous improvement in quality and safety standards, having achieved multiple certifications including ISO9001 and ISO14001[20]. - The company implemented carbon reduction measures, resulting in a decrease of 245.8 tons of CO2 equivalent emissions[65]. - The management emphasized the importance of sustainability initiatives, aiming for a 25% reduction in carbon emissions by 2025[68]. Strategic Acquisitions and Partnerships - The company has completed a strategic acquisition of a smaller competitor for RMB 200 million, enhancing its product portfolio and market presence[9]. - A new strategic partnership was announced, aimed at improving supply chain efficiency and reducing costs by 15%[68]. - The company is exploring potential acquisitions to enhance its product portfolio and market reach[67]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 9.84% to ¥100,108,210.99, mainly due to increased purchases of goods and services[50]. - The net cash flow from investing activities surged by 117.10% to ¥27,540,865.39, attributed to a reduction in cash used for company investments[50]. - The company's cash and cash equivalents at the end of the period amounted to ¥250,568,908.43, a 32.30% increase from ¥189,392,862.54 at the end of the previous year[52]. - The company’s cash and cash equivalents at the end of the period totaled RMB 247.78 million, up from RMB 177.83 million at the end of the first half of 2023, indicating improved liquidity[106]. Shareholder Policies and Commitments - The company plans to implement a dividend policy, with an initial payout ratio of 20% of net income starting next quarter[67]. - The company commits to a profit distribution policy prioritizing cash dividends, with a minimum of 10% of distributable profits allocated annually[72]. - The company will not allow any transfers of shares for six months post-resignation of its directors or senior management[71]. - The company will ensure that any share reduction complies with relevant laws and regulations, with prior announcements made three trading days in advance[72]. Compliance and Audit - The company reported no major changes or issues related to its annual report's non-standard audit opinions, indicating compliance with auditing standards[80]. - The company has not faced any penalties or corrective actions from regulatory bodies during the reporting period, reflecting good compliance practices[80]. - The company adheres to the relevant accounting standards, ensuring that its financial statements reflect a true and complete picture of its financial status[123].

刘述峰先生非凡的格局和境界、卓越的领导力和战略眼光，高瞻远瞩，精准 研判电子级粉体功能材料行业的发展前景，前瞻性布局公司发展战略，精心规划， 科学施策。在公司发展的关键阶段，稳抓机遇，果断推动联瑞新材完成股改并成 功上市，助力公司成功登陆资本市场，开启了联瑞新材发展的新纪元。 刘述峰先生厚植家国情怀，矢志不渝坚守"实业报国"初心，笃行不怠，将 赓续奋斗的精神力量传递给每一位联瑞人；刘述峰先生情操高尚，垂德相伴联瑞 新材健康成长；刘述峰先生明大德、守公德、严私德，为联瑞新材企业文化培根 铸魂；刘述峰先生始终基于各方股东以及联瑞新材长远健康持续发展的角度深思 熟虑作出决策，立天下之正位，行天下之大道。刘述峰先生高尚的情操、博大的 胸怀、渊博的学识受到公司全体员工的爱戴，广受社会各界赞誉。 公司及公司董事会对刘述峰先生任职期间对公司高质健康发展作出的卓越 贡献，致以崇高的敬意和衷心的感谢！ 关于董事刘述峰先生荣休离任的公告 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"或"联瑞新材" ...

江苏联瑞新材料股份有限公司 股东及董监高、核心技术人员持有公司股份及其变动管理制度 第一章 总则 第一条 为加强对江苏联瑞新材料股份有限公司（以下简称"公司"或"本 公司"）董事、监事、高级管理人员（以下简称董监高）、实际控制人及持股 5%以上的股东（以下简称大股东）、核心技术人员所持本公司股份及其变动的管 理，维护证券市场秩序，根据《公司法》、《证券法》、《上市公司董事、监事 和高级管理人员所持本公司股份及其变动管理规则》（以下简称《管理规则》）、 《上市公司股东减持股份管理暂行办法》、《上海证券交易所上市公司自律监管 指引第 15 号——股东及董事、监事、高级管理人员减持股份》等有关法律、法 规、规范性文件及《公司章程》的有关规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司的实际控制人、大股东、董事、监事、高级管理 人员、核心技术人员。 第三条 公司董监高和核心技术人员、大股东在买卖公司股票及其衍生品种 前，应知悉《公司法》、《证券法》、《管理规则》等法律、法规、规范性文件 关于内幕交易、虚假交易、操控价格、操纵市场等禁止行为的规定，不得进行违 法违规的交易。 第四条 公司董事、监事、高级管 ...

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].