[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].

资料来源：最闻 执业登记编码：S0760523110004 刘聪颖 其他化学原料 联瑞新材（688300.SH） 买入-B(维持) 持续提升高端产品渗透率，逆周期下稳步增长 2024 年 3 月 26 日 公司研究/公司快报 1）公司发布 2023 年年度报告，2023 年公司实现营收 7.12 亿元，同比 增加 7.51%；实现归母净利润 1.74 亿元，同比减少 7.57%；扣非归母净利润 为 1.50 亿元，同比增加 0.21%；基本每股收益为 0.94 元/股。2）投资约 1 亿 元建设 IC 用先进功能粉体材料研发中心，建设周期 24 个月。3）投资 1.29 亿元建设年产 3000 吨先进集成电路用超细球形粉体生产线，建设周期 12 个 月。 公司业绩符合预期：面对上半年全球终端市场需求疲软，下半年下游需 市场数据：2024 年 3 月 25 日 求稳步复苏等经营环境，公司积极推动产品结构转型升级，高端产品占比提 收盘价（元）： 43.43 升；此外，由于研发费用增加、汇兑收益减少、折旧费用增加等因素，净利 年内最高/最低（元）： 97.00/28.88 润同比有所下降，但整体符合预期。单季度来看 ...

江苏联瑞新材料股份有限公司 募集资金存放与使用情况 的专项鉴证报告 华兴专字[2024]23014790035 号 华兴会计师事务所(特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一提否由具有执业许可的会计师事务所出具 投告编码: 闽24AF0RSSRH 头会计师事务所(特殊普通合 CERTIFIED PUBLIC ACCOUN 关于江苏联瑞新材料股份有限公司 2023年度募集资金存放与使用情况的专项鉴证报告 华兴专字[2024]23014790035号 江苏联瑞新材料股份有限公司全体股东: 我们接受委托,对后附的江苏联瑞新材料股份有限公司(以下简称"联 瑞新材"或"公司"）董事会编制的《关于2023年度募集资金年度存放与使 用情况的专项报告》执行了合理保证的鉴证业务。 按照中国证券监督管理委员会公告[2022]15号《上市公司监管指引第2号 ――上市公司募集资金管理和使用的监管要求(2022年修订)》和《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 (2023年12月修 订)》(上证发(2023)194号)的要求编制募集资金专项报告,保证其内容真实、 准确、完整,不存在虚 ...

江苏联瑞新材料股份有限公司 董事会提名委员会议事规则 第一章 总 则 第一条 为规范和完善公司董事、经理及其他高级管理人员的产 生，优化董事会及经营管理层的组成，完善公司法人治理结构，根据 《中华人民共和国公司法》《江苏联瑞新材料股份有限公司章程》（以 下简称"《公司章程》"）及其他有关规定，公司特设立董事会提名 委员会，并制定本规则。 第二条 董事会提名委员会是董事会设立的专门工作机构,主要 负责对公司董事和高级管理人员的人选、选择标准和程序进行选择并 提出建议事务。 第二章 人员组成 第三条 提名委员会成员由三名董事组成,其中独立董事应占多 数并担任主任委员。 第四条 提名委员会委员由董事长、二分之一以上独立董事或者 全体董事的三分之一以上提名，并经董事会选举产生。 第五条 提名委员会设主任委员一名,由独立董事担任,负责召 集和主持提名委员会工作。当主任委员不能或无法履行职责时，由其 指定一名其他委员代行其职责；主任委员既不履行职责，也未指定其 他委员代行其职责时，任何一名委员均可将有关情况向公司董事会报 告，由公司董事会指定一名委员履行主任委员职责。 第六条 提名委员会委员必须符合下列条件： （一）不具 ...