ME 膜材料 瑞华泰（688323.SH） 买入-B(维持) 热控价格战拖累 2023 业绩，新产能落地助力 2024 否极泰来 2024 年 3 月 26 日 公司研究/公司快报 公司近一年市场表现 事件点评 受全球电子消费市场终端需求收窄影响，公司 PI 薄膜产品结构以及销售价 市场数据：2024 年 3 月 25 日 格出现不同程度变化：①在热控 PI 薄膜领域，韩国 PIAM 公司自 2023 年初 收盘价（元）： 15.30 大幅下调产品价格，市场竞争压力进一步加大，受此影响公司热控 PI 薄膜 年内最高/最低（元）： 26.88/9.09 销售收入仅实现 7645.86 万元，同比下降 43.09%。考虑到当前 AI PC 等新产 流通A股/总股本（亿）： 0.98/1.80 品涌现催生了更多的散热需求，预期价格战结束后热控 PI 薄膜有望迎来恢 流通 A 股市值（亿）： 14.95 复性增长；②在电工 PI 薄膜和电子 PI 薄膜（含新能源应用）领域，公司继 总市值（亿）： 27.54 续加大市场开拓力度，分别实现销售收入 5637.63 万元和 1.39 亿元，同比分 别增长 28.86%和 ...

深圳瑞华泰薄膜科技股份有限公司 营业收入扣除情况 专项审核报告 大信专审字[2024]第 5-00024 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mb.gov.cn）"进行查测 "进行查"或进入"注册会计师行业统一监管平台（http://acc 报告编码: 京24L12H888 营业收入扣除情况 专项审核报告 大信专审字[2024]第 5-00024 号 深圳瑞华泰薄膜科技股份有限公司全体股东: 我们接受委托,审计了深圳瑞华泰薄膜科技股份有限公司(以下简称"贵公司")的财 务报表,包括 2023年12月31日合并及母公司资产负债表、2023年度合并及母公司利润表、 股东权益表、现金流量表以及财务报表附注,并于 2024年 3 月 21 日出具大信审字[2024] 第 5-00006 号审计报告。在对上述财务报表审计基础上,我们审核了贵公司编制的《深圳瑞 华泰薄膜科技股份有限公司 2023年度营业收入扣除情况表》(以下简称"营业收入扣除情况 表")。 一 ...

2024 年 03 月 24 日 公司研究 评级：买入(维持) [Table_Title] 产品价格下降影响业绩，嘉兴项目放量在即 ——瑞华泰（688323）2023 年报点评 | --- | --- | --- | --- | |---------------------|-----------|--------|------------------| | 相对沪深 300 \n表现 | 表现 \n1M | 3M | 2024/03/22 \n12M | | 瑞华泰 | 11.4% | -35.0% | -44.3% | | 沪深 300 | 1.7% | 6.2% | -11.4% | | 市场数据 | | | 2024/03/22 | | 当前价格（元） | | | 14.46 | | 52 周价格区间（元） | | | 9.09-27.22 | | 总市值（百万） | | | 2,602.80 | | 流通市值（百万） | | | 1,413.23 | | 总股本（万股） | | | 18,000.02 | | 流通股本（万股） | | | 9,773.41 | | 日均成交额（百万） | | | 3 ...

Financial Performance - The company reported a profit distribution plan for 2023, which includes no cash dividends, no stock bonuses, and no capital reserve transfers to share capital [5]. - The company has not achieved profitability since its listing, indicating ongoing financial challenges [4]. - The company's operating revenue for 2023 was CNY 275,928,076.04, a decrease of 8.55% compared to CNY 301,711,595.69 in 2022 [22]. - The net profit attributable to shareholders for 2023 was CNY -19,603,013.62, representing a decline of 150.43% from CNY 38,874,082.10 in 2022 [23]. - The cash flow from operating activities decreased by 32.01% to CNY 61,066,979.78 in 2023, down from CNY 89,820,784.12 in 2022 [23]. - The basic earnings per share for 2023 was CNY -0.11, a drop of 150.00% compared to CNY 0.22 in 2022 [24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -21,888,027.48, a decline of 174.98% from CNY 29,191,277.51 in 2022 [23]. - The comprehensive gross profit margin for the year was 26.52%, a decrease of 11.72 percentage points year-on-year [108]. - The company achieved operating revenue of 275.93 million RMB, a year-on-year decrease of 8.55% [91]. - The net profit attributable to the parent company was -19.60 million RMB, a year-on-year decline of 150.43% [91]. - The net profit attributable to the parent company after deducting non-recurring gains and losses was -21.89 million RMB, a year-on-year decrease of 174.98% [91]. Audit and Compliance - A standard unqualified audit report was issued by Da Xin Accounting Firm, ensuring the accuracy of the financial statements [5]. - There are no non-operating fund occupations by controlling shareholders or related parties, ensuring financial integrity [7]. - The company has not violated decision-making procedures for external guarantees, indicating compliance with regulations [7]. - The company has ensured compliance with governance regulations, with no significant discrepancies noted in its governance practices [166]. - The company’s financial decisions and reports have been approved without any dissenting opinions from shareholders [166]. Operational Risks and Challenges - The company has detailed various operational risks in the report, which investors should be aware of [4]. - The report includes a forward-looking statement risk declaration, cautioning investors about potential uncertainties in future plans [6]. - The company faced risks of significant performance decline due to reduced demand in the global electronic consumer market and increased competition [91]. - The company faces risks related to technological innovation and product development, with a typical R&D cycle exceeding 2 years, which may lead to market share loss if new products fail to meet market demands [92]. - The company is sensitive to macroeconomic fluctuations, as its downstream industries are affected by economic cycles, which could negatively impact future growth if not managed properly [100]. Research and Development - Research and development expenses accounted for 11.67% of operating revenue in 2023, an increase of 2.71 percentage points from 8.96% in 2022 [24]. - The company achieved a total R&D investment of ¥32,195,452.75 in the current year, representing a 19.06% increase from ¥27,041,087.07 in the previous year [74]. - The company obtained 7 new patents during the reporting period, including 6 invention patents and 1 utility model patent, bringing the total to 33 patents [71]. - The company emphasizes the importance of high-quality R&D talent, with a team experienced in industry trends and customer needs [89]. - The company is actively engaged in research on transparent polyimide materials for flexible display applications [1]. Market and Product Development - The company specializes in high-performance PI films, with products widely used in strategic emerging industries such as flexible circuit boards, consumer electronics, and 5G communications, filling domestic gaps in the market [41]. - The company has developed a range of PI film products, including thermal control, electronic, and electrical PI films, becoming one of the suppliers with the most diverse product offerings globally [55]. - The company is positioned to benefit from the dual opportunities of domestic substitution and new application developments in the flexible circuit board market, which has the lowest localization rate [60]. - The company aims to enhance its product layout capabilities and supply assurance for electronic products through the new production capacity from the Jiaxing project, focusing on new products like TPI and COF PI [38]. - The company plans to accelerate the launch of new products in the fields of 5/6G low dielectric substrates and flexible electronics [139]. Governance and Management - The company has a comprehensive governance structure in place, with all board members present at the meeting [5]. - The company held two shareholder meetings during the reporting period, with all resolutions passed and no proposals rejected [168]. - The company has maintained a consistent governance structure, with no significant changes in the board composition during the reporting period [171]. - The company has appointed a new chairman, Song Shuqing, effective from July 18, 2023, following the resignation of the previous chairman [173]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to 773.52 million CNY, with a net increase of 27,631 shares held by one director [173]. Financial Position and Investments - The company's total assets increased by 5.64% to CNY 2,447,368,795.73 at the end of 2023, up from CNY 2,316,606,578.30 at the end of 2022 [23]. - The net assets attributable to shareholders decreased by 3.12% year-on-year, totaling 999.36 million yuan [34]. - The company has significant assets under restriction, with a total book value of 720,806,194.08, primarily due to bank guarantees and pledges [129]. - The company reported a significant increase in investment, with a total investment of 4,192.15 million RMB in the current period, up 146.42% from 1,701.23 million RMB in the same period last year [152]. - The company has established stable partnerships with major raw material suppliers to mitigate risks associated with price fluctuations, allowing for timely adjustments in procurement strategies [147].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company experienced a decline in performance in 2023, with total revenue of 276 million yuan, a year-on-year decrease of 8.55%, and a net profit attributable to shareholders of -19.60 million yuan, marking a shift from profit to loss [1]. - The decline in performance is attributed to weak terminal demand and intensified industry competition, leading to a significant drop in revenue from high-performance PI films, which saw a sales volume of 944.62 tons, a year-on-year increase of 24.73%, but an average price decrease of 26.04% [1]. - The company anticipates a recovery in performance in 2024, driven by the release of production capacity at its Jiaxing base, which is expected to contribute significantly to revenue growth [1]. - The company plans to achieve a revenue growth rate of 60% in 2024, supported by enhanced product layout capabilities and increased production efficiency [1]. Financial Forecasts - The company forecasts revenues of 472 million yuan, 683 million yuan, and 900 million yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 71.17%, 44.59%, and 31.79% [8]. - The net profit attributable to shareholders is expected to turn positive in 2024, reaching 37.79 million yuan, with subsequent profits of 101.93 million yuan and 172.33 million yuan in 2025 and 2026, respectively [8]. - Earnings per share (EPS) are projected to be 0.21 yuan, 0.57 yuan, and 0.96 yuan for the years 2024, 2025, and 2026, with corresponding price-to-earnings (PE) ratios of 68.87, 25.53, and 15.10 [8]. Research and Development - The company has increased its R&D expenditure by 19.06% year-on-year, with an R&D expense ratio of 11.67%, up by 2.71 percentage points [1]. - The company is focused on accelerating the commercialization of its R&D projects, including new products for 5G/6G low dielectric substrates and flexible electronic substrates, as well as upgrades to high thermal conductivity PI films [1].

深圳瑞华泰薄膜科技股份有限公司 审 计 报 告 大信审字[2024]第 5-00006 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 。 བྷؑՊ䇑ᐸһ࣑ᡰ ेӜᐲ⎧⏰४⸕᱕䐟 1 ਧ ᆖ䲒ഭ䱵བྷ 22 ቲ 2206 䛞㕆 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F,Xueyuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing,China,100083 ⭥䈍 Telephone˖+86˄10˅82330558 Րⵏ Fax˖ +86˄10˅82327668 㖁൰ Internet˖ www.daxincpa.com.cn ᇗ䇗ᣛ བྷؑᇑᆇ>@ㅜ ਧ ␡ൣ⪎ॾ⌠㮴㟌、ᢰ㛑ԭᴹ䲀ޜਨޘփ㛑ь˖ жȽᇗ䇗ᝅ㿷 ᡁԜᇑ䇑Ҷ␡ൣ⪎ॾ⌠㮴㟌、ᢰ㛑ԭᴹ䲀ޜਨ˄ԕлㆰ〠Ā䍥ޜਨā˅Ⲵ䍒࣑ᣕ ...

国信证券股份有限公司 1 关于深圳瑞华泰薄膜科技股份有限公司 2024 年度日常关联交易预计的核查意见 国信证券股份有限公司（以下简称"国信证券"或"保荐机构"）作为深圳瑞华 泰薄膜科技股份有限公司（以下简称"瑞华泰"或"公司"）2021 年首次公开发行股 票并在科创板上市和 2022 年向不特定对象发行可转换公司债券的保荐机构，根 据《证券发行上市保荐业务管理办法》《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》等有关法 律、法规、规范性文件的规定，对瑞华泰 2024 年度日常关联交易预计的事项进 行了审慎核查，并发表本核查意见，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 公司于 2024 年 3 月 14 日召开了第二届董事会独立董事第二次专门会议，审 议了《关于公司 2024 年度日常关联交易预计的议案》，公司 2024 年度日常关联 交易预计金额合计不超过人民币 1,350.00 万元，全体独立董事一致同意本次关联 交易事项，并同意将该议案提交至董事会审议。2024 年 3 月 21 日，召开了第二 届董事会第十八 ...

公司代码：688323 公司简称：瑞华泰 转债代码：118018 转债简称：瑞科转债 深圳瑞华泰薄膜科技股份有限公司 2023 年度内部控制评价报告 深圳瑞华泰薄膜科技股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能 ...

第三章 公司董事会、监事会和高管人员的责任 深圳瑞华泰薄膜科技股份有限公司 防范主要股东及关联方占用公司资金制度 第一章 总 则 第一条 为了建立防止主要股东及关联方占用深圳瑞华泰薄膜科技股份有限 公司（以下简称"公司"）资金的长效机制，杜绝主要股东及关联方 资金占用行为的发生，根据《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》《上海证券交易所科创板股票上 市规则》（以下简称"《股票上市规则》"）《上海证券交易所上市公司 自律监管指引第 1 号——规范运作》等相关规定及《深圳瑞华泰薄 膜科技股份有限公司章程》（以下简称"《公司章程》"），制定本制度。 第二条 公司董事、监事和高级管理人员有维护公司资金安全的义务。 第三条 公司、公司控股子公司及下属分公司与主要股东及其他关联方发生 的经营性资金往来，包括正常的关联交易产生的资金往来，应当严 格按照《股票上市规则》和公司《关联交易决策制度》履行相关审 议程序和信息披露义务，明确经营性资金往来的结算期限，不得以 经营性资金往来的形式变相为主要股东及其关联方提供资金等财务 资助。 第四条 本制度所称资金占用包括但不限于以下方式： (一) ...

2023 年度独立董事述职报告-袁桐 本人作为深圳瑞华泰薄膜科技股份有限公司（以下简称"公司"）的独立董 事，在任职期间严格按照《公司法》《证券法》《上市公司治理准则》《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》以及《深圳瑞华 泰薄膜科技股份有限公司章程》(以下简称"《公司章程》")和《深圳瑞华泰薄 膜科技股份有限公司独立董事工作制度》(以下简称"《独立董事工作制度》") 等相关规定，从公司整体利益出发，认真参加董事会、董事会专门委员会和股东 大会会议，本着客观、公正、独立的原则，勤勉尽责，持续关注公司信息披露工 作，有效监督公司规范化运作，切实维护了全体股东的合法权益。现将 2023 年 度（以下简称"报告期"）履行职责的基本情况报告如下： 一、独立董事的基本情况 袁桐：女，中国国籍，1941 年 8 月出生，本科毕业。1962 年 10 月至 1988 年 7 月，任中电科技集团第 12 研究所工程师；1988 年 8 月至 2000 年 12 月，任原 电子工业部微电子司、信息产业部电子信息管理司高级工程师、处长；2001 年 1 月至今，历任中国电子材料行业协会秘书长、副理事长； ...