| 证券代码：688323 | 证券简称：瑞华泰 | 公告编号：2024-014 | | --- | --- | --- | | 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 可转债转股结果暨股份变动公告 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： 本季度转股情况：深圳瑞华泰薄膜科技股份有限公司（以下简称"公司"） 向不特定对象发行可转换公司债券"瑞科转债"自 2023 年 2 月 24 日起可转换为 公司股份，自 2024 年 1 月 1 日至 2024 年 3 月 31 日期间，未有"瑞科转债"转 换为公司股票，转股数量为 0 股。 累计转股情况：截至 2024 年 3 月 31 日，"瑞科转债"累计共有人民币 6,000 元已转换为公司股票，累计转股数量为 192 股，占"瑞科转债"转股前公 司已发行股份总额的 0.000107%。 未转股可转债情况：截至 2024 年 3 月 31 日，"瑞科转债"尚未转股的可 转债金额为人民币 429,994,000 ...

瑞华泰（688323.SH） 事件：公司发布 2023 年年报，2023 年公司实现营收 2.76 亿元，同比-8.55%； 实现归母净利润-0.20 亿元，同比转亏；实现扣非净利润-0.22 亿元，同比转 亏。其中单季度 Q4 公司实现营收 0.67 亿元，同比-13.91%，环比-22.10%； 实现归母净利润-0.12 亿元，同比转亏，环比转亏；实现扣非净利润-0.10 亿 元，同比转亏，环比亏损扩大。 24 年嘉兴新产能即将释放，未来有望多点开花：嘉兴 1,600 吨募投项目厂房 建设已基本完成，4 条主生产线和配套工厂系统安装工作已完成,并进行了设 分析师 邹 兰兰 | --- | |-----------------------------------------------------| | | | 相关研究 | | 1 、《 Q2 业绩环比改善，产能建设推动新品放量—瑞华 | | 泰（ 688323 ）公司动态点评》 2023-08-30 | | | 公司动态点评 P.2 请仔细阅读本报告末页声明 证券研究报告 | 公司动态点评 2024 年 03 月 27 日 | --- | --- | - ...

| --- | --- | --- | |----------|--------------------|---------------------------------------------------------------------| | | | | | | | | | 行业评级 | 跟随大市：未来 6 | 个月内，行业整体回报介于同期相关证券市场代表性指数 -5% 与 5% 之间 | | | 弱于大市：未来 6 | 个月内，行业整体回报低于同期相关证券市场代表性指数 -5% 以下 | | | | | 深圳 [Table_StockInfo] 2024 年 03 月 25 日 证券研究报告•2023 年年报点评 持有 （下调） 当前价：15.30 元 瑞 华 泰（688323）基础化工 目标价：——元（6 个月） 业绩短期承压，嘉兴基地投产在即 | --- | --- | --- | --- | --- | |----------------------------------|----------|---------|-----------------------------|--------- ...

Investment Rating - The report maintains a "Buy-B" rating for the company [2][10]. Core Views - The company's performance in 2023 was negatively impacted by a price war in the thermal control PI film sector, leading to a significant decline in revenue. However, new production capacity is expected to support recovery in 2024 [2][5][10]. - The company achieved a total revenue of 276 million yuan in 2023, a decrease of 8.55% year-on-year, with a net profit attributable to shareholders of -19.6 million yuan, down 150.43% year-on-year [4][10]. - The company is focusing on expanding its market presence in the electrical and electronic PI film sectors, which saw revenue growth of 28.86% and 19.37% respectively in 2023 [3][6]. Financial Performance Summary - In 2023, the company reported a total revenue of 276 million yuan, down from 302 million yuan in 2022, with a net profit of -19.6 million yuan [4][10]. - The gross margin for 2023 was 26.52%, a decrease of 11.72 percentage points compared to the previous year, primarily due to reduced demand in the global electronics market and increased competition [6][10]. - The company’s R&D expenses increased by 19.06% year-on-year, reflecting its commitment to developing new products in flexible displays, new energy, and integrated circuit packaging [6][10]. Future Projections - The company is projected to achieve revenues of 468 million yuan, 655 million yuan, and 778 million yuan in 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 69.7%, 40.0%, and 18.6% [10]. - Net profits are expected to recover significantly, reaching 22 million yuan in 2024, 57 million yuan in 2025, and 100 million yuan in 2026, with corresponding year-on-year growth rates of 213.7%, 155.3%, and 75.9% [10].

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 ...

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].

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].

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 ...

深圳瑞华泰薄膜科技股份有限公司 2023 年度独立董事述职报告-谢兰军 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，勤勉谨慎履行独立董事职责，按时出席各项会议，积极发挥自身法律 专长，对公司及全体股东负责。现将 2023 年度（以下简称"报告期"）履行职 责情况报告如下： 一、独立董事的基本情况 谢兰军：男，中国国籍，1966 年 3 月出生，本科毕业。1989 年 2 月至 2000 年 5 月，任广东省河源市司法局律师事务所副科长、副主任律师；2000 年 5 月 至 2003 年 2 月，任广东万商律师事务所执业律师；2003 年 2 月至 2007 年 4 月， 任广东新东方律师事务所执业律师；2007 年 4 月至 2010 年 9 月，任广东雅尔德 律师事务所执业律师；现任北 ...