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 ...

深圳瑞华泰薄膜科技股份有限公司 关联交易决策制度 第四章 关联交易的决策程序 第一章 总则 第二章 关联方和关联关系 第一条 为保证深圳瑞华泰薄膜科技股份有限公司（以下简称"公司"）与关 联方之间的关联交易符合公平、公正、公开的原则，确保公司的关 联交易行为不损害公司和非关联股东的合法权益，根据《中华人民 共和国公司法》《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》"）等相关法律、行政 法规、证券监管机构的规则以及 《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》"）的有关规定，并结合公司实际 情况，制订本决策制度（以下简称"本制度"）。 第二条 公司与关联方之间的关联交易行为除遵守有关法律、行政法规和《公 司章程》的规定外，还需遵守本制度的相关规定。 第三条 公司的关联方包括关联法人及关联自然人。 第四条 具有以下情形之一的法人，为公司的关联法人： (一) 直接或间接地控制公司的法人； (二) 由前项所述法人直接或间接控制的除公司及其控股子公司以 外的法人； (三) 由本制度第五条所列公司的关联自然人直接或间接控制的或 担任董事、高级管理人员的，除 ...

国信证券股份有限公司 关于深圳瑞华泰薄膜科技股份有限公司 2023 年年度募集资金存放与使用情况的核查意见 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《上海证券交易所科创板股票上市规则》《科创板上市公司持续监管办法（试 行）》《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》及 《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》等有 关法律、法规、规范性文件的规定，对公司 2023 年度募集资金存放与使用情况 进行了核查，现将核查情况及核查意见发表如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 1、2021 年首次公开发行股票 根据中国证券监督管理委员会于 2021 年 3 月 16 日出具的《关于同意深圳瑞 华泰薄膜科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕 841 号），公司首次向社会公开发行人民币普通股 4,500 万股，发行价格为每股 ...

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 ...

第五条 董事会下设董事会秘书一名，负责处理董事会日常事务。董事会秘 书兼任董事会秘书处负责人，保管董事会印章。董事会秘书由董事 长提名，经董事会聘任或者解聘。 第二章 董事会的组成及下设机构 第一条 为保障深圳瑞华泰薄膜科技股份有限公司（以下简称"公司"）董 事会依法独立、规范、有效地行使职权，以确保董事会的工作效率 和科学决策，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》（以下简称"《证券法》"） 《上市公司治理准则》《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》"）等相关法律、行政法规、证券监管 机构的规则以及《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》"）的规定，并结合公司实际情况，特制订本 议事规则（以下简称"本规则"）。 第二条 公司依法设立董事会。董事会是公司的业务执行机构和经营决策机 构，依据《公司法》等相关法律、法规和《公司章程》的规定，经 营和管理公司的法人财产，对股东大会负责。 第三条 公司设董事会，董事会由9名董事组成。外部董事（指不在公司内部 任职的董事，包括独立董事，下同）应占董事会人数的1/2以上，董 事会 ...

深圳瑞华泰薄膜科技股份有限公司董事会审计委员会 对会计师事务所 2023 年度履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准 则》《国有企业、上市公司选聘会计师事务所管理办法》等规定和要求，深圳瑞 华泰薄膜科技股份有限公司（以下简称"公司"）董事会审计委员会本着勤勉尽 责的原则，恪尽职守，认真履职。现将公司董事会审计委员会对大信会计师事务 所（特殊普通合伙）（以下简称"大信所"）2023 年度履行监督职责的情况汇报 如下： 一、2023 年年审会计师事务所基本情况 （二）聘任会计师事务所履行的程序 公司第二届董事会审计委员会第六次会议、第二届董事会第九次会议、第二 届监事会第八次会议及 2022 年年度股东大会审议通过了《关于公司续聘 2023 年度审计机构的议案》，同意聘任大信所为公司 2023 年度审计机构。 二、审计委员会对会计师事务所监督情况 根据公司《董事会审计委员会议事规则》等有关规定，审计委员会对会计师 事务所履行监督职责的情况如下： （一）审计委员会对大信所的专业资质、业务能力、诚信状况、独立性、过 往审计工作情况及其执业质量等进行了严格核查和评价， ...

深圳瑞华泰薄膜科技股份有限公司 内控审计报告 大信审字[2024]第 5-00008 号 深圳瑞华泰薄膜科技股份有限公司全体股东: 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.mbf.gov.cn）"进行查 。 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.mbf.gov.cn）"进行查 知春路1号 夏 22 层 2206 WUYIGE Certified Public Accountants.LLP Room 2206 22/F,Xueyuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing China 100083 +86 (10) 82327668 内部控制审计报告 大信审字[2024]第 5-00008 号 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了深 圳瑞华泰薄膜科技股份有限公司(以下简称贵公司)2023年12月31日 ...