Investment Rating - The report maintains a "Recommended" rating for the company, with expected net profits for 2024-2026 being 71 million, 95 million, and 117 million CNY respectively, corresponding to PE ratios of 37, 28, and 23 based on the stock price as of August 28 [1][3]. Core Insights - The company achieved a revenue of 1.513 billion CNY in H1 2024, representing a year-on-year increase of 19.32%. The net profit attributable to shareholders was 29.39 million CNY, a slight decrease of 1.11% year-on-year, while the net profit excluding non-recurring items increased by 25.42% to 22.75 million CNY [1]. - The sales of traditional copper and tin powders grew steadily, while emerging businesses such as 3D printing powders and electronic pastes saw rapid growth, with 3D printing powder sales increasing by 163% year-on-year [1]. - The company's gross margin improved to 8.86% in H1 2024, up 0.66 percentage points year-on-year, driven by the recovery of overseas high-margin business demand and continuous optimization of product structure [1]. - The Thailand base commenced operations in June 2024, enhancing the company's global business layout, with a production capacity of approximately 5,000 tons of copper-based and 1,000 tons of tin-based materials [1]. - The newly launched thermal conductive copper powder is expected to benefit from the growth in AI applications, with performance improvements of 10%-20% over traditional atomized copper powder [1]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 1.513 billion CNY, with a 19.32% increase year-on-year. Q2 revenue reached 852 million CNY, a quarter-on-quarter increase of 28.88% and a year-on-year increase of 29.04% [1]. - The gross margin for H1 2024 was 8.86%, reflecting a steady increase due to improved product structure and demand recovery [1]. Business Segments - Traditional copper and tin powder sales grew, with copper powder sales up 13% year-on-year, supported by demand from the new energy vehicle and high-speed rail markets [1]. - The 3D printing powder segment saw a significant increase in sales, driven by market expansion and product validation [1]. - The electronic paste segment also experienced a 130% year-on-year increase in sales, attributed to ongoing product iterations and new customer acquisition [1]. Future Outlook - The company is positioned as a leader in domestic copper and tin powder materials, with new product launches and market demand expected to drive growth [1]. - The Thailand production base is anticipated to become a new profit growth point as it ramps up production [1].

二、监事会会议审议情况 证券代码：688456 证券简称：有研粉材 公告编号：2024-022 有研粉末新材料股份有限公司 第二届监事会第九次会议决议公告 本公司监事会及全体监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。 一、 监事会会议召开情况 有研粉末新材料股份有限公司（以下简称公司）第二届监事会第九次会议通 知于 2024 年 8 月 16 日以邮件方式发出送达全体监事，会议于 2024 年 8 月 26 日以现场方式召开。本次会议应出席监事 3 人，实际出席监事 3 人，会议由监事 会主席李联荣先生主持。本次会议的通知、召开及审议程序符合《中华人民共和 国公司法》《有研粉末新材料股份有限公司章程》以及有关法律、法规的规定， 所作决议合法有效。 全体监事认为公司 2024 年半年度报告的编制和审议程序符合相关法律法规 及《公司章程》等内部规章制度的规定；公司 2024 年半年度报告的内容与格式 符合相关规定，公允地反映了公司 2024 年半年度的财务状况和经营成果等事项； 监事会全体成员对公司 2024 年半年度报告进行了确认，报告披 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥1,513,347,314.22, representing a 19.32% increase compared to ¥1,268,316,363.98 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was ¥29,388,280.90, a slight decrease of 1.11% from ¥29,716,904.91 in the previous year[13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 25.42% to ¥22,754,618.64 from ¥18,142,926.31 year-on-year[13]. - The total operating revenue for the first half of 2024 reached ¥1,513,347,314.22, an increase of 19.3% compared to ¥1,268,316,363.98 in the same period of 2023[114]. - The net profit for the first half of 2024 was ¥29,934,060.78, slightly down from ¥30,754,781.13 in the first half of 2023, representing a decrease of 2.7%[115]. - The total operating costs amounted to ¥1,487,363,305.18, up from ¥1,249,040,765.19, reflecting a year-over-year increase of 19.1%[114]. - The company achieved a total revenue of 7,583.40 million RMB, with a net profit of 1,056.40 million RMB, and an operating profit of 3,972.50 million RMB for the first half of 2024[30]. Cash Flow and Assets - The net cash flow from operating activities was negative at -¥100,561,748.51, worsening by 165.27% compared to -¥37,909,237.66 in the same period last year[13]. - The total assets at the end of the reporting period were ¥1,662,578,037.25, reflecting a 5.16% increase from ¥1,580,944,413.19 at the end of the previous year[13]. - The company's cash and cash equivalents at the end of the period stood at ¥126,048,363.43, down from ¥205,936,741.20, a decline of approximately 38.7%[111]. - Accounts receivable increased significantly to ¥272,028.07 from ¥53,681.76, representing a growth of about 406.5%[111]. - The company reported cash and cash equivalents at the end of the period amounting to CNY 147,449,499.99, down from CNY 196,814,194.88 at the end of the previous year[121]. Research and Development - Research and development expenses accounted for 3.93% of operating revenue, an increase of 0.39% compared to the previous year[14]. - The total R&D investment amounted to ¥59,454,585.83, representing a 32.35% increase compared to ¥44,923,445.07 in the same period last year[25]. - The number of R&D personnel increased to 76, representing 12.22% of the total workforce, compared to 67 personnel and 11.78% in the same period last year[31]. - The company has undertaken or participated in 18 national key R&D projects and 33 provincial and ministerial-level science and technology projects[24]. - The company has developed a new high-efficiency atomizer, reducing powder preparation costs by over 50%[29]. Market and Product Development - The demand for carbon brushes and powder metallurgy in the electric vehicle and high-speed rail sectors has increased, despite a downturn in the diamond tool market[19]. - The company’s 3D printing powder materials are experiencing rapid growth, with expanding market applications[19]. - The company has successfully entered the European powder metallurgy market through its UK subsidiary, Makin[33]. - The sales volume of additive manufacturing products in the 3D printing powder sector surged by 163% year-on-year[37]. - The company is focusing on the development of high-strength aluminum alloy powders for applications in 5G base stations, consumer electronics, and drones[28]. Environmental and Social Responsibility - The company invested 236.27 million CNY in environmental protection during the reporting period[60]. - The company implemented carbon reduction measures, achieving a reduction of 133.73 tons of CO2 equivalent through technology improvements and the use of clean energy[70]. - All subsidiaries have passed ISO14001 environmental management system certification, ensuring compliance with environmental regulations[67]. - The company actively promotes the use of clean processes and technologies to eliminate pollution at the source[67]. - The company has developed emergency response plans for environmental incidents, enhancing risk management capabilities[65]. Shareholder and Corporate Governance - The company held its annual shareholders' meeting on May 27, 2024, where all resolutions were approved[55]. - The company has committed to long-term promises regarding competition and related transactions, ensuring compliance with regulations[73]. - Major shareholders have pledged not to transfer or manage their shares in the company for a period of 36 months following the stock's listing[76]. - The company will ensure that any related party transactions are conducted under normal commercial terms and will not seek preferential conditions[75]. - The controlling shareholder promises not to interfere with the company's management and will publicly explain any failure to fulfill commitments[80]. Financial Management and Compliance - The company adheres to the latest enterprise accounting standards issued by the Ministry of Finance, ensuring accurate financial reporting[143]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[69]. - The company has not reported any major related party transactions involving financial companies during the reporting period[85]. - The company has committed to compensating investors for losses caused by false statements or omissions in the prospectus[82]. - The company recognizes revenue primarily from the sale of metal powders upon the transfer of control to customers, ensuring that the revenue recognition aligns with the fulfillment of performance obligations[185].

证券代码：688456 证券简称：有研粉材 有研粉末新材料股份有限公司 投资者关系活动记录表（2024 年 8 月 7 日） ☑特定对象调研 □分析师会议投资者关系活动 □媒体采访 □业绩说明会 类别 □新闻发布会 □路演活动 ☑现场参观 □电话会议 □其他 参与单位名称 西部证券 会议时间 2024 年 8 月 7 日 15：00-16：00 会议地点 公司会议室 上市公司接待人 证券事务代表：王妍 证券事务专员：瓮佳星 员 投资者关系活动 Q1：请结合公司历史介绍公司是如何发展到现阶段的。 A1：有研粉材成立于 2004 年，控股股东中国有研科技集 主要内容介绍 团是国务院国资委所属中央一级企业，有研粉材属于二级 中央企业。公司业务分为四个板块，包括铜基金属粉体材 料、微电子锡基焊粉材料、3D 打印用粉体材料和电子浆 料。公司铜基金属粉体材料目前在国内市场占有率约 35%，产销量国内第一、全球第二，主要应用于粉末冶 金、金刚石工具、摩擦材料、催化剂、电碳电刷、散热器 件等下游领域，该板块的公司有有研合肥、有研重冶和境 外的有研泰国、英国 Makin 公司；微电子锡基焊粉材料目 前在国内市场占有率约 15% ...

证券代码：688456 证券简称：有研粉材 有研粉末新材料股份有限公司 投资者关系活动记录表（2024 年 7 月 26 日） ☑特定对象调研 □分析师会议投资者关系活动 □媒体采访 □业绩说明会 类别 □新闻发布会 □路演活动 ☑现场参观 □电话会议 □其他 参与单位名称 西部证券 会议时间 2024 年 7 月 26 日 9：30-10：30 会议地点 公司会议室 上市公司接待人 证券事务代表：王妍 证券事务专员：瓮佳星 员 投资者关系活动 Q1：公司铜粉一季度增量不错，二季度的整体情况如 何？ 主要内容介绍 A1：为了缓解市场竞争压力，扩大市场占有率，公司采取 了一系列降本增效措施，2024 年公司铜粉的整体销量保 持同比增长的趋势。 Q2：目前来看公司铜粉的市场份额占比很高，公司提高 竞争力主要是提高市占率还是采取其他手段？ A2：公司铜基板块经过多年的发展，在国内市占率方面已 取得显著优势，未来会继续加强新产品的研发力度，如研 发复合铜粉、超细铜粉、低松比铜粉等高附加值产品，同 时结合国家设备更新、发展新质生产力的政策，不断调整 产品结构，开发新的应用领域，形成新的产业链，扩大市 场需求。 Q3：铜 ...

证券代码：688456 证券简称：有研粉材 公告编号：2024-021 有研粉末新材料股份有限公司 2023 年年度权益分派实施公告 本公司董事会及全体董事保证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： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/6/27 | 2024/6/28 | 2024/6/28 | 一、 通过分配方案的股东大会届次和日期 3. 分配方案： 本次利润分配以方案实施前的公司总股本 103,660,000 股为基数，每股派发现 金红利 0.2 元（含税），共计派发现金红利 20,732,000 元。 是否涉及差异化分红送转：否 每股分配比例 每股现金红利 0.2 元 相关日期 1. 发放年度：2023 年年度 2. 分派对象： 三、 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/6/27 | 2024/6/28 | 2024/6/28 | 四、 分配实施办法 1. 实施 ...

证券代码：688456 证券简称：有研粉材 有研粉末新材料股份有限公司 投资者关系活动记录表（2024 年 5 月 30 日-6 月 6 日） 投资者关系活动 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 类别 □新闻发布会 □路演活动 ☑现场参观 ☑电话会议 □其他 参与单位名称 德邦证券、止于至善投资、富众投资、中邮资产、唐丰资 产、京晟资产、国新证券资管、农银人寿资管、华夏基 金、国投证券、国联证券、泓德基金、太平养老保险 ...

证券代码：688456 证券简称：有研粉材 公告编号：2024-020 1.项目实施主体：GRIPM Advanced Materials (Thailand) Co., Ltd. （简称有研泰国） 2.项目建设地点：No.456 Moo 7, Khao Khan Song Sub-district, Sriracha District, Chonburi Province（春武里 WHA 工业园） 1 3.项目建设规划：在泰国春武里 WHA 工业园内购置土地，建设电解 铜粉生产厂房和铜及铜合金粉生产厂房，购置安装生产设备、检测设备 和公用设备，招聘相关管理、技术和生产人员，以实现电解铜粉、雾化 铜粉、铜合金粉、锡粉产品的生产运营。项目的顺利实施有助于公司推 进海外业务布局，践行产业全球化发展战略，大幅提升公司产品在海外 市场的竞争力和占有率，提高自身收入规模和盈利水平，实现可持续发 展。 4.项目投资概算：预计总投资额 9,706.92 万元，其中建设投资 7,982.97 万元，占总投资 82.24%；铺底流动资金 1,723.95 元，占总投 资 17.76%。 二、募投项目进展情况 有研粉材新材料股份 ...

证券代码：688456 证券简称：有研粉材 有研粉末新材料股份有限公司 投资者关系活动记录表（2024 年 5 月 29 日） 投资者关系活动 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 类别 □新闻发布会 □路演活动 □现场参观 ☑电话会议 □其他 参与单位名称 华夏久盈保险资产、国新投资、国泰基金、金元顺安基 金、华夏未来资本、国盛证券、长盛基金侯智中、真滢投 资、新沃基金、天安财险、泉果基金、中信资管、太平洋 ...

证券代码：688456 证券简称：有研粉材 公告编号：2024-018 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。 有研粉末新材料股份有限公司（以下简称公司）于 2024 年 5 月 27 日召开了 公司第二届董事会第二十一次临时会议、第二届监事会第四次临时会议，审议通 过了《关于部分募投项目结项并将节余募集资金永久补充流动资金及部分募投项 目延期的议案》，同意公司募投项目"新建粉体材料基地建设项目"和"泰国产 业基地建设项目"结项并将节余募集资金用于永久补充流动资金，同意将募投项 目"有研粉末科技创新中心建设项目"达到预定可使用状态的时间延期至 2025 年 12 月。本次延期仅涉及项目进度的变化，未改变募投项目的实施主体、投资 用途、投资规模等，不会对募投项目的实施造成实质性影响。公司监事会对该事 项发表了明确同意意见，保荐机构长江证券承销保荐有限公司（以下简称保荐机 构）对该事项出具了无异议的核查意见。该事项无需提交股东大会审议。现将有 关事项公告如下： 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称 ...