Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved operating revenue of 9.826 billion yuan in Q1-Q3 2024, a year-on-year increase of 32.80%, while the net profit attributable to shareholders was 421 million yuan, a decrease of 4.47% year-on-year. In Q3 2024, the operating revenue was 3.061 billion yuan, down 4.87% year-on-year, and the net profit attributable to shareholders was 122 million yuan, down 28.87% year-on-year [5] - Fluctuations in silver prices and downstream production schedules have caused short-term performance volatility. The increase in silver prices at the end of Q2 and subsequent decline led to higher inventory costs for silver powder in Q3, resulting in a decrease in gross margin. The company's photovoltaic conductive silver paste shipment volume exceeded 1,610 tons, an increase of 11% year-on-year, with N-type products accounting for approximately 73% [5] - The silver powder business is gradually ramping up, and integration is expected to open up performance space. The company's silver paste supply chain has achieved full coverage of PERC and TOPCon silver paste, with monthly production capacity exceeding 40 tons and monthly sales exceeding 20 tons. Additionally, the Changzhou 3,000-ton silver powder project is expected to reach production capacity next year [6] - New technology layouts are expected to gradually materialize. The company has developed packaging positioning glue for the 0BB technology process, which has achieved large-scale production with relevant customers. The company is also launching new insulation and battery protection glue series products for BC component packaging requirements [6] - The company is expected to benefit from continuous technological iteration and new business development, maintaining its leading position. The forecast for operating revenue from 2024 to 2026 is 13.577 billion yuan, 15.907 billion yuan, and 17.836 billion yuan, representing year-on-year growth of 31.94%, 17.16%, and 12.13%, respectively. The net profit attributable to shareholders for the same period is projected to be 567 million yuan, 730 million yuan, and 832 million yuan, with corresponding P/E ratios of 27.80x, 21.59x, and 18.93x [7] Summary by Sections Financial Performance - The company reported operating revenue of 9.826 billion yuan for Q1-Q3 2024, a 32.80% increase year-on-year, and a net profit of 421 million yuan, down 4.47% year-on-year. Q3 revenue was 3.061 billion yuan, down 4.87% year-on-year, with net profit of 122 million yuan, down 28.87% year-on-year [5] - The company's gross margin is affected by fluctuations in silver prices and production schedules, with Q3 gross margin declining due to high inventory costs [5] Business Development - The silver powder business is expanding, with a monthly production capacity exceeding 40 tons and sales exceeding 20 tons. The Changzhou project is expected to reach production capacity next year [6] - New technology developments include large-scale production of packaging glue for 0BB technology and new insulation products for BC components [6] Future Outlook - The company is expected to maintain its leading position with projected revenues of 13.577 billion yuan, 15.907 billion yuan, and 17.836 billion yuan from 2024 to 2026, with corresponding net profits of 567 million yuan, 730 million yuan, and 832 million yuan [7]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The company reported a revenue of 9.826 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 32.8%. However, the net profit attributable to shareholders was 421 million yuan, a decrease of 4.47% year-on-year. The non-recurring net profit for Q3 2024 was 433 million yuan, showing a year-on-year growth of 7.02% [4][5]. - In Q3 2024, the company achieved a revenue of 3.061 billion yuan, which is a decline of 4.87% year-on-year and a significant decrease of 19.69% quarter-on-quarter. The net profit for the same period was 122 million yuan, down 28.87% year-on-year and 45.3% quarter-on-quarter [4][5]. - The company is focusing on high-quality customers in the photovoltaic battery industry and has increased the proportion of N-type paste. The financial data indicates a recovery of asset impairment of 38.28 million yuan and a credit impairment recovery of 42.57 million yuan, reflecting effective control over accounts receivable [5][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total assets of 8.616 billion yuan and equity of 4.65 billion yuan, with a debt-to-asset ratio of 46.03% [5]. - The company invested 630 million yuan in R&D during the first three quarters of 2024, accounting for 6.42% of its revenue. The R&D personnel comprised 32.92% of the total workforce [5][6]. Future Outlook - The company is committed to R&D in silver paste and is expanding its non-photovoltaic business. It has developed new products such as ECA conductive glue and polyurethane thermal conductive glue for energy storage applications [6]. - The company has announced share repurchase plans, with a total amount not less than 300 million yuan and not exceeding 600 million yuan, and has already utilized approximately 370 million yuan of its own funds [6].

证 券 研 究 报 告 聚和材料（688503）2024 年三季报点评 推荐（维持） 业绩符合预期，消化高价库存毛利率短期承压 目标价：58.21 元 | --- | --- | --- | --- | --- | --- | |--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Recommended" rating for the company, projecting a strong performance in the coming years [1][3]. Core Views - The company achieved a revenue of 9.826 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 32.80%. However, the net profit attributable to shareholders decreased by 4.47% to 421 million yuan [1]. - The company is focusing on enhancing its N-type silver paste production, which is expected to drive future growth as the demand shifts from P-type to N-type materials in the photovoltaic industry [1]. - A significant investment of 1.2 billion yuan is planned for establishing a high-end photovoltaic electronic materials base in Changzhou, which will enhance raw material supply and cost reduction [1]. - The company is diversifying its product offerings beyond photovoltaic silver paste, developing new materials for the energy sector, including conductive adhesives and thermal conductive gels [1]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 13.552 billion yuan, 15.378 billion yuan, and 17.084 billion yuan, respectively, with growth rates of 31.7%, 13.5%, and 11.1% [2][4]. - The net profit attributable to shareholders is expected to be 548 million yuan in 2024, increasing to 698 million yuan in 2025 and 873 million yuan in 2026, with growth rates of 23.9%, 27.3%, and 25.1% respectively [2][4]. - The report indicates a projected PE ratio of 23X for 2024, decreasing to 14X by 2026, reflecting the company's anticipated growth and profitability improvements [2][4].

证券代码：688503 证券简称：聚和材料 编号：2024-004 常州聚和新材料股份有限公司 投资者关系活动记录表 | --- | --- | --- | |---------------|-----------------------------|--------------------------------------------------------| | | □ | 特定对象调研 □分析师会议 | | 投资者关系 | □ 媒体采访 √业绩说明会 | | | 活动类别 | □ 新闻发布会 □路演活动 | | | | □ | 现场参观 □其他（电话会议） | | 参与单位名 | 线上参与公司 2024 | 年第三季度业绩说明会的全体投资者 | | 称 | （具体名单见附件） | | | 时间 | 2024 年 10 月 28 | 日 20:30 | | 地点 | 聚和材料会议室 | | | | 总经理 敖毅伟 | | | 上市公司接 待 | 财务总监兼董事会秘书 林椿楠 | | | 人员姓名 | 证券事务代表 占凯云 | | | | 投资者关系经理 张芷菡 | | | 投资者关系 | 公司于 202 ...

我们也非常荣幸邀请到了公司的一些领导来做本次会议的分享那么首先介绍一下本次出席会议的领导CEO兼核心研发人员郝艺伟 郝总 郝总CFO兼董秘 林胜楠 林总然后董事长 货迁经理 张主任 张总那么接下来我们有请林总介绍一下三基组公司经营的情况后续我们有提问的环节下面有请林总 欢迎大家参加聚合闲聊2024年第三季度业余交流会我是公司财务总监兼董事会秘书林春兰 实现扣非规模均利润4.33亿元同比增长7%在光复行业几乎全面规模的背景下公司的经营韧性尤为凸显充分展现了我们的核心竞争力在出货量方面公司前三季度光复将量出货超过了1600吨同比增长11%市场恢复保持稳定继续巩固光复早年营家行业龙头地位分季度看当三季度出货量 目前电池价格已经与部分产品链名成本飘落过后陆续出现减少停产现象但相信随着供给层不断优化带电池计划去步后需求终将会拉高电池开通率提升同时公司目标市场可能会进一步提升相信光复导电将要出货两周会回到上行通道产品结构方面即使光复产业竞争日益加剧 同时人高度重视产品创新继续加大研发投入主动承担更多新技术开发重任目标通过技术创新打破行业内卷2024年前三剂组研发投入已超过6亿人投入已增加40%张研发投入效果显著产品结构不 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥3,061,347,003.21, a decrease of 4.87% compared to the same period last year, while year-to-date revenue increased by 32.80% to ¥9,826,222,165.03[2] - Net profit attributable to shareholders for Q3 2024 was ¥122,084,357.50, down 28.87% year-on-year, with a year-to-date net profit of ¥421,088,409.93, reflecting a decrease of 4.47%[2] - The net profit after deducting non-recurring gains and losses for Q3 2024 was ¥102,568,265.49, a significant decline of 50.06% compared to the previous year, while year-to-date it increased by 7.02% to ¥432,629,767.24[2] - Total operating revenue for the first three quarters of 2024 reached CNY 9,826,222,165.03, a significant increase of 33.0% compared to CNY 7,399,162,040.36 in the same period of 2023[15] - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was CNY 421,088,409.93, down 4.0% from CNY 440,803,836.71 in the previous year[17] - The company reported a profit before tax of CNY 470,770,043.79, down from CNY 495,652,226.35, reflecting a decrease of 5.0%[17] - The total comprehensive income attributable to the parent company for the first three quarters of 2024 was ¥427,610,194.72, down from ¥439,214,392.16 in the same period of 2023[18] Research and Development - Research and development (R&D) investment for Q3 2024 totaled ¥221,217,981.64, an increase of 33.74%, with year-to-date R&D investment reaching ¥630,690,693.77, up 42.62%[3] - The R&D investment as a percentage of operating revenue rose to 7.23%, an increase of 2.09 percentage points compared to the same period last year[3] - Research and development expenses for the first three quarters amounted to CNY 234,815,278.73, an increase of 13.9% from CNY 206,074,904.15 in the same period last year[17] - Research and development expenses for the third quarter of 2024 were ¥203,308,428.46, slightly down from ¥210,169,861.45 in the same quarter of 2023[25] Assets and Liabilities - Total assets at the end of Q3 2024 were ¥8,616,074,328.76, representing a 14.95% increase from the end of the previous year[3] - Total assets increased to CNY 8,616,074,328.76, up from CNY 7,495,751,664.08, reflecting a growth of 14.9%[14] - Total liabilities rose to CNY 3,966,235,622.24, compared to CNY 2,575,908,265.23, marking an increase of 54.1%[14] - The total liabilities increased to ¥3,920,675,809.11 in the third quarter of 2024, compared to ¥2,456,656,898.50 in the same period of 2023, representing a rise of about 59.7%[23] - The total owner's equity decreased to ¥4,756,091,398.92 in the third quarter of 2024 from ¥4,982,368,788.23 in the same period of 2023, indicating a decline of about 4.5%[23] Cash Flow - The company reported a net cash flow from operating activities of -¥797,975,376.03 year-to-date, indicating cash flow challenges[2] - The net cash flow from operating activities for the first three quarters of 2024 was -¥797,975,376.03, an improvement compared to -¥1,913,286,945.48 in the same period of 2023[19] - The company reported a net cash flow from investing activities of -¥381,453,093.45 for the first three quarters of 2024, compared to a positive cash flow of ¥287,759,118.14 in the same period of 2023[20] - The net cash flow from financing activities was ¥894,067,165.07 in the first three quarters of 2024, a decrease from ¥1,324,553,181.08 in the same period of 2023[20] - The company's cash and cash equivalents decreased to ¥526,067,839.72, a decrease from ¥748,798,453.04 at the end of the previous period[12] - The company's cash and cash equivalents at the end of September 2024 were ¥246,708,515.42, a decrease from ¥414,120,693.72 at the end of 2023[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 7,850[8] - The largest shareholder, Liu Haidong, holds 27,115,728 shares, accounting for 11.20% of the total shares[8] - The company completed a capital increase of 76,405,757 shares in June 2024, adjusting the previous year's earnings per share for comparability[3] - The top ten shareholders hold a significant portion of the company's shares, with the top three alone accounting for 27.00%[9] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending activities[11] Inventory and Receivables - Accounts receivable increased to ¥2,409,176,876.40 from ¥1,824,831,512.63 in the previous period, indicating a growth of approximately 32.0%[12] - Inventory decreased to ¥913,985,038.83 from ¥1,327,012,915.82, reflecting a decline of about 31.1%[12] - The company's inventory decreased to ¥640,193,808.77 as of September 30, 2024, from ¥1,217,706,540.22 at the end of 2023[21] - The accounts receivable increased to ¥2,347,140,842.67 as of September 30, 2024, compared to ¥1,973,439,668.48 at the end of 2023[21] Financial Ratios - The weighted average return on equity decreased to 2.59%, down 0.98 percentage points year-on-year[3] - The company's gross profit margin for the third quarter of 2024 was approximately 5.4%, compared to 6.4% in the same quarter of 2023, showing a decrease of about 15.6%[25] - The company's financial expenses surged to CNY 76,537,160.43, compared to CNY 18,780,822.84, indicating a significant increase attributed to higher interest expenses[17] - The company's financial expenses surged to ¥46,406,292.84 in the third quarter of 2024, compared to ¥7,908,689.28 in the same quarter of 2023, marking an increase of over 485%[25]

证券代码：688503 证券简称：聚和材料 公告编号：2024-086 常州聚和新材料股份有限公司 关于2024年第三季度转回资产减值准备的公告 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。 一、转回资产减值准备情况概述 根据《企业会计准则》《上海证券交易所科创板股票上市规则》的相关规定， 为了更加真实、公允反映常州聚和新材料股份有限公司（以下简称"公司"）截 至2024年9月30日的资产及经营状况，基于谨慎性原则，公司对各类资产进行了 全面清查和减值测试。经测算，2024年第三季度公司转回减值损失80,849,572.64 元，具体情况如下： 注：上表数据未经审计 二、转回资产减值准备的具体说明 （一） 信用减值损失 公司以预期信用损失为基础，对应收账款、其他应收款进行减值测试并 确认转回减值损失。经测算，公司2024年第三季度公司转回信用减值损失 42,569,211.17元。 单位：元（人民币） 项目 转回减值金额 备注 信用减值损失 42,569,211.17 含应收账款、其他应收款的减值 资产减值损失 38, ...

常州聚和新材料股份有限公司 关于召开2024年第三季度业绩说明会的公告 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： 投资者可于2024年10月28日（星期一）17:00前将相关问题通过电子邮件 的形式发送至常州聚和新材料股份有限公司（以下简称"公司"）投资者关系邮 箱：ir@fusion-materials.com，也可访问网址：https://s.comein.cn/AK3Lz或者使用微 信扫描二维码在报名后进行会前提问，公司将通过本次业绩说明会，在信息披露 允许范围内就投资者普遍关注的问题进行回答。 一、说明会类型 为加强上市公司投资者关系管理，同时便于广大投资者更全面深入地了解公 司2024年第三季度业绩和经营情况，公司将于2024年10月28日（星期一）下午 20:30-21:30举办2024年第三季度业绩说明会，现将有关事项公告如下： 本次业绩说明会以线上电话会议形式召开，公司将针对2024年第三季度经营 成果、财务指标等具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍 ...

证券代码：688503 证券简称：聚和材料 公告编号：2024-084 常州聚和新材料股份有限公司 关于股份回购实施结果暨股份变动的公告 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/7/17 | | --- | --- | | 回购方案实施期限 | 2024/7/15~2024/10/14 | | 预计回购金额 | 15,000 万元~30,000 万元 | | 回购价格上限 | 47.99 元/股 | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | √为维护公司价值及股东权益 | | 实际回购股数 | 541.6410 万股 | | 实际回购股数占总股本比例 | 2.2379% | | 实际回购金额 | 15,001.6087 万元 | | 实际回购价格区间 | 24.38 元/股~29.82 元/股 | 一、 回购审批情况和回购方案内容 2024 年 7 月 15 日，常州聚和新材料股份有限公司（以下简称 ...