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 ...

证券代码：688503 证券简称：聚和材料 公告编号：2024-083 常州聚和新材料股份有限公司 关于以集中竞价交易方式回购公司股份比例达到总股 本 2%暨回购进展公告 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 | | 累计已回购股数 | 541.6410 万股 | | 累计已回购股数占总股本比例 | 2.2379% | | 累计已回购金额 | 15,001.6087 万元 | | 实际回购价格区间 | 24.38 元/股~29.82 元/股 | 一、 回购股份的基本情况 2024年7月15日，公司召开第三届董事会第二十五次会议，审议通过了《关 于以集中 ...

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [3]. Core Views - The company is a leading player in the photovoltaic silver paste market, benefiting from the acceleration of N-type battery iterations and upstream cost reduction strategies [1][4]. - The company achieved significant revenue growth, with a 61.79% year-on-year increase in revenue for the first half of 2024, reaching 6.765 billion yuan, and a net profit of 299 million yuan, up 11.08% year-on-year [1][9]. - The company is expected to maintain strong growth in revenue and net profit over the next few years, with projected revenues of 16.25 billion yuan, 19.05 billion yuan, and 22.32 billion yuan for 2024, 2025, and 2026, respectively [1][2]. Summary by Sections Company Overview - The company is recognized as the global leader in photovoltaic silver paste, with a market share of 34.40% in the global photovoltaic silver paste market as of 2023 [1][9]. - The company has a strong historical growth trajectory, with a compound annual growth rate (CAGR) of 84.19% in revenue from 2019 to 2023 [9]. N-Type Battery Iteration - The demand for silver paste is expected to increase due to the higher silver consumption in N-type batteries, with silver consumption per cell for N-type TOPCon batteries approximately 109 mg, significantly higher than the 59 mg for P-type batteries [1][19]. - The introduction of LECO technology is anticipated to enhance the premium on silver paste processing fees, as it requires specialized low-erosion silver paste [1][22]. Product and Supply Chain Advantages - The company has a comprehensive product line that covers various technological routes, including PERC, TOPCon, HJT, and X-BC, ensuring it meets diverse market needs [1][26]. - The company is expanding its upstream supply chain by investing in silver powder and glass powder production, which is expected to enhance profitability and ensure stable supply [1][33]. Customer Base and Market Position - The company has established strong customer relationships, with high barriers to entry for new competitors due to rigorous certification processes required by battery manufacturers [1][35]. - The company’s silver paste sales volume reached 2,002.96 tons in 2023, marking a 46% increase from the previous year, solidifying its leading position in the market [1][27].

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。 常州聚和新材料股份有限公司（以下简称"公司"）于 2024年 8 月 26日召开 的第四届董事会第一次会议、第四届监事会第一次会议，审议通过了《关于向 2024 年限制性股票激励计划激励对象授予预留部分限制性股票的议案》。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》《上市公司股权激励管理办法》（以下简称"《管理办法》"）等相关法 律法规及《常州聚和新材料股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，公司对 2024 年限制性股票激励计划（以下简称"本次激励计划"） 预留授予激励对象的名单在内部进行了公示，监事会结合公示情况对预留授予激 励对象名单进行了核查，相关公示情况及核查意见如下： 一、公示情况及核查方式 （一）激励对象名单公示情况 1、公司于 2024 年 8 月 28 日在上海证券交易所网站（www.sse.com.cn）上披 露了《常州聚和新材料股份有限公司关于向 2024 年限制性股票激励计划激励对象 授予预留 ...

[Table_Industry] [Table_Title] !"#$%&'() !"#$%28.60 & '()%*+ ,-./01%S0740522020001 Email%zengbiao@zts.com.cn '()%23 ,-./01%S0740522040004 Email%wupeng@zts.com.cn | --- | --- | |-----------------------|-------| | | | | [Table_Profit] *+,- | | | 456(785 ) | 242 | | 9:56(785 ) | 179 | | !#(& ) | 28.60 | | !;(78& ) | 6,922 | | 9:!;(78& ) | 5,114 | [Table_QuotePic] ./012-345678 -70% -60% -50% -40% -30% -20% -10% 0% 10% 2023-092023-102023-112023-122024-012024-022024-032024-042024-052024-062024-072024-082024-09 !" ...

国投证券股份有限公司 关于常州聚和新材料股份有限公司 2024 年半年度持续督导跟踪报告 根据《证券法》《证券发行上市保荐业务管理办法》和《上海证券交易所科 创板股票上市规则》等有关法律、法规的规定，国投证券股份有限公司（以下简 称"国投证券"、"保荐机构"）作为常州聚和新材料股份有限公司（以下简称 "聚和材料"或"公司"）首次公开发行股票并在科创板上市的保荐机构，负责 聚和材料上市后的持续督导工作，并出具本2024年半年度持续督导跟踪报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具体的 | 保荐机构已建立健全并有效执行了持续 | | | 持续督导工作制定相应的工作计划 | 督导工作制度，并制定了相应的工作计 | | | | 划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始前，与 上市公司或相关当事人签署持续督导协议，明确双方在 | 保荐机构已与公司签订保荐协议，约定 | | | | 了保荐机构在持续督导期内，持续督导 | | | 持续督导期间的权利义务，并报上海证券交易所备案 | 公司规范运作 ...

Investment Rating - The investment rating for the company is "Buy" [4][6] Core Views - The company achieved a revenue of 6.76 billion yuan in H1 2024, representing a year-on-year growth of 61.8%. The net profit attributable to shareholders was 300 million yuan, up 11.1% year-on-year. The shipment volume of silver paste reached 1,163 tons, an increase of 37.8% year-on-year, with N-type shipments accounting for 70% [2][6] - The company is focusing on research and development, with significant advancements in TOPCon new technology paste and HJT paste, as well as the development of high-temperature paste for BC screen printing and ultra-low temperature paste for perovskite stacked cells. The product matrix is gradually improving [2][6] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 6.76 billion yuan, a 61.8% increase year-on-year, and a net profit of 300 million yuan, reflecting an 11.1% growth. The gross profit margin was 10.9%, up 0.7 percentage points year-on-year [6][7] - For Q2 2024, the revenue was 3.81 billion yuan, a 59.0% year-on-year increase and a 29.1% quarter-on-quarter increase. The net profit for Q2 was 220 million yuan, up 53.6% year-on-year and 194.4% quarter-on-quarter, with a gross profit margin of 13.0% [6][7] Product and Market Development - The silver paste business generated 6.73 billion yuan in revenue, with a gross margin of 10.9%, and a shipment volume of 1,163 tons, marking a 38.14% year-on-year increase. The company has a production capacity of over 3,000 tons in China and 600 tons in Thailand, with plans for a new base in Yibin, Sichuan [6][7] - The company is increasing its R&D investment, which reached 410 million yuan in H1 2024, a 47.9% increase year-on-year, accounting for 6.1% of revenue. New technology products have been successfully mass-produced [6][7] Earnings Forecast - The company is expected to achieve revenues of 15.24 billion yuan, 17.69 billion yuan, and 20.33 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 48.1%, 16.1%, and 14.9%. The net profit attributable to shareholders is projected to be 680 million yuan, 850 million yuan, and 970 million yuan for the same years, with growth rates of 54.3%, 25.1%, and 13.7% respectively [6][7]

证券代码：688503 证券简称：聚和材料 公告编号：2024-081 常州聚和新材料股份有限公司 2024年7月15日，公司召开第三届董事会第二十五次会议，审议通过了《关 于以集中竞价方式回购公司股份方案的议案》，同意公司使用公司首次公开发行 人民币普通股取得的部分超募资金和自有资金通过上海证券交易所交易系统以集 中竞价交易方式进行回购股份，回购股份在用于维护公司价值及股东权益所必 需。在披露回购结果暨股份变动公告12个月后采用集中竞价交易方式出售，具体 实施方案由公司董事会依据有关法律法规审议通过后执行。如公司未能在股份回 购结果暨股份变动公告日后三年内出售完毕已回购股份，尚未出售的已回购股份 将予以注销。如法律法规对相关政策作调整，则按调整后的政策执行。回购股份 价格不超过人民币47.99元/股，回购的资金总额不低于人民币15,000万元 （含），不超过人民币30,000万元（含），其中超募资金不超过15,000万元。回购 公司股份实施期限为自公司董事会审议通过回购方案之日起3个月内。 具体内容详见公司 2024 年 7 月 17 日披露在上海证券交易所网站 （www.sse.com.cn）的《常州聚和 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company achieved a revenue of 6.765 billion yuan in H1 2024, representing a year-on-year increase of 61.79%, and a net profit attributable to shareholders of 299 million yuan, up 11.08% year-on-year [5][6] - The performance met expectations, with impairment provisions impacting short-term profitability. The company recognized impairment losses totaling 117 million yuan in H1 2024, including credit impairment losses of 82 million yuan [5][6] - Profitability improvement was driven by rising silver prices and an increase in N-type product shipments, with a gross margin of 12.96% in Q2 2024, up 4.71 percentage points quarter-on-quarter [5][6] - New business segments are gradually ramping up, potentially opening up future revenue streams, with silver paste production capacity exceeding 40 tons per month [5][6] - The company is focusing on cash flow management, with a positive operating cash flow of 756 million yuan in Q2 2024, indicating a trend towards improved cash flow [6] Financial Summary - Revenue projections for 2024-2026 are 14.717 billion yuan, 17.019 billion yuan, and 19.192 billion yuan, with year-on-year growth rates of 43.02%, 15.64%, and 12.77% respectively [6][7] - Net profit attributable to shareholders for the same period is forecasted at 641 million yuan, 815 million yuan, and 924 million yuan, with corresponding year-on-year growth rates of 44.89%, 27.17%, and 13.46% [6][7] - The company maintains a net asset return (ROE) of 12% in 2024, increasing to 14% and 15% in 2025 and 2026 respectively [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 44.20 CNY over the next six months [1][2]. Core Insights - The company reported a significant revenue increase of 61.8% year-on-year, reaching 6.76 billion CNY in the first half of 2024, with a net profit of 300 million CNY, up 11.1% year-on-year [1]. - The company's silver paste shipments for TOPCon batteries increased from 60% in Q1 to 80% in Q2, contributing to improved profitability [1]. - The company has successfully developed new technology products and expanded its product matrix, including advancements in various key technologies for photovoltaic metallization [1]. - The operating cash flow turned positive in Q2 2024, with a net cash flow of 760 million CNY, indicating strong cash management [1]. Financial Performance Summary - In H1 2024, the company achieved a revenue of 6.76 billion CNY, with a net profit of 300 million CNY and a non-recurring net profit of 330 million CNY, reflecting a year-on-year growth of 65.9% [1]. - The gross margin improved to 12.96% in Q2, up 4.7 percentage points from Q1, while the net margin increased to 5.85%, up 3.3 percentage points [1]. - The company expects its silver paste sales to grow to 2,800 tons, 3,500 tons, and 4,000 tons from 2024 to 2026, respectively [6]. Valuation and Earnings Forecast - The report projects the company's revenue to reach 16.24 billion CNY in 2024, with a net profit of 696.64 million CNY, and estimates a PE ratio of 13 times for 2025 [2][7]. - The company is positioned as a leader in the photovoltaic silver paste market, benefiting from cost and profitability advantages [2][7].