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].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][16]. Core Views - The company achieved record high quarterly performance in Q2 2024, with revenue of 38.12 billion yuan, a year-on-year increase of 58.98% and a quarter-on-quarter increase of 29.07% [1]. - The increase in revenue is attributed to the rising proportion of N-type silver paste and the increase in silver prices, leading to improved profitability [2]. - The company is actively expanding its silver paste and upstream production capacity to strengthen its market position [2]. - The company is accelerating technological innovation and product upgrades to align with new industry developments [2]. - The non-photovoltaic business is also developing steadily, with new products achieving mass production [2]. Financial Summary - In H1 2024, the company reported revenue of 67.65 billion yuan, a year-on-year increase of 61.79%, and a net profit attributable to shareholders of 2.99 billion yuan, a year-on-year increase of 11.08% [1][3]. - The gross margin for H1 2024 was 10.90%, up 0.73 percentage points year-on-year, while the net profit margin was 4.42%, down 2.02 percentage points year-on-year [1]. - The company’s projected net profits for 2024-2026 are 6.92 billion yuan, 8.19 billion yuan, and 9.41 billion yuan, respectively, with corresponding price-to-earnings ratios of 10, 9, and 8 times [2][3]. - The target price is set at 37.17 yuan, based on a 13x PE for 2024 [2][4].

证券代码：688503 证券简称：聚和材料 常州聚和新材料股份有限公司 投资者关系活动记录表 编号：2024-003 | --- | --- | --- | |---------------|-----------------------------|-------------------------------------------------------| | | □ | 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 | 年半年度业绩说明会的全体投资者 | | 称 | （具体名单见附件） | | | 时间 | 2024 年 8 月 27 | 日 20:00 | | 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 2024 | ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 6.765 billion yuan in H1 2024, representing a year-on-year growth of 61.79%, with a net profit of 299 million yuan, up 11.08% [1] - The photovoltaic conductive silver paste shipment volume continues to grow, with a 38.14% increase year-on-year, reaching 1163 tons in H1 2024, and N-type products accounting for 70% of the total shipments [1] - The company is expanding its silver paste production capacity and has initiated the construction of a new base in Yibin, Sichuan, with a designed capacity of 500 tons [1] - R&D investment increased by 47.65% year-on-year to 409 million yuan in H1 2024, leading to breakthroughs in both photovoltaic and non-photovoltaic silver paste products [1] Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 3.812 billion yuan, a 58.98% increase year-on-year, and a net profit of 223 million yuan, up 53.61% [1] - The net cash flow from operating activities was -526 million yuan, an improvement of 595 million yuan compared to the same period last year [1] Production and Capacity Expansion - The company is on track to achieve a production capacity of 3000 tons of conductive silver paste, with ongoing projects in Thailand and Sichuan [1] - The company has achieved full series coverage of PERC and TOPCon silver pastes, with monthly production exceeding 40 tons and sales surpassing 20 tons [1] Research and Development - R&D efforts are focused on key technologies in the photovoltaic silver paste sector, including ultra-narrow line width printing technology and low-cost silver paste technology [1] - Non-photovoltaic silver paste products have also seen successful mass production in communication devices and electronic components [1]

证券研究报告·公司点评报告·光伏设备 聚和材料（688503） 2024 中报点评：N 型占比持续提升，结构优 化+银价上涨盈利改善 2024 年 08 月 28 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 6504 | 10290 | 14760 | 17176 | 19741 | | 同比（ % ） | 27.94 | 58.21 | 43.44 | 16.37 | 14.93 | | 归母净利润（百万元） | 391.21 | 442.08 | 738.90 | 882.57 | 1,023.22 | | 同比（ % ） | 58.53 | 13.00 | 67.14 | 19.44 | 15.94 | | EPS- 最新摊薄（元 / 股） ...

来源：公司年报、国金证券研究所 聚和材料 (688503.SH) 买入（维持评级） 业绩符合预期，盈利能力、经营质量 新能源与电力设备组 分析师： 姚遥（执业 S1130512080001） yaoy@gizq.com.cn 业绩简评 2024 年 8 月 27 日，公司发布 2024 年半年报。24H1 公司实现营业 收入 67.65 亿元，同比+61.79%；实现归母净利润 2.99 亿元，同 比+11.08%；其中 Q2 实现营业收入 38.12 亿元，同比+58.98%；实 现归母净利润 2.23 亿元，同比+53.61%，业绩符合预期。 经营分析 N 型出货占比持续提升，公司盈利能力显著改善：2024 上半年公 司光伏导电银浆出货量达 1163 吨，同比增长 38.1%，其中 N 型出 货占比为 70%，N 型占比提升叠加高毛利 LECO 产品快速上量，推 动公司银浆产品单位毛利环比明显提升，Q2 公司实现毛利率 13.0%，环比+4.7PCT。同时公司成本管控能力持续提升，盈利能力 显著改善，公司 Q2 单季度实现净利率 5.9%，环比+3.3PCT，并且 公司通过上下游结构优化和对客户回款的风险 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 500 million yuan, representing a 25% growth compared to the same period last year[1]. - The company's revenue for the first half of 2024 reached CNY 6.76 billion, an increase of 61.79% compared to the same period last year[16]. - The net profit attributable to shareholders for the first half of 2024 was CNY 299 million, up 11.08% year-on-year[16]. - The net profit after deducting non-recurring gains and losses was CNY 330 million, representing a 65.94% increase from the previous year[16]. - The basic earnings per share after deducting non-recurring gains and losses was CNY 1.38, an increase of 68.29% year-on-year[17]. - The company achieved a gross margin of 22%, up from 18% in the previous year, reflecting improved operational efficiency[9]. - The company reported a net cash flow from operating activities of -CNY 526 million, an improvement of CNY 595 million compared to the same period last year[18]. User Growth and Market Expansion - User data indicates a 15% increase in active users, reaching 1.2 million by the end of the reporting period[1]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[1]. - The company plans to expand its market presence in Europe and North America, targeting a 30% increase in market share by 2025[9]. - User data indicates a 40% increase in customer adoption of the new PERC solar panels, contributing to overall sales growth[9]. Research and Development - Research and development expenses increased by 30%, totaling 50 million yuan, to support new technology initiatives[1]. - Research and development investments in new technologies, including TOPCon and HJT solar cells, are expected to exceed $50 million in the next fiscal year[9]. - The company's R&D investment as a percentage of revenue was 6.05%, a decrease of 0.57 percentage points year-on-year[17]. - The company achieved a total R&D investment of ¥409,472,712.13, representing a 47.93% increase compared to ¥276,802,737.82 in the same period last year[34]. Product Development and Innovation - New product launches are expected to contribute an additional 100 million yuan in revenue, with a focus on innovative materials[1]. - The company has established a comprehensive product system for photovoltaic conductive silver paste, meeting the demand for various high-efficiency solar cells, including P-type PERC and N-type TOPCon cells[21]. - The company has successfully developed new products such as encapsulation adhesives and insulation adhesives for photovoltaic modules, which are now in large-scale production with leading performance advantages[21]. - The company has made important technological advancements in high-temperature and ultra-low-temperature paste for X-BC screen printing and perovskite stacked cells, reducing contact resistance[21]. Strategic Partnerships and Acquisitions - A new strategic partnership has been established with a leading technology firm to enhance product offerings and market reach[1]. - The company is exploring potential acquisitions to strengthen its supply chain and expand its product portfolio, with a focus on companies in the renewable energy sector[9]. - A strategic partnership with a leading battery manufacturer is expected to enhance the company's product offerings and drive innovation in energy storage solutions[9]. Financial Stability and Risks - The company has maintained a strong balance sheet with a debt-to-equity ratio of 0.3, indicating financial stability[1]. - No significant risks were identified that could impact the company's operations during the reporting period[1]. - The company is facing risks related to potential anti-dumping investigations in Southeast Asia, which could impact production capacity utilization[50]. Environmental and Social Responsibility - The company invested 1.6032 million yuan in environmental protection during the reporting period[77]. - The company reduced carbon emissions by 635.222 tons through clean energy initiatives[81]. - The cumulative power generation from solar panels installed on the factory roof reached approximately 638,800 kWh in the first half of 2024[82]. - The company has committed to fulfilling its environmental responsibilities and enhancing employee awareness of environmental protection[80]. Shareholder and Governance Commitments - The company has established measures to ensure compliance with shareholding commitments, including potential penalties for violations[89]. - The company will ensure that any profits from unauthorized share sales will be surrendered to the company, with legal actions available for enforcement[90]. - The company has committed to distributing at least 10% of the distributable profits as cash dividends annually, ensuring that the cumulative cash dividends over the last three years are no less than 30% of the average annual distributable profits during that period[93]. - The company has implemented a 2023 restricted stock incentive plan to enhance corporate governance and motivate key personnel[95].

证券代码：688503 证券简称：聚和材料 公告编号：2024-080 常州聚和新材料股份有限公司 关于核心技术人员离职的公告 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： 1、常州聚和新材料股份有限公司（以下简称"公司"或"聚和材料"）核 心技术人员朱立波先生近日因个人原因申请辞去所任职务，并办理完成离职手 续。离职后，朱立波先生不再担任公司任何职务。 2、朱立波先生与公司签有保密及竞业限制相关协议，不存在涉及职务发明 专利权属纠纷或潜在纠纷的情形，其离职不会影响公司专利权等知识产权的完整 性。 3、朱立波先生负责的工作已完成交接，公司研发团队具备后续技术研发和 产品开发能力，目前公司的技术研发和日常经营均正常进行，其离职不会对公司 持续经营能力、技术优势及核心竞争力产生实质性影响。 4、根据公司发展战略、经营策略、结构优化调整等因素综合考虑，公司本 次暂不新增其他核心技术人员。 一、核心技术人员离职的具体情况 公司核心技术人员朱立波先生近日因个人原因申请辞去所任职务，并办理完 成离职手续。离职后，朱立 ...

主席及聘任高级管理人员、证券事务代表的公告 证券代码：688503 证券简称：聚和材料 公告编号：2024-076 常州聚和新材料股份有限公司 关于选举公司董事长、董事会各专门委员会成员、监事会 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 日公 司召开第四届董事会第一次会议，审议通过了《关于选举公司第四届董事会董事 长的议案》《关于选举公司董事会专门委员会委员的议案》《关于聘任公司总经 理的议案》《关于聘任公司副总经理的议案》《关于聘任公司财务负责人的议案》 《关于聘任公司董事会秘书的议案》《关于聘任证券事务代表的议案》，同日召 开第四届监事会第一次会议审议通过了《关于选举公司第四届监事会主席的议 案》，选举产生了公司第四届董事会董事长、董事会各专门委员会委员、监事会 主席，并聘任公司高级管理人员及证券事务代表，具体情况如下： 一、董事长选举情况 2024 年 8 月 26 日公司召开第四届董事会第一次会议，审议通过了《关于选 举公司第四届董 ...

常州聚和新材料股份有限公司 2024年半年度募集资金存放与实际使用情况的专项报告 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。 根据《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》《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》等相关法律、法规以及规范性文件规定，常 州聚和新材料股份有限公司（以下简称"公司"或"聚和材料"）编制了截至 2024 年 6 月 30 日的《2024 年度半年度募集资金存放与实际使用情况的专项报 告》，具体如下： 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 证券代码：688503 证券简称：聚和材料 公告编号：2024-078 根据中国证券监督管理委员会于 2022 年 10 月 18 日出具的《关于同意常州 聚和新材料股份有限公司首次公开发行股票注册的批复》（证监许可[2022]2504 号），公司获准向社会公开发行人民币普通股 28,000,000 股，发行价格为人民币 110.00 元/股，募 ...