Core Viewpoint - The precious metals industry in China is experiencing growth driven by increasing demand in various sectors, including technology and high-end manufacturing, despite a slight decrease in gold consumption in 2024 [1][10]. Group 1: Industry Definition and Classification - Precious metals include gold (Au), silver (Ag), platinum (Pt), palladium (Pd), ruthenium (Ru), rhodium (Rh), iridium (Ir), and osmium (Os), with platinum group metals being particularly significant [2][4]. - Precious metals are categorized into light and heavy precious metals, and they are utilized in various forms such as catalysts, pastes, and electrical contact materials [2]. Group 2: Industry Development Status - Precious metals are crucial raw materials for technology and high-end manufacturing, with platinum group metals being limited in supply [4][6]. - In 2023, China's precious metal mineral reserves were approximately 75,000 tons, with silver accounting for about 95% and platinum group metals only 0.11% [4]. Group 3: Market Demand and Supply - China is the world's largest consumer of platinum, with a total demand of 69.5 tons in 2023, a year-on-year increase of 4.35%, while the total supply was 103.9 tons [6]. - The supply of palladium in China was 31.4 tons in 2023, with a consumption of 85.5 tons, indicating a supply-demand imbalance [6]. Group 4: Market Size and Growth - The market size for China's precious metals industry is projected to reach 1,763.497 billion yuan in 2024, an increase of 102.794 billion yuan from 2023, with expectations of approximately 1,873.371 billion yuan in 2025 [10]. Group 5: Competitive Landscape - The precious metals market in China features a mix of large multinational corporations and domestic leaders, with significant competition among various manufacturers [14]. - Key players in the market include Guoyan Platinum Industry, Yuyuan New Materials, and Juhe Materials, among others [14][17]. Group 6: Industry Trends - The demand for precious metals as safe-haven assets is expected to remain strong due to ongoing global economic recovery and financial market uncertainties [10][22]. - The rapid development of new energy and high-tech industries is anticipated to expand the applications of precious metals, contributing to market growth [22].

Core Viewpoint - 聚和材料 is currently facing a decline in stock price, with a significant drop since its IPO, indicating potential challenges in market performance and investor confidence [1][2]. Group 1: Company Overview - 聚和材料 was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 9, 2022, with an initial public offering (IPO) of 28 million shares at a price of 110.00 yuan per share [1]. - The total market capitalization of 聚和材料 is currently 7.975 billion yuan [1]. - The company raised a total of 308 million yuan from its IPO, with a net amount of 292.01 million yuan after deducting issuance costs [1]. Group 2: Financial Performance - The actual net fundraising amount exceeded the initial target by 189.33 million yuan, indicating strong investor interest at the time of the IPO [1]. - The company plans to use the raised funds for a project to produce 3,000 tons of conductive silver paste, upgrade its engineering technology center, and supplement working capital [1]. Group 3: Shareholder Returns - On May 19, 2023, 聚和材料 announced a profit distribution plan, distributing a cash dividend of 0.538 yuan per share and a capital reserve increase of 0.48 shares for every share held, totaling 60.21 million yuan in cash dividends and 53.72 million shares in capital increase [2]. - The total share capital after this distribution will be 165.63 million shares [2]. - For the 2023 annual profit distribution, the company plans to distribute a total of 180.04 million yuan in cash dividends, adjusting the per-share distribution to 1.13104 yuan [3].

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"或"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，并出具本持续督导跟踪报告。 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， 并针对具体的持续督导工作制定相应的 | 保荐机构已建立健全并有效执行了持续 | | | 工作计划 | 督导工作制度，并制定了相应的工作计划 | | | 根据中国证监会相关规定，在持续督导工 | 保荐机构已与公司签订保荐协议，约定了 | | | 作开始前，与上市公司或相关当事人签署 | 保荐机构在持续督导期内，持续督导公司 | | 2 | 持续督导协议，明确双方在持续督导期间 | 规范运作、信守承诺和信息披露等义务， | | | 的权利义务，并报上海证券交易 ...

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 2024 年年度股东大会会议资料 2025 年 05 月 常州聚和新材料股份有限公司 2024 年年度股东大会会议资料目录 | 2024 | 年年度股东大会会议须知 | | 2 | | --- | --- | --- | --- | | 2024 | 年年度股东大会会议议程 | 4 | | | 2024 | 年年度股东大会会议议案 | 6 | | | | 议案一：关于 2024 | 年度董事会工作报告的议案 6 | | | | 议案二：关于 2024 | 年度监事会工作报告的议案 | 14 | | | 议案三：关于 2024 | 年度独立董事履职情况报告的议案 | 18 | | | 议案四：关于 2024 | 年度财务决算报告的议案 | 19 | | | 议案五：关于 2024 | 年年度报告及其摘要的议案 | 25 | | | 议案六：关于 2024 | 年度利润分配预案的议案 | 26 | | | 议案七：关于公司董事 | 2024 年度薪酬确认及 2025 年度薪酬方案的议案 | . 28 | | | 议案八：关于公司监事 | 20 ...

Core Insights - The average annual salary of A-share chairpersons shows a significant concentration in the range of 1 million to 2 million yuan, with 1,402 individuals, accounting for one-third of the total [1][4] - The total disclosed annual salary for 4,231 listed companies reached 5.789 billion yuan, with 13 chairpersons earning over 10 million yuan [1][4] - The number of chairpersons with annual salaries exceeding 10 million yuan has decreased from 27 in 2022 to 16 in 2023, and further down to 13 in 2024 [4] Salary Distribution - The top three highest-paid chairpersons are from the biopharmaceutical industry, with WuXi AppTec's chairman earning 41.8 million yuan, followed by Mindray Medical's chairman at 24.939 million yuan, and BeiGene's chairman at 20.1938 million yuan [2][3] - The salary distribution is characterized by an olive-shaped curve, with fewer individuals earning higher salaries; for instance, there are 381 individuals earning between 2 million and 3 million yuan, and only 67 earning between 4 million and 5 million yuan [6] Salary Changes - A total of 3,765 chairpersons had comparable salaries from 2023 to 2024, with 1,377 experiencing a decrease (37%) and 1,985 seeing an increase (58%) [8] - Notable salary reductions were observed among high-earning chairpersons, with some experiencing declines of over 90% due to poor company performance [9][10] Industry Performance - The salary trends reflect a dichotomy in industry performance, with high salaries in thriving sectors like media, electronics, and pharmaceuticals, while industries like real estate and finance are facing salary cuts [11][13] - The average salary for chairpersons in the media industry was 1.78 million yuan, the highest among 31 sectors, while the average salary in the construction and defense sectors was below 1 million yuan [12][13]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 12.488 billion yuan in 2024, representing a year-on-year growth of 21%. However, the net profit attributable to shareholders was 418 million yuan, a decrease of 5% year-on-year. In Q4 2024, the revenue was 2.661 billion yuan, down 8% year-on-year, with a net profit of -3 million yuan. For Q1 2025, the revenue was 2.994 billion yuan, showing a 1% increase year-on-year, while the net profit was 90 million yuan, up 18% year-on-year [2][4]. Financial Performance Summary - In 2024, the company achieved a total revenue of 12.488 billion yuan, with a gross profit of 1.086 billion yuan, resulting in a gross margin of 9%. The operating profit was 483 million yuan, accounting for 4% of revenue. The net profit attributable to shareholders was 418 million yuan, with an EPS of 1.77 yuan [17]. - The company plans to increase its revenue to 13.112 billion yuan in 2025, with projections for further growth to 17.046 billion yuan in 2026 and 20.455 billion yuan in 2027 [17]. R&D and Product Development - The company maintained its industry-leading position in photovoltaic conductive paste, with a total output of 2,024 tons in 2024, of which 1,576 tons were N-type photovoltaic conductive paste, accounting for 77.87% of the total output. The R&D investment for 2024 was 842 million yuan, representing 6.74% of revenue [10]. - The company has made significant advancements in various technology routes, including TOPCon, HJT, and X-BC, and has introduced copper paste products for photovoltaic cells, which are currently undergoing testing with major clients [10]. Market Outlook - The company is expected to see steady progress in copper paste development, with stable processing fees for silver paste. The non-photovoltaic segment is anticipated to gradually contribute to profitability, with expectations for significant turnaround in 2025 [10].

Core Viewpoint - The company has demonstrated stable operational performance and is focusing on technological innovation and market expansion in the photovoltaic materials sector, particularly in conductive pastes for solar cells [1][2][3] Group 1: Financial Performance - In 2024, the company achieved revenue of 12.488 billion yuan, a year-on-year increase of 21.35%, while net profit attributable to shareholders was 418 million yuan, a decline of 5.45% [1] - For Q1 2025, revenue reached 2.994 billion yuan, a year-on-year growth of 1.38%, with net profit attributable to shareholders increasing by 18.24% to 89.653 million yuan [1] - The company plans to distribute a cash dividend of 4.34 yuan per 10 shares, totaling an estimated 100 million yuan [1] Group 2: Market Position and Product Development - The company maintained a stable market share in the photovoltaic conductive paste sector, with N-type products accounting for 78% of sales in 2024 and over 95% in Q1 2025 [1] - The company is investing 12 billion yuan to build a high-end photovoltaic electronic materials base, enhancing its capacity for large-scale production of electronic-grade metal powders [2] - The company has made significant advancements in various technologies, including TOPCon, HJT, and X-BC, and is actively developing copper paste products to reduce costs and improve efficiency [2][3] Group 3: R&D and Innovation - R&D investment reached 842 million yuan in 2024, accounting for 6.74% of revenue, with a focus on developing a comprehensive self-research system [1] - The company is committed to technological innovation, with ongoing development in low-silver and silver-free technologies, aiming to lead the industry in cost reduction and efficiency [2] - The company has successfully developed new adhesive products for photovoltaic modules, enhancing its product offerings and customer loyalty [2] Group 4: International Expansion - In 2024, overseas revenue accounted for approximately 7% of total revenue, with significant market presence in India and Europe [1][3] - The company has established strong customer relationships in international markets, positioning itself as a recognized brand in the photovoltaic materials sector [1] - Future growth in overseas markets is anticipated as the company continues to expand its customer base and product offerings [3]

Core Insights - The company reported a revenue of 12.488 billion in 2024, a year-on-year increase of 21.4%, while the net profit attributable to shareholders was 418 million, a decrease of 5.4% [1] - The fourth quarter of 2024 saw a revenue of 2.661 billion, a year-on-year decline of 7.9% and a quarter-on-quarter decline of 13.1%, with a net profit of -3 million, a significant drop of 340.6% year-on-year and 102.5% quarter-on-quarter [1] - The first quarter of 2025 showed a revenue of 2.994 billion, a year-on-year increase of 1.4% and a quarter-on-quarter increase of 12.5%, with a net profit of 90 million, up 18.2% year-on-year and a remarkable 3012.0% quarter-on-quarter [1] Revenue Breakdown - In 2024, the photovoltaic conductive paste business generated a revenue of 12.32 billion, a year-on-year increase of 21%, with a shipment of 2024 tons, a slight increase of 1% [2] - The revenue growth outpaced shipment growth due to a significant rise in silver powder prices, with a unit price of 6087 yuan/kg [2] - Other electronic specialty paste business achieved a revenue of 70 million, a substantial increase of 170%, with a gross margin of 22.3%, up 6.7 percentage points year-on-year [2] Product Development and Future Growth - The company is continuously upgrading its product iterations and accelerating the introduction of new technologies to create future growth curves [3] - New products are being introduced to customers, with mass production expected to accelerate, including a packaging positioning adhesive developed for new photovoltaic components [3] - The company has made breakthroughs in "seed layer + copper paste" technology, achieving comparable battery efficiency to silver paste under the same silver consumption conditions, with small batch shipments already initiated [3] - The company anticipates benefiting from the trend towards reduced silver or silver-free materials in the industry, which is expected to enhance the penetration rate of low-cost metal pastes [3] Profit Forecast and Investment Rating - The company has revised its profit forecast, expecting net profits attributable to shareholders of 500 million, 600 million, and 690 million for 2025-2027, reflecting year-on-year growth of 18%, 22%, and 15% respectively [3] - The current stock price corresponds to price-to-earnings ratios of 16, 13, and 11 for the years 2025, 2026, and 2027 [3] - The investment rating is maintained at "Buy" [3]

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a mixed performance with revenue growth but a decline in net profit for 2024. The increase in revenue is attributed to the growth in the photovoltaic conductive paste market driven by renewable energy transition and technological upgrades in N-type battery technology [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 12.488 billion yuan, a year-on-year increase of 21.35%. However, the net profit attributable to shareholders was 418 million yuan, a decrease of 5.45%. The net profit excluding non-recurring items was 406 million yuan, an increase of 2.52% [1]. - For Q1 2025, the company reported operating revenue of 2.994 billion yuan, a year-on-year increase of 1.38%. The net profit attributable to shareholders was 90 million yuan, an increase of 18.24%, while the net profit excluding non-recurring items was 89 million yuan, an increase of 5.90% [1]. Product and Market Development - The company's main product, photovoltaic conductive paste, generated revenue of 12.321 billion yuan in 2024, reflecting a year-on-year increase of 20.75%. The total shipment of photovoltaic conductive paste reached 2024 tons, with N-type conductive paste accounting for 1,576 tons, representing 77.87% of the total shipments [1]. - The company is investing 1.2 billion yuan to establish a "high-end photovoltaic electronic materials base project" in Changzhou, which will enable large-scale production of electronic-grade metal powders. Additionally, a 300 million yuan investment is planned for a "special electronic functional materials factory and R&D center" [2]. Innovation and Future Growth - The company has pioneered the production of copper paste products for the photovoltaic sector, including pure copper paste and silver-coated copper paste, which significantly reduce battery metallization costs and fragment rates. These products have shown excellent performance in reliability tests and are expected to achieve large-scale shipments, providing new growth momentum for the industry [2]. - Profit forecasts for the company indicate expected net profits of 499 million yuan, 607 million yuan, and 747 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 2.06, 2.51, and 3.09 yuan, and PE ratios of 15.50, 12.74, and 10.36 times [2].

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 42.37 CNY [2][10]. Core Views - The company reported a revenue of 12.488 billion CNY for 2024, representing a year-on-year increase of 21.35%, while the net profit attributable to shareholders was 418 million CNY, a decrease of 5.45% year-on-year [2]. - In Q4 2024, the company experienced a revenue decline of 7.95% year-on-year and a significant 13.07% quarter-on-quarter drop, resulting in a net loss of 0.03 million CNY [2]. - The first quarter of 2025 showed signs of recovery with a revenue of 2.994 billion CNY, a year-on-year increase of 1.38% and a quarter-on-quarter increase of 12.50%, alongside a net profit of 90 million CNY, up 18.24% year-on-year [2]. - The company has improved its silver paste shipment volume, with a significant increase in the proportion of N-type silver paste, reaching 95% in Q1 2025 [10]. Financial Summary - The company’s total revenue is projected to grow from 12.488 billion CNY in 2024 to 16.599 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 7.2% [5]. - The net profit attributable to shareholders is expected to increase from 418 million CNY in 2024 to 743 million CNY in 2027, reflecting a CAGR of 18.7% [5]. - The earnings per share (EPS) is forecasted to rise from 1.73 CNY in 2024 to 3.07 CNY in 2027, indicating a positive growth trajectory [5]. Market Position and Strategy - The company is positioned as a leader in the silver paste market, with a strong market share and a robust product portfolio that includes innovative copper paste products [10]. - The company is expanding its product matrix and upstream supply chain by investing in metal powder and inorganic powder production capacities, as well as developing adhesive products for photovoltaic applications [10]. - The report highlights the potential for the company to enhance its performance through technological advancements and new product introductions, particularly in the copper paste segment [10].