Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 58.21 CNY [1]. Core Views - The company's performance in Q3 2024 met expectations, with a net profit attributable to shareholders of 421 million CNY, a year-on-year increase of 4.29%, but a quarter-on-quarter decrease of 19.69% [1]. - The revenue for the first three quarters of 2024 was 982.6 million CNY, down 4.47% year-on-year, with a gross margin of 8.92% [1]. - In Q3 2024, the company achieved a revenue of 306.1 million CNY, a year-on-year decline of 28.87% and a quarter-on-quarter decline of 45.30% [1]. - The company has seen a significant increase in shipment volume, exceeding 1600 tons, which is an 11% year-on-year growth, with N-type silver paste shipments accounting for approximately 85% of total shipments [1]. - The company is actively advancing upstream silver powder production capacity to enhance efficiency and reduce costs, with a new glass powder project underway [1]. Financial Summary - The company reported a total revenue of 10,290 million CNY for 2023, with a year-on-year growth rate of 58.2% [3]. - The projected revenues for 2024, 2025, and 2026 are 13,598 million CNY, 18,021 million CNY, and 21,370 million CNY, respectively, with growth rates of 32.1% and 32.5% [3]. - The net profit attributable to shareholders for 2023 was 442 million CNY, with a growth rate of 13.0%, and is expected to rise to 562 million CNY in 2024 [3]. - The company’s earnings per share (EPS) for 2023 was 1.83 CNY, projected to increase to 2.32 CNY in 2024 [3].

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 ...

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].