资料来源：万得，信达证券研发中心预测;股价为 2024 年 04 月 01 日收盘价 请阅读最后一页免责声明及信息披露 http://www.cindasc.com2 [Table_Introduction] | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------|-------|---------|--------|--------|-----------------------|-----------------------|--------|---------|-----------|------------------|------------------| | [资Ta产bl负e_ 债Fi表 nance] \n会计年度 | 2022A | \n2023A | 2024E | 2025E | 单位:百万元 \n 2026E | 利润表 \n 会计年度 | 2022A | \n2023A | \n 2024E | 单位 : \n ...

Investment Rating - The report maintains a "Buy" rating for the company, considering the expected performance over the next 6 to 12 months [13][16]. Core Insights - The company reported a revenue of 10.29 billion yuan for 2023, representing a year-on-year increase of 58.21%. The net profit attributable to the parent company was 442 million yuan, up 13% year-on-year. However, the fourth quarter of 2023 saw a revenue of 2.89 billion yuan, which was a 77.96% increase year-on-year but a 10.15% decrease quarter-on-quarter. The gross profit margin for 2023 was 9.82%, down 1.73 percentage points from the previous year [14][16]. - The company is expanding its production capacity and enhancing its competitive edge through vertical integration. By the end of 2023, the production capacity reached 3,000 tons, with a project in Thailand contributing an additional 600 tons. The company has achieved 100% domestic production of PERC silver powder and approximately 50% for TOPCon silver powder [15][16]. - The report projects net profits for 2024, 2025, and 2026 to be 740 million yuan, 880 million yuan, and 1.02 billion yuan, respectively, with growth rates of 67%, 19%, and 16% [16]. Financial Summary - The company's total revenue is forecasted to grow from 10.29 billion yuan in 2023 to 19.74 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 14.93% [6]. - The net profit attributable to the parent company is expected to increase from 442 million yuan in 2023 to 1.02 billion yuan in 2026, reflecting a strong growth trajectory [6][16]. - The earnings per share (EPS) is projected to rise from 2.67 yuan in 2023 to 6.17 yuan in 2026, indicating a significant improvement in shareholder value [6][16].

Fund Utilization and Investments - The company has completed the registration procedures for the private equity investment fund and obtained the investment fund registration certificate[2]. - The company utilized RMB 56,700.00 million of the raised funds for permanent working capital, accounting for 29.97% of the total raised funds from the initial public offering[17]. - As of December 31, 2023, the company has cumulatively used RMB 56,680.44 million of the raised funds for permanent working capital[17]. - The company approved the use of RMB 32,248.30 million of raised funds for new project investments in July 2023[18]. - As of December 31, 2023, the company has cumulatively used RMB 3,102.65 million of raised funds for the new investment projects[18]. Project Investments - The company’s project for producing 3,000 tons of conductive silver paste has an investment total of RMB 27,287.00 million, with a cumulative investment of RMB 17,780.06 million, achieving 65.16% of the planned investment[12]. - The company’s high-end photovoltaic electronic materials base project has an investment total of RMB 22,352.05 million, with a cumulative investment of RMB 2,546.65 million, achieving 11.39% of the planned investment[12]. - The company’s specialized electronic functional materials factory and R&D center project has an investment total of RMB 9,896.25 million, with a cumulative investment of RMB 556.00 million, achieving 5.62% of the planned investment[13]. - The company’s engineering technology center upgrade project has an investment total of RMB 5,400.00 million, with a cumulative investment of RMB 5,130.92 million, achieving 95.02% of the planned investment[12]. - The company has not experienced significant changes in project feasibility for the reported projects[12]. Shareholder Information and Capital Changes - The company approved a profit distribution plan on May 10, 2023, distributing a cash dividend of CNY 0.538 per share and a capital reserve increase of 0.48 shares per share, totaling CNY 60,207,974.89 in cash dividends and 53,717,152 shares in capital reserve increase[22]. - As of the end of the reporting period, the total number of ordinary shareholders increased to 9,202 from 7,603 at the end of the previous month[27]. - The company’s total share capital increased from 111,910,734 shares to 165,627,886 shares following the capital reserve increase[43]. - The lock-up period for certain shareholders has been extended by 6 months, now set to expire on June 9, 2026, affecting major shareholders including Liu Haidong and others[25]. - The number of shares held by the top ten restricted shareholders includes Liu Haidong with 18,321,438 shares, which will be tradable after June 9, 2026[30]. Financial Performance - The company reported a total revenue of 1,017,882 million RMB for the latest period, with a significant increase compared to previous quarters[45]. - User data indicates that the company has 330,124 million RMB in user-related revenue, reflecting a strong user engagement[45]. - The company has provided a future outlook with a revenue guidance of 763,411 million RMB for the upcoming quarter, indicating a growth strategy[45]. - The consolidated revenue for 2023 was RMB 1,029,036.57 million, indicating a significant performance metric for the company[60]. - The net profit for the reporting period was 441,105,521.31, an increase from 391,207,701.49, representing a growth of approximately 12.8%[73]. Cash Flow and Liquidity - The company has a strong cash position, with 1,480,000 million RMB available for strategic investments and operational needs[51]. - The net cash flow from operating activities was negative at approximately -¥2.66 billion, worsening from -¥1.21 billion in 2022[184]. - The total cash inflow from investment activities in 2023 was 5,847,507,138.08 RMB, significantly higher than 1,100,476,965.19 RMB in 2022, reflecting increased investment recovery[187]. - The total cash and cash equivalents at the end of 2023 were 298,866,425.19 RMB, down from 681,794,104.40 RMB at the end of 2022, indicating a decline in liquidity[187]. Research and Development - Research and development expenses rose to ¥294,477,856.78 in 2023, compared to ¥214,394,394.27 in 2022, reflecting a growth of approximately 37.4%[71]. - The company has allocated resources for new product development and market expansion strategies to enhance competitive advantage[71]. Corporate Governance and Social Responsibility - The company emphasizes its commitment to social responsibility and modern corporate governance, focusing on creating value for industry, customers, employees, and communities[112]. - The company has established a dedicated EHS department to implement effective environmental strategies, including energy conservation and waste management systems[113]. - The company has made donations to support education in impoverished areas, reflecting its commitment to community welfare[112]. Shareholder Returns and Incentives - The cash dividend amount (including tax) distributed is ¥180.04 million, accounting for 40.72% of the net profit attributable to ordinary shareholders[135]. - The company granted 2,050,500 restricted stock incentives during the reporting period, with a grant price of 47.04 per share[80]. - The company has not achieved the trigger value for the restricted stock incentive plan during the reporting period[136].

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常州聚和新材料股份有限公司 审计报告及财务报表 二〇二三年度 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（htp://acc.mof.gov.cn）"进行查理 t and the state 常州聚和新材料股份有限公司 审计报告及财务报表 (2023 年 01 月 01 日至 2023 年 12 月 31 日止) | 目录 | 页次 | | --- | --- | | 审计报告 | l-5 | | 财务报表 | | | 合并资产负债表和母公司资产负债表 | 1-4 | | 合并利润表和母公司利润表 | 5-6 | | 合并现金流量表和母公司现金流量表 | 7-8 | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | 财务报表附注 | 1-105 | 立信会计师事务所(特殊普通合伙) DO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LLP 审计报告 信会师报字[2024]第 ZF10156 号 常州聚和新材料股份有限公司全体股东: 一、审计意见 我们审计了常州聚和新材料股份有限公司(以下简称聚和材料) 财务报表,包括 202 ...

常州聚和新材料股份有限公司 截至 2023 年 12 月 31 日止 募集资金使用情况报告及鉴证报告 您可使用手机"扫一扫"或进入"注册会计师行业统一些管亚会（L- erig 立信会计师事务所(特殊普通合伙) BDO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LLP 关于常州聚和新材料股份有限公司 2023年度募集资金存放与使用情况专项报告的鉴证报告 信会师报字[2024]第ZF10158号 常州聚和新材料股份有限公司全体股东: 我们接受委托,对后附的常州聚和新材料股份有限公司(以下简 称"聚和材料") 2023年度募集资金存放与使用情况专项报告(以下 简称"募集资金专项报告")执行了合理保证的签证业务。 一、董事会的责任 聚和材料公司董事会的责任是按照中国证券监督管理委员会《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(2022年修订)》(证监会公告(2022)15 号)、《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》以及《上海证券 交易所上市公司自律监管指南第1 号 -- 公告格式》的相关规定编制 募集 ...

证券代码：688503 证券简称：聚和材料 公告编号：2024-024 常州聚和新材料股份有限公司 关于公司董事、监事、高级管理人员2023年度薪酬确认 及2024年度薪酬方案的公告 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。 常州聚和新材料股份有限公司（以下简称"公司"）根据《上海证券交易所科 创板股票上市规则》相关法律法规和《常州聚和新材料股份有限公司章程》（以 下简称"《公司章程》"）《常州聚和新材料股份有限公司薪酬与考核委员会实施 细则》等公司相关制度，结合公司经营规模等实际情况并参照公司所处行业的薪 酬水平，经公司董事会薪酬与考核委员会审核，公司于2024年3月28日召开了第 三届董事会第二十一次会议与第三届监事会第十七次会议，分别审议《关于公司 董事2023年度薪酬确认及2024年度薪酬方案的议案》《关于公司高级管理人员 2023年度薪酬确认及2024年度薪酬方案的议案》《关于公司监事2023年度薪酬确 认及2024年度薪酬方案的议案》。其中，通过了公司高级管理人员2023年度薪酬 确认及2024年度薪酬方 ...

常州聚和新材料股份有限公司 董事会审计委员会对立信会计师事务所（特殊普通合伙） 2023年度履行监督职责情况报告 在执行审计工作的过程中，立信就会计师事务所和相关审计人员的独立性、 审计项目组的人员构成、审计计划、审计过程中发现的重大事项、关键审计事 项、审计调整事项、总体审计结论等与公司管理层和治理层进行了沟通。立信 审计项目组成员具备实施本次审计工作的专业知识和从业资格，能够胜任本次 审计工作。 立信按照业务约定书，并遵循会计、审计准则和其他执业规范要求，对公 司 2023 年度财务报告及截至 2023 年 12 月 31 日的财务报告内部控制的有效性 进行了审计，同时对公司募集资金存放与实际使用情况、控股股东及其他关联 方占用资金情况等进行核查并出具了专项报告。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》《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》和常州聚和新材料股份有限 公司（以下简称"公司"）的《公司章程》等规定和要求，董事会审计委员会本 着勤勉尽责的原则，恪尽职守，认真履职。现将董事会审计委员会对 ...

证券代码：688503 证券简称：聚和材料 公告编号：2024-019 常州聚和新材料股份有限公司 第三届监事会第十七次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 常州聚和新材料股份有限公司（以下简称"公司"）第三届监事会第十七次会 议（以下简称"本次会议"）于2024年3月28日在公司会议室以现场与通讯相结 合的方式召开。本次会议通知于2024年3月18日以邮件方式发出，本次会议应出 席监事5人，实际出席监事5人。本次会议由监事会主席李宏伟先生主持。本次会 议的召集、召开程序均符合《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》（以下简称"《证券法》"）《常州聚和新材料股份有 限公司章程》（以下简称"《公司章程》"）的规定，会议决议合法、有效。 二、监事会会议审议情况 经与会监事审议和表决，会议形成决议如下： （一）审议通过《关于2023年度监事会工作报告的议案》 2023年度，监事会根据《公司法》《证券法》《上海证券交易所科创板股票上 市规则》《上海 ...

证券代码：688503 证券简称：聚和材料 公告编号：2024-027 常州聚和新材料股份有限公司 第三届董事会第二十一次会议决议公告 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、董事会会议召开情况 常州聚和新材料股份有限公司（以下简称"公司"）第三届董事会第二十一 次会议（以下简称"本次会议"）于2024年3月28日在公司会议室以现场与通讯 相结合的方式召开。本次会议通知于2024年3月18日以邮件方式发出。本次会议 由董事长刘海东先生召集并主持，应出席本次会议的董事9人，实际出席的董事9 人，公司监事、全体高级管理人员列席了本次会议。本次会议的召集、召开程序 均符合《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》（以下简称"《证券法》"）等相关法律法规、规范性文件及《常 州聚和新材料股份有限公司章程》（以下简称"《公司章程》"）的规定，会议 决议合法、有效。 二、董事会会议审议情况 经与会董事审议和表决，会议形成决议如下： （一）审议通过《关于2023年度总经理工作报告的议案》 经 ...