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].

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]