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].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Insights - The company achieved a revenue of 12.488 billion yuan in 2024, representing a year-on-year growth of 21.35%. However, the net profit attributable to shareholders decreased by 5.45% to 418 million yuan. The first quarter of 2025 showed a revenue of 2.994 billion yuan, a year-on-year increase of 1.38% and a quarter-on-quarter increase of 12.50%, with a net profit of 90 million yuan, up 18.24% year-on-year [1][2]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 12.488 billion yuan, with a net profit of 418 million yuan. The first quarter of 2025 saw revenue of 2.994 billion yuan and a net profit of 90 million yuan [1][5]. - Revenue projections for 2025, 2026, and 2027 are estimated at 14.136 billion yuan, 15.213 billion yuan, and 16.401 billion yuan, respectively, with corresponding net profits of 496 million yuan, 658 million yuan, and 840 million yuan [4][11]. Product Development - The company has maintained its leading position in the photovoltaic conductive paste market, with a total output of 2,024 tons in 2024, a year-on-year increase of 1.06%. The N-type conductive paste accounted for 77.87% of the total output, generating revenue of 12.321 billion yuan, up 20.75% year-on-year [2][3]. - The introduction of copper paste products is expected to accelerate, with the company having developed mass-producible copper paste for photovoltaic applications, which has shown competitive efficiency compared to silver paste [3][4]. Market Position and Strategy - The company is positioned as a leader in the photovoltaic paste industry, with ongoing innovations and a comprehensive solution for various mainstream battery technologies. The expansion into copper paste is anticipated to enhance profitability as the industry seeks cost reductions [2][4]. - The company is also developing non-photovoltaic conductive paste products, enhancing its product portfolio and market reach [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a sequential increase in shipments, and new technologies are expected to achieve breakthroughs [1] - The company is maintaining its leading position in the industry with a projected revenue growth of 21.35% in 2024 and a net profit growth of 18.56% in 2025 [8] - The company is investing significantly in R&D, with an expected expenditure of 8.42 billion RMB in 2024, which is 6.74% of its revenue [8] Financial Performance Summary - Total revenue is projected to reach 12.49 billion RMB in 2024, with a year-on-year increase of 21.35% [1] - The net profit attributable to the parent company is expected to be 4.18 billion RMB in 2024, reflecting a decrease of 5.45% compared to the previous year [1] - The earnings per share (EPS) is forecasted to be 1.73 RMB in 2024, with a P/E ratio of 18.35 [1] Shipment and Market Position - The company achieved a shipment of 2,024 tons of materials in 2024, maintaining a leading market share, with N-type materials accounting for 77.87% of total shipments [8] - The company anticipates a total shipment of over 2,400 tons for the year, sustaining its competitive market position [8] Technological Advancements - The company is making progress in new technologies, particularly in copper paste products, which are expected to be mass-produced by the second half of 2025 [8] - The company has successfully conducted multiple reliability tests for its copper paste products, showing promising performance [8] Cash Flow and Dividends - The company plans to distribute a cash dividend of 4.3447 RMB per 10 shares, totaling approximately 100 million RMB, with a payout ratio of 24% [8] - Operating cash flow for Q1 2025 is projected to be -1.2 billion RMB, indicating a significant decrease compared to the previous quarter [8]

Investment Rating - The report maintains a "Recommended" rating for the photovoltaic industry, indicating limited marginal impact from recent developments [1]. Core Insights - The final anti-dumping and countervailing duty rates announced by the U.S. Department of Commerce for solar cells imported from four Southeast Asian countries (Cambodia, Malaysia, Thailand, Vietnam) have generally increased, with some companies facing punitive rates exceeding 3000% due to non-compliance during investigations [1][11][12]. - Despite the increased duty rates, the marginal impact is expected to be limited as companies have already adjusted their export strategies to mitigate risks, and the U.S. remains reliant on imported solar cells due to insufficient domestic production capacity [2][12]. Industry Price Trends Main Material Segment - The average price of polysilicon dense material is reported at 40.0 CNY/kg, and granular material at 38.0 CNY/kg, remaining stable week-on-week [3][37]. - The average price for 182-183.75mm monocrystalline P-type silicon wafers is 1.15 CNY/piece, also stable, while N-type wafers have seen price decreases of up to 6.9% [3][38]. - The average price for 182-183.75mm monocrystalline PERC cells is 0.295 CNY/W, down 1.7% from the previous week [3][43]. Auxiliary Material Segment - The price of 3.2mm coated photovoltaic glass is stable at 22.25 CNY/m², and 2.0mm coated glass at 14.25 CNY/m² [4][53]. - Prices for transparent EVA film, white EVA film, and POE film remain unchanged at 6.14 CNY/m², 6.64 CNY/m², and 8.51 CNY/m² respectively [4][53]. Market Performance Overview Industry and Stock Performance - The overall industry index increased by 0.59%, with the electric equipment sector rising by 2.40% [14][15]. - The top-performing stocks in the electric equipment sector include Fangzheng Electric (+28.20%) and Saimo Intelligent (+19.18%), while Qingdao Zhongcheng saw a significant decline of -20.50% [20][22]. PE Valuation - As of April 25, the electric equipment sector has a PE (TTM) of 23x, with the photovoltaic equipment sector at 17x [25][29]. - The PE valuation percentile for the electric equipment sector is 17.5%, indicating its relative valuation compared to historical data [30][33].