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]

证券研究报告·公司点评报告·光伏设备 聚和材料（688503） 2024 中报点评：N 型占比持续提升，结构优 化+银价上涨盈利改善 2024 年 08 月 28 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 6504 | 10290 | 14760 | 17176 | 19741 | | 同比（ % ） | 27.94 | 58.21 | 43.44 | 16.37 | 14.93 | | 归母净利润（百万元） | 391.21 | 442.08 | 738.90 | 882.57 | 1,023.22 | | 同比（ % ） | 58.53 | 13.00 | 67.14 | 19.44 | 15.94 | | EPS- 最新摊薄（元 / 股） ...

来源：公司年报、国金证券研究所 聚和材料 (688503.SH) 买入（维持评级） 业绩符合预期，盈利能力、经营质量 新能源与电力设备组 分析师： 姚遥（执业 S1130512080001） yaoy@gizq.com.cn 业绩简评 2024 年 8 月 27 日，公司发布 2024 年半年报。24H1 公司实现营业 收入 67.65 亿元，同比+61.79%；实现归母净利润 2.99 亿元，同 比+11.08%；其中 Q2 实现营业收入 38.12 亿元，同比+58.98%；实 现归母净利润 2.23 亿元，同比+53.61%，业绩符合预期。 经营分析 N 型出货占比持续提升，公司盈利能力显著改善：2024 上半年公 司光伏导电银浆出货量达 1163 吨，同比增长 38.1%，其中 N 型出 货占比为 70%，N 型占比提升叠加高毛利 LECO 产品快速上量，推 动公司银浆产品单位毛利环比明显提升，Q2 公司实现毛利率 13.0%，环比+4.7PCT。同时公司成本管控能力持续提升，盈利能力 显著改善，公司 Q2 单季度实现净利率 5.9%，环比+3.3PCT，并且 公司通过上下游结构优化和对客户回款的风险 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 500 million yuan, representing a 25% growth compared to the same period last year[1]. - The company's revenue for the first half of 2024 reached CNY 6.76 billion, an increase of 61.79% compared to the same period last year[16]. - The net profit attributable to shareholders for the first half of 2024 was CNY 299 million, up 11.08% year-on-year[16]. - The net profit after deducting non-recurring gains and losses was CNY 330 million, representing a 65.94% increase from the previous year[16]. - The basic earnings per share after deducting non-recurring gains and losses was CNY 1.38, an increase of 68.29% year-on-year[17]. - The company achieved a gross margin of 22%, up from 18% in the previous year, reflecting improved operational efficiency[9]. - The company reported a net cash flow from operating activities of -CNY 526 million, an improvement of CNY 595 million compared to the same period last year[18]. User Growth and Market Expansion - User data indicates a 15% increase in active users, reaching 1.2 million by the end of the reporting period[1]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[1]. - The company plans to expand its market presence in Europe and North America, targeting a 30% increase in market share by 2025[9]. - User data indicates a 40% increase in customer adoption of the new PERC solar panels, contributing to overall sales growth[9]. Research and Development - Research and development expenses increased by 30%, totaling 50 million yuan, to support new technology initiatives[1]. - Research and development investments in new technologies, including TOPCon and HJT solar cells, are expected to exceed $50 million in the next fiscal year[9]. - The company's R&D investment as a percentage of revenue was 6.05%, a decrease of 0.57 percentage points year-on-year[17]. - The company achieved a total R&D investment of ¥409,472,712.13, representing a 47.93% increase compared to ¥276,802,737.82 in the same period last year[34]. Product Development and Innovation - New product launches are expected to contribute an additional 100 million yuan in revenue, with a focus on innovative materials[1]. - The company has established a comprehensive product system for photovoltaic conductive silver paste, meeting the demand for various high-efficiency solar cells, including P-type PERC and N-type TOPCon cells[21]. - The company has successfully developed new products such as encapsulation adhesives and insulation adhesives for photovoltaic modules, which are now in large-scale production with leading performance advantages[21]. - The company has made important technological advancements in high-temperature and ultra-low-temperature paste for X-BC screen printing and perovskite stacked cells, reducing contact resistance[21]. Strategic Partnerships and Acquisitions - A new strategic partnership has been established with a leading technology firm to enhance product offerings and market reach[1]. - The company is exploring potential acquisitions to strengthen its supply chain and expand its product portfolio, with a focus on companies in the renewable energy sector[9]. - A strategic partnership with a leading battery manufacturer is expected to enhance the company's product offerings and drive innovation in energy storage solutions[9]. Financial Stability and Risks - The company has maintained a strong balance sheet with a debt-to-equity ratio of 0.3, indicating financial stability[1]. - No significant risks were identified that could impact the company's operations during the reporting period[1]. - The company is facing risks related to potential anti-dumping investigations in Southeast Asia, which could impact production capacity utilization[50]. Environmental and Social Responsibility - The company invested 1.6032 million yuan in environmental protection during the reporting period[77]. - The company reduced carbon emissions by 635.222 tons through clean energy initiatives[81]. - The cumulative power generation from solar panels installed on the factory roof reached approximately 638,800 kWh in the first half of 2024[82]. - The company has committed to fulfilling its environmental responsibilities and enhancing employee awareness of environmental protection[80]. Shareholder and Governance Commitments - The company has established measures to ensure compliance with shareholding commitments, including potential penalties for violations[89]. - The company will ensure that any profits from unauthorized share sales will be surrendered to the company, with legal actions available for enforcement[90]. - The company has committed to distributing at least 10% of the distributable profits as cash dividends annually, ensuring that the cumulative cash dividends over the last three years are no less than 30% of the average annual distributable profits during that period[93]. - The company has implemented a 2023 restricted stock incentive plan to enhance corporate governance and motivate key personnel[95].