2024 年 4 月 13 日 要点 光伏银浆出货量突破 2000 吨，N 型产品出货量快速提升 事件：公司发布 2023 年年报，2023 年实现营业收入 102.90 亿元，同比增长 58.21%，实现归母净利润 4.42 亿，同比增长 13.00%；2023Q4 实现营业收入 28.91 亿元，同比增长 77.96%，实现归母净利润 0.01 亿元，同比减少 98.56%， 环比减少 99.25%。拟每 10 股派现金红利 10.87 元（含税）并转增 4.8 股。 2023 年光伏导电银浆出货量突破 2000 吨，计提减值阶段性影响公司业绩。 2023 年公司光伏导电银浆出货量为 2002.96 吨，成为行业历史上首家光伏导电 银浆出货量超过 2000 吨的企业，带动板块营业收入同比增长 57.64%至 102.04 亿元，毛利率同比减少 1.77 个 pct 至 9.64%。基于审慎性原则，公司 2023 年 计提减值损失共 0.94 亿元（其中信用减值损失 0.46 亿元，资产减值损失 0.48 亿元），阶段性影响了公司 2023 年的归母净利润表现。 研发投入维持高位，产能建设+布局上游稳步推进 ...

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：2024-001 □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） 线上参与公司2023年年度业绩说明会的全体投资者 参与单位名 称 （具体名单见附件） 时间 2024年4月10日15:30 地点 聚和材料会议室 董事长、总经理 刘海东 上市公司接 ...

2023 年年度股东大会会议资料 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 2023 年年度股东大会会议资料 2024 年 04 月 2023 年年度股东大会会议资料 常州聚和新材料股份有限公司 2023 年年度股东大会会议资料目录 | 2023 | 年年度股东大会会议须知 | | 2 | | | --- | --- | --- | --- | --- | | 2023 | 年年度股东大会会议议程 | | 4 | | | 2023 | 年年度股东大会会议议案 | | 6 | | | | 议案一：关于 | 2023 | 年度董事会工作报告的议案 6 | | | | 议案二：关于 | 2023 | 年度监事会工作报告的议案 14 | | | | 议案三：关于 | 2023 | 年度独立董事履职情况报告的议案 19 | | | | 议案四：关于 | 2023 | 年度财务决算报告的议案 20 | | | | 议案五：关于 | 2023 | 年年度报告及其摘要的议案 26 | | | | 议案六：关于 | 2023 | 年度利润分配预案的议案 27 | | | | 议案七：关于公司董事 ...

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 2023 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"或"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， 并针对具体的持续督导工作制定相应的 | 保荐机构已建立健全并有效执行了持续 | | | | 督导工作制度，并制定了相应的工作计划 | | | 工作计划 | | | | 根据中国证监会相关规定，在持续督导工 | 保荐机构已与公司签订保荐协议，约定了 | | | 作开始前，与上市公司或相关当事人签署 | 保荐机构在持续督导期内，持续督导公司 | | 2 | 持续督导协议，明确双方在持续督导期间 | 规范运作、信守承诺和信息披露等义务， | | | 的权利义务， ...

Investment Rating - The report assigns a positive investment rating to the company, indicating strong growth potential in the photovoltaic silver paste market [4][10]. Core Insights - The company is positioned as a leading player in the photovoltaic silver paste industry, benefiting from the rapid adoption of N-type batteries, which are expected to drive significant growth in silver paste demand and profitability [7][52]. - The company has successfully completed its domestic production capacity expansion, with plans for further international projects, solidifying its market leadership [88][89]. - The report highlights the increasing market concentration in the silver paste industry, with the top three domestic companies holding approximately 75-80% of the global market share [84]. Financial Performance - Total revenue for 2023 is projected at 10,290 million yuan, with a year-on-year growth of 58.2%. Forecasts for 2024, 2025, and 2026 are 16,178 million yuan, 20,184 million yuan, and 23,474 million yuan, respectively [2]. - The net profit attributable to shareholders for 2023 is expected to be 442 million yuan, reflecting a 13.0% year-on-year increase. Projections for the following years are 692 million yuan in 2024, 819 million yuan in 2025, and 941 million yuan in 2026 [2]. - Earnings per share (EPS) are forecasted to rise from 2.67 yuan in 2023 to 5.68 yuan by 2026, indicating strong profitability growth [2]. Market Dynamics - The N-type battery technology is rapidly penetrating the market, with expectations that its production will surpass PERC batteries by 2024, leading to increased silver paste consumption [30][61]. - The report anticipates that the total demand for photovoltaic silver paste will reach 7,501 tons in 2024, a 16% increase year-on-year, with the market space for silver paste projected to grow to 438 billion yuan, reflecting a 22% increase [61][74]. - The processing fees for N-type silver paste are significantly higher than those for P-type, which is expected to enhance the profitability of silver paste manufacturers [64][76]. Competitive Landscape - The company has established a strong technological foundation with 416 patents, including 375 invention patents, which supports its competitive edge in the silver paste market [89][90]. - The report notes that the silver paste market is highly concentrated, with the top three companies, including the report's subject company, commanding a significant share of the market [84][87]. Production Capacity and Expansion - The company has successfully completed its first phase of a 3,000-ton silver paste production project in Changzhou and is expanding its production capacity internationally, including a 600-ton project in Thailand and a new facility in Yibin [88][89]. - By 2024, the company is expected to achieve a total production capacity exceeding 4,000 tons to meet the growing demand in the industry [88].

[Table_MainInfo] 公司研究/机械工业/新能源板块 证券研究报告 聚和材料（688503）公司年报点评 2024 年 04 月 10 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------------------|--------------| | 股票数据 | | | 04 [ Table_StockInfo 月 09 日收盘价（元） ] | 59.29 | | 52 周股价波动（元） | 35.30-128.78 | | 总股本 / 流通 A 股（百万股） | 166/120 | | 总市值 / 流通市值（百万元） | 9820/7112 | | 相关研究 | | | [Table_ReportInfo] 《 23H1 量 利 齐 升 ， 全 球 化 布 局 加 速 》 | | | 2023.10.10 | | 市场表现 [Table_QuoteInfo] -55.98% -41.98% -27.98% -13.98% 0.02 ...

公 司 研 究 [Table_Reportdate] 2024年04月03日 [Table_invest] 买入（维持） 报告原因：业绩点评 电 力 设 备 与 新 能 源 [Table_QuotePic] -71% -56% -42% -28% -14% 1% 15% 29% 23-04 23-07 23-10 24-01 [聚和材料 Table_NewTitle]（688503）：业绩量利齐升， LECO导入带来新驱动力 ——公司简评报告 ➢ 业绩量利齐升，后续技术迭代有望继续驱动。公司2023年实现营业收入102.9亿元，同比 +58.21%；实现归母净利润4.42亿元，同比+13.00%；实现扣非后归母净利润为3.96亿元， 同比+10.10%。其中，2023Q4营收28.91亿，同比+77.96%；实现归母净利0.01亿，同比 -98.56%，环比-99.25%。 ➢ 银浆出货及收入大幅上升。2023年公司实现光伏银浆收入102.04亿，同比+57.64%；光伏 银浆毛利率为9.64%，同比-1.77pct。2023年公司银浆出货量为2002.96吨，同比+45.76%， 其中2023Q4出货约54 ...

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].