光大证券股份有限公司 关于南亚新材料科技股份有限公司 2024年年度持续督导跟踪报告 光大证券股份有限公司（以下简称"光大证券"或"保荐人"）作为南亚新材料科 技股份有限公司（以下简称"南亚新材"或"公司"）2022年度向特定对象发行A股股 票的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上 市规则》以及《上海证券交易所上市公司自律监管指引第11号——持续督导》等相关规 定，负责南亚新材的持续督导工作，并出具本持续督导年度跟踪报告。 一、持续督导工作的情况 二、保荐人对公司信息披露审阅的情况 3 光大证券持续督导人员对公司2024年度的信息披露文件进行了事先或事后审阅，包 括年度报告、董事会和监事会会议决议及公告、募集资金使用和管理的相关报告和其他 临时公告等文件，对信息披露文件的内容及格式、履行的相关程序进行了检查。 经核查，保荐人认为，南亚新材严格按照证券监督部门的相关规定进行信息披露， 依法公开对外发布各类定期报告或临时报告，确保各项重大信息的披露真实、准确、完 整、及时，不存在虚假记载、误导性陈述或者重大遗漏。 三、保荐人和保荐代表人发现的问题及整改情况 | 序号 | 项目 ...

Core Viewpoint - The company has reached a performance turning point, with high-end copper-clad laminates driving revenue growth [2] Financial Performance - In 2024, the company achieved a total revenue of 3.362 billion yuan, representing a year-on-year increase of 12.70% [1] - The net profit attributable to the parent company for 2024 was 50 million yuan, marking a return to profitability [1] - In Q1 2025, the company reported revenue of 952 million yuan, a significant year-on-year growth of 45.04% [1] - The net profit attributable to the parent company in Q1 2025 was 21 million yuan, reflecting a year-on-year increase of 109.04% [1] Business Segments - The copper-clad laminate (CCL) business generated revenue of 2.603 billion yuan in 2024, up 11.82% year-on-year, with a gross margin of 3.07%, an increase of 4.32 percentage points [2] - The bonding sheet business achieved revenue of 697 million yuan, a year-on-year increase of 18.11%, with a gross margin of 30.22%, up 4.30 percentage points [2] Industry Context - The U.S. Department of Commerce has added NVIDIA H20 to the export restriction list, which may benefit domestic AI chip manufacturers [3] - The domestic AI chip Ascend 910C has improved packaging technology, enhancing cost efficiency and production speed, crucial for competing with global leaders like NVIDIA [4] - The copper-clad laminate is a core material for printed circuit boards, and bonding sheets are essential for the overall performance of CCL products [5] Technological Advancements - The company has established a domestic supply chain and achieved localization of key raw materials for high-speed products, ensuring material import substitution [6] - The company is advancing the construction of a high-end electronic circuit substrate base in Jiangsu, with a production capacity of 3.6 million square meters of IC substrate materials [6] Profit Forecast - Revenue projections for the company are 4.740 billion yuan in 2025, 5.996 billion yuan in 2026, and 7.555 billion yuan in 2027, with corresponding EPS of 0.89, 2.06, and 3.42 yuan [7] - The current stock price corresponds to PE ratios of 41.6, 18.0, and 10.8 for the years 2025, 2026, and 2027 respectively [7]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [12]. Core Insights - The company has reached an inflection point in performance, with high-end copper-clad laminates (CCL) driving revenue growth. In 2024, the company achieved a revenue of 3.362 billion yuan, a year-on-year increase of 12.70%. The CCL business generated 2.603 billion yuan in revenue, up 11.82%, with a gross margin of 3.07%, an increase of 4.32 percentage points [4][5]. - The first quarter of 2025 saw a significant revenue increase of 45.04% year-on-year, reaching 952 million yuan, with a net profit of 21 million yuan, reflecting a 109.04% increase year-on-year, primarily due to product structure optimization and improved gross margins [4][5]. Summary by Sections Market Performance - The company has shown strong market performance, with a current stock price of 37.04 yuan and a total market capitalization of 8.8 billion yuan. The stock has traded within a 52-week range of 16.68 to 40.29 yuan [1]. Business Developments - The U.S. government's restrictions on AI chip exports, including NVIDIA's H20, present opportunities for domestic AI chip manufacturers, enhancing the company's CCL business performance [6]. - The domestic AI chip Ascend 910C is positioned to compete with global leaders, with a transistor count of 53 billion and a half-precision (FP16) computing power exceeding 800 TFLOPS, achieving 60-80% of NVIDIA's H100 performance [7]. Industry Positioning - The company is a key player in the domestic AI computing power supply chain, focusing on CCL and prepreg products, which are essential for printed circuit board manufacturing [10]. - The company has established long-term partnerships with leading PCB manufacturers and maintains close technical collaborations with major clients in the industry [9]. Financial Forecast - Revenue projections for 2025-2027 are 4.740 billion, 5.996 billion, and 7.555 billion yuan, respectively, with corresponding EPS of 0.89, 2.06, and 3.42 yuan. The current stock price corresponds to PE ratios of 41.6, 18.0, and 10.8 times for the respective years [12][14].

南亚新材料科技股份有限公司 2024 年年度股东大会会议资料 南亚新材料科技股份有限公司 2024 年年度股东大会会议资料 南亞新材 股票代码：688519 股票简称：南亚新材 2025 年 05 月 1 / 27 南亚新材料科技股份有限公司 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 3 | | --- | --- | | 2024 | 年年度股东大会会议议程 5 | | 2024 | 年年度股东大会会议议案 7 | | 议案一 | 关于公司《2024 年度董事会工作报告》的议案 7 | | 议案二 | 关于公司《2024 年度监事会工作报告》的议案 11 | | 议案三 | 关于公司《2024 年年度报告》及其摘要的议案 16 | | 议案四 | 关于公司《2024 年度财务决算报告》的议案 17 | | 议案五 | 关于公司《2025 年度财务预算报告》的议案 20 | | 议案六 | 关于《独立董事 2024 年度述职报告》的议案 22 | | 议案七 | 关于公司《2024 年度利润分配方案》的议案 23 | | 议案八 | 关于 2025 年度向金融机构申请 ...

4月27日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者参 考。 【品大事】 海源复材：公司股票自4月29日起实行退市风险警示 海源复材(002529)晚间公告，公司股票将于2025年4月28日停牌一天，自4月29日起被实行"退市风险警 示"特别处理，股票简称变更为"*ST海源"，日涨跌幅限制为5%。 新莱福：拟购买金南磁材100%股份 股票28日复牌 新莱福(301323)晚间公告，公司拟筹划发行股份及支付现金购买广州金南磁性材料有限公司（简称"金 南磁材"）100%股份并募集配套资金暨关联交易事项，本次交易预计构成重大资产重组。公司股票将于 2025年4月28日开市起复牌。本次交易完成后，公司将通过整合金南磁材在永磁材料、软磁材料及PM粉 末冶金领域的核心技术优势，实现业务边界的战略性拓展与产业链深度协同。 红宝丽：子公司聚氨酯公司聚醚技术改造项目试生产成功 红宝丽(002165)晚间公告，子公司聚氨酯公司聚醚技术改造项目已建设完工并试生产成功，产出单体聚 醚、组合聚醚和特种聚醚合格产品。 星光股份：公司及相关人员收到广东证监局警示函 星光股份(002076)晚间公告，公 ...

一、董事会会议召开情况 南亚新材料科技股份有限公司（以下简称"公司"）第三届董事会第十五次 会议（以下简称"会议"）于 2025 年 4 月 27 日以现场会议与通讯会议相结合的 方式召开，本次会议通知已于会前送达全体董事。根据《南亚新材料科技股份有 限公司章程》（以下简称《公司章程》）等相关规定，本次会议经全体董事同意 豁免临时董事会提前通知的时间要求。本次会议由包秀银先生主持，监事、高级 管理人员列席，会议应到董事 9 名，实到董事 9 名，会议的召集、召开符合《中 华人民共和国公司法》等法律、法规和《公司章程》的有关规定，会议合法有效。 证券代码：688519 证券简称：南亚新材 公告编号：2025-017 南亚新材料科技股份有限公司 第三届董事会第十五次会议决议公告 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。 为补充公司日常经营所需流动资金，公司拟减持回购专用证券账户部分股 份 ，计划减持数量不超过 2,384,836 股。公司本次减持回购股份收回资金将计 入公司资本公积，不会对公司的经营、财务和未来发展产生重 ...

证券代码：688519 证券简称：南亚新材 公告编号：2025-018 南亚新材料科技股份有限公司 关于回购股份集中竞价减持计划的公告 | 股东名称 | 南亚新材料科技股份有限公司回购专用证券账户 | | | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 √否 | □是 | | | 直接持股 5%以上股东 □否 | √是 | | | 董事、监事和高级管理人员 √否 | □是 | | | 其他：回购专用证券账户 | | | 持股数量 | 15,174,303股 | | | 持股比例 | 6.36% | | | 当前持股股份来源 | 集中竞价交易取得：15,174,303股 | | 上述减持主体无一致行动人。 二、减持计划的主要内容 公司于 2025 年 4 月 27 日召开第三届董事会第十五次会议，审议通过了《关 于回购股份集中竞价减持计划的议案》。根据公司于 2022 年 5 月 17 日在上海证 券交易所网站（www.sse.com.cn）上披露的《关于以集中竞价交易方式回购公司 股份的回购报告书》的相关承诺和要求，公司计划自发布本次减持计划公告之日 起 15 个交易日 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5][8] Core Views - The company has achieved a turnaround in profitability in 2024, with a significant year-on-year net profit growth of 109.04% in Q1 2025, indicating a strong start to the year [8] - The report highlights the company's ability to leverage domestic supply chains and technological advancements in the context of increasing AI demand, which is expected to drive revenue growth [5][8] Financial Summary - The company is projected to achieve revenues of RMB 49.13 billion, RMB 64.61 billion, and RMB 83.99 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 2.77 billion, RMB 5.75 billion, and RMB 8.51 billion [5][7] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are RMB 1.16, RMB 2.41, and RMB 3.57 respectively, with price-to-earnings (PE) ratios of 28.7, 13.8, and 9.3 [5][7] - The company reported a revenue of RMB 3.36 billion in 2024, a 12.7% increase year-on-year, and a net profit of RMB 50 million, marking a return to profitability [8][7] Market Performance - The company's stock has shown strong performance, with a 66.9% absolute return year-to-date and a 87.0% return over the past 12 months [2][3] - The stock is rated to outperform the market, with a sector rating of "stronger than the market" [1][2] Growth Drivers - The company is expanding its production capacity with new facilities and is focusing on R&D to enhance operational efficiency and product quality [8] - The report emphasizes the potential for growth in the domestic computing power supply chain, particularly in light of recent restrictions on foreign technology [8]

Core Viewpoint - The company achieved significant financial performance in 2024, with total revenue of 3.362 billion yuan, a year-on-year increase of 12.70%, and a net profit of 50.32 million yuan, marking a turnaround with a growth of 138.86% [1] Market Development and Global Layout - The company actively responded to market demand contraction by deepening cooperation with mid-to-high-end market clients, leading to a significant increase in high-end product revenue share [4] - Establishment of overseas representative offices and recruitment of local talent to expand global business [4] - The completion of the Jiangxi N6 plant production line and ongoing construction of high-end product production bases in East China and Thailand [4] - Challenges remain in overseas market expansion due to geopolitical and economic uncertainties [4] R&D Innovation and Technological Breakthroughs - The company adhered to a strategy of "independent research and continuous innovation," developing multiple high-performance products for 5G, cloud computing, and AI, achieving mass production [5] - Breakthroughs in ultra-low dielectric loss technology and ultra-low CTE control technology, leading the industry [5] - The company achieved domestic production of key raw materials for high-speed products, ensuring supply chain security [5] - However, R&D investment decreased by 6.51% to 171 million yuan, with the ratio of R&D investment to revenue falling by 1.04 percentage points to 5.09% [5] Management Improvement and Financial Performance - The company enhanced management capabilities through performance management, talent empowerment, and refined management processes [6] - Implementation of a new equity incentive plan to boost employee motivation and improve operational efficiency [6] - Operating cash flow net amount reached 325 million yuan, a year-on-year increase of 1154.57% [6] - The weighted average return on net assets was 2.06%, up 7.12 percentage points from the previous year, but still at a low level [6] - Current ratio of 1.48 and quick ratio of 1.3 indicate safety, but the quality and liquidity of current assets need improvement [6] - Accounts receivable increased by 17.32%, raising its proportion of total assets by 5.53 percentage points, which may pose potential risks to cash flow and financial health [6]

Investment Rating - The report maintains a "Recommend" rating for the company, with a current stock price of 33.32 yuan [1]. Core Views - The company has shown consistent growth in high-end product sales, leading to improved operating performance each quarter. In 2024, the company achieved a revenue of 3.362 billion yuan, a year-on-year increase of 12.7%, and a net profit of 50 million yuan, up 138.86% year-on-year. For Q1 2025, revenue reached 952 million yuan, a 45.04% increase year-on-year, with a net profit of 21 million yuan, up 109.04% year-on-year [4][7][8]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024: Revenue of 3.362 billion yuan, net profit of 50 million yuan - 2025: Revenue expected to reach 4.491 billion yuan, net profit forecasted at 264 million yuan - 2026: Revenue projected at 5.591 billion yuan, net profit at 520 million yuan - 2027: Revenue anticipated to be 6.901 billion yuan, net profit at 761 million yuan [6][9]. - **Profitability Ratios**: - Gross margin is expected to improve from 8.6% in 2024 to 20.1% by 2027 - Net margin is projected to increase from 1.5% in 2024 to 11.0% in 2027 - Return on equity (ROE) is expected to rise from 2.1% in 2024 to 24.6% in 2027 [10]. - **Earnings Per Share (EPS)**: - EPS is forecasted to increase from 0.21 yuan in 2024 to 3.19 yuan by 2027 [10]. Product Development and Market Position - The company has developed a comprehensive product matrix to meet diverse market demands, including high-end products suitable for 5G applications and AI servers. The company has successfully achieved domestic substitution in high-end copper-clad laminate products and has received certifications from major global clients [7][8]. - The company is also advancing in the IC substrate sector, with products entering small-scale production for flagship mobile devices, expected to scale up by 2025 [8]. Investment Recommendations - Given the company's performance and industry trends, the report has raised profit forecasts for 2025-2026 and introduced a new forecast for 2027. The expected net profits for 2025-2027 are 264 million yuan, 520 million yuan, and 761 million yuan, respectively. The report suggests that 2025 may mark a new growth inflection point for the company, maintaining the "Recommend" rating [8][9].