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].

Group 1 - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling approximately 22.33 million yuan, based on the adjusted share capital after accounting for repurchased shares [7][2] - The total cash dividend for the year, including mid-term distributions, amounts to approximately 44.66 million yuan, while the total amount spent on share buybacks is about 149.99 million yuan, leading to a combined total of approximately 194.65 million yuan, which is 386.82% of the net profit attributable to shareholders [2][3] - The company has established long-term cooperative relationships with several well-known PCB manufacturers, enhancing its market presence and reputation [7][16] Group 2 - The company specializes in the design, research and development, production, and sales of copper-clad laminates and prepregs, which are essential materials for printed circuit boards used in various electronic applications [3][4] - The industry is characterized by rapid technological advancements and increasing demand for high-performance materials, driven by trends in 5G, AI, and electric vehicles [13][18] - The company has achieved significant technological advancements, becoming one of the leading domestic manufacturers in the copper-clad laminate sector, with a market share of 3.2% in the global industry ranking [17][18]

Core Viewpoint - The company has demonstrated significant growth in key financial metrics such as revenue and net profit, indicating a positive operational trend [1] Revenue Growth and Product Optimization - The company achieved a revenue of 3.362 billion yuan, a 12.70% increase from 2.983 billion yuan in the same period last year, driven by improved internal management and marketing strategies [2] - Revenue from copper-clad laminate products increased by 11.82%, while bonding sheet products saw an 18.11% rise, reflecting enhanced market competitiveness [2] Profitability Improvement - The net profit attributable to shareholders was 50.32 million yuan, a turnaround from a loss of 129.49 million yuan in the previous year, indicating a successful recovery [3] - The net profit excluding non-recurring items was 28.04 million yuan, up from a loss of 150.57 million yuan, attributed to better internal management and an increase in high-margin product sales [3] Expense Management - Sales expenses rose to 44.82 million yuan, a 6.86% increase from 41.94 million yuan, mainly due to stock incentive amortization and sales growth [4] - Management expenses surged by 55.26% to 64.85 million yuan from 41.77 million yuan, primarily due to stock incentive amortization and increased personnel costs, which may pressure future profits [4] - Financial expenses decreased to -1.09 million yuan from 1.02 million yuan, a reduction of 206.69%, positively impacting profits [4] - R&D expenses decreased by 6.51% to 170.98 million yuan from 182.88 million yuan, with a reduced proportion of R&D spending relative to revenue, indicating a shift towards production [4] Cash Flow Performance - Net cash flow from operating activities significantly increased to 325.31 million yuan from 25.93 million yuan, a growth of 1154.57%, indicating improved operational efficiency [5] - Cash outflow from investment activities decreased to -103.20 million yuan from -80.03 million yuan, reflecting a more cautious investment approach focused on core business [6] - Cash outflow from financing activities increased to -92.40 million yuan from 132.98 million yuan, a 169.48% decrease, showing a strategic adjustment in funding sources [7] Industry Risks - The company faces market competition risks due to an oversupply of low-end capacity and weak demand, leading to intense price competition [9] - Fluctuations in raw material prices, particularly for electronic copper foil, glass fiber cloth, and resin, could impact production stability and profitability [10] - The potential for increased accounts receivable due to expanded operations may pose a risk if not managed properly [11]

证券代码：688519 证券简称：南亚新材 公告编号：2025-013 南亚新材料科技股份有限公司 关于提请股东大会授权董事会以简易程序向特定对 象发行股票的公告 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、准确性和完整性承担承担法律责任。 一、本次授权事宜概述 根据相关法律、法规和规范性文件的规定，南亚新材料科技股份有限公司（以 下简称"公司"）于 2025 年 4 月 16 日召开第三届董事会第十四次会议，审议通 过了《关于提请股东大会授权董事会以简易程序向特定对象发行股票的议案》， 同意公司董事会提请股东大会授权董事会决定向特定对象发行融资总额不超过 人民币三亿元且不超过最近一年末净资产百分之二十的股票。授权期限自 2024 年年度股东大会通过之日起至 2025 年年度股东大会召开之日止。 本议案尚须提交公司股东大会审议通过。 二、本次授权事宜具体内容 本次授权事宜包括但不限于以下内容： 1、确认公司是否符合以简易程序向特定对象发行股票条件 授权董事会根据《公司法》《证券法》《上市公司证券发行注册管理办法》等 有关法律、法规和规范性文件的规定，对 ...

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及其下属企业 预计 2025 年度日常关联交易的核查意见 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 定对象发行股票并在科创板上市项目的保荐人，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》等相关规定履行持续督导 职责，对南亚新材及其下属企业本次预计 2025 年度日常关联交易事项进行了审 慎核查，具体情况如下： 一、关联交易概述 2025 年 4 月 16 日，南亚新材召开第三届董事会 2025 年第一次独立董事专 门会议、第三届董事会第十四次会议、第三届监事会第十一次会议审议通过了 《关于预计 2025 年度公司及下属企业与关联方日常关联交易的议案》。预计 2025 年公司及下属子公司与上海南亚科技集团有限公司、上海耀南企业管理有 限公司、江苏兴南创芯材料技术有限公司、江西云鹰电子材料有限公司和上海 宝临电气集团有限公司等关联方发生日常关联交易的总金额（不含税）不超过 1,782 万元。 二、2025 年预计日常关联交易类别和金额 ...

内部控制审计报告 目 录 一、内部控制审计报告…………………………………………第 1—2 页 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 天健审〔2025〕1796 号 南亚新材料科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了南亚新材料科技股份有限公司（以下简称南亚新材公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是南亚 新材公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 第 2 页 共 2 页 四、财务报告内部控制审计意见 我们认为，南亚新材公司于 2024 年 12 月 ...

目 录 | 一、审计报告……………………………………………………… 第 1—6 | | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—14 | | 页 | | （一）合并资产负债表…………………………………………… | 第 | 7 页 | | （二）母公司资产负债表………………………………………… | 第 | 8 页 | | （三）合并利润表………………………………………………… | 第 | 9 页 | | （四）母公司利润表………………………………………………第 | 10 | 页 | | （五）合并现金流量表……………………………………………第 | 11 | 页 | | （六）母公司现金流量表…………………………………………第 | 12 | 页 | | （七）合并所有者权益变动表……………………………………第 | 13 | 页 | | （八）母公司所有者权益变动表…………………………………第 | 14 | 页 | | | | 审 计 报 告 天健审〔2025〕1794 号 南亚新材料科技股份有限公司全体股东： 一、审计意见 我们审计了南亚 ...

南亚新材料科技股份有限公司 2024 年度独立董事述职报告 作为南亚新材料科技股份有限公司（以下简称"公司"）的独立董事，根据 《公司法》《证券法》《上海证券交易所科创板股票上市规则》等法律法规、规范 性文件及《公司章程》的有关规定，本着对公司及全体股东负责的态度，以关注 和维护全体股东特别是中小股东利益为宗旨，本人勤勉、尽责地履行独立董事的 职责，积极参与公司决策，较好地发挥了独立董事的职能，切实维护公司和中小 股东的合法权益。现将履职情况汇报如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 王旭，男，1982 年 11 月出生，中国国籍，无境外永久居留权，本科学历。 2012 年至 2013 年任上海中申律师事务所律师；2013 年至今任上海市汇业律师事 务所合伙人律师。 （二）独立性说明 作为公司的独立董事，本人未在公司担任除独立董事以外的任何职务，也未 在公司主要股东担任任何职务，与公司以及公司主要股东之间不存在妨碍本人进 行独立客观判断的关系，不存在影响独立董事独立性的情况。 二、独立董事年度履职概况 （一）出席会议情况 1、参加董事会、股东大会情况 | | | | | 参加 ...

南亚新材料科技股份有限公司 2024 年度独立董事述职报告 作为南亚新材料科技股份有限公司（以下简称"公司"）的独立董事，根据 《公司法》《证券法》《上海证券交易所科创板股票上市规则》等法律法规、规范 性文件及《公司章程》的有关规定，本着对公司及全体股东负责的态度，以关注 和维护全体股东特别是中小股东利益为宗旨，本人勤勉、尽责地履行独立董事的 职责，积极参与公司决策，较好地发挥了独立董事的职能，切实维护公司和中小 股东的合法权益。现将履职情况汇报如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 吴芃，女，1976 年 7 月出生，中国国籍，无境外永久居留权，博士学历， 注册会计师（非执业）。2011 年 5 月至 2018 年 4 月任东南大学会计学副教授； 2018 年 5 月至今任东南大学会计学教授。 （二）独立性说明 作为公司的独立董事，本人未在公司担任除独立董事以外的任何职务，也未 在公司主要股东担任任何职务，与公司以及公司主要股东之间不存在妨碍本人进 行独立客观判断的关系，不存在影响独立董事独立性的情况。 二、独立董事年度履职概况 （一）出席会议情况 1、参加董事会、股东大会 ...